The Procter & Gamble Company (PG) Q4 2025 earnings summary

Executive summary

• Organic sales grew 2% in fiscal 2025, driven by both volume and pricing, with 9 of 10 product categories showing growth year-over-year.

• Core EPS increased 4% to $6.83, with diluted EPS up 8% and strong cash returns to shareholders totaling over $16 billion.

• Leadership transition announced: Jon Moeller to become Executive Chairman in January 2026, with Shailesh Jejurikar named incoming CEO.

• Global value share was modestly down, but 30 of the top 50 category/country combinations held or grew share.

• Dividend increased for the 69th consecutive year.

Financial highlights

• Organic sales grew 2% for the year, with volume and price/mix each contributing 1 point; net sales were $84.3 billion, flat year-over-year.

• Core EPS reached $6.83, up 4% year-over-year; diluted EPS was $6.51.

• Adjusted free cash flow productivity was 87% for the year; operating cash flow was $17.8 billion.

• In Q4, organic sales grew 2%, core EPS was $1.48 (up 6%), and adjusted free cash flow productivity was 110%.

• Net earnings for fiscal 2025 were $16.1 billion, up 7% year-over-year.

Outlook and guidance

• Fiscal 2026 guidance: organic sales growth flat to up 4%, all-in sales growth 1–5%, and core EPS guidance of $6.83–$7.09 (up to 4% growth).

• Headwinds include $1B in tariffs, $200M after-tax from commodity costs, $250M from higher interest/tax, and $800M after-tax from tariffs; FX expected to be a $300M tailwind.

• Free cash flow productivity expected at 85–90%; capital spending planned at 4–5% of sales.

• $15B planned cash return to shareholders ($10B dividends, $5B buybacks).

• Guidance reflects ongoing volatility in costs, currencies, and consumer demand.