Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 1/6 · 22/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité100
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.09
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.11
Solidité financière—
Missing required inputs: netDebtEbitGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 82.09
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 2.25
- Interest coverage (x)
- 22.52
- Current ratio (x)
- 0.68
Allocation du capital—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -0.49
- 3-year average SBC / revenue (%)
- 0.61
- cashConversionGrade
- 97.48
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
Our patents cover a range of product features, including significant product formulation and processes used to manufacture our products.
Business / patents covering product features, formulations and manufacturing processes · Dépôt 04/08/2026
The trademarks are important to the overall marketing and branding of our products.
Business / trademarks and branding · Dépôt 04/08/2026
2025 Volume N/A N/A 4% Net sales $16,023 $14,964 7% Net earnings $2,672 $2,715 (2)% % of net sales 16.7% 18.1% (140) bps Beauty net sales increased 7% to $16.0 billion, driven by a unit volume increase of 4%, favorable foreign exchange of 2% and positive impact of higher pricing of 1%.
MD&A / fiscal 2026 Beauty sales, volume and realized pricing · Dépôt 04/08/2026
•Hair Care net sales increased high single digits driven by positive impacts of a unit volume increase, favorable foreign exchange and innovation-based pricing (primarily in North America and Latin America), partially offset by unfavorable geographic mix.
MD&A / fiscal 2026 Hair Care innovation-based pricing · Dépôt 04/08/2026
The volume increase was across all regions, led by growth in Greater China, North America and Europe (all due to innovation).
MD&A / fiscal 2026 Personal Care volume growth attributed to innovation · Dépôt 04/08/2026
Global market share of the personal care category increased 0.2 points.
MD&A / fiscal 2026 Personal Care market-share gain · Dépôt 04/08/2026
Global market share of the Health Care segment increased 0.4 points.
MD&A / fiscal 2026 Health Care market-share gain · Dépôt 04/08/2026
Global market share of the Beauty segment decreased 0.3 points.
MD&A / fiscal 2026 Beauty market-share loss · Dépôt 04/08/2026
The increase in unit volume was driven by growth in Latin America, Europe and Asia Pacific (all due to innovation), partially offset by a decline in North America (due to competitive activity).
MD&A / Hair Care innovation growth and competitive decline in North America · Dépôt 04/08/2026
Global market share of the hair care category decreased 0.5 points.
MD&A / fiscal 2026 Hair Care market-share loss · Dépôt 04/08/2026
Global market share of the hair care category decreased 0.9 points.
MD&A / fiscal 2025 Hair Care market-share loss · Dépôt 04/08/2025
2025 Volume N/A N/A (1)% Net sales $6,918 $6,662 4% Net earnings $1,529 $1,577 (3)% % of net sales 22.1% 23.7% (160) bps Grooming net sales increased 4% to $6.9 billion driven by the positive impacts of favorable foreign exchange of 3% and higher pricing (primarily in North America and Europe) of 2%, partially offset by a 1% decrease in unit volume.
MD&A / fiscal 2026 Grooming pricing, volume and earnings margin · Dépôt 04/08/2026
•Oral Care net sales increased low single digits due to the positive impacts of favorable product mix (due to growth of premium paste and power brushes, which have higher than category-average selling prices) and favorable foreign exchange, partially offset by a unit volume decrease and lower pricing (due to investments in North America and Europe).
MD&A / six months ended December 31, 2025, Oral Care lower pricing and volume · Dépôt 23/01/2026
In many of the markets and industry segments, we compete against other branded products as well as retailers' private-label brands.
Business / competition from branded and private-label products · Dépôt 04/08/2026
In addition, evolving sales channels and business models may continue to affect customer and consumer preferences as well as market dynamics, which, for example, may be seen in the growing consumer preference for shopping online, growth in digital tools, fragmentation of media, ease of competitive entry into certain categories and growth in hard discounter channels.
Risk factors / channel changes and ease of entry into certain categories · Dépôt 04/08/2026
Our success depends on our ability to successfully manage relationships with our retail customers, which includes our ability to offer trade terms that are mutually acceptable and are aligned with our pricing and profitability targets in an environment of changing customer practices driven by digital tools and investment in media platforms.
Risk factors / mutually acceptable retail trade terms and pricing targets · Dépôt 04/08/2026
In addition, continued concentration among our retail customers, an increase in buying alliances or other changes in the negotiation strategies of our customers could create significant cost and margin pressure on our business or business disruptions.
Risk factors / potential pressure from retailer concentration and buying alliances · Dépôt 04/08/2026
• Intangible asset impairment: In the fiscal year ended June 30, 2024, the Company recognized a non-cash, after-tax impairment charge of $1.0 billion ($1.3 billion before tax) to adjust the carrying value of the Gillette intangible asset acquired as part of the Company’s 2005 acquisition of The Gillette Company.
Exhibit A / realized fiscal 2024 Gillette intangible-asset impairment · Dépôt 28/08/2026
2025 (Nine Months Ended March 31) (1) Volume with Acquisitions & Divestitures Volume Excluding Acquisitions & Divestitures Foreign Exchange Price Mix Other (2) Net Sales Growth Beauty 4 % 4 % 2 % 2 % (1) % — % 7 % Grooming (1) % (1) % 4 % 3 % (1) % — % 5 % Health Care (1) % (1) % 3 % 1 % 2 % — % 5 % Fabric & Home Care — % — % 2 % 1 % — % — % 3 % Baby, Feminine & Family Care (1) % (1) % 2 % — % — % — % 1 % Total Company — % — % 2 % 1 % — % 1 % 4 % (1)Net sales percentage changes are approximations based on quantitative formulas that are consistently applied.
MD&A / nine months ended March 31, 2026, segment and company sales drivers · Dépôt 24/04/2026
Operating Costs Gross margin decreased 110 basis points to 50.7% of net sales for the period.
MD&A / nine-month gross-margin decline · Dépôt 24/04/2026
The decrease in gross margin was due to: •120 basis points of decline from unfavorable product mix, The Procter & Gamble Company 21 •70 basis points of product and packaging investments, •60 basis points of higher tariff costs, •50 basis points of higher restructuring costs, •20 basis points of other items and rounding, •10 basis points of unfavorable foreign exchange impacts and •10 basis points of higher commodity costs.
MD&A / mix, investment, tariff and restructuring effects on nine-month gross margin · Dépôt 24/04/2026
These impacts were partially offset by: •180 basis points of manufacturing productivity savings and •50 basis points of increase due to higher pricing.
MD&A / realized manufacturing productivity and pricing contributions to nine-month gross margin · Dépôt 24/04/2026
Adjusted Free Cash Flow (Amounts in millions, unless otherwise noted) Operating Cash Flow Capital Spending Adjustments to Operating Cash Flow* Adjusted Free Cash Flow FY 2025-26 $ 19,556 $ (4,409) $ 688 $ 15,835 FY 2024-25 17,817 (3,773) 562 14,606 FY 2023-24 19,846 (3,322) 422 16,946 Three-Year Total $ 57,219 $ (11,504) $ 1,672 $ 47,387 * Adjustments to Operating Cash Flow include transitional tax payments resulting from the 2017 U.S.
Exhibit A / three years of operating cash flow, capital spending and adjusted free cash flow · Dépôt 28/08/2026
The share repurchases were authorized pursuant to a resolution issued by the Company's Board of Directors and were financed through a combination of operating cash flows and issuance of debt.
Issuer purchases / completed repurchases financed with operating cash flow and debt · Dépôt 04/08/2026
The total value of the shares purchased under the share repurchase plan was $5 billion.
Issuer purchases / actual fiscal 2026 repurchase expenditure · Dépôt 04/08/2026
Senior-level executives participate in an additional long-term incentive program that awards PSUs, which are paid in shares after the end of a three-year performance period subject to pre-established performance goals.
Note 7 / actual executive PSU program and three-year performance period · Dépôt 04/08/2026
The program includes a Relative Total Shareholder Return (R-TSR) modifier under which the number of shares ultimately granted is also impacted by the Company's actual shareholder return relative to our consumer products competitive peer set.
Note 7 / relative shareholder-return modifier · Dépôt 04/08/2026
These outcomes led to a below target payout in our annual incentive program.
Compensation Discussion & Analysis / actual below-target annual incentive payout · Dépôt 28/08/2026
Pay Versus Performance (PVP) Table Value of Initial Fixed $100 Investment Based on Year Summary Compensation Table (SCT) Total for CEO (Jejurikar)1 ($) Compensation Actually Paid to CEO (Jejurikar)2 ($) SCT Total for CEO (Moeller)1 ($) Compensation Actually Paid to CEO (Moeller)2 ($) SCT Total for CEO (Taylor)1 ($) Compensation Actually Paid to CEO (Taylor)2 ($) Average SCT Total for non-CEO NEOs3 ($) Average Compensation Actually Paid to non-CEO NEOs2,3 ($) P&G TSR ($) Peer Group TSR (S&P 500 Consumer Staples)4 ($) Net Income ($B) Organic Sales Growth5 (a) (b) (c) (d) (e) (f) (g) (h) (i) 2025-26 18,976,742 10,804,041 19,073,909 2,707,148 6,959,950 2,024,214 123.37 145.50 16.1 1.4% 2024-25 21,909,816 15,425,410 7,832,698 5,563,035 150.71 170.04 16.1 1.8% 2023-24 22,963,881 37,998,329 8,191,635 12,964,390 152.28 151.60 15.0 3.9% 2022-23 21,715,625 26,736,735 7,174,555 8,811,521 136.63 140.17 14.7 6.9% 2021-22 17,716,015 30,332,659 18,595,382 34,333,232 6,783,743 11,363,522 126.14 131.49 14.8 6.7% (1) Mr.
Pay Versus Performance / five-year organic growth, earnings and relative shareholder returns · Dépôt 28/08/2026
This report is provided by the following independent Directors, who constitute the Committee: Christine M.
Audit Committee Report / independent committee directors · Dépôt 28/08/2026
The fees paid to Deloitte shown in the table above were all pre-approved in accordance with these procedures and include:
Audit Committee Report / actual pre-approval of auditor fees · Dépôt 28/08/2026
•Personal Care net sales increased high single digits due to a unit volume increase and the positive impacts of higher pricing (driven by North America), partially offset by negative impacts of unfavorable foreign exchange.
MD&A / fiscal 2025 Personal Care volume growth and higher pricing · Dépôt 04/08/2025
I am pleased to serve as your Chairman and CEO and to share my perspective on our strategy and plans for the future.
Chairman and CEO letter / combined leadership roles as disclosed August 28, 2026 · Dépôt 28/08/2026
None of the officers on the STAR Committee participates in discussions of or recommends their own STAR awards to the C&LD Committee.
Compensation Discussion & Analysis / officers excluded from recommendations of their own annual awards · Dépôt 28/08/2026
