What changed in this filing

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Item 1. Financial Statements

2026-01-23 compared with 2025-10-24 · 139 added, 56 removed, 404 unchanged (33% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended September 30

Three Months Ended December 31 Six Months Ended December 31

Amounts in millions except per share amounts 2025 2024 2025 2024

16 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30

Three Months Ended December 31 Six Months Ended December 31

Amounts in millions 2025 2024 2025 2024

12 unchanged sentences

CONSOLIDATED BALANCE SHEETS

Amounts in millions September 30, 2025 June 30, 2025

Amounts in millions December 31, 2025 June 30, 2025

CURRENT ASSETS

24 unchanged sentences

Preferred stock 767 777

Common stock – shares issued – September 2025 4,009.2

Common stock – shares issued – December 2025 4,009.2

June 2025 4,009.2 4,009 4,009

11 unchanged sentences

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

Dollars in millions;

1 unchanged sentence

Shares Amount

BALANCE SEPTEMBER 30, 2025 2,336,734 $ 4,009 $ 770 $ 68,917 ($ 637 ) ($ 12,156 ) ($ 139,845 ) $ 132,212 $ 281 $ 53,551

Net earnings 4,319 12 4,331

Other comprehensive income/(loss) 48 ( 2 ) 46

Dividends and dividend equivalents

($ 1.0568 per share):

Common ( 2,478 ) ( 2,478 )

Preferred ( 73 ) ( 73 )

Treasury stock purchases ( 15,566 ) ( 2,271 ) ( 2,271 )

Employee stock plans 2,350 92 132 224

Preferred stock conversions 483 ( 3 ) — 3 —

ESOP debt impacts — — —

Noncontrolling interest, net — ( 14 ) ( 14 )

BALANCE DECEMBER 31, 2025 2,324,001 $ 4,009 $ 767 $ 69,010 ($ 637 ) ($ 12,108 ) ($ 141,981 ) $ 133,981 $ 276 $ 53,317

Six Months Ended December 31, 2025

Dollars in millions;

shares in thousands Common Stock Preferred Stock Additional Paid-In Capital Reserve for ESOP Debt Retirement Accumulated Other Comprehensive Income/(Loss) Treasury Stock Retained Earnings Noncontrolling Interest Total Shareholders' Equity

Shares Amount

BALANCE JUNE 30, 2025 2,341,994 $ 4,009 $ 777 $ 68,770 ($ 672 ) ($ 12,143 ) ($ 138,702 ) $ 129,973 $ 272 $ 52,284

10 unchanged sentences

Noncontrolling interest, net — ( 30 ) ( 30 )

BALANCE DECEMBER 31, 2025 2,324,001 $ 4,009 $ 767 $ 69,010 ($ 637 ) ($ 12,108 ) ($ 141,981 ) $ 133,981 $ 276 $ 53,317

See accompanying Notes to Consolidated Financial Statements.

4 The Procter & Gamble Company

Three Months Ended December 31, 2024

Dollars in millions;

Shares Amount

BALANCE SEPTEMBER 30, 2024 2,355,042 $ 4,009 $ 791 $ 68,102 ($ 707 ) ($ 10,893 ) ($ 134,823 ) $ 125,361 $ 300 $ 52,141

Three Months Ended September 30, 2024

Net earnings 4,630 29 4,659

Other comprehensive income/(loss) ( 744 ) ( 3 ) ( 747 )

Dividends and dividend equivalents

($ 1.0065 per share):

Common ( 2,375 ) ( 2,375 )

Preferred ( 72 ) ( 72 )

Treasury stock purchases ( 14,716 ) ( 2,520 ) ( 2,520 )

Employee stock plans 4,057 181 228 408

Preferred stock conversions 469 ( 3 ) — 3 —

ESOP debt impacts — — —

Noncontrolling interest, net — ( 51 ) ( 51 )

BALANCE DECEMBER 31, 2024 2,344,852 $ 4,009 $ 788 $ 68,283 ($ 707 ) ($ 11,637 ) ($ 137,112 ) $ 127,544 $ 275 $ 51,443

Six Months Ended December 31, 2024

Dollars in millions;

13 unchanged sentences

Noncontrolling interest, net — ( 51 ) ( 51 )

BALANCE SEPTEMBER 30, 2024 2,355,042 $ 4,009 $ 791 $ 68,102 ($ 707 ) ($ 10,893 ) ($ 134,823 ) $ 125,361 $ 300 $ 52,141

BALANCE DECEMBER 31, 2024 2,344,852 $ 4,009 $ 788 $ 68,283 ($ 707 ) ($ 11,637 ) ($ 137,112 ) $ 127,544 $ 275 $ 51,443

See accompanying Notes to Consolidated Financial Statements.

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended September 30

Six Months Ended December 31

Amounts in millions 2025 2024

5 unchanged sentences

Deferred income taxes 196 221

Loss/(gain) on sale of assets ( 3 ) 794

(Gain)/loss on sale of assets 1 787

Change in accounts receivable ( 92 ) ( 262 )

14 unchanged sentences

Net additions/(reductions) to other short-term debt ( 471 ) ( 2,705 )

Additions to long-term debt 2,652 995

Reductions in long-term debt ( 1,005 ) ( 1,478 )

38 unchanged sentences

We are currently assessing the impact of this guidance on our Consolidated Financial Statements.

In December 2025, the FASB issued ASU No.

2025-10, “Accounting for Government Grants Received by Business Entities”.

This amendment provides guidance on the recognition, measurement, and presentation of government grants.

This amendment is effective for our fiscal year ending June 30, 2030 and the interim periods within that fiscal year.

We are currently assessing the impact of this guidance on our Consolidated Financial Statements.

No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.

21 unchanged sentences

% of Net sales by operating segment (1)

Three Months Ended September 30

Three Months Ended December 31 Six Months Ended December 31

2025 2024 2025 2024

Fabric Care 23 % 23 % 23 % 23 %

Home Care 12 % 12 % 12 % 12 %

Hair Care 10 % 9 %

Baby Care 9 % 9 % 9 % 9 %

Hair Care 9 % 9 % 9 % 9 %

Oral Care 9 % 9 % 8 % 8 %

Family Care 8 % 9 % 8 % 9 %

Grooming 8 % 8 % 8 % 8 %

Oral Care 8 % 8 %

Personal Health Care 7 % 6 % 7 % 7 %

5 unchanged sentences

The following is a summary of reportable segment results:

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Corporate Total Company

12 unchanged sentences

8 The Procter & Gamble Company

Three Months Ended September 30, 2024

Three Months Ended December 31, 2024

Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Corporate Total Company

10 unchanged sentences

(1) Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).

Six Months Ended December 31, 2025

Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Corporate Total Company

Net sales $ 8,182 $ 3,611 $ 6,626 $ 15,479 $ 10,294 $ 402 $ 44,594

Cost of products sold ( 3,181 ) ( 1,475 ) ( 2,716 ) ( 8,208 ) ( 5,532 ) ( 607 ) ( 21,721 )

Selling, general and administrative expense ( 2,877 ) ( 1,020 ) ( 1,965 ) ( 3,268 ) ( 1,978 ) ( 544 ) ( 11,651 )

Other segment items (1)

— — 3 — — 230 233

Earnings/(loss) before income taxes 2,124 1,117 1,947 4,003 2,784 ( 520 ) 11,455

Net earnings/(loss) $ 1,643 $ 881 $ 1,489 $ 3,100 $ 2,125 $ ( 125 ) $ 9,112

Other segment information

Depreciation and amortization $ 205 $ 158 $ 213 $ 371 $ 413 $ 204 $ 1,563

Capital expenditures $ 160 $ 260 $ 248 $ 600 $ 635 $ 463 $ 2,367

(1) Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).

Six Months Ended December 31, 2024

Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Corporate Total Company

Net sales $ 7,741 $ 3,475 $ 6,397 $ 15,285 $ 10,400 $ 322 $ 43,619

Cost of products sold ( 2,956 ) ( 1,387 ) ( 2,543 ) ( 7,941 ) ( 5,550 ) ( 463 ) ( 20,839 )

Selling, general and administrative expense ( 2,722 ) ( 999 ) ( 1,926 ) ( 3,277 ) ( 2,003 ) ( 315 ) ( 11,242 )

Other segment items (1)

( 1 ) — — — — ( 553 ) ( 554 )

Earnings/(loss) before income taxes 2,063 1,090 1,928 4,066 2,847 ( 1,009 ) 10,985

Net earnings/(loss) $ 1,620 $ 885 $ 1,499 $ 3,188 $ 2,185 $ ( 731 ) $ 8,646

Other segment information

Depreciation and amortization $ 200 $ 160 $ 198 $ 358 $ 406 $ 112 $ 1,434

Capital expenditures $ 118 $ 181 $ 218 $ 471 $ 459 $ 472 $ 1,918

(1) Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).

Corporate includes non-operating losses comprised primarily of a non-cash charge of $ 752 for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The Procter & Gamble Company 9

The Chief Operating Decision Maker (CODM) does not use assets by segment to evaluate performance or allocate resources.

6 unchanged sentences

Translation and other 5 7 ( 2 ) 2 3 15

GOODWILL AT SEPTEMBER 30, 2025 $ 14,228 $ 12,990 $ 7,939 $ 1,847 $ 4,640 $ 41,643

Goodwill decreased from June 30, 2025, primarily due to currency translation.

Identifiable intangible assets at September 30, 2025, were comprised of:

GOODWILL AT DECEMBER 31, 2025 $ 14,234 $ 12,999 $ 7,939 $ 1,850 $ 4,643 $ 41,665

Goodwill increased from June 30, 2025, primarily due to currency translation.

Identifiable intangible assets at December 31, 2025, were comprised of:

Gross Carrying Amount Accumulated Amortization

4 unchanged sentences

The intangible assets with indefinite lives primarily consist of brands.

The amortization expense of determinable-lived intangible assets for the three months ended September 30, 2025 and 2024, was $ 79 and $ 83 , respectively.

The amortization expense of determinable-lived intangible assets for the three months ended December 31, 2025 and 2024, was $ 77 and $ 80 , respectively.

For the six months ended December 31, 2025 and 2024, amortization expense was $ 156 and $ 163 , respectively.

Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment.

5 unchanged sentences

Based on our impairment testing performed during the three months ended December 31, 2025, the Gillette indefinite-lived intangible asset's fair value exceeds its carrying value by greater than 10 %.

As of September 30, 2025, the carrying value of the Gillette indefinite-lived intangible asset was $ 12.8 billion.

As of December 31, 2025, the carrying value of the Gillette indefinite-lived intangible asset was $ 12.8 billion.

Adverse changes in the business or in the macroeconomic environment, including foreign currency devaluation, increasing global inflation, or market contraction from an economic recession, could reduce the underlying cash flows used to estimate the fair value of the Gillette indefinite-lived intangible asset and trigger an impairment charge.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The most significant assumptions utilized in the determination of the estimated fair value of the Gillette indefinite-lived intangible asset are the net sales growth rates (including residual growth rate), discount rate and royalty rate.

2 unchanged sentences

In addition, relative global and country/regional macroeconomic factors could result in additional and prolonged devaluation of other countries' currencies relative to the U.S.

The residual growth rate represent the expected rate at which the Gillette brand is expected to grow beyond the shorter-term business planning period.

The residual growth rate utilized in our fair value estimates is consistent with the brand operating plans and approximate expected long-term category market growth rates.

The residual growth rate represents the expected rate at which the Gillette brand is expected to grow beyond the shorter-term business planning period.

The residual growth rate utilized in our fair value estimates is consistent with the brand operating plans and approximates expected long-term category market growth rates.

The residual growth rate depends on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share.

4 unchanged sentences

Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S.

Amounts in millions of dollars except per share amounts or as otherwise specified.

10 The Procter & Gamble Company

The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business.

9 unchanged sentences

The diluted shares include the dilutive effect of stock options and other share-based awards based on the treasury stock method and the assumed conversion of preferred stock.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The Procter & Gamble Company 9

Net earnings per common share were calculated as follows:

CONSOLIDATED AMOUNTS Three Months Ended September 30

CONSOLIDATED AMOUNTS Three Months Ended December 31 Six Months Ended December 31

2025 2024 2025 2024

Net earnings attributable to P&G (Diluted) $ 4,319 $ 4,630 $ 9,070 $ 8,589

5 unchanged sentences

Stock options and other unvested equity awards (1)

20.0 34.9 22.7 36.4

Convertible preferred shares (2)

68.7 71.3 69.0 71.6

Diluted weighted average common shares outstanding 2,424.0 2,458.1 2,430.4 2,462.1

2 unchanged sentences

Diluted $ 1.78 $ 1.88 $ 3.73 $ 3.49

(1) For the three months ended September 30, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 11 million and 1 million, respectively.

(1) For the three months ended December 31, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 23 million and 8 million, respectively.

For the six months ended December 31, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 19 million and 4 million, respectively.

(2) An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

1 unchanged sentence

The following table provides a summary of our share-based compensation expense and postretirement benefit impacts:

Three Months Ended September 30

Three Months Ended December 31 Six Months Ended December 31

2025 2024 2025 2024

Share-based compensation expense $ 140 $ 136 $ 262 $ 241

3 unchanged sentences

As a multinational company with diverse product offerings, we are exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices.

There have been no significant changes in our risk management policies or activities during the three months ended September 30, 2025.

There have been no significant changes in our risk management policies or activities during the six months ended December 31, 2025.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The Procter & Gamble Company 11

The Company has not changed its valuation techniques used in measuring the fair value of any financial assets and liabilities during the period.

3 unchanged sentences

There were no significant assets or liabilities that were re-measured at fair value on a non-recurring basis during the periods presented.

Cash equivalents were $ 9.9 billion and $ 8.3 billion as of September 30, 2025 and June 30, 2025, respectively, and are classified as Level 1 within the fair value hierarchy.

Cash equivalents were $ 9.4 billion and $ 8.3 billion as of December 31, 2025 and June 30, 2025, respectively, and are classified as Level 1 within the fair value hierarchy.

The Company had no other material investments in debt or equity securities during the periods presented.

The fair value of long-term debt was $ 29.6 billion and $ 29.5 billion as of September 30, 2025 and June 30, 2025, respectively.

This includes the current portion of long-term debt instruments ($ 6.0 billion and $ 5.3 billion as of September 30, 2025 and June 30, 2025, respectively).

The fair value of long-term debt was $ 31.3 billion and $ 29.5 billion as of December 31, 2025 and June 30, 2025, respectively.

This includes the current portion of long-term debt instruments ($ 6.4 billion and $ 5.3 billion as of December 31, 2025 and June 30, 2025, respectively).

Certain long-term debt (debt designated as a fair value hedge) is recorded at fair value.

2 unchanged sentences

Fair values are generally estimated based on quoted market prices for identical or similar instruments.

Amounts in millions of dollars except per share amounts or as otherwise specified.

10 The Procter & Gamble Company

Disclosures about Financial Instruments

The notional amounts and fair values of financial instruments used in hedging transactions as of September 30, 2025 and June 30, 2025, are as follows:

The notional amounts and fair values of financial instruments used in hedging transactions as of December 31, 2025 and June 30, 2025, are as follows:

Notional Amount Fair Value Asset Fair Value (Liability)

September 30, 2025 June 30, 2025 September 30, 2025 June 30, 2025 September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025 December 31, 2025 June 30, 2025 December 31, 2025 June 30, 2025

DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS

7 unchanged sentences

The fair value of the interest rate derivative asset/(liability) directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation.

The carrying amount of the underlying debt obligation, which includes the unamortized discount or premium and the fair value adjustment, was $ 3.1 billion as of September 30, 2025 and June 30, 2025.

The carrying amount of the underlying debt obligation, which includes the unamortized discount or premium and the fair value adjustment, was $ 5.1 billion and $ 3.1 billion as of December 31, 2025 and June 30, 2025, respectively.

In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges.

The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $ 11.2 billion as of September 30, 2025 and June 30, 2025.

The increase in notional balance of the derivative instruments designated as net investment hedges is primarily driven by the Company's decision to leverage favorable interest rate spreads in the foreign currency swap market.

The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $ 12.4 billion and $ 11.2 billion as of December 31, 2025 and June 30, 2025, respectively.

The increase in the notional balance of interest rate contracts designated as fair value hedges is driven by debt portfolio rebalancing to meet interest rate risk management objectives.

Derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets.

4 unchanged sentences

If the Company's credit rating were to fall below the levels stipulated in the agreements, the counterparties could demand either collateralization or termination of the arrangements.

The aggregate fair value of the instruments covered by these contractual features that are in a liability position was $ 772 and $ 1.1 billion as of September 30, 2025 and June 30, 2025, respectively.

The aggregate fair value of the instruments covered by these contractual features that are in a liability position was $ 706 and $ 1.1 billion as of December 31, 2025 and June 30, 2025, respectively.

The Company has not been required to post collateral as a result of these contractual features.

Amounts in millions of dollars except per share amounts or as otherwise specified.

12 The Procter & Gamble Company

Before tax gains and losses on our financial instruments in hedging relationships are categorized as follows:

Amount of Gain/(Loss) Recognized in OCI on Derivatives

Three Months Ended September 30

Three Months Ended December 31 Six Months Ended December 31

2025 2024 2025 2024

DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)

Foreign currency interest rate contracts $ ( 17 ) $ 857 $ ( 3 ) $ 356

(1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $ 71 and $ 50 for the three months ended September 30, 2025 and 2024, respectively.

(1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $ 65 and $ 57 for the three months ended December 31, 2025 and 2024, respectively.

The amount of gain excluded from effectiveness testing was $ 136 and $ 107 for the six months ended December 31, 2025 and 2024, respectively.

(2) In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges.

The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $ 30 and $( 611 ) for the three months ended September 30, 2025 and 2024, respectively.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The Procter & Gamble Company 11

The amount of gain recognized in Accumulated other comprehensive income (AOCI) for such instruments was $ 9 and $ 825 for the three months ended December 31, 2025 and 2024, respectively.

The amount of gain recognized in AOCI for such instruments was $ 39 and $ 215 for the six months ended December 31, 2025 and 2024, respectively.

Amount of Gain/(Loss) Recognized in Earnings

Three Months Ended September 30

Three Months Ended December 31 Six Months Ended December 31

2025 2024 2025 2024

DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS

2 unchanged sentences

Foreign currency contracts $ 28 $ ( 174 ) $ 22 $ ( 48 )

The gains on the derivatives in fair value hedging relationships are fully offset by the mark-to-market impact of the related exposure.

The gains/(losses) on the derivatives in fair value hedging relationships are fully offset by the mark-to-market impact of the related exposure.

These are both recognized in Interest expense.

12 unchanged sentences

OCI attributable to noncontrolling interests, net of tax — — ( 9 ) ( 8 )

BALANCE AT SEPTEMBER 30, 2025, NET OF TAX $ 7 $ ( 774 ) $ ( 11,389 ) $ ( 12,156 )

BALANCE AT DECEMBER 31, 2025, NET OF TAX $ 10 $ ( 776 ) $ ( 11,342 ) $ ( 12,108 )

Foreign currency translation includes financial statement translation and changes in fair value of net investment hedges (see Note 7).

3 unchanged sentences

While considerable uncertainty exists, in the opinion of management and our counsel, the ultimate resolution of the various lawsuits and claims will not materially affect our financial position, results of operations or cash flows.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The Procter & Gamble Company 13

We are also subject to contingencies pursuant to environmental laws and regulations that in the future may require us to take action to correct the effects on the environment of prior manufacturing and waste disposal practices.

8 unchanged sentences

Based on information currently available, we anticipate over the next 12-month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued liabilities of approximately $ 124 , including interest and penalties.

Amounts in millions of dollars except per share amounts or as otherwise specified.

12 The Procter & Gamble Company

Additional information on the Commitments and Contingencies of the Company can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

12 unchanged sentences

All outstanding amounts related to suppliers participating in SCF are recorded within Accounts payable in our Consolidated Balance Sheets, and the associated payments are included in operating activities within our Consolidated Statements of Cash Flows.

The amount due to suppliers participating in SCF and included in Accounts payable was approximately $ 5.9 billion as of September 30, 2025 and $ 5.8 billion as of June 30, 2025.

The amount due to suppliers participating in SCF and included in Accounts payable was approximately $ 5.8 billion as of December 31, 2025 and June 30, 2025.

Restructuring Program

10 unchanged sentences

The Company will also incur other types of costs outlined below as a direct result of the plan.

For the three months ended September 30, 2025, the Company incurred total before tax charges of $ 215 including $ 100 in Costs of products sold, $ 106 in SG&A and $ 9 in Other non-operating income/(expense), net.

The following table presents restructuring activity for the three months ended September 30, 2025:

For the three months ended December 31, 2025, the Company incurred total before tax charges of $ 369 including $ 180 in Costs of products sold, $ 171 in SG&A and $ 18 in Other non-operating income/(expense), net.

For the six months ended December 31, 2025, the Company incurred charges of $ 584 including $ 280 in Costs of products sold, $ 277 in SG&A and $ 27 in Other non-operating income/(expense), net.

Amounts in millions of dollars except per share amounts or as otherwise specified.

14 The Procter & Gamble Company

The following table presents restructuring activity for the six months ended December 31, 2025:

Separations Asset Related Costs Other Total

1 unchanged sentence

Costs incurred for the three months ended September 30, 2025 124 27 65 215

Costs paid/settled for the three months ended September 30, 2025 ( 62 ) ( 27 ) ( 42 ) ( 131 )

RESERVE SEPTEMBER 30, 2025 $ 182 $ — $ 91 $ 273

Costs incurred for the three months ended December 31, 2025 198 83 88 369

Costs incurred for the six months ended December 31, 2025 322 109 152 584

Costs paid/settled for the six months ended December 31, 2025 ( 172 ) ( 109 ) ( 99 ) ( 380 )

RESERVE DECEMBER 31, 2025 $ 271 $ — $ 122 $ 393

Separation Costs

5 unchanged sentences

Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period.

Amounts in millions of dollars except per share amounts or as otherwise specified.

The Procter & Gamble Company 13

Other restructuring-type charges are incurred as a direct result of the restructuring plan.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements