PG Procter & Gamble FILING REVIEW ONLY
FORM 10-K · FY2026 ENDED 2026-06-30 · FILED 2026-08-04 · 2,422M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The Procter & Gamble Company creates, manufactures, markets and distributes branded consumer products, investing in research and development to introduce new products and improve existing ones. The company sells through mass merchandisers, digital commerce and social commerce channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores, high-frequency stores, pharmacies, electronics stores, professional channels, and direct to consumers, with operations spanning numerous countries and territories. Products are manufactured using raw and packaging materials purchased largely from third-party suppliers, including some single-source suppliers, and the company competes against branded products from other companies as well as retailers' private-label brands.

S&P 500 · CONSUMER STAPLES · CIK 80424
REVENUE$87.0B+3.3% YoY
NET INCOME$15.8B+0.5% YoY
OPERATING CASH FLOW$19.6B+9.8% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$15.1B+7.9% YoY
81
FILING SCORE / 100
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How the score is computed: 6 management claims are checked against the filed statements and 8 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 9/12 on claims and 14/16 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG14 CHECKS · 0 red · 2 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202620252024
Total revenues87,03284,28484,0395
Cost of revenue43,36241,16440,848
Research and development2,1002,1002,000
Selling, general and administrative23,92222,66923,3051
Depreciation, depletion and amortization3,1602,8472,896
Operating income19,74820,45118,5452
Interest expense8779079251
Other income (expense), net1,076154668
Income before income taxes20,37720,16718,7611
Income tax provision4,2334,1023,7872
— of which current4,1823,9534,0311
Net income incl. noncontrolling interests16,14416,06514,9741
Less: noncontrolling interests989195
Net income attributable to common15,75415,68214,5952
Diluted earnings per share$6.62$6.51$6.021
Weighted-average diluted shares2,4222,4542,4721
Cash flow · $ millions202620252024
Net income incl. noncontrolling interests16,14416,06514,974
Depreciation, depletion and amortization3,1602,8472,896
Share-based compensation524476562
Deferred income taxes51149(244)
Change in receivables(84)(45)766
Change in inventories64132470
Change in payables919(542)878
Net cash provided by operating activities19,55617,81719,8463
Capital expenditure4,4093,7733,3221
Acquisitions, net of cash851121
Net cash used in investing activities(4,624)(3,818)(3,504)
Dividends paid10,2329,8729,3121
Repurchases of common stock5,0286,5005,0061
Debt issued2,6522,2373,197
Debt repaid3,3901,9772,335
Net cash used in financing activities(14,460)(14,036)(14,855)
Cash and equivalents at end of period9,9429,5569,482
Balance sheet · $ millions20262025
Receivables, net6,0566,1851
Inventories8,1707,5511
Total current assets26,20825,392
Property, plant and equipment, net25,36023,897
Goodwill41,27641,6501
Intangible assets, net21,44421,910
Total assets126,521125,2311
Accounts payable16,30615,227
Current debt11,2969,513
Total current liabilities38,69436,058
Long-term debt22,84224,995
Total liabilities72,21072,946
Noncontrolling interests230272
Total equity54,31152,284
Segments · as filed in the segment note · $ millionsFabric home care segmentBaby feminine family care segmentBeauty segmentHealth care segmentGrooming segmentCorporate / unallocatedConsolidated
Net sales30,31420,40116,02312,4566,91892087,032
Cost of sales16,42811,0896,3975,2082,8451,39543,362
Selling, general & administrative6,5974,1676,1524,0872,11180823,922
Depreciation & amortization7568354104393204003,160

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2026FY2025Δ $Δ %Reading
Total revenues · IS87,03284,284+2,748+3.3%—
Total current liabilities · BS38,69436,058+2,636+7.3%—
Cost of revenue · IS43,36241,164+2,198+5.3%—
Long-term debt · BS22,84224,995−2,153-8.6%—
Total equity · BS54,31152,284+2,027+3.9%—
Current debt · BS11,2969,513+1,783+18.7%—
Net cash provided by operating activities · CF19,55617,817+1,739+9.8%—
Repurchases of common stock · CF5,0286,500−1,472-22.6%—
Property, plant and equipment, net · BS25,36023,897+1,463+6.1%—
Change in payables · CF919(542)+1,461+269.6%—
Debt repaid · CF3,3901,977+1,413+71.5%—
Total assets · BS126,521125,231+1,290+1.0%—
Selling, general and administrative · IS23,92222,669+1,253+5.5%—
Accounts payable · BS16,30615,227+1,079+7.1%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
31.1%
sector median 17.7%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.0%
sector median +0.0%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.66
sector median 0.64
moderate
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 23.9%
sector median 8.4%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsDEC 24MAR 25SEP 25DEC 25MAR 26
Total revenues21,88219,77622,38622,20821,235
Cost of revenue10,4189,69410,88710,83410,722
Selling, general and administrative5,7235,5245,6436,0085,936
Depreciation, depletion and amortization706690761803785
Operating income5,7414,5585,8565,3664,576
Interest expense240217197220223
Other income (expense), net224210268160537
Income tax provision1,1878681,2531,0901,039
Net income incl. noncontrolling interests4,6593,7934,7814,3313,951
Less: noncontrolling interests2923311218
Net income attributable to common4,5583,6984,6774,2473,860
Diluted earnings per share$1.88$1.54$1.95$1.78$1.63
Weighted-average diluted shares2,4582,4502,4372,4242,416
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues22,20821,235−973-4.4%
Operating income5,3664,576−790-14.7%
Net income attributable to common4,2473,860−387-9.1%
Net income incl. noncontrolling interests4,3313,951−380-8.8%
Other income (expense), net160537+377+235.6%
Cost of revenue10,83410,722−112-1.0%
Selling, general and administrative6,0085,936−72-1.2%
Income tax provision1,0901,039−51-4.7%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$333,000M10-K cover · as of 2025-12-31
Insider Form 4s, 90d7 filings · 7 non-market txnsquiet — awards/exercises only
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Procter & Gamble's Form 10-K for FY2026 (accession 0000080424-26-000103), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. PG is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.