Procter & GambleWide moat

PG — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceHighValuationFair
Strongest advantageCategory leadership with scale: over 60% of blades, over 35% of fabric care, over 30% of baby care, and 180bp a year of productivity
Greatest threatGrowth has stalled: organic sales down from 7% to 1%, volume flat for three years, and every segment earned less in FY2026
Key metricOrganic sales growth (1% in FY2026; FY2027 guide 1-3%)
Verdict: Procter & Gamble has one of the widest moats in consumer goods: leading shares in daily-use categories, 96 plants, a cheap balance sheet and 70 straight years of dividend increases, which together earn about 20% on capital. What it has lost is growth: organic sales fell from 7% to 1% in three years and every segment earned less in fiscal 2026. At about 21 times earnings with a free cash yield near 4.7%, the shares are fairly priced for a durable business growing slowly.
📈 PG valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Procter & Gamble makes the things households use up and buy again: detergent, nappies, paper towels, razors, toothpaste and shampoo. It grew from a business founded in Cincinnati in 1837, sells its products in about 180 countries and territories, and employs about 104,000 people1. It makes them in 24 American plants and 72 more in 31 other countries2.

P&G net sales ($bn)70.7FY201565.1FY201767.7FY201976.1FY202182.0FY202387.0FY2026P&G Forms 10-K; FY2015-FY2017 restated for divestitures
Smaller after the pruning, then steady growth.

Net sales were $87,032 million in fiscal 2026, the year to 30 June3. Fabric & Home Care, with Tide, Ariel, Dawn and Swiffer, sold $30,314 million; Baby, Feminine & Family Care, with Pampers, Always, Bounty and Charmin, $20,401 million; Beauty, with Pantene, Head & Shoulders, Olay and Old Spice, $16,023 million; Health Care, with Crest, Oral-B and Vicks, $12,456 million; and Grooming, with Gillette and Braun, $6,918 million4. About 52% of sales came from outside the United States5.

How it makes money is leadership in categories where performance decides the purchase. P&G holds more than 60% of global blades and razors, over 35% of fabric care where it competes, and more than 30% of baby care6. It sells mostly through retailers: Walmart alone was about 16% of sales and the top ten customers about 43%7.

The business is very profitable and not growing fast. Operating income was $19,748 million and net earnings attributable to P&G $16,046 million, or $6.62 a diluted share8. Organic sales grew 1%, down from 7% in fiscal 20239, and every segment's net earnings fell while every segment's sales rose10.

The cash is the reward. Adjusted free cash flow was $15,835 million11; P&G paid $10,232 million of dividends and bought back $5,028 million of stock12, and it has raised its dividend for 70 consecutive years13. Return on invested capital was 19.9%14.

The company has a new leader. Shailesh Jejurikar became chief executive on 1 January 2026 and chairman on 1 August 202615, and is cutting up to 7,000 office roles by the end of fiscal 202716. In August 2026 P&G agreed to buy the supplement brand Thorne for $3.8 billion17.

On 25 September 2026 the shares were $146.23, a market value of $339.64 billion18, about 22 times trailing earnings and 21 times forward19.

No one controls the company. P&G has a single class of common stock20; its largest holders are Vanguard with 7.52% and BlackRock with 6.70%21, and it counts about 6 million shareowners including beneficial holders22. There were 2,324,433,060 shares outstanding at 31 July 202623, and the market value held by non-affiliates was $333 billion at 31 December 202524.

The margin structure is the classic branded-goods shape. Gross margin was 50.2% in fiscal 2026 and selling, general and administrative costs 27.5% of sales2526, which means about half of every sales dollar goes to making the product and more than a quarter to selling and supporting it. What is left, about 22.7% at the operating line27, is the return on being the brand the shopper asks for.

The moat is wide and stable: the leadership positions and the scale behind them earn about 20% on capital. The number that would falsify the verdict is organic growth, 1% in fiscal 202628; another year at that level with share slipping would mean P&G's brands are holding their customers but no longer adding to them.

The number that tests this moat
Reported
Revenue, and where it comes from
$87.0bn in FY2026: Fabric & Home Care $30.3bn (35%), Baby, Feminine & Family Care $20.4bn, Beauty $16.0bn, Health Care $12.5bn, Grooming $6.9bn

About 52% outside the US and about 16% from Walmart. Watch organic growth, 1% in FY2026.

Source: P&G Form 10-K, FY2026 ↗
Moat scorecardHow ratings work →
Switching costs5/10
Network effects2/10
Pricing power6/10
Hard to replicate9/10
Disruption resistance8/10
Overall durability8/10

Replication is very hard: matching P&G's plants, brands and retailer relationships across five segments would take decades and tens of billions. Disruption resistance is high because the products are used up daily and change slowly. Pricing power is good but faded: price added 4% in fiscal 2024 and 1% since. Switching costs are modest, since a shopper can pick a different detergent tomorrow; habit, not cost, keeps her. Network effects are minimal. Durability sits in the wide band, backed by 70 consecutive dividend increases and returns on capital near 20%.

Dig deeper
DIG DEEPER 01
The Revenue Lines
P&G's five segments earn between 17 and 22 cents on the dollar, and in fiscal 2026 all five earned less on higher sales.
DIG DEEPER 02
The Moat
P&G earns about 20% on its capital from products people buy every week, but it has stopped growing faster than its categories.
DIG DEEPER 03
Competitors
P&G is worth more than seven listed rivals combined, yet it blamed competitors for lost volume in eight categories in fiscal 2026.
DIG DEEPER 04
Major Clients
P&G's ten largest retailers buy 43% of what it makes, up from 35% nine years ago, and Walmart alone about a sixth.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
P&G's next moves are a supplement brand, fewer office jobs and more marketing: continuations of the model, not a new one.
⚠ Threats to the moat
⚠ THREAT 01
Organic Growth From Seven Percent to One
P&G's organic growth has fallen from 7% to 1% in three years, and its own guidance promises little recovery.
⚠ THREAT 02
Every Segment Earned Less
In fiscal 2026 every P&G segment sold more and earned less, and the company expects an 8% cost headwind in fiscal 2027.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
P&G has lost five points of multiple and lagged the market for five years, so at 21 times earnings its shares now offer a cash yield of about 4.7%…
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q4 FY2026)
In its latest quarter P&G grew sales 2%, grew nothing organically, and earned less in every segment while spending heavily on marketing.
References
  1. ReportedIt grew from a business founded in Cincinnati in 1837, sells its products in about 180 countries and territories, and employs about 104,000 people.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  2. ReportedIt makes them in 24 American plants and 72 more in 31 other countries.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  3. ReportedNet sales were $87,032 million in fiscal 2026, the year to 30 June.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - consolidated statements of earnings, cash flows and financial position, debt and dividends. — FY2026 · publ. 4 August 2026 · source ↗
  4. ReportedFabric & Home Care, with Tide, Ariel, Dawn and Swiffer, sold $30,314 million; Baby, Feminine & Family Care, with Pampers, Always, Bounty and Charmin, $20,401 million; Beauty, with Pantene, Head & Shoulders, Olay and Old Spice, $16,023 million; Health Care, with Crest, Oral-B and Vicks, $12,456 million; and Grooming, with Gillette and Braun, $6,918 million.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  5. Moat Explorer calcAbout 52% of sales came from outside the United States.
    Moat Explorer calculation from Procter & Gamble's reported figures ($ millions unless stated; fiscal years end 30 June). Net debt: FY2026 11,296 + 22,842 - 9,942 = 24,196; 24,196 / 54,311 = 0.45 times equity; 24,196 / 19,556 = 1.24 years of operating cash flow; debt due within one year 11,296 / (11,296 + 22,842) = 33% of debt; FY2025 9,513 + 24,995 - 9,556 = 24,952; FY2024 7,191 + 25,269 - 9,482 = 22,978. Capital spending 4,409 / 87,032 = 5.1% of net sales. Adjusted free cash flow over dividends 15,835 / 10,232 = 1.55 times. Dividends paid over net earnings attributable: 10,232 / 16,046 = 63.8% (FY2026); 9,872 / 15,974 = 61.8% (FY2025); 9,312 / 14,879 = 62.6% (FY2024). Buybacks 5,028 / 11,009 = 45.7% of the FY2021 peak. Peer market values on 25 September 2026 ($bn): 132.99 + 68.60 + 34.19 + 34.18 + 32.74 + 22.86 + 10.13 = 335.69, against P&G 339.64; P&G / Clorox 339.64 / 10.13 = 33.5 times. P/E: 339.64 / 16.046 = 21.2 (now); 394.82 / 14.879 = 26.5 (December 2024 over FY2024). Free cash flow yield 15,835 / 339,640 = 4.7%. Goodwill plus Gillette brand 41,276 + 12,800 = 54,076; 54,076 / 126,521 = 42.7% of total assets. Segments (five reportable, excluding Corporate): FY2026 sales 16,023 + 6,918 + 12,456 + 30,314 + 20,401 = 86,112; net earnings 2,672 + 1,529 + 2,404 + 5,632 + 3,930 = 16,167; FY2025 net earnings 2,715 + 1,577 + 2,440 + 5,848 + 4,013 = 16,593; 16,167 / 16,593 - 1 = -2.6%. Segment net earnings changes FY2026: Beauty 2,672 / 2,715 - 1 = -1.6%; Grooming 1,529 / 1,577 - 1 = -3.0%; Health Care 2,404 / 2,440 - 1 = -1.5%; Fabric & Home Care 5,632 / 5,848 - 1 = -3.7%; Baby, Feminine & Family Care 3,930 / 4,013 - 1 = -2.1%. Fabric & Home Care share of segment net earnings 5,632 / 16,167 = 34.8%. Pre-tax margins FY2026: Beauty 3,473 / 16,023 = 21.7%; Grooming 1,966 / 6,918 = 28.4%; Health Care 3,163 / 12,456 = 25.4%; Fabric & Home Care 7,290 / 30,314 = 24.0%; Baby, Feminine & Family Care 5,145 / 20,401 = 25.2%. Net margins FY2023: Beauty 3,178 / 15,008 = 21.2%; Health Care 2,125 / 11,226 = 18.9%; Fabric & Home Care 4,828 / 28,371 = 17.0%; Baby, Feminine & Family Care 3,545 / 20,217 = 17.5%. Three-year growth FY2023-FY2026: Health Care sales 12,456 / 11,226 - 1 = 11.0%; Health Care net earnings 2,404 / 2,125 - 1 = 13.1%; Grooming sales 6,918 / 6,419 - 1 = 7.8%; Baby, Feminine & Family Care sales 20,401 / 20,217 - 1 = 0.9%. Segment capital spending over sales FY2026: Grooming 540 / 6,918 = 7.8%; Baby, Feminine & Family Care 1,520 / 20,401 = 7.5%; Health Care 592 / 12,456 = 4.8%; Fabric & Home Care 1,250 / 30,314 = 4.1%; Beauty 415 / 16,023 = 2.6%. Geography FY2026 ($bn): international 45.3 / 87.0 = 52.1%; United States 41.7 / 87.0 = 47.9%. Walmart about 16% x 87,032 = 13,925, about $13.9 billion. Top ten customers less Walmart (rounded percentages): FY2017 35 - 16 = 19; FY2020 38 - 15 = 23; FY2023 40 - 15 = 25; FY2026 43 - 16 = 27. Dividend per share 4.2589 / 4.0763 - 1 = 4.5% (FY2026); 4.0763 / 3.8286 - 1 = 6.5% (FY2025). Market exit charges after tax 1,200 + 131 = 1,331. P&G / Unilever market value 339.64 / 132.99 = 2.6 times. Restructuring charges FY2024-FY2026 659 + 1,114 + 1,230 = 3,003. Gillette write-downs 8.3 + 1.3 = 9.6 billion. Operating margin 19,748 / 87,032 = 22.7% (FY2026); 20,451 / 84,284 = 24.3% (FY2025) - segment results, geography and customer concentration. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Procter & Gamble's Forms 10-K, results releases, earnings slides and market data; operands shown in the source line.
  6. ReportedP&G holds more than 60% of global blades and razors, over 35% of fabric care where it competes, and more than 30% of baby care.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  7. ReportedIt sells mostly through retailers: Walmart alone was about 16% of sales and the top ten customers about 43%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  8. ReportedOperating income was $19,748 million and net earnings attributable to P&G $16,046 million, or $6.62 a diluted share.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - consolidated statements of earnings, cash flows and financial position, debt and dividends. — FY2026 · publ. 4 August 2026 · source ↗
  9. ReportedOrganic sales grew 1%, down from 7% in fiscal 2023, and every segment's net earnings fell while every segment's sales rose.
    Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  10. ReportedOrganic sales grew 1%, down from 7% in fiscal 2023, and every segment's net earnings fell while every segment's sales rose.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  11. ReportedAdjusted free cash flow was $15,835 million; P&G paid $10,232 million of dividends and bought back $5,028 million of stock, and it has raised its dividend for 70 consecutive years.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - consolidated statements of earnings, cash flows and financial position, debt and dividends. — FY2026 · publ. 4 August 2026 · source ↗
  12. ReportedAdjusted free cash flow was $15,835 million; P&G paid $10,232 million of dividends and bought back $5,028 million of stock, and it has raised its dividend for 70 consecutive years.
    Procter & Gamble fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1, with fiscal 2027 guidance - quarterly and fiscal-year headline results and cash flow. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  13. ReportedAdjusted free cash flow was $15,835 million; P&G paid $10,232 million of dividends and bought back $5,028 million of stock, and it has raised its dividend for 70 consecutive years.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - consolidated statements of earnings, cash flows and financial position, debt and dividends. — FY2026 · publ. 4 August 2026 · source ↗
  14. Moat Explorer calcReturn on invested capital was 19.9%.
    Moat Explorer calculation from SEC EDGAR XBRL for CIK 80424: return on invested capital 7.4% (FY2015), 9.6% (FY2016), 10.4% (FY2017), 12.3% (FY2018), 5.1% (FY2019, Gillette impairment), 16.3% (FY2020), 19.3% (FY2021), 19.2% (FY2022), 18.9% (FY2023), 19.0% (FY2024), 20.5% (FY2025), 19.9% (FY2026). — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Operating income x (1 - effective tax rate; 35% default before fiscal 2018 and 21% where pre-tax income is untagged) divided by average (total assets - current liabilities - cash), from SEC EDGAR XBRL using the tools_roic_edgar.py method; after fiscal 2019 the cash tag is CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents. A 7% hurdle is assumed.
  15. ReportedShailesh Jejurikar became chief executive on 1 January 2026 and chairman on 1 August 2026, and is cutting up to 7,000 office roles by the end of fiscal 2027.
    Procter & Gamble release: Jejurikar named Chairman effective 1 August 2026; Jon Moeller retires. — July 2026 · publ. 29 July 2026 · source ↗
  16. ReportedShailesh Jejurikar became chief executive on 1 January 2026 and chairman on 1 August 2026, and is cutting up to 7,000 office roles by the end of fiscal 2027.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - notes: restructuring, goodwill and intangibles, acquisitions and divestitures, subsequent events and commitments. — FY2026 · publ. 4 August 2026 · source ↗
  17. ReportedIn August 2026 P&G agreed to buy the supplement brand Thorne for $3.8 billion.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - notes: restructuring, goodwill and intangibles, acquisitions and divestitures, subsequent events and commitments. — FY2026 · publ. 4 August 2026 · source ↗
  18. ReportedOn 25 September 2026 the shares were $146.23, a market value of $339.64 billion, about 22 times trailing earnings and 21 times forward.
    Procter & Gamble (PG) market data - $146.23 at the close on 25 September 2026, market cap $339.64B, 52-week range 137.62-167.25, analyst target $160.61. — September 2026 · publ. 25 September 2026 · source ↗
  19. ReportedOn 25 September 2026 the shares were $146.23, a market value of $339.64 billion, about 22 times trailing earnings and 21 times forward.
    Procter & Gamble (PG) statistics - trailing P/E 22.08, forward P/E 20.95, P/B 6.37, enterprise value $364.73B, dividend $4.36 (2.98%), beta 0.38. — September 2026 · publ. 25 September 2026 · source ↗
  20. ReportedP&G has a single class of common stock; its largest holders are Vanguard with 7.52% and BlackRock with 6.70%, and it counts about 6 million shareowners including beneficial holders.
    Procter & Gamble dividend declaration of $1.0885 per share, payable 17 August 2026. — July 2026 · publ. 14 July 2026 · source ↗
  21. ReportedP&G has a single class of common stock; its largest holders are Vanguard with 7.52% and BlackRock with 6.70%, and it counts about 6 million shareowners including beneficial holders.
    Procter & Gamble proxy statement (DEF 14A) - principal shareholders: Vanguard 7.52%, BlackRock 6.70%. — 2026 · publ. 28 August 2026 · source ↗
  22. ReportedP&G has a single class of common stock; its largest holders are Vanguard with 7.52% and BlackRock with 6.70%, and it counts about 6 million shareowners including beneficial holders.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  23. ReportedThere were 2,324,433,060 shares outstanding at 31 July 2026, and the market value held by non-affiliates was $333 billion at 31 December 2025.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  24. ReportedThere were 2,324,433,060 shares outstanding at 31 July 2026, and the market value held by non-affiliates was $333 billion at 31 December 2025.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  25. ReportedGross margin was 50.2% in fiscal 2026 and selling, general and administrative costs 27.5% of sales, which means about half of every sales dollar goes to making the product and more than a quarter to selling and supporting it.
    Procter & Gamble fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1, with fiscal 2027 guidance - quarterly and fiscal-year headline results and cash flow. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  26. ReportedGross margin was 50.2% in fiscal 2026 and selling, general and administrative costs 27.5% of sales, which means about half of every sales dollar goes to making the product and more than a quarter to selling and supporting it.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - consolidated statements of earnings, cash flows and financial position, debt and dividends. — FY2026 · publ. 4 August 2026 · source ↗
  27. Moat Explorer calcWhat is left, about 22.7% at the operating line, is the return on being the brand the shopper asks for.
    Moat Explorer calculation from Procter & Gamble's reported figures ($ millions unless stated; fiscal years end 30 June). Net debt: FY2026 11,296 + 22,842 - 9,942 = 24,196; 24,196 / 54,311 = 0.45 times equity; 24,196 / 19,556 = 1.24 years of operating cash flow; debt due within one year 11,296 / (11,296 + 22,842) = 33% of debt; FY2025 9,513 + 24,995 - 9,556 = 24,952; FY2024 7,191 + 25,269 - 9,482 = 22,978. Capital spending 4,409 / 87,032 = 5.1% of net sales. Adjusted free cash flow over dividends 15,835 / 10,232 = 1.55 times. Dividends paid over net earnings attributable: 10,232 / 16,046 = 63.8% (FY2026); 9,872 / 15,974 = 61.8% (FY2025); 9,312 / 14,879 = 62.6% (FY2024). Buybacks 5,028 / 11,009 = 45.7% of the FY2021 peak. Peer market values on 25 September 2026 ($bn): 132.99 + 68.60 + 34.19 + 34.18 + 32.74 + 22.86 + 10.13 = 335.69, against P&G 339.64; P&G / Clorox 339.64 / 10.13 = 33.5 times. P/E: 339.64 / 16.046 = 21.2 (now); 394.82 / 14.879 = 26.5 (December 2024 over FY2024). Free cash flow yield 15,835 / 339,640 = 4.7%. Goodwill plus Gillette brand 41,276 + 12,800 = 54,076; 54,076 / 126,521 = 42.7% of total assets. Segments (five reportable, excluding Corporate): FY2026 sales 16,023 + 6,918 + 12,456 + 30,314 + 20,401 = 86,112; net earnings 2,672 + 1,529 + 2,404 + 5,632 + 3,930 = 16,167; FY2025 net earnings 2,715 + 1,577 + 2,440 + 5,848 + 4,013 = 16,593; 16,167 / 16,593 - 1 = -2.6%. Segment net earnings changes FY2026: Beauty 2,672 / 2,715 - 1 = -1.6%; Grooming 1,529 / 1,577 - 1 = -3.0%; Health Care 2,404 / 2,440 - 1 = -1.5%; Fabric & Home Care 5,632 / 5,848 - 1 = -3.7%; Baby, Feminine & Family Care 3,930 / 4,013 - 1 = -2.1%. Fabric & Home Care share of segment net earnings 5,632 / 16,167 = 34.8%. Pre-tax margins FY2026: Beauty 3,473 / 16,023 = 21.7%; Grooming 1,966 / 6,918 = 28.4%; Health Care 3,163 / 12,456 = 25.4%; Fabric & Home Care 7,290 / 30,314 = 24.0%; Baby, Feminine & Family Care 5,145 / 20,401 = 25.2%. Net margins FY2023: Beauty 3,178 / 15,008 = 21.2%; Health Care 2,125 / 11,226 = 18.9%; Fabric & Home Care 4,828 / 28,371 = 17.0%; Baby, Feminine & Family Care 3,545 / 20,217 = 17.5%. Three-year growth FY2023-FY2026: Health Care sales 12,456 / 11,226 - 1 = 11.0%; Health Care net earnings 2,404 / 2,125 - 1 = 13.1%; Grooming sales 6,918 / 6,419 - 1 = 7.8%; Baby, Feminine & Family Care sales 20,401 / 20,217 - 1 = 0.9%. Segment capital spending over sales FY2026: Grooming 540 / 6,918 = 7.8%; Baby, Feminine & Family Care 1,520 / 20,401 = 7.5%; Health Care 592 / 12,456 = 4.8%; Fabric & Home Care 1,250 / 30,314 = 4.1%; Beauty 415 / 16,023 = 2.6%. Geography FY2026 ($bn): international 45.3 / 87.0 = 52.1%; United States 41.7 / 87.0 = 47.9%. Walmart about 16% x 87,032 = 13,925, about $13.9 billion. Top ten customers less Walmart (rounded percentages): FY2017 35 - 16 = 19; FY2020 38 - 15 = 23; FY2023 40 - 15 = 25; FY2026 43 - 16 = 27. Dividend per share 4.2589 / 4.0763 - 1 = 4.5% (FY2026); 4.0763 / 3.8286 - 1 = 6.5% (FY2025). Market exit charges after tax 1,200 + 131 = 1,331. P&G / Unilever market value 339.64 / 132.99 = 2.6 times. Restructuring charges FY2024-FY2026 659 + 1,114 + 1,230 = 3,003. Gillette write-downs 8.3 + 1.3 = 9.6 billion. Operating margin 19,748 / 87,032 = 22.7% (FY2026); 20,451 / 84,284 = 24.3% (FY2025) - growth rates, margins and charges. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Procter & Gamble's Forms 10-K, results releases, earnings slides and market data; operands shown in the source line.
  28. ReportedThe number that would falsify the verdict is organic growth, 1% in fiscal 2026; another year at that level with share slipping would mean P&G's brands are holding their customers but no longer adding to them.
    Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
Sources
Generated September 26, 2026