Procter & Gamble (PG)
Market Price (7/28/2026): $150.58 | Market Cap: $350.6 BilInvestor Relations Sector: Consumer Staples | Industry: Personal Care Products
Procter & Gamble (PG)
Market Price (7/28/2026): $150.58Market Cap: $350.6 BilSector: Consumer StaplesIndustry: Personal Care Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 19 Bil, FCF LTM is 15 Bil Stock buyback supportStock Buyback 3Y Total is 16 Bil Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Sustainable Consumption, Health & Wellness Trends, Show more. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -57% | Expensive valuation multiplesP/SPrice/Sales ratio is 4.0x Key risksPG key risks include [1] the vulnerability of its uniquely vast global supply chain, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 19 Bil, FCF LTM is 15 Bil |
| Stock buyback supportStock Buyback 3Y Total is 16 Bil |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Sustainable Consumption, Health & Wellness Trends, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -57% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 4.0x |
| Key risksPG key risks include [1] the vulnerability of its uniquely vast global supply chain, Show more. |
Qualitative Assessment
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Procter & Gamble (PG) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Beat and Maintained Guidance.
Procter & Gamble reported robust fiscal Q3 2026 earnings on April 24, 2026, with core earnings per share (EPS) of $1.59, exceeding analyst consensus estimates of $1.56 by $0.03. Net sales for the quarter increased 7% year-over-year to $21.2 billion, and organic sales grew by 3%. The company also maintained its fiscal year 2026 sales and EPS growth guidance, providing investor confidence amidst economic uncertainties.
2. Consistent Shareholder Returns through Dividend Increase.
P&G reinforced its commitment to shareholder value by announcing a 3% increase in its quarterly dividend, marking its 70th consecutive year of dividend increases and solidifying its status as a "Dividend King". In fiscal Q3 2026 alone, the company returned $3.2 billion in cash to shareowners, comprising $2.5 billion in dividend payments and over $600 million in share repurchases.
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Procter & Gamble (PG) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Beat and Maintained Guidance.
Procter & Gamble reported robust fiscal Q3 2026 earnings on April 24, 2026, with core earnings per share (EPS) of $1.59, exceeding analyst consensus estimates of $1.56 by $0.03. Net sales for the quarter increased 7% year-over-year to $21.2 billion, and organic sales grew by 3%. The company also maintained its fiscal year 2026 sales and EPS growth guidance, providing investor confidence amidst economic uncertainties.
2. Consistent Shareholder Returns through Dividend Increase.
P&G reinforced its commitment to shareholder value by announcing a 3% increase in its quarterly dividend, marking its 70th consecutive year of dividend increases and solidifying its status as a "Dividend King". In fiscal Q3 2026 alone, the company returned $3.2 billion in cash to shareowners, comprising $2.5 billion in dividend payments and over $600 million in share repurchases.
3. Resilient Demand in Key Categories and Defensive Appeal.
While the broader Consumer Staples sector saw a modest 1.7% gain in fiscal Q2 2026, Procter & Gamble demonstrated resilient organic sales growth driven by both volume and pricing across its diverse portfolio. Notably, the Beauty segment achieved 7% organic revenue growth, and the Baby, Feminine, and Family Care division posted 3% organic sales growth in fiscal Q3 2026. This performance underscores the defensive appeal of P&G's essential products, attracting investors seeking stability.
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Stock Movement Drivers
Fundamental Drivers
The 4.4% change in PG stock from 3/31/2026 to 7/27/2026 was primarily driven by a 3.1% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 142.30 | 148.63 | 4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 85,259 | 86,718 | 1.7% |
| Net Income Margin (%) | 19.3% | 19.2% | -0.7% |
| P/E Multiple | 20.2 | 20.8 | 3.1% |
| Shares Outstanding (Mil) | 2,335 | 2,328 | 0.3% |
| Cumulative Contribution | 4.4% |
Market Drivers
3/31/2026 to 7/27/2026| Return | Correlation | |
|---|---|---|
| PG | 4.4% | |
| Market (SPY) | 13.6% | -1.2% |
| Sector (XLP) | 4.1% | 72.3% |
Fundamental Drivers
The 6.0% change in PG stock from 12/31/2025 to 7/27/2026 was primarily driven by a 6.3% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.19 | 148.63 | 6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 84,933 | 86,718 | 2.1% |
| Net Income Margin (%) | 19.7% | 19.2% | -2.9% |
| P/E Multiple | 19.6 | 20.8 | 6.3% |
| Shares Outstanding (Mil) | 2,342 | 2,328 | 0.6% |
| Cumulative Contribution | 6.0% |
Market Drivers
12/31/2025 to 7/27/2026| Return | Correlation | |
|---|---|---|
| PG | 6.0% | |
| Market (SPY) | 8.7% | -0.9% |
| Sector (XLP) | 10.5% | 72.2% |
Fundamental Drivers
The -3.3% change in PG stock from 6/30/2025 to 7/27/2026 was primarily driven by a -10.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 153.72 | 148.63 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 83,927 | 86,718 | 3.3% |
| Net Income Margin (%) | 18.5% | 19.2% | 3.8% |
| P/E Multiple | 23.3 | 20.8 | -10.6% |
| Shares Outstanding (Mil) | 2,347 | 2,328 | 0.8% |
| Cumulative Contribution | -3.3% |
Market Drivers
6/30/2025 to 7/27/2026| Return | Correlation | |
|---|---|---|
| PG | -3.3% | |
| Market (SPY) | 20.6% | -4.7% |
| Sector (XLP) | 7.6% | 71.9% |
Fundamental Drivers
The 6.7% change in PG stock from 6/30/2023 to 7/27/2026 was primarily driven by a 8.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 139.34 | 148.63 | 6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 80,968 | 86,718 | 7.1% |
| Net Income Margin (%) | 17.7% | 19.2% | 8.3% |
| P/E Multiple | 23.0 | 20.8 | -9.3% |
| Shares Outstanding (Mil) | 2,359 | 2,328 | 1.3% |
| Cumulative Contribution | 6.7% |
Market Drivers
6/30/2023 to 7/27/2026| Return | Correlation | |
|---|---|---|
| PG | 6.7% | |
| Market (SPY) | 72.6% | 9.3% |
| Sector (XLP) | 24.0% | 73.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PG Return | 21% | -5% | -1% | 17% | -12% | 5% | 23% |
| Peers Return | 20% | -16% | -8% | 0% | -3% | 6% | -3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| PG Win Rate | 67% | 33% | 50% | 75% | 25% | 71% | |
| Peers Win Rate | 58% | 40% | 48% | 60% | 37% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| PG Max Drawdown | -12% | -24% | -11% | -9% | -20% | -16% | |
| Peers Max Drawdown | -12% | -31% | -26% | -23% | -30% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CL, CHD, PG, KVUE, EL. See PG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/27/2026 (YTD)
How Low Can It Go
| Event | PG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.3% | 32.4% |
| Time to Breakeven | 291 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.1% | -33.7% |
| % Gain to Breakeven | 28.4% | 50.9% |
| Time to Breakeven | 113 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -15.5% | -6.8% |
| % Gain to Breakeven | 18.4% | 7.3% |
| Time to Breakeven | 93 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.5% | -53.4% |
| % Gain to Breakeven | 62.6% | 114.4% |
| Time to Breakeven | 799 days | 1085 days |
In The Past
Procter & Gamble's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.
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| Event | PG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.3% | 32.4% |
| Time to Breakeven | 291 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.1% | -33.7% |
| % Gain to Breakeven | 28.4% | 50.9% |
| Time to Breakeven | 113 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.5% | -53.4% |
| % Gain to Breakeven | 62.6% | 114.4% |
| Time to Breakeven | 799 days | 1085 days |
In The Past
Procter & Gamble's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Procter & Gamble (PG)
The Procter & Gamble Company (PG) is a global leader in branded consumer packaged goods, providing a wide array of products that people use in their daily lives. Established in 1837, P&G operates on an international scale, serving consumers across numerous regions including North and Latin America, Europe, the Asia Pacific, Greater China, India, the Middle East, and Africa.
P&G's extensive product portfolio is organized into five key segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. Through these segments, the company offers a variety of essential goods such as shampoos, conditioners, skincare products, antiperspirants, deodorants, and personal cleansing items. Notable brands include Head & Shoulders, Pantene, Olay, Old Spice, Safeguard, and Secret, positioning P&G as a primary provider of household and personal care staples for a global consumer base.
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Here are 1-3 brief analogies for Procter & Gamble:
It's like **General Mills**, but for personal care and cleaning products instead of food.
Think of it as the **Coca-Cola** of shampoos, soaps, and detergents.
It's the **Disney** of everyday household and personal care brands.
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- Hair Care Products: This category includes conditioners, shampoos, styling aids, and treatments.
- Skin & Personal Care Products: These products encompass antiperspirants, deodorants, personal cleansing items, and skin care solutions.
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The Procter & Gamble Company (PG) primarily sells its branded consumer packaged goods to individual consumers worldwide through various retail channels.
Its major customers can be broadly categorized as:
- Individuals seeking personal hygiene and beauty solutions: This category includes consumers purchasing products for hair care (e.g., shampoos, conditioners, styling aids), skincare, body cleansing, antiperspirants, deodorants, and grooming. Examples include users of Head & Shoulders, Pantene, Olay, Old Spice, Secret, and SK-II brands.
- Households and families requiring home and family care products: This segment comprises consumers buying products for laundry, home cleaning, baby care (e.g., diapers), and feminine hygiene. These products address the daily needs of maintaining a household and caring for family members.
- Consumers focused on health and general wellness: This category includes individuals purchasing oral care products (e.g., toothpaste, toothbrushes, mouthwash) and other personal health items.
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Shailesh Jejurikar - President and Chief Executive Officer
Shailesh Jejurikar will officially assume the role of President and Chief Executive Officer of Procter & Gamble on January 1, 2026, succeeding Jon Moeller. He began his career at P&G in 1989 as an assistant brand manager in India. Throughout his tenure, he has held various leadership positions across key global markets, including serving as Chief Executive Officer of P&G's Fabric & Home Care, the company's largest division. Prior to his CEO appointment, he served as Chief Operating Officer since 2021, overseeing critical markets and leading core company functions such as IT, global business services, sales, market operations, purchasing, manufacturing, and distribution. Mr. Jejurikar is also a board member of Otis Elevator Co. He is recognized for his ability to drive growth and innovation and played a significant role in advancing P&G's sustainability agenda.
Andre Schulten - Chief Financial Officer
Andre Schulten serves as the Chief Financial Officer of Procter & Gamble, a role he has held since March 2021. A native of Germany, Mr. Schulten joined P&G Germany as a Cost Analyst and Manager of Finance & Accounting in 1996. His extensive experience at P&G spans Europe, North America, and Asia, where he has led organization, supply chain, and total business restructuring and growth strategy for P&G's Feminine Care and Baby Care businesses globally. Notably, he led the systems and IT integration following P&G's acquisition of Gillette. In 2018, he expanded his experience to lead and manage the North America Baby Care business, holding full profit and loss responsibility. Mr. Schulten joined Eaton's Board in October 2024.
Jon R. Moeller - Executive Chairman of the Board
Jon R. Moeller, who previously served as President and Chief Executive Officer from November 2021 to January 2026, will transition to the role of Executive Chairman of the Board effective January 1, 2026. He joined Procter & Gamble in 1988 as a cost analyst. Throughout his career at P&G, he has held various senior leadership roles including Vice President, Treasurer, and Chief Financial Officer for more than 12 years. During his time as CFO, he oversaw finance, accounting, tax, treasury, corporate strategy, business development, and investor relations functions. Mr. Moeller also managed P&G's global Duracell, Salon Professional, Retail Hair Color, and Prestige Fragrances businesses for a multi-year period as these businesses were transitioned for sale. He led major merger and acquisition operations, including the Merck KGaA acquisition and the divestitures of P&G's coffee, snacks, pharmaceuticals, battery, and prestige beauty businesses. He served on the board of directors for Monsanto for eight years and was Chairman of that Board's Audit Committee.
Gary Coombe - Chief Executive Officer – Grooming
Gary Coombe is the Chief Executive Officer for P&G's Grooming segment. He is a member of the diverse leadership team that is shaping P&G's future with extensive knowledge, experience, and expertise.
Marc S. Pritchard - Chief Brand Officer
Marc S. Pritchard serves as P&G's Chief Brand Officer. He plays a pivotal role in shaping the company's strategic direction and ensuring operational excellence across its diverse product portfolio, contributing to driving innovation and maintaining brand integrity.
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The key risks to Procter & Gamble's business are:
- Macroeconomic Headwinds: Procter & Gamble faces significant risks from global economic volatility, including inflation, rising commodity costs for raw materials, energy, and transportation, which can pressure profit margins. The company is also exposed to foreign currency fluctuations due to its extensive international operations, which can adversely affect financial results. Geopolitical instability, trade tensions, tariffs, and potential decreases in consumer spending further present considerable challenges, impacting sales and earnings growth.
- Intense Competition: The consumer products industry is highly competitive, with Procter & Gamble vying for market share against formidable global and local rivals such as Unilever, Johnson & Johnson, Nestlé, Colgate-Palmolive, and Kimberly-Clark. This intense competition necessitates continuous innovation, strategic pricing, and effective marketing and distribution to maintain its market position and attract consumer attention.
- Supply Chain Disruptions: Procter & Gamble relies on a global network of suppliers for its ingredients and has a complex manufacturing and distribution infrastructure, making it susceptible to various supply chain risks. These risks include natural catastrophes, continuity issues with critical suppliers, major IT failures, and transportation disruptions, which can lead to increased costs, production delays, or product unavailability in the market, potentially causing customers to switch to competitors.
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There are two clear emerging threats for Procter & Gamble:
- The proliferation and growing market share of Direct-to-Consumer (DTC) brands: These agile, digitally native brands leverage e-commerce, social media, and subscription models to reach consumers directly, bypassing traditional retail channels that P&G has historically dominated. Often focused on niche markets, sustainability, or specific ingredient profiles, they challenge P&G's established brands by offering alternative value propositions, innovative branding, and direct customer relationships. This trend fragments the consumer packaged goods market and intensifies competition for consumer loyalty.
- The increasing strength and sophistication of private label and retailer-owned brands: Major retailers are significantly investing in and promoting their own store brands across various product categories where P&G operates. These private label products often offer comparable quality to national brands at lower price points, directly competing for shelf space and consumer purchases. As retailers gain more control over their ecosystems (e.g., in-store promotion, online recommendations), their ability to push their own higher-margin brands presents a substantial threat to P&G's market share and pricing power.
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The addressable markets for Procter & Gamble's main products and services are as follows:
-
Beauty:
- Global Beauty and Personal Care Products Market: Valued at USD 601.39 billion in 2024 and is expected to reach USD 1,232.57 billion by 2034. Other estimates include USD 557.88 billion in 2024, projected to reach USD 818.42 billion by 2033, and USD 561.4 billion in 2024, projected to reach USD 826.96 billion by 2033.
- U.S. Beauty and Personal Care Products Market: Valued at USD 136.03 billion in 2024 and is expected to expand to USD 195.83 billion by 2033. The market was estimated at USD 109.56 billion in 2025 and is expected to reach USD 196.33 billion by 2033.
- U.S. Cosmetics Market: Estimated at USD 62.97 billion in 2023 and is expected to reach USD 95.05 billion by 2030.
-
Grooming:
- Global Grooming Products Market: Estimated to be valued at USD 58.4 billion in 2025 and is expected to reach USD 89.7 billion by 2032.
- Global Men's Grooming Products Market: Valued at USD 64.63 billion in 2025 and is projected to reach USD 90.63 billion by 2034. Another source estimates the market at USD 61.6 billion in 2025, expected to reach USD 108 billion in 2035.
- U.S. Male Grooming Products Market: Valued at USD 19,172 million (USD 19.17 billion) in 2025 and is projected to reach USD 28,781.48 million (USD 28.78 billion) by 2034. The market size is also expected to reach USD 97.39 billion by 2032.
-
Health Care (Consumer Healthcare):
- Global Consumer Healthcare Market: Valued at USD 302.36 billion in 2024 and is poised to grow to USD 584.57 billion by 2033. Other estimates include approximately USD 322.58 billion in 2024, expected to reach around USD 650.15 billion by 2034, and USD 349.88 billion in 2025, projected to reach USD 668.89 billion by 2034.
- U.S. Consumer Healthcare Market: Achieved sales of more than USD 100 billion in 2024. The market size was valued at USD 136.22 billion in 2025.
- Fabric & Home Care: null
-
Baby, Feminine & Family Care:
- Global Baby Care Products Market: Valued at USD 104.82 billion in 2024 and is projected to reach USD 171.17 billion by 2033. Another source states USD 98.8 billion in 2025, expected to climb to USD 214.6 billion by 2036.
- U.S. Baby Care Products Market: Valued at USD 19.24 billion in 2024 and is projected to reach USD 33.67 billion by 2033. The U.S. Baby Personal Care Products Market is projected to grow from USD 32.9 billion in 2024 to USD 63.52 billion by 2034.
- Global Feminine Hygiene Products Market: Valued at USD 46.85 billion in 2024 and is poised to grow to USD 79.15 billion by 2033. Other estimates include USD 48.96 billion in 2025, predicted to increase to USD 101.80 billion by 2035.
- U.S. Feminine Hygiene Products Market: Projected at USD 14,509.38 million (USD 14.51 billion) in 2025. The market size is projected to reach a valuation of USD 34.34 billion by 2033 from USD 15.56 billion in 2024.
- Family Care Products: null
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- Sustained Organic Sales Growth through Pricing and Mix: P&G consistently aims for organic sales growth, which includes strategic price increases and a favorable product mix, meaning consumers are shifting towards higher-value products. For example, in fiscal year 2025, organic sales grew by 2%. The company's guidance for fiscal 2026 projects organic sales growth in the range of flat to plus 4%. This growth is often supported by flat or slightly positive volume and positive pricing and mix contributions.
- Product Innovation and Superiority: A core driver for P&G is its commitment to "superiority across product, package, brand communication, retail execution and value". The company continually invests in innovation, launching new products and improving existing ones to drive category expansion and market share gains. Notable examples include the successful launch of the Swiffer PowerMop, which became the largest product launch in Swiffer's history, and the premium Olay line, which has driven significant growth in offline and online channels. The Oral-B iO Power Brush is another innovation cited for driving growth in the power brush segment.
- E-commerce Channel Expansion: The digital storefront continues to be a significant growth area for P&G. E-commerce sales increased by 12% in fiscal year 2025, now constituting 19% of the company's total sales, indicating a robust and expanding channel for future revenue.
- Growth in Strategic Markets and Categories: P&G focuses on expanding in key geographic markets and prioritizing high-growth product categories. For instance, Latin America achieved 4% organic sales growth in fiscal year 2025, and Greater China's organic sales advanced by 5% in the first quarter of fiscal year 2026. Categories like Family Care and Personal Health Care demonstrated mid-single-digit growth in fiscal year 2025, with Skin and Personal Care organic sales rising by high single digits in Q1 FY2026.
- Strategic Portfolio Optimization and Productivity Improvements: While impacting margins, P&G's continuous productivity improvements fuel investments in innovation and demand creation, thereby indirectly supporting revenue growth. Additionally, a new restructuring program initiated in fiscal year 2026, with benefits expected to materialize from fiscal year 2027, involves product and market exits to streamline the portfolio towards higher-growth and higher-return categories and regions.
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Share Repurchases
- Procter & Gamble returned $6.5 billion to shareholders through share repurchases in fiscal year 2025.
- In fiscal year 2024, the company's annual share repurchases amounted to $5.006 billion.
- P&G expects to repurchase approximately $5 billion of common shares in fiscal year 2026.
Share Issuance
- Information on significant share issuances (e.g., primary public offerings) by Procter & Gamble over the last 3-5 years is not available; changes in outstanding shares have primarily reflected repurchases. The number of outstanding shares declined by 0.71% in 2025 to 2.454 billion and by 0.48% in 2024 to 2.472 billion, indicating the impact of repurchases.
Outbound Investments
- Procter & Gamble acquired Wonderbelly, a "free-from" digestive wellness brand, in January 2026.
- In March 2024, P&G acquired Rolaids, an antacid manufacturer.
- P&G also acquired Mielle Organics, LLC, a haircare products manufacturer and retailer, in January 2023, and Tula Life, Inc., a probiotic skin care company, in January 2022.
Capital Expenditures
- Capital expenditures for Procter & Gamble were $3.773 billion in fiscal year 2025, an increase of 13.6% from the prior year.
- P&G estimates its capital spending for fiscal year 2026 to be in the range of 4% to 5% of net sales.
- The company continuously invests in research and development for product innovation, sustainability initiatives, and capacity expansion to support its portfolio of daily-use, essential offerings.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.98 |
| Mkt Cap | 37.4 |
| Rev LTM | 15,292 |
| Op Inc LTM | 2,935 |
| FCF LTM | 1,823 |
| FCF 3Y Avg | 1,786 |
| CFO LTM | 2,258 |
| CFO 3Y Avg | 2,274 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.2% |
| Rev Chg 3Y Avg | 2.3% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 0.9% |
| Op Inc Chg 3Y Avg | 3.1% |
| Op Mgn LTM | 19.2% |
| Op Mgn 3Y Avg | 18.1% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 19.4% |
| CFO/Rev 3Y Avg | 18.1% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 15.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 37.4 |
| P/S | 3.5 |
| P/Op Inc | 17.9 |
| P/EBIT | 22.4 |
| P/E | 23.0 |
| P/CFO | 17.0 |
| Total Yield | 5.3% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.5% |
| 3M Rtn | 8.0% |
| 6M Rtn | 8.0% |
| 12M Rtn | -3.3% |
| 3Y Rtn | 2.8% |
| 1M Excs Rtn | 0.8% |
| 3M Excs Rtn | 3.9% |
| 6M Excs Rtn | 0.2% |
| 12M Excs Rtn | -19.2% |
| 3Y Excs Rtn | -58.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fabric & Home Care | 29,617 | 29,495 | 28,371 | 27,556 | 26,014 |
| Baby, Feminine & Family Care | 20,248 | 20,277 | 20,217 | 19,736 | 18,850 |
| Beauty | 14,964 | 15,220 | 15,008 | 14,740 | 14,417 |
| Health Care | 11,998 | 11,793 | 11,226 | 10,824 | 9,956 |
| Grooming | 6,662 | 6,654 | 6,419 | 6,587 | 6,440 |
| Corporate | 794 | 601 | 765 | 744 | 441 |
| Total | 84,283 | 84,040 | 82,006 | 80,187 | 76,118 |
| $ Mil | 2002 | 2001 | 2000 | 1997 |
|---|---|---|---|---|
| Fabric & Home Care | 2,728 | 2,427 | 2,318 | |
| Baby, Feminine & Family Care | 1,961 | |||
| Beauty Care | 1,664 | 1,404 | 1,393 | |
| Health Care | 795 | 584 | 540 | 471 |
| Food & Beverage | 604 | 547 | 566 | |
| Paper | 1,735 | 1,817 | ||
| Laundry and cleaning | 2,101 | |||
| beauty care | 1,066 | |||
| food and beverage | 542 | |||
| paper | 1,333 | |||
| Total | 7,752 | 6,697 | 6,634 | 5,513 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fabric & Home Care | 5,848 | 5,687 | 4,828 | 4,386 | 4,622 |
| Baby, Feminine & Family Care | 4,013 | 4,020 | 3,545 | 3,266 | 3,629 |
| Beauty | 2,715 | 2,963 | 3,178 | 3,160 | 3,210 |
| Health Care | 2,440 | 2,258 | 2,125 | 2,006 | 1,851 |
| Grooming | 1,577 | 1,477 | 1,461 | 1,490 | 1,427 |
| Corporate | -527 | -1,430 | -399 | 485 | -387 |
| Total | 16,066 | 14,975 | 14,738 | 14,793 | 14,352 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate | 71,365 | 68,366 | 65,773 | 68,076 | 70,481 |
| Grooming | 19,082 | 20,601 | 20,482 | 20,668 | 20,589 |
| Fabric & Home Care | 8,907 | 8,669 | 8,567 | 8,334 | 7,745 |
| Baby, Feminine & Family Care | 8,497 | 8,517 | 8,443 | 8,666 | 8,628 |
| Health Care | 8,416 | 8,480 | 7,888 | 7,976 | 7,726 |
| Beauty | 6,103 | 6,196 | 6,055 | 5,587 | 5,531 |
| Total | 122,370 | 120,829 | 117,208 | 119,307 | 120,700 |
Price Behavior
| Market Price | $148.63 | |
| Market Cap ($ Bil) | 346.1 | |
| First Trading Date | 01/02/1970 | |
| Distance from 52W High | -9.8% | |
| 50 Days | 200 Days | |
| DMA Price | $145.98 | $145.86 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 1.8% | 1.9% |
| 3M | 1YR | |
| Volatility | 23.4% | 19.7% |
| Downside Capture | -48.09 | -26.41 |
| Upside Capture | -35.98 | -25.35 |
| Correlation (SPY) | -16.7% | -5.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.62 | -0.31 | 0.01 | 0.01 | -0.06 | 0.11 |
| Up Beta | 0.54 | 0.88 | 0.76 | 0.71 | 0.45 | 0.23 |
| Down Beta | -1.11 | -0.79 | -0.97 | -0.22 | -0.16 | 0.03 |
| Up Capture | -63% | -37% | -2% | -8% | -12% | 2% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 22 | 32 | 63 | 124 | 395 |
| Down Capture | -88% | -56% | -22% | -26% | -28% | 19% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 19 | 31 | 62 | 127 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PG | |
|---|---|---|---|---|
| PG | -3.7% | 19.7% | -0.31 | - |
| Sector ETF (XLP) | 7.1% | 14.0% | 0.26 | 72.0% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | -5.3% |
| Gold (GLD) | 20.8% | 28.1% | 0.66 | 7.1% |
| Commodities (DBC) | 29.6% | 19.5% | 1.21 | -28.6% |
| Real Estate (VNQ) | 13.9% | 14.1% | 0.69 | 43.4% |
| Bitcoin (BTCUSD) | -46.0% | 43.0% | -1.31 | -14.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PG | |
|---|---|---|---|---|
| PG | 3.9% | 18.1% | 0.10 | - |
| Sector ETF (XLP) | 6.4% | 13.5% | 0.26 | 78.4% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 27.0% |
| Gold (GLD) | 17.2% | 18.4% | 0.75 | 7.6% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | -7.7% |
| Real Estate (VNQ) | 3.3% | 18.9% | 0.07 | 40.3% |
| Bitcoin (BTCUSD) | 15.8% | 53.5% | 0.47 | 3.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PG | |
|---|---|---|---|---|
| PG | 8.6% | 19.1% | 0.38 | - |
| Sector ETF (XLP) | 7.1% | 14.8% | 0.35 | 81.7% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 44.4% |
| Gold (GLD) | 11.4% | 16.1% | 0.58 | 7.7% |
| Commodities (DBC) | 6.9% | 18.0% | 0.30 | 4.6% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 48.3% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 5.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/24/2026 | 2.5% | 1.7% | -0.1% |
| 1/22/2026 | 2.6% | 1.6% | 10.9% |
| 10/24/2025 | 0.9% | -1.0% | -0.2% |
| 7/29/2025 | -0.3% | -4.0% | -0.7% |
| 4/24/2025 | -3.7% | -1.9% | -0.4% |
| 1/22/2025 | 1.9% | 3.4% | 4.0% |
| 10/18/2024 | 0.0% | -1.0% | -1.0% |
| 7/30/2024 | -4.8% | -1.1% | -0.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 14 |
| # Negative | 7 | 9 | 10 |
| Median Positive | 2.4% | 2.7% | 4.0% |
| Median Negative | -2.1% | -1.9% | -0.9% |
| Max Positive | 4.1% | 5.6% | 11.2% |
| Max Negative | -6.2% | -4.0% | -8.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/24/2026 | 2.5% | 1.7% | -0.1% |
| 1/22/2026 | 2.6% | 1.6% | 10.9% |
| 10/24/2025 | 0.9% | -1.0% | -0.2% |
| 7/29/2025 | -0.3% | -4.0% | -0.7% |
| 4/24/2025 | -3.7% | -1.9% | -0.4% |
| 1/22/2025 | 1.9% | 3.4% | 4.0% |
| 10/18/2024 | 0.0% | -1.0% | -1.0% |
| 7/30/2024 | -4.8% | -1.1% | -0.4% |
| 4/19/2024 | 0.5% | 3.3% | 6.6% |
| 1/23/2024 | 4.1% | 5.6% | 8.5% |
| 10/18/2023 | 2.6% | 3.1% | 4.2% |
| 7/28/2023 | 2.8% | 3.2% | 0.9% |
| 4/21/2023 | 3.5% | 3.7% | 1.5% |
| 1/19/2023 | -2.1% | -2.6% | -5.7% |
| 10/19/2022 | 0.9% | 2.7% | 11.2% |
| 7/29/2022 | -6.2% | -2.3% | -3.9% |
| 4/20/2022 | 2.7% | 0.8% | -8.5% |
| 1/19/2022 | 3.4% | 2.3% | 1.4% |
| 10/19/2021 | -1.2% | -0.4% | 4.0% |
| 7/30/2021 | 2.0% | 2.2% | 2.0% |
| 4/20/2021 | 0.8% | -3.3% | 0.4% |
| 1/20/2021 | -1.2% | 0.2% | -2.5% |
| 10/20/2020 | 0.4% | 0.1% | 0.5% |
| 7/30/2020 | 2.4% | 4.0% | 7.7% |
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 14 |
| # Negative | 7 | 9 | 10 |
| Median Positive | 2.4% | 2.7% | 4.0% |
| Median Negative | -2.1% | -1.9% | -0.9% |
| Max Positive | 4.1% | 5.6% | 11.2% |
| Max Negative | -6.2% | -4.0% | -8.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 01/23/2026 | 10-Q |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-K |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/22/2025 | 10-Q |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-K |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 01/23/2024 | 10-Q |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 01/19/2023 | 10-Q |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 01/23/2026 | 10-Q |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-K |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/22/2025 | 10-Q |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-K |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 01/23/2024 | 10-Q |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 01/19/2023 | 10-Q |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-K |
| 03/31/2022 | 04/20/2022 | 10-Q |
| 12/31/2021 | 01/19/2022 | 10-Q |
| 09/30/2021 | 10/19/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-K |
| 03/31/2021 | 04/20/2021 | 10-Q |
| 12/31/2020 | 01/20/2021 | 10-Q |
| 09/30/2020 | 10/20/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-K |
| 03/31/2020 | 04/20/2020 | 10-Q |
| 12/31/2019 | 01/23/2020 | 10-Q |
| 09/30/2019 | 10/22/2019 | 10-Q |
| 06/30/2019 | 08/06/2019 | 10-K |
Recent Forward Guidance
Updated 7/8/2026Latest: Q3 2026 Earnings Reported 4/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 All-in Sales Growth | 1.0% | 3.0% | 5.0% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Organic Sales Growth | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Diluted EPS Growth | 1.0% | 3.5% | 6.0% | 0.0% | Affirmed | Guidance: 3.5% for 2026 | |
| 2026 Core EPS Growth | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core EPS | 6.83 | 6.96 | 7.09 | 0.0% | Affirmed | Guidance: 6.96 for 2026 | |
| 2026 Core Effective Tax Rate | 20.0% | 20.5% | 21.0% | 0.0% | Affirmed | Guidance: 20.5% for 2026 | |
| 2026 Capital Spending | 0.04 | 0.04 | 0.05 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |
| 2026 Adjusted Free Cash Flow Productivity | 0.85 | 0.88 | 0.9 | 0.0% | Affirmed | Guidance: 0.88 for 2026 | |
| 2026 Dividends | 10.00 Bil | 0.0% | Affirmed | Guidance: 10.00 Bil for 2026 | |||
| 2026 Share Repurchases | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2026 | |||
Prior: Q2 2026 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 All-in Sales Growth | 1.0% | 3.0% | 5.0% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Organic Sales Growth | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Diluted EPS Growth | 1.0% | 3.5% | 6.0% | -2.5% | Lowered | Guidance: 6.0% for 2026 | |
| 2026 Core EPS Growth | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core EPS | 6.83 | 6.96 | 7.09 | 0.0% | Affirmed | Guidance: 6.96 for 2026 | |
| 2026 Core Effective Tax Rate | 20.0% | 20.5% | 21.0% | 0.0% | Affirmed | Guidance: 20.5% for 2026 | |
| 2026 Capital Spending | 0.04 | 0.04 | 0.05 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |
| 2026 Adjusted Free Cash Flow Productivity | 0.85 | 0.88 | 0.9 | 0.0% | Affirmed | Guidance: 0.88 for 2026 | |
| 2026 Dividends | 10.00 Bil | 0.0% | Affirmed | Guidance: 10.00 Bil for 2026 | |||
| 2026 Share Repurchases | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2026 | |||
Q1 2026 Earnings Reported 10/24/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 All-in Sales Growth | 1.0% | 3.0% | 5.0% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Organic Sales Growth | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Diluted EPS Growth | 3.0% | 6.0% | 9.0% | 0.0% | Affirmed | Guidance: 6.0% for 2026 | |
| 2026 Core EPS Growth | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core EPS | 6.83 | 6.96 | 7.09 | ||||
| 2026 Core Effective Tax Rate | 20.0% | 20.5% | 21.0% | 0.0% | Affirmed | Guidance: 20.5% for 2026 | |
| 2026 Capital Spending | 0.04 | 0.04 | 0.05 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |
| 2026 Adjusted Free Cash Flow Productivity | 0.85 | 0.88 | 0.9 | 0.0% | Affirmed | Guidance: 0.88 for 2026 | |
| 2026 Dividends | 10.00 Bil | 0.0% | Affirmed | Guidance: 10.00 Bil for 2026 | |||
| 2026 Share Repurchases | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2026 | |||
Insider Activity
Updated 6/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Francisco, Ma. Fatima | CEO - Baby, Fem & Family Care | Direct | Sell | 3022026 | 165.29 | 5,549 | 917,199 | 170,041 | Form |
| 2 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 2232026 | 159.46 | 1,809 | 288,454 | 4,817,941 | Form |
| 3 | Aguilar, Moses Victor Javier | Chf Rsch, Dev & Innov Officer | Direct | Sell | 2172026 | 162.28 | 15,169 | 2,461,609 | 7,259,625 | Form |
| 4 | Moeller, Jon R | Exec. Chairman of the Board | Direct | Sell | 2132026 | 162.45 | 162,232 | 26,354,361 | 51,883,644 | Form |
| 5 | Coombe, Gary A | CEO - Grooming | Direct | Sell | 2132026 | 162.33 | 36,093 | 5,859,002 | 5,680,566 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Francisco, Ma. Fatima | CEO - Baby, Fem & Family Care | Direct | Sell | 3022026 | 165.29 | 5,549 | 917,199 | 170,041 | Form |
| 2 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 2232026 | 159.46 | 1,809 | 288,454 | 4,817,941 | Form |
| 3 | Aguilar, Moses Victor Javier | Chf Rsch, Dev & Innov Officer | Direct | Sell | 2172026 | 162.28 | 15,169 | 2,461,609 | 7,259,625 | Form |
| 4 | Moeller, Jon R | Exec. Chairman of the Board | Direct | Sell | 2132026 | 162.45 | 162,232 | 26,354,361 | 51,883,644 | Form |
| 5 | Coombe, Gary A | CEO - Grooming | Direct | Sell | 2132026 | 162.33 | 36,093 | 5,859,002 | 5,680,566 | Form |
| 6 | Purushothaman, Balaji | Chief Human Resources Officer | Direct | Sell | 2132026 | 160.31 | 12,827 | 2,056,287 | 2,026,117 | Form |
| 7 | Moeller, Jon R | Exec. Chairman of the Board | Direct | Sell | 2132026 | 160.00 | 11,036 | 1,765,760 | 51,101,598 | Form |
| 8 | Francisco, Ma. Fatima | CEO - Baby, Fem & Family Care | Direct | Sell | 2042026 | 158.00 | 8,000 | 1,264,000 | 1,038,250 | Form |
| 9 | Pritchard, Marc S | Chief Brand Officer | Direct | Sell | 1262026 | 151.15 | 95,903 | 14,495,690 | 27,600,889 | Form |
| 10 | Schulten, Andre | Chief Financial Officer | Retirement Plan Trustee | Sell | 11122025 | 146.37 | 1 | 190 | 1,005,499 | Form |
| 11 | Janzaruk, Matthew W | SVP - Chief Accounting Officer | Direct | Sell | 10302025 | 149.57 | 725 | 108,438 | 146,415 | Form |
| 12 | Schulten, Andre | Chief Financial Officer | Direct | Sell | 10062025 | 152.23 | 4,252 | 647,289 | 8,219,298 | Form |
| 13 | Moeller, Jon R | Chairman, President and CEO | Direct | Sell | 10062025 | 152.23 | 11,684 | 1,778,675 | 48,703,828 | Form |
| 14 | Purushothaman, Balaji | Chief Human Resources Officer | Direct | Sell | 10062025 | 152.23 | 490 | 74,594 | 1,920,556 | Form |
| 15 | Keith, R. Alexandra | CEO - Beauty | Direct | Sell | 10062025 | 152.23 | 1,855 | 282,390 | 3,908,474 | Form |
| 16 | Keith, R. Alexandra | CEO - Beauty | Spouse | Sell | 10062025 | 152.23 | 399 | 60,740 | 684,541 | Form |
| 17 | Jejurikar, Shailesh | Chief Operating Officer | Direct | Sell | 10062025 | 152.23 | 3,986 | 606,796 | 7,139,573 | Form |
| 18 | Davis, Jennifer L | CEO - Health Care | Direct | Sell | 10062025 | 152.23 | 3,227 | 491,252 | 9,402,428 | Form |
| 19 | Coombe, Gary A | CEO - Grooming | Direct | Sell | 10062025 | 152.23 | 3,535 | 538,139 | 5,300,121 | Form |
| 20 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 10062025 | 152.23 | 2,408 | 366,574 | 4,836,376 | Form |
| 21 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 8292025 | 156.84 | 1,000 | 156,835 | 4,459,734 | Form |
| 22 | Raman, Sundar G | CEO-Fabric & Home Care | Direct | Sell | 8222025 | 158.16 | 9,554 | 1,511,050 | 6,624,721 | Form |
| 23 | Coombe, Gary A | CEO - Grooming | Direct | Sell | 8222025 | 158.16 | 10,194 | 1,612,273 | 5,532,108 | Form |
| 24 | Keith, R. Alexandra | CEO - Beauty | Direct | Sell | 8222025 | 158.16 | 10,697 | 1,691,827 | 4,354,039 | Form |
| 25 | Keith, R. Alexandra | CEO - Beauty | Spouse | Sell | 8222025 | 158.16 | 766 | 121,150 | 774,302 | Form |
| 26 | Davis, Jennifer L | CEO - Health Care | Direct | Sell | 8212025 | 157.27 | 8,596 | 1,351,926 | 10,221,371 | Form |
| 27 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 8202025 | 157.27 | 6,167 | 969,908 | 4,629,486 | Form |
| 28 | Schulten, Andre | Chief Financial Officer | Direct | Sell | 8202025 | 157.27 | 11,638 | 1,830,352 | 8,279,212 | Form |
| 29 | Purushothaman, Balaji | Chief Human Resources Officer | Direct | Sell | 8202025 | 157.27 | 606 | 95,308 | 2,061,231 | Form |
| 30 | Pritchard, Marc S | Chief Brand Officer | Direct | Sell | 8202025 | 157.27 | 9,849 | 1,548,990 | 28,690,184 | Form |
| 31 | Moeller, Jon R | Chairman, President and CEO | Direct | Sell | 8202025 | 157.27 | 40,119 | 6,309,668 | 50,229,356 | Form |
| 32 | Jejurikar, Shailesh | Chief Operating Officer | Direct | Sell | 8202025 | 157.27 | 13,039 | 2,050,693 | 4,409,388 | Form |
| 33 | Janzaruk, Matthew W | SVP - Chief Accounting Officer | Direct | Sell | 8202025 | 157.27 | 319 | 50,170 | 267,979 | Form |
| 34 | Francisco, Ma. Fatima | CEO - Baby, Fem & Family Care | Direct | Sell | 8202025 | 157.27 | 9,100 | 1,431,192 | 4,292,802 | Form |
Investor Activity (13F)
Updated Jul 28, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Vega Investment Solutions | $93.9 Mil | 22.4% | 175 | Hold | 13F |
| RIT Capital Partners PLC | $21.6 Mil | 5.8% | 12 | TRIM -30.0% | 13F |
| Fundsmith Investment Services LTD. | $254.3 Mil | 5.8% | 24 | Hold | 13F |
| Fundsmith LLP | $606.6 Mil | 4.7% | 34 | Hold | 13F |
| Hook Mill Capital Partners, LP | $49.7 Mil | 4.4% | 39 | ADD +31.3% | 13F |
| Hamlin Capital Management, LLC | $154.2 Mil | 3.7% | 30 | ADD +16.7% | 13F |
| HFR Wealth Management, LLC | $14.5 Mil | 3.6% | 49 | Hold | 13F |
| Saratoga Research & Investment Management | $52.0 Mil | 3.0% | 46 | ADD +65.1% | 13F |
| Triodos Investment Management BV | $36.8 Mil | 2.8% | 49 | Hold | 13F |
| Iyo Bank, Ltd. | $7.6 Mil | 2.7% | 35 | Hold | 13F |
| SRB Corp | $33.6 Mil | 2.1% | 44 | TRIM -12.3% | 13F |
| Ycg, LLC | $16.3 Mil | 1.5% | 42 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.4 Mil | 1.3% | 46 | New | 13F |
| Sanders Capital, LLC | $975.2 Mil | 1.2% | 44 | Hold | 13F |
| Fidelity National Financial, Inc. | $15.2 Mil | 0.6% | 21 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fidelity National Financial, Inc. | $15.2 Mil | 0.6% | 21 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.4 Mil | 1.3% | 46 | New | 13F |
| Saratoga Research & Investment Management | $52.0 Mil | 3.0% | 46 | ADD +65.1% | 13F |
| Hook Mill Capital Partners, LP | $49.7 Mil | 4.4% | 39 | ADD +31.3% | 13F |
| Hamlin Capital Management, LLC | $154.2 Mil | 3.7% | 30 | ADD +16.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sanders Capital, LLC | $975.2 Mil | 1.2% | 44 | Hold | 13F |
| Fundsmith LLP | $606.6 Mil | 4.7% | 34 | Hold | 13F |
| Fundsmith Investment Services LTD. | $254.3 Mil | 5.8% | 24 | Hold | 13F |
| Hamlin Capital Management, LLC | $154.2 Mil | 3.7% | 30 | ADD +16.7% | 13F |
| Vega Investment Solutions | $93.9 Mil | 22.4% | 175 | Hold | 13F |
| Saratoga Research & Investment Management | $52.0 Mil | 3.0% | 46 | ADD +65.1% | 13F |
| Hook Mill Capital Partners, LP | $49.7 Mil | 4.4% | 39 | ADD +31.3% | 13F |
| Triodos Investment Management BV | $36.8 Mil | 2.8% | 49 | Hold | 13F |
| SRB Corp | $33.6 Mil | 2.1% | 44 | TRIM -12.3% | 13F |
| RIT Capital Partners PLC | $21.6 Mil | 5.8% | 12 | TRIM -30.0% | 13F |
| Ycg, LLC | $16.3 Mil | 1.5% | 42 | Hold | 13F |
| Fidelity National Financial, Inc. | $15.2 Mil | 0.6% | 21 | New | 13F |
| HFR Wealth Management, LLC | $14.5 Mil | 3.6% | 49 | Hold | 13F |
| Iyo Bank, Ltd. | $7.6 Mil | 2.7% | 35 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.4 Mil | 1.3% | 46 | New | 13F |
PG Trade Sentinel
Constructive
CONVICTION RATIONALE
The recent return to volume growth of 2 points, after negative quarters, signals a positive inflection in consumer demand. This, combined with a disciplined capital return program yielding 0.07769155853900317, supports a constructive outlook, though persistent margin pressure from competitors warrants caution.
STOCK ARCHETYPE
Branded Consumer Goods (Staples)Volume of units sold x Price per unit / Mix of products sold. Productivity improvements and cost savings programs offsetting commodity cost inflation and funding investments in brand superiority, which in turn supports premium pricing and mix.
INVESTMENT THESIS
Evidence points to a successful inflection, with recent volume growth suggesting innovation is resonating with consumers despite economic pressures.
- Organic sales growth accelerated to 3% in the latest quarter.
- Volume increased 2 points, a sharp reversal from down one point.
- Global aggregate market share improved to be in line with the prior year.
- All seven geographic regions grew organic sales in the latest quarter.
- The company is executing a plan to reduce 7,000 non-manufacturing personnel by fiscal 2027.
PRIMARY RISK
Gross margin has compressed 1.0 percentage point year-over-year to 50.3%, trailing key peers, as value-focused competitors gain traction in a cost-conscious consumer environment.
- Trailing-twelve-month gross margin is 50.3%, versus a key peer at 60.1%.
- Latest-quarter gross margin declined a steeper 1.5 percentage points.
- Management has acknowledged losing product superiority in some categories.
- The value segment of categories like laundry continues to grow.
- EPS is now expected toward the lower end of the in line to 4% growth range.
| KPI | Status | Rationale |
|---|---|---|
| Organic Sales Growth | +3% in Q3 FY2026 - Accelerating | Organic sales growth re-accelerated in the latest quarter after stalling in the prior period. The 3% growth in Q3 FY2026 marks a recovery from being in line with the prior year in Q2 and surpasses the 2% growth from Q1. |
| Volume Growth | +2% in Q3 FY2026 - Turning around | Volume growth showed a significant positive inflection, returning to growth after two quarters of being flat or negative. This is a key indicator of improving underlying consumer demand and a higher quality of growth. |
| Global Aggregate Market Share | Improved to in line with prior year (Q3 FY2026) | Indicates the company's competitive standing against a wide range of global, local, and private-label competitors across its categories. |
| Adjusted Free Cash Flow Productivity | 87% (Fiscal Year 2025) | Market rewards The company's long-term algorithm targets 90% or greater.. Measures the company's ability to convert net earnings into cash available for dividends, share repurchases, and other discretionary investments. |
Volume Rebound vs. Margin Squeeze
BULL VIEW
The 2 points volume growth, a sharp reversal from a change of - percentage points, proves the innovation pipeline is effective and can sustain market share against value-oriented competitors.
CORE TENSION
Can the recent 2 points volume inflection offset the ongoing gross margin change of -1.5 percentage points, a dynamic the market rewarded post-earnings?
PREVAILING SENTIMENT
The latest evidence favors the bulls, as the return to volume growth and stabilizing market share are tangible, leading indicators of a potential turnaround.
BEAR VIEW
The 1.5 percentage point gross margin decline in Q3 shows that even if volume returns, it comes at a high cost that pressures profitability and trails more efficient peers.
| Timeline | Event & Metric To Watch |
|---|---|
Wednesday, July 29, 2026, beginning at 8:30 a.m. ET | Disappointing Fiscal Year Guidance Watch: FY27 organic sales and core EPS growth guidance, and commentary on mitigating quantified cost headwinds. |
Wednesday, July 29, 2026, beginning at 8:30 a.m. ET | Fourth Quarter Earnings Webcast Watch: The company will webcast a discussion of its fourth quarter 2025/2026 earnings results. |
8/12/2026 | Negative Peer Read-Throughs Watch: Peer commentary on consumer trade-down, volume trends, and ability to price for cost inflation. |
on or after August 17, 2026 | Quarterly Dividend Payable Watch: A quarterly dividend of $1.0885 per share is payable to common stock shareowners. |
10/22/2026 | Continued Market Share Losses Watch: Global aggregate market share figure and the number of top category country combinations holding or growing share. |
10/29/2026 | Peer Colgate-Palmolive Earnings Watch: Peer Colgate-Palmolive (CL) is scheduled to report earnings. |
10/29/2026 | Peer Church & Dwight Earnings Watch: Peer Church & Dwight (CHD) is scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-14 | Quarterly Dividend Declared Details: The Board of Directors declared a quarterly dividend of $1.0885 per share, payable on or after August 17, 2026. | -0.2% $148.37 -> $148.05 |
2026-06-25 | Native Brand Reformulations Announced Details: The Native brand announced upgraded deodorant and body wash offerings. The deodorant delivers up to 72 hours of enhanced odor protection. | -2.0% $152.04 -> $149.02 |
2026-04-24 | Guidance Affirmed With Negative Tone Details: Management affirmed all fiscal 2026 guidance ranges but stated they "now expect full year EPS results to be towards the lower end of the guidance range" due to geopolitical and cost pressures. | +2.6% $144.62 -> $148.40 |
2026-04-24 | Fiscal Q3 Results Reported Details: The company reported third quarter net sales of $21.2 billion, an increase of seven percent. Organic sales increased three percent. The stock reacted positively, up 3.0% versus 1.0% for the S&P 500. | +2.6% $144.62 -> $148.40 |
2026-04-14 | Quarterly Dividend Increased Details: The Board of Directors declared an increased quarterly dividend of $1.0885 per share, payable on or after May 15, 2026. | -0.1% $142.51 -> $142.31 |
2026-02-17 | Tide evo Product Launch Details: Tide unveiled its "world-first laundry breakthrough," Tide evo, a fiber-detergent tile. The product is a 100% concentrated, waterless tile with six cleaning layers. | -2.0% $158.87 -> $155.69 |
2026-01-22 | Fiscal Q2 Results Reported Details: The company reported second quarter fiscal year 2026 net sales of $22.2 billion, an increase of one percent. Organic sales were unchanged. The stock reacted positively, up 4.0% versus 1.0% for the S&P 500. | +3.5% $143.95 -> $149.03 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: PG trades at roughly 22% annualized options-implied volatility versus about 15% for the S&P 500 (1.5x the market), around the 85th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
CL - Colgate-Palmolive
Superior Margin ProfileColgate-Palmolive operates with a significantly higher gross margin of 60.1% versus Procter & Gamble's 50.3%, suggesting a more advantageous cost structure or pricing power in its categories.
CHD - a business partner
Value Segment Exposurea business partner is strongly positioned in the growing value segment, with its a recently discussed product brand growing consumption 4.1% versus the category's 2.7% growth.
A portfolio of dominant, performance-driven consumer brands leveraging global scale and innovation to drive category growth and defend market share against commoditization.
P&G's strategy is to win by delivering 'irresistible superiority' across product, packaging, brand communication, retail execution, and value. This is funded by a relentless focus on productivity, which frees up resources for innovation and brand investment. The company aims to constructively disrupt its markets with new technologies and platforms (e.g., Tide evo) to stay ahead of consumer trends and competitors.
Sustained market share gains driven by successful new product launches, demonstrating that the 'superiority' strategy is working and defending against private label encroachment.
Persistent market share losses to competitors or private labels despite innovation investment, or an inability to pass on input cost inflation, indicating an erosion of brand equity and pricing power.
Single-quarter inventory shifts at retailers or short-term foreign exchange fluctuations that do not reflect underlying consumer demand.
Repricing Catalyst
The successful execution of the new portfolio and productivity plan announced in June 2025, which aims to streamline the organization and fund further investment, and the national launch of major innovations like Tide evo.
Fabric & Home Care
$30.3B TTM (35% of Total)What It Is
Sells a variety of fabric care products (laundry detergents, additives, fabric enhancers) and home care products (dishwashing liquids, surface cleaners, air fresheners) to consumers through retail channels. Major brands include Tide, Ariel, Downy, Cascade, Dawn, and Febreze.
Who Pays & How
Consumers purchase these products through retailers. They pay for trusted brands that offer superior cleaning performance and fabric care, which is a key factor in their brand choice for these daily-use household tasks.
Competition
Baby, Feminine & Family Care
$20.4B TTM (24% of Total)What It Is
Sells baby care products (diapers, wipes), feminine care products (menstrual care, adult incontinence), and family care products (paper towels, tissues, toilet paper) to consumers. Major brands include Pampers, Luvs, Always, Tampax, Charmin, and Bounty.
Who Pays & How
Consumers purchase these essential daily-use items through retailers. They choose P&G brands for their reliability, comfort, and performance in sensitive and critical applications like baby care and feminine hygiene.
Competition
Beauty
$15.8B TTM (18% of Total)What It Is
Sells hair care (shampoos, conditioners), skin care (facial moisturizers, treatments), and personal care (deodorants, cleansers) products to consumers. Major brands include Pantene, Head & Shoulders, Olay, SK-II, Old Spice, and Secret.
Who Pays & How
Consumers purchase these products through a variety of retail channels, including specialty beauty stores. They pay for performance-driven products from trusted brands that address specific hair and skin needs, from mass-market to super-premium (SK-II).
Competition
Health Care
$12.4B TTM (14% of Total)What It Is
Sells oral care products (toothbrushes, toothpaste) and personal health care products (gastrointestinal, respiratory, vitamins/supplements) to consumers. Major brands include Crest, Oral-B, Vicks, and Metamucil.
Who Pays & How
Consumers purchase these products through channels including drug stores and pharmacies. They pay for trusted, effective products that address health and wellness needs, often relying on brand reputation and efficacy.
Competition
Grooming
$6.9B TTM (8% of Total)What It Is
Sells male and female blades and razors, pre- and post-shave products, and appliances like electric shavers to consumers. Major brands include Gillette, Venus, and Braun.
Who Pays & How
Consumers purchase these products for personal grooming needs. They pay for the performance, precision, and reliability associated with market-leading brands like Gillette and Venus.
Competition
Procter & Gamble — Investor Video Playlist
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Personal Care Products Resources |
| Cosmetics Design |
| Global Cosmetics Industry |
| Happi - Personal Care |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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