11 unchanged sentences
(4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating;
−Removed: (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks;
+Added: (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, conflicts or acts of war (such as the conflict in the Middle East), terrorism or disease outbreaks;
(6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pensions and healthcare;
2 unchanged sentences
(9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise;
−Removed: (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners;
−Removed: (11) the ability to rely on and
+Added: (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business
Amounts in millions of dollars except per share amounts or as otherwise specified.
The Procter & Gamble Company 15
−Removed: maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein;
+Added: (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein;
(12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns;
11 unchanged sentences
• Recent Developments
−Removed: • Summary of Results – Six Months Ended December 31, 2025
+Added: • Summary of Results – Nine Months Ended March 31, 2026
• Economic Conditions and Uncertainties
−Removed: • Results of Operations – Three and Six Months Ended December 31, 2025
−Removed: • Segment Results – Three and Six Months Ended December 31, 2025
+Added: • Results of Operations – Three and Nine Months Ended March 31, 2026
+Added: • Segment Results – Three and Nine Months Ended March 31, 2026
• Liquidity and Capital Resources
13 unchanged sentences
P&G is a global leader in the fast-moving consumer goods industry, focused on providing branded consumer packaged goods of superior quality and value to our consumers around the world.
−Removed: Our products are sold in about 180 countries and territories, primarily through mass merchandisers, e-commerce (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels.
+Added: Our products are sold in about 180 countries and territories, primarily through mass merchandisers, e-commerce (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores),
+Added: 16 The Procter & Gamble Company
+Added: high-frequency stores, pharmacies, electronics stores and professional channels.
We also sell direct to individual consumers.
We have on-the-ground operations in about 70 countries.
−Removed: 16 The Procter & Gamble Company
Our market environment is highly competitive with global, regional and local competitors.
29 unchanged sentences
Throughout the MD&A, we reference business results by region, which are comprised of North America, Europe, Greater China, Latin America, Asia Pacific and India, Middle East and Africa (IMEA).
−Removed: The following table provides the percentage of net sales and net earnings by reportable business segment (excluding Corporate) for the three and six months ended December 31, 2025:
−Removed: Three Months Ended December 31, 2025 Six Months Ended December 31, 2025
+Added: The following table provides the percentage of net sales and net earnings by reportable business segment (excluding Corporate) for the three and nine months ended March 31, 2026:
+Added: Three Months Ended March 31, 2026 Nine Months Ended March 31, 2026
Net Sales Net Earnings Net Sales Net Earnings
9 unchanged sentences
During the period ended September 30, 2024, the Company completed this limited market portfolio restructuring with the substantial liquidation of its operations in Argentina and recorded incremental restructuring charges of approximately $0.8 billion after tax, comprised primarily of non-cash charges for accumulated foreign currency translation losses previously included in Accumulated other comprehensive income/(loss).
−Removed: The total incremental restructuring charges incurred under the program beginning in the three-month period ended December 31, 2023, through the three-month period ended September 30, 2024, were approximately $1.2 billion after tax.
+Added: The total incremental restructuring charges incurred under the
The Procter & Gamble Company 17
+Added: program beginning in the three-month period ended December 31, 2023, through the three-month period ended September 30, 2024, were approximately $1.2 billion after tax.
Focused Portfolio, Supply Chain and Productivity Plan
1 unchanged sentence
The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period.
−Removed: The Company expects to incur half of the costs under this plan by the end of fiscal 2026, with the remainder incurred in fiscal 2027.
+Added: The Company expects to incur over half of the costs under this plan by the end of fiscal 2026, with the remainder incurred in fiscal 2027.
The restructuring activities will be executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services.
4 unchanged sentences
Glad Joint Venture Agreement
−Removed: The Company and The Clorox Company (Clorox) have jointly decided not to renew the Glad joint venture agreement.
−Removed: Under the terms of the agreement, Clorox will purchase the Company’s minority interest in the venture at fair market value as of the agreement termination in January 2026.
−Removed: Subject to market conditions and the parties' negotiations with respect to fair market value, the Company expects to receive cash proceeds of approximately $500 million and record an after-tax gain in the range of $250 to $300 million in the third quarter of the fiscal year ended June 30, 2026.
−Removed: SUMMARY OF RESULTS – Six Months Ended December 31, 2025
−Removed: The following are highlights of results for the six months ended December 31, 2025, versus the six months ended December 31, 2024:
−Removed: • Net sales were $44.6 billion, an increase of $975 million, or 2%, versus the prior year period.
−Removed: Net sales increased mid-single digits in Beauty, Grooming and Health Care, and low single digits in Fabric & Home Care.
−Removed: Net sales decreased low single digits in Baby, Feminine & Family Care.
+Added: In January 2026, the Glad joint venture agreement between the Company and The Clorox Company (Clorox) expired.
+Added: Under the terms of the agreement, Clorox purchased the Company’s minority interest in the venture at fair market value, for $476 million.
+Added: This transaction was accounted for as a dissolution of the Glad joint venture business and the Company recorded an after-tax gain of $261 million.
+Added: On February 20, 2026, the U.S.
+Added: Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were invalid.
+Added: The Company previously paid approximately $200 million in IEEPA tariffs that may be recoverable.
+Added: The Company has not yet recognized any recovery in its consolidated financial statements.
+Added: SUMMARY OF RESULTS – Nine Months Ended March 31, 2026
+Added: The following are highlights of results for the nine months ended March 31, 2026, versus the nine months ended March 31, 2025:
+Added: • Net sales were $65.8 billion, an increase of $2.4 billion, or 4%, versus the prior year period.
+Added: Net sales increased high single digits in Beauty, mid-single digits in Grooming and Health Care, and low single digits in Fabric & Home Care and Baby, Feminine & Family Care.
Organic sales, which exclude the impacts of acquisitions and divestitures and foreign exchange, increased 2% versus the prior year period.
−Removed: Organic sales increased mid-single digits in Beauty and low single digits in Grooming and Health Care and were unchanged in Fabric & Home Care.
−Removed: Organic sales decreased low single digits in Baby, Feminine & Family Care.
−Removed: • Net earnings were $9.1 billion, an increase of $466 million, or 5%, versus the prior year period due primarily to higher restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Argentina in the prior year period.
+Added: Organic sales increased mid-single digits in Beauty, low single digits in Health Care, Grooming and Fabric & Home Care and were unchanged in Baby, Feminine & Family Care.
+Added: • Net earnings were $13.1 billion, an increase of $624 million, or 5%, versus the prior year period due to higher restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Argentina, in the prior year period.
• Net earnings attributable to Procter & Gamble were $13.0 billion, an increase of $643 million, or 5%, versus the prior year period.
• Diluted EPS increased 7% to $5.36 due to the increase in net earnings.
−Removed: Core EPS, which excludes incremental restructuring charges, increased 2% to $3.87.
+Added: Core EPS, which excludes the gain from the dissolution of the Glad joint venture business and incremental restructuring charges, increased 2% to $5.46.
• Operating cash flow was $14.4 billion.
1 unchanged sentence
Tax Act, was $11.7 billion.
−Removed: Adjusted free cash flow productivity, which is defined as adjusted free cash flow as a percentage of net earnings, was 95%.
+Added: Adjusted free cash flow productivity, which is defined as adjusted free cash flow as a percentage of net earnings excluding the gain from the dissolution of the Glad joint venture business, was 92%.
ECONOMIC CONDITIONS AND UNCERTAINTI ES
3 unchanged sentences
As a result, we are exposed to global macroeconomic factors, geopolitical tensions and government policies.
−Removed: We are exposed to various risks due to economic, political and social instabilities, market volatility, natural disasters, debt and credit issues, currency controls, new or increased tariffs, foreign exchange and interest rate changes.
+Added: We are exposed to various risks due to economic, political and social instabilities, market volatility, natural disasters, debt and credit issues, currency controls, new or increased tariffs, foreign exchange, the availability and cost of materials and interest rate changes.
These risks can negatively impact our net sales, net earnings and cash flows.
−Removed: For example, we are exposed to risks due to the ongoing war between Russia and Ukraine.
+Added: For example, we are exposed to risks due to the conflict in the Middle East and the ongoing war between Russia and Ukraine.
Our Russia business accounted for 1% of consolidated net sales, net earnings and net assets as of June 30, 2025.
2 unchanged sentences
Translation exposures arise from measuring income statements of foreign subsidiaries with functional currencies other than the U.S.
−Removed: Transaction exposures involve impacts from 1) input costs that are denominated in currencies other than the local reporting currency and 2) revaluation of working capital balances denominated in currencies other than the functional currency.
+Added: Transaction exposures involve impacts from 1) input costs that are denominated in currencies other than the local reporting currency and 2) revaluation of working capital balances denominated in currencies other than the
+Added: 18 The Procter & Gamble Company
+Added: functional currency.
We have experienced significant foreign exchange impacts in the past due to the weakening of certain foreign currencies versus the U.S.
1 unchanged sentence
In response to the devaluation of foreign currencies (including those deemed highly inflationary), any lags or inability (due to government restrictions) to implement price increases or the negative impacts of such actions on product consumption may lead to a decline in our net sales, net earnings and cash flows.
−Removed: 18 The Procter & Gamble Company
Commodities and Supply Chain.
15 unchanged sentences
For additional information on risk factors that could impact our business results, please refer to Risk Factors in Part I, Item 1A of the Company's Form 10-K for the fiscal year ended June 30, 2025.
−Removed: RESULTS OF OPERATIONS – Three Months Ended December 31, 2025
−Removed: The following discussion provides a review of results for the three months ended December 31, 2025, versus the three months ended December 31, 2024.
−Removed: Three Months Ended December 31
+Added: RESULTS OF OPERATIONS – Three Months Ended March 31, 2026
+Added: The following discussion provides a review of results for the three months ended March 31, 2026, versus the three months ended March 31, 2025.
+Added: Three Months Ended March 31
Amounts in millions, except per share amounts 2026 2025 % Chg
6 unchanged sentences
Core net earnings per common share 1.59 1.54 3%
−Removed: Three Months Ended December 31
+Added: Three Months Ended March 31
COMPARISONS AS A PERCENTAGE OF NET SALES 2026 2025 Basis Pt Chg
6 unchanged sentences
Net sales for the quarter increased 7% to $21.2 billion.
−Removed: The increase in net sales was due to favorable foreign exchange of 1% and higher pricing of 1%, partially offset by a decline in unit volume of 1%.
−Removed: Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales were unchanged.
+Added: The increase in net sales was due to favorable foreign exchange of 4%, a unit volume increase of 2% and higher pricing of 1%.
+Added: Mix was unchanged.
+Added: Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 3%.
The Procter & Gamble Company 19
1 unchanged sentence
Net Sales Change Drivers 2026 vs.
−Removed: 2024 (Three Months Ended December 31) (1)
+Added: 2025 (Three Months Ended March 31) (1)
Volume with Acquisitions & Divestitures Volume Excluding Acquisitions & Divestitures Foreign Exchange Price Mix Other (2)
12 unchanged sentences
• 180 basis points of decline from unfavorable product mix,
−Removed: • 70 basis points of higher restructuring costs,
• 100 basis points of product and packaging investments,
+Added: • 50 basis points of higher restructuring costs,
• 50 basis points of higher costs from tariffs,
−Removed: • 20 basis points of unfavorable foreign exchange impacts and
−Removed: • 10 basis points of other items and rounding.
+Added: • 20 basis points of other items and rounding and
+Added: • 10 basis points of higher commodity costs.
These impacts were partially offset by:
2 unchanged sentences
Total SG&A spending increased 7% to $5.9 billion versus the prior year period due to increased marketing spending and overhead costs.
−Removed: SG&A as a percentage of net sales increased 90 basis points to 27.1% due primarily to an increase in marketing spending as a percentage of net sales and an increase in overhead costs as a percentage of net sales, partially offset by a decrease in other operating expenses as a percentage of net sales.
−Removed: Marketing spending as a percentage of net sales increased 80 basis points due to an increase in marketing spending, partially offset by productivity savings.
−Removed: Overhead costs as a percentage of net sales were increased 40 basis points as wage inflation and restructuring spending were partially offset by productivity savings.
−Removed: Other operating expenses as a percentage of net sales decreased 40 basis points primarily driven by favorable foreign exchange impacts.
+Added: SG&A as a percentage of net sales increased 10 basis points to 28.0% due primarily to an increase in marketing spending as a percentage of net sales, partially offset by a decrease in overhead costs as a percentage of net sales and a decrease in other operating expenses as a percentage of net sales.
+Added: Marketing spending as a percentage of net sales increased 20 basis points as the positive scale impacts of the net sales increase and productivity savings were more than offset by an increase in marketing spending.
+Added: Overhead costs as a percentage of net sales decreased 10 basis points driven by productivity savings and the positive scale impacts of the net sales increase, partially offset by wage inflation, adjustments to expected variable compensation payouts and restructuring spending.
+Added: Other operating expenses as a percentage of net sales decreased 10 basis points.
Productivity-driven cost savings delivered 120 basis points of benefit to SG&A as a percentage of net sales.
−Removed: Operating income decreased $375 million, or 7%, to $5.4 billion and operating margin decreased 200 basis points to 24.2% versus the prior year period due to the decrease in gross margin and an increase in SG&A as a percentage of net sales, the components of which are described above.
+Added: Operating income was unchanged at $4.6 billion as the increase in net sales was offset by a decrease in gross margin and an increase in SG&A spending, the components of which are described above.
+Added: Operating margin decreased 150 basis points to 21.5% versus the prior year period due primarily to the decrease in gross margin and increase in restructuring charges in the current year.
Non-Operating Expenses and Income
−Removed: Interest expense was $220 million for the quarter, a decrease of $20 million versus the prior year period.
+Added: Interest expense was $223 million for the quarter, an increase of $6 million versus the prior year period.
Interest income was $100 million for the quarter, a decrease of $11 million versus the prior year period.
−Removed: Other non-operating income/(expense) was $160 million, which is a decrease of $64 million versus the prior year period.
−Removed: The effective income tax rate for the three months ended December 31, 2025, was 20.1%, compared to 20.3% for the three months ended December 31, 2024.
−Removed: The decrease in the effective tax rate was primarily driven by discrete impacts related to uncertain tax positions, partially offset by an increase due to lower excess tax benefits of share-based compensation in the current year.
−Removed: Net earnings were $4.3 billion, a decrease of $328 million, or 7%, versus the prior year period due primarily to the decrease in operating income, the details of which are described above.
−Removed: Foreign exchange had a positive impact of approximately $89 million on net earnings for the quarter, including both transactional and translational impacts from converting earnings from foreign subsidiaries to U.S.
−Removed: Net earnings attributable to Procter & Gamble were $4.3 billion, a decrease of $311 million, or 7%, for the quarter.
−Removed: Diluted EPS decreased 5% to $1.78 versus the prior year period.
+Added: Other non-operating income/(expense), net was $537 million, which is an increase of $327 million versus the prior year period due primarily to the gain from the dissolution of the Glad joint venture business in the current year.
+Added: The effective income tax rate for the three months ended March 31, 2026, was 20.8%, compared to 18.6% for the three months ended March 31, 2025.
+Added: The increase in the effective tax rate was primarily driven by a 100 basis-point increase due to discrete impacts related to uncertain tax positions, lower excess tax benefits of share-based compensation in the current year and unfavorable geographic mix impacts.
20 The Procter & Gamble Company
−Removed: RESULTS OF OPERATIONS – Six Months Ended December 31, 2025
−Removed: The following discussion provides a review of results for the six months ended December 31, 2025, versus the six months ended December 31, 2024.
−Removed: Six Months Ended December 31
+Added: Net earnings were $4.0 billion, an increase of $158 million, or 4%, versus the prior year period due to the increase in other non-operating income/(expense), net, partially offset by the increase in income taxes, the details of which are described above.
+Added: Foreign exchange had a positive impact of approximately $101 million on net earnings for the quarter, including both transactional and translational impacts from converting earnings from foreign subsidiaries to U.S.
+Added: Net earnings attributable to Procter & Gamble were $3.9 billion, an increase of $163 million, or 4%, for the quarter.
+Added: Diluted EPS increased 6% to $1.63 versus the prior year period.
+Added: Core EPS, which represents diluted EPS excluding the gain from the dissolution of the Glad joint venture business and charges for incremental restructuring, increased 3% to $1.59.
+Added: RESULTS OF OPERATIONS – Nine Months Ended March 31, 2026
+Added: The following discussion provides a review of results for the nine months ended March 31, 2026, versus the nine months ended March 31, 2025.
+Added: Nine Months Ended March 31
Amounts in millions, except per share amounts 2026
6 unchanged sentences
Core net earnings per common share 5.46 5.35 2%
−Removed: Six Months Ended December 31
+Added: Nine Months Ended March 31
COMPARISONS AS A PERCENTAGE OF NET SALES 2026
5 unchanged sentences
Net earnings attributable to Procter & Gamble 19.8 % 19.5 % 30
−Removed: Net sales for the period increased 2% to $44.6 billion driven by a 1% increase from higher pricing and a 1% increase from favorable foreign exchange.
−Removed: Volume and mix was unchanged.
+Added: Net sales for the period increased 4% to $65.8 billion driven by a 2% increase from favorable foreign exchange and a 1% increase from higher pricing.
+Added: Volume and mix were unchanged.
Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 2%.
1 unchanged sentence
Net Sales Change Drivers 2026 vs.
−Removed: 2024 (Six Months Ended December 31) (1)
+Added: 2025 (Nine Months Ended March 31) (1)
Volume with Acquisitions & Divestitures Volume Excluding Acquisitions & Divestitures Foreign Exchange Price Mix Other (2)
12 unchanged sentences
• 120 basis points of decline from unfavorable product mix,
+Added: The Procter & Gamble Company 21
• 70 basis points of product and packaging investments,
• 60 basis points of higher tariff costs,
−Removed: • 60 basis points of unfavorable foreign exchange impacts and
• 50 basis points of higher restructuring costs,
−Removed: These impacts were partially offset by:
−Removed: • 170 basis points of manufacturing productivity savings,
−Removed: • 50 basis points of increase due to higher pricing and
−Removed: The Procter & Gamble Company 21
• 20 basis points of other items and rounding,
+Added: • 10 basis points of unfavorable foreign exchange impacts and
+Added: • 10 basis points of higher commodity costs.
+Added: These impacts were partially offset by:
+Added: • 180 basis points of manufacturing productivity savings and
+Added: • 50 basis points of increase due to higher pricing.
Total SG&A spending increased 5% to $17.6 billion versus the prior year period due to increased marketing spending and overhead costs.
−Removed: SG&A as a percentage of net sales increased 30 basis points to 26.1% due primarily to a 30 basis point increase in marketing spending as a percentage of sales as the increase in marketing spending was partially offset by productivity savings.
−Removed: Overhead costs as a percentage of net sales increased 20 basis points as wage inflation and restructuring spending were partially offset by productivity savings.
−Removed: Other operating expenses as a percentage of net sales decreased 10 basis points primarily driven by favorable foreign exchange impacts.
+Added: SG&A as a percentage of net sales increased 30 basis points to 26.7% due primarily to an increase in marketing spending as a percentage of net sales and an increase in overhead costs as a percentage of net sales, partially offset by a decrease in other operating expenses as a percentage of net sales.
+Added: Marketing spending as a percentage of net sales increased 20 basis points as the positive scale impacts of the net sales increase and productivity savings were more than offset by an increase in marketing spending.
+Added: Overhead costs as a percentage of net sales increased 10 basis points as wage inflation and restructuring spending were partially offset by productivity savings and the positive scale impacts of the net sales increase.
+Added: Other operating expenses as a percentage of net sales decreased 10 basis points.
Productivity-driven cost savings delivered 100 basis points of benefit to SG&A as a percentage of net sales.
−Removed: Operating income decreased $316 million, or 3%, to $11.2 billion and operating margin decreased 130 basis points to 25.2% versus the prior year period due primarily to incremental restructuring charges in the current year.
+Added: Operating income decreased $298 million, or 2%, to $15.8 billion as the increase in net sales was more than offset by a decrease in gross margin and increase in SG&A spending, the components of which are described above.
+Added: Operating margin decreased 140 basis points to 24.0% versus the prior year period due primarily to the decrease in gross margin and increase in restructuring charges in the current year.
Non-Operating Expenses and Income
1 unchanged sentence
Interest income was $322 million for the period, a decrease of $43 million versus the prior year period.
−Removed: Other non-operating income/(expense) was $427 million, which is an increase of $757 million versus the prior year period primarily due to the non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina recorded in the prior year period.
−Removed: The effective income tax rate for the six months ended December 31, 2025, was 20.5%, compared to 21.3% for the six months ended December 31, 2024.
−Removed: The decrease in the effective tax rate was primarily driven by the prior year charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina of 140 basis points and discrete impacts related to uncertain tax positions, partially offset by a 120 basis point increase due to lower excess tax benefits of share-based compensation in the current year.
−Removed: Net earnings increased $466 million, or 5%, to $9.1 billion, as the increase in other non-operating income/(expense), the components of which are described above, were partially offset by the decrease in operating income.
+Added: Other non-operating income/(expense), net, was $964 million, which is an increase of $1.1 billion versus the prior year period primarily due to the non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina recorded in the prior year period and the gain from the dissolution of the Glad joint venture business in the current year period.
+Added: The effective income tax rate for the nine months ended March 31, 2026, was 20.6%, compared to 20.5% for the nine months ended March 31, 2025.
+Added: The increase in the effective tax rate was primarily driven by a 100 basis-point increase due to lower excess tax benefits of share-based compensation in the current year, partially offset by the prior year charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina.
+Added: Net earnings increased $624 million, or 5%, to $13.1 billion, as the increase in other non-operating income/(expense), net, the components of which are described above, were partially offset by the decrease in operating income.
Foreign exchange had a positive impact of approximately $185 million on net earnings for the period, including both transactional and translational impacts from converting earnings from foreign subsidiaries to U.S.
1 unchanged sentence
Diluted EPS increased 7% to $5.36 versus the prior year period due to the increase in net earnings.
−Removed: Core EPS, which represents diluted EPS excluding charges for incremental restructuring, increased 2% to $3.87.
−Removed: SEGMENT RESULTS – Three and Six Months Ended December 31, 2025
+Added: Core EPS, which represents diluted EPS excluding the charges for incremental restructuring and the gain from the dissolution of the Glad joint venture business, increased 2% to $5.46.
+Added: 22 The Procter & Gamble Company
+Added: SEGMENT RESULTS – Three and Nine Months Ended March 31, 2026
The following discussion provides a review of results by reportable business segment.
−Removed: Analysis of the results for the three and six months ended December 31, 2025, is provided based on a comparison to the three and six months ended December 31, 2024.
+Added: Analysis of the results for the three and nine months ended March 31, 2026, is provided based on a comparison to the three and nine months ended March 31, 2025.
The primary financial measures used to evaluate segment performance are net sales and net earnings.
−Removed: The table below provides supplemental information on net sales, earnings before income taxes and net earnings by reportable business segment for the three and six months ended December 31, 2025, versus the comparable prior year period (dollar amounts in millions):
−Removed: Three Months Ended December 31, 2025
+Added: The table below provides supplemental information on net sales, earnings before income taxes and net earnings by reportable business segment for the three and nine months ended March 31, 2026, versus the comparable prior year period (dollar amounts in millions):
+Added: Three Months Ended March 31, 2026
Net Sales % Change Versus Year Ago Earnings/(Loss) Before Income Taxes % Change Versus Year Ago Net Earnings/(Loss) % Change Versus Year Ago
6 unchanged sentences
Total Company $ 21,235 7 % $ 4,989 7 % $ 3,951 4 %
−Removed: 22 The Procter & Gamble Company
−Removed: Six Months Ended December 31, 2025
+Added: Nine Months Ended March 31, 2026
Net Sales % Change Versus Year Ago Earnings/(Loss) Before Income Taxes % Change Versus Year Ago Net Earnings/(Loss) % Change Versus Year Ago
6 unchanged sentences
Total Company $ 65,828 4 % $ 16,444 5 % $ 13,063 5 %
−Removed: Three months ended December 31, 2025, compared with three months ended December 31, 2024
−Removed: Beauty net sales increased 5% to $4.0 billion as a 3% increase in unit volume, the positive impacts of pricing of 2% and favorable foreign exchange of 1% were partially offset by unfavorable geographic mix of 1%.
+Added: Three months ended March 31, 2026, compared with three months ended March 31, 2025
+Added: Beauty net sales increased 11% to $3.9 billion, driven by a 5% increase in unit volume, favorable foreign exchange of 4%, positive impacts of pricing of 1% and favorable product mix of 1%.
Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 7%.
Global market share of the Beauty segment decreased 0.3 points.
−Removed: • Hair Care net sales increased mid-single digits.
−Removed: Positive impacts of an increase in unit volume, higher pricing (primarily in Latin America and Europe) and favorable foreign exchange were partially offset by unfavorable geographic mix.
−Removed: The volume increase was driven by growth in Latin America and Asia Pacific (both due to innovation), partially offset by a decline in North America (due to competitive activity).
−Removed: Organic sales also increased mid-single digits due to mid-teens growth in Latin America, high single-digit growth in Asia Pacific and mid-single-digit growth in Europe, partially offset by a mid-single-digit decline in North America.
+Added: • Hair Care net sales increased double digits driven by an increase in unit volume, favorable foreign exchange and positive impacts of innovation-based pricing (primarily in North America and Europe), partially offset by unfavorable geographic mix.
+Added: The volume increase was driven by growth in Europe, Latin America, Greater China and Asia Pacific (all due to innovation).
+Added: Organic sales increased mid-single digits driven by growth in all regions, led by low-teens growth in Europe, double-digit growth in Latin America and mid-single-digit growth in Asia Pacific.
Global market share of the Hair Care category decreased 0.5 points.
−Removed: • Personal Care net sales increased mid-single digits.
−Removed: Positive impacts from an increase in unit volume, innovation-driven pricing (primarily in North America) and favorable foreign exchange were partially offset by negative impacts from unfavorable geographic mix.
−Removed: The volume increase was across all regions, led by growth in Europe, Greater China and North America (all due to innovation).
−Removed: Organic sales also increased mid-single digits led by high-teens growth in Europe, mid-single-digit growth in Greater China and low single-digit growth in North America.
−Removed: Global market share of the Personal Care category increased 0.4 points.
−Removed: • Skin Care net sales increased low single digits.
−Removed: Positive impacts from favorable product mix (due primarily to the increase of the super-premium SK-II brand, which has higher than category-average selling prices) and higher pricing (primarily in Greater China) were partially offset by a decrease in unit volume.
−Removed: The volume decrease was driven by Greater China (due to competitive activity).
−Removed: Organic sales also increased low single digits due to a mid-single-digit growth in Greater China, partially offset by a high single-digit decline in North America.
+Added: • Personal Care net sales increased double digits driven by an increase in unit volume, favorable foreign exchange, favorable geographic mix and innovation-based pricing.
+Added: The volume increase was driven by growth in North America, Europe and Greater China (all due to innovation).
+Added: Organic sales increased high single digits driven by mid-teens growth in Europe and high single-digit growth in North America, partially offset by a mid-single-digit growth in Greater China.
+Added: Global market share of the Personal Care category was unchanged.
+Added: • Skin Care net sales increased high single digits driven by favorable product mix (due primarily to the increase of the super-premium SK-II brand, which has higher than category-average selling prices), a unit volume increase and favorable foreign exchange, partially offset by merchandising investments (primarily in Greater China).
+Added: The volume increase was driven by North America and Asia Pacific (both due to innovation), partially offset by Greater China (due to competitive activity).
+Added: Organic sales also increased high single digits driven by more than 20% growth in Asia Pacific, partially offset by a mid-single-digit growth in Greater China.
Global market share of the Skin Care category decreased 0.8 points.
−Removed: Net earnings decreased 2% to $763 million as the increase in net sales was more than offset by a 140 basis-point decline in net earnings margin.
−Removed: Net earnings margin decreased due to a decrease in gross margin and an increase in SG&A as a percentage of net sales.
−Removed: The gross margin decline of 50 basis points was driven by higher cost of tariffs, higher commodity costs and unfavorable geographic mix, partially offset by productivity savings.
−Removed: SG&A as a percentage of net sales increased due to an increase in marketing spending, partially offset by a decrease in overhead spending.
−Removed: Six months ended December 31, 2025, compared with six months ended December 31, 2024
−Removed: Beauty net sales increased 6% to $8.2 billion, driven by a 4% increase in unit volume, the positive impacts of higher pricing of 2% and favorable foreign exchange of 1%, partially offset by unfavorable geographic mix of 1%.
+Added: Net earnings increased 7% to $579 million due to the increase in net sales, partially offset by a 40 basis-point decline in net earnings margin.
+Added: Net earnings margin decreased due to a decrease in gross margin and an increase in the effective tax rate, partially offset by a decrease in SG&A as a percentage of net sales.
+Added: The gross margin decline of 210 basis points was driven by unfavorable product mix, higher commodity costs and higher cost of tariffs, partially offset by productivity savings.
+Added: The Procter & Gamble Company 23
+Added: percentage of net sales decreased primarily due to the positive scale impacts of the net sales increase.
+Added: The higher effective tax rate was driven by unfavorable geographic mix.
+Added: Nine months ended March 31, 2026, compared with nine months ended March 31, 2025
+Added: Beauty net sales increased 7% to $12.0 billion, driven by a 4% increase in unit volume, the positive impacts of pricing of 2% and favorable foreign exchange of 2%, partially offset by unfavorable geographic mix of 1%.
Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 5%.
Global market share of the Beauty segment decreased 0.3 points.
−Removed: • Hair Care net sales increased mid-single digits.
−Removed: Positive impacts of a unit volume increase, higher pricing (primarily in North America and Europe) and favorable foreign exchange were partially offset by unfavorable geographic mix.
−Removed: The increase in unit volume was driven by growth in Latin America and Europe (both due to innovation), partially offset by a decline in North America (due to competitive activity).
−Removed: Organic sales also increased mid-single digits due to low-teens growth in Latin America, high single-digit growth in Europe and mid-single-digit growth in Asia Pacific, partially offset by a low single-digit decline in North America.
+Added: • Hair Care net sales increased high single digits driven by positive impacts of a unit volume increase, favorable foreign exchange and innovation-based pricing (primarily in North America and Europe), partially offset by unfavorable geographic mix.
+Added: The increase in unit volume was driven by growth in Latin America, Europe and Asia Pacific (all due to innovation), partially offset by a decline in North America (due to competitive activity).
+Added: Organic sales increased mid-single digits driven by double-digit growth in Latin America, high single-digit growth in Europe and mid-single-digit growth in Asia Pacific, partially offset by a low single-digit decline in North America.
Global market share of the Hair Care category decreased 0.6 points.
−Removed: • Personal Care net sales increased high single digits.
−Removed: Positive impacts of an increase in unit volume, higher pricing (primarily in North America) and favorable foreign exchange were partially offset by unfavorable geographic mix.
−Removed: The volume increase was across all regions, led by growth in Greater China, North America and Europe (all due to innovation).
−Removed: Organic sales also increased high single digits led by mid-teens growth in Europe, high single-digit growth in Greater
−Removed: The Procter & Gamble Company 23
−Removed: China and mid-single-digit growth in North America.
+Added: • Personal Care net sales increased high single digits driven by positive impacts of a unit volume increase, higher pricing and favorable foreign exchange, partially offset by unfavorable geographic mix.
+Added: The volume increase was across all regions, led by growth in North America, Greater China and Europe (all due to innovation).
+Added: Organic sales also increased high single digits led by mid-teens growth in Europe and high single-digit growth in Greater China, partially offset by a mid-single-digit growth in North America.
Global market share of the Personal Care category increased 0.2 points.
−Removed: • Skin Care net sales increased low single digits.
−Removed: Positive impacts of favorable product mix (due primarily to the increase of the super-premium SK-II brand, which has higher than category-average selling prices) and higher pricing (primarily in Greater China) were partially offset by a unit volume decrease.
−Removed: The volume decrease was driven by Europe (due to distribution loss) and Greater China (due to competitive activity).
−Removed: Organic sales also increased low single digits due to a high single-digit growth in Greater China and a mid-single-digit growth in Asia Pacific, partially offset by a low single-digit decline in North America.
+Added: • Skin Care net sales increased mid-single digits driven by positive impacts of favorable product mix (due primarily to the increase of the super-premium SK-II brand, which has higher than category-average selling prices), higher pricing (primarily in Greater China) and favorable foreign exchange, partially offset by a unit volume decrease.
+Added: The volume decrease was driven by Greater China (due to competitive activity).
+Added: Organic sales also increased mid-single digits due to a double-digit growth in Asia Pacific and a mid-single-digit growth in Greater China, partially offset by unchanged growth in North America.
Global market share of the Skin Care category decreased 0.7 points.
Net earnings increased 3% to $2.2 billion due to an increase in net sales, partially offset by a 80 basis-point decline in net earnings margin.
−Removed: Net earnings margin decreased due to a decrease in gross margin.
−Removed: The gross margin decline of 70 basis-points was driven by higher cost of tariffs, unfavorable category mix and higher commodities, partially offset by increased productivity savings.
−Removed: SG&A as a percentage of net sales was unchanged as the increase in marketing spending was offset by a decrease in overhead spending.
−Removed: Three months ended December 31, 2025, compared with three months ended December 31, 2024
−Removed: Grooming net sales increased 2% to $1.8 billion as innovation-driven pricing of 2% (primarily by North America and Europe) and favorable foreign exchange of 2% were partially offset by a unit volume decrease of 2%.
−Removed: The volume decrease was driven by North America (due to market contraction) and Asia Pacific (due to competitive activity).
−Removed: Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales were unchanged as a mid-single-digit growth in Europe was offset by a high single-digit decline in Asia Pacific and a mid-single-digit decline in North America.
+Added: Net earnings margin decreased due to a decrease in gross margin, partially offset by a decrease in SG&A as a percentage of net sales.
+Added: The gross margin decline of 120 basis-points was driven by unfavorable product mix, higher cost of tariffs and commodity costs, partially offset by productivity savings.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase and a decrease in overhead spending, partially offset by an increase in marketing spending.
+Added: Three months ended March 31, 2026, compared with three months ended March 31, 2025
+Added: Grooming net sales increased 7% to $1.6 billion driven by favorable foreign exchange of 6% and innovation-based pricing of 3% (primarily by North America and Europe), partially offset by a unit volume decrease of 2%.
+Added: The volume decrease was driven by IMEA (due to distribution loss), Europe (due to competitive activity) and North America (due to market contraction), partially offset by a volume increase in Latin America (due to increased distribution and innovation).
+Added: Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 1% led by mid-single-digit growth in Latin America and low single-digit growth in North America and Europe, partially offset by a high single-digit decline in Greater China.
Global market share of the Grooming segment decreased 0.4 points.
−Removed: Net earnings decreased 9% to $417 million due to a 290 basis-point decrease in net earnings margin, partially offset by an increase in net sales.
−Removed: Net earnings margin decreased due to a decrease in gross margin and an increase in SG&A as a percentage of net sales.
−Removed: The gross margin decrease of 190 basis points was primarily driven by unfavorable product mix and higher cost of tariffs, partially offset by increased productivity savings and higher pricing.
−Removed: SG&A as a percentage of net sales increased due to an increase in marketing spending, partially offset by a decrease in overhead spending.
−Removed: Six months ended December 31, 2025, compared with six months ended December 31, 2024
−Removed: Grooming net sales increased 4% to $3.6 billion as the benefits of higher pricing of 3% (driven by North America and Europe) and favorable foreign exchange of 2% were partially offset by unfavorable impacts of geographic mix of 1%.
−Removed: Unit volume was unchanged as growth in Latin America (due to increased distribution) was offset by a decline in North America (due to market contraction) and IMEA (due to competitive activity).
−Removed: Excluding the impact of acquisitions and divestitures and foreign exchange, Grooming organic sales increased 2% due to mid-single-digit growth in Europe and Latin America, partially offset by a low single-digit decline in North America.
+Added: Net earnings increased 3% to $331 million due to an increase in net sales, partially offset by a 70 basis-point decrease in net earnings margin.
+Added: Net earnings margin decreased due to a decrease in gross margin and an increase in the effective tax rate, partially offset by a decrease in SG&A as a percentage of net sales.
+Added: The gross margin decrease of 40 basis points was primarily driven by unfavorable product mix, partially offset by higher pricing and productivity savings.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase, partially offset by an increase in marketing spending.
+Added: The higher effective tax rate was driven by unfavorable geographic mix.
+Added: Nine months ended March 31, 2026, compared with nine months ended March 31, 2025
+Added: Grooming net sales increased 5% to $5.2 billion as the benefits of favorable foreign exchange of 4% and higher pricing of 3% (driven by North America and Europe) were partially offset by a unit volume decline of 1% and unfavorable geographic mix impacts of 1%.
+Added: The unit volume decrease was driven by declines in North America (due to market contraction) and IMEA (due to distribution loss), partially offset by a unit volume increase in Latin America (due to increased distribution).
+Added: Excluding the impact of acquisitions and divestitures and foreign exchange, Grooming organic sales increased 1% driven by mid-single-digit growth in Latin America and low single-digit growth in Europe, partially offset by a mid-single-digit decline in Greater China.
Global market share of the Grooming segment decreased 0.4 points.
−Removed: Net earnings were unchanged at $881 million due to an increase in net sales offset by a 110 basis-point decrease in net earnings margin.
+Added: 24 The Procter & Gamble Company
+Added: Net earnings were unchanged at $1.2 billion as the increase in net sales was offset by a 100 basis-point decrease in net earnings margin.
Net earnings margin decreased due to a decrease in gross margin and an increase in the effective tax rate, partially offset by a decrease in SG&A as a percentage of net sales.
−Removed: The gross margin decline of 90 basis points was driven by unfavorable product mix and higher tariffs costs, partially offset by higher pricing and productivity savings.
−Removed: SG&A as a percentage of net sales decreased due to a decrease in overhead spending, partially offset by an increase in marketing spending.
+Added: The gross margin decline of 80 basis points was driven by unfavorable product mix, partially offset by higher pricing and productivity savings.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase, partially offset by an increase in marketing spending.
The higher effective tax rate was driven by unfavorable geographic mix.
−Removed: Three months ended December 31, 2025, compared with three months ended December 31, 2024
−Removed: Health Care net sales increased 5% to $3.4 billion as the benefits of favorable product mix of 2%, favorable foreign exchange impacts of 2% and higher pricing of 1% were partially offset by a 1% decrease in unit volume.
+Added: Three months ended March 31, 2026, compared with three months ended March 31, 2025
+Added: Health Care net sales increased 7% to $3.1 billion as the benefits of favorable foreign exchange impacts of 5%, higher pricing of 2% and favorable product mix of 1% were partially offset by a 2% decrease in unit volume.
Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 2%.
Global market share of the Health Care segment increased 0.6 points.
−Removed: • Oral Care net sales increased mid-single digits driven by positive impacts of favorable product mix (due to growth of power brushes and premium paste, which have higher than category-average selling prices) and favorable foreign exchange, partially offset by lower pricing (due to investments in North America and Europe) and a unit volume decline.
−Removed: The unit volume decrease was driven by declines in Greater China (due to market contraction and competitive activity), partially offset by increases in Europe (due to innovation) and Latin America (due to distribution gains).
−Removed: Organic sales increased low single digits driven by a high single-digit increase in Europe and a low single-digit increase in North America, partially offset by a mid-teens decrease in Greater China.
−Removed: Global market share of the Oral Care category decreased 0.1 points.
−Removed: • Personal Health Care net sales increased mid-single digits driven by positive impacts of higher pricing (driven by North America) and favorable foreign exchange, partially offset by unfavorable product mix (due to the decline of respiratory
−Removed: 24 The Procter & Gamble Company
−Removed: products, which have higher than category-average selling prices).
−Removed: Unit volume was unchanged as an increase in IMEA and Europe (both due to innovation) was offset by a decrease in North America (due to lower average incidence of cough and cold).
−Removed: Organic sales increased low single digits driven by a high single-digit increase in Latin America, a mid-single-digit increase in Europe and a low single-digit increase in North America.
+Added: • Oral Care net sales increased high single digits driven by positive impacts of favorable foreign exchange, innovation-based pricing (driven by North America and Europe) and favorable product mix (due to growth of power brushes and premium paste, which have higher than category-average selling prices), partially offset by a unit volume decline.
+Added: The unit volume decrease was driven by a decline in Greater China (due to market contraction and competitive activity), partially offset by an increase in IMEA (due to market growth and innovation).
+Added: Organic sales increased low single digits driven by low single-digit increases in Europe and North America, partially offset by a mid-teens decrease in Greater China.
+Added: Global market share of the Oral Care category increased 0.3 points.
+Added: • Personal Health Care net sales increased mid-single digits driven by positive impacts of favorable foreign exchange, higher pricing (driven by North America) and favorable geographic mix, partially offset by a unit volume decrease.
+Added: The unit volume decrease was driven by North America and Europe (due to lower average incidence of cough and cold), partially offset by a volume increase in IMEA (due to innovation).
+Added: Organic sales increased low single digits driven by a double-digit increase in Asia Pacific and high single-digit increases in Latin America and IMEA, partially offset by a high single-digit decrease in Europe.
Global market share of the Personal Health Care category increased 0.5 points.
Net earnings increased 2% to $579 million due to an increase in net sales, partially offset by a 90 basis-point decrease in net earnings margin.
−Removed: Net earnings margin decreased due to a decrease in gross margin and a higher effective tax rate, partially offset by a decrease in SG&A as a percentage of net sales.
−Removed: The gross margin decrease of 80 basis points was driven primarily by unfavorable geographic mix and higher cost of tariffs, partially offset by productivity savings.
−Removed: SG&A as a percentage of net sales decreased due to a decrease in overhead spending, partially offset by an increase in marketing spending.
−Removed: The higher effective tax rate was driven by unfavorable geographic mix.
−Removed: Six months ended December 31, 2025, compared with six months ended December 31, 2024
−Removed: Health Care net sales increased 4% to $6.6 billion driven by favorable product mix of 2%, favorable foreign exchange of 2% and higher pricing of 1%, partially offset by a 1% decrease in unit volume.
+Added: Net earnings margin decreased due to a decrease in gross margin and an increase in SG&A as a percentage of net sales.
+Added: The gross margin decrease of 30 basis points was driven primarily by unfavorable product mix, partially offset by higher pricing and productivity savings.
+Added: SG&A as a percentage of net sales increased due to an increase in marketing spending, partially offset by the positive scale impacts of the net sales increase.
+Added: Nine months ended March 31, 2026, compared with nine months ended March 31, 2025
+Added: Health Care net sales increased 5% to $9.7 billion driven by favorable foreign exchange of 3%, favorable product mix of 2% and higher pricing of 1%, partially offset by a 1% decrease in unit volume.
Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 2%.
Global market share of the Health Care segment increased 0.5 points.
−Removed: • Oral Care net sales increased low single digits due to the positive impacts of favorable product mix (due to growth of premium paste and power brushes, which have higher than category-average selling prices) and favorable foreign exchange, partially offset by a unit volume decrease and lower pricing (due to investments in North America and Europe).
−Removed: The unit volume decrease was due to a decline in Greater China (due to market contraction and competitive activity) and North America (due to competitive activity), partially offset by growth in Latin America (due to distribution gains).
−Removed: Organic sales also increased low single digits due to a mid-single-digit increase in Europe and a low single-digit increase in North America, partially offset by a double-digit decrease in Greater China.
−Removed: Global market share of the Oral Care category decreased 0.2 points.
−Removed: • Personal Health Care net sales increased mid-single digits due to the positive impacts of higher pricing (driven by North America and Latin America) and favorable foreign exchange, partially offset by a decrease in unit volume.
−Removed: The unit volume decrease was driven by a decline in North America (due to lower average incidence of cough and cold), partially offset by an increase in IMEA and Europe (both due to innovation).
−Removed: Organic sales increased low single digits due to a double-digit growth in Latin America and a mid-single-digit growth in Europe, partially offset by a low single-digit decline in North America.
+Added: • Oral Care net sales increased mid-single digits due to the positive impacts of favorable foreign exchange and favorable product mix (due to growth of premium paste and power brushes, which have higher than category-average selling prices), partially offset by a unit volume decrease.
+Added: The unit volume decrease was due to a decline in Greater China (due to market contraction and competitive activity), partially offset by growth in Latin America (due to distribution gains).
+Added: Organic sales increased low single digits due to a mid-single-digit increase in Europe and a low single-digit increase in North America, partially offset by a low-teens decrease in Greater China.
+Added: Global market share of the Oral Care category was unchanged.
+Added: • Personal Health Care net sales increased mid-single digits due to the positive impacts of higher pricing (driven by North America and Latin America), favorable foreign exchange and favorable geographic mix, partially offset by a decrease in unit volume.
+Added: The unit volume decrease was driven by a decline in North America (due to lower average incidence of cough and cold), partially offset by an increase in IMEA (due to innovation).
+Added: Organic sales increased low single digits due to double-digit growth in Latin America and high single-digit growth in IMEA, partially offset by a low single-digit decline in North America.
Global market share of the Personal Health Care category increased 0.5 points.
−Removed: Net earnings decreased 1% to $1.5 billion as the increase in net sales was more than offset by a 90 basis-point decrease in net earnings margin.
+Added: Net earnings were unchanged at $2.1 billion as the increase in net sales was offset by a 100 basis-point decrease in net earnings margin.
Net earnings margin decreased due to a decrease in gross margin, partially offset by a decrease in SG&A as a percentage of net sales.
−Removed: The gross margin decrease of 120 basis points was driven by unfavorable geographic mix and higher tariff costs, partially offset by higher pricing.
−Removed: SG&A as a percentage of net sales decreased primarily due to a reduction in overhead spending, partially offset by increased marketing spending.
+Added: The gross margin decrease of 100 basis points was driven by unfavorable product mix, partially offset by higher pricing and productivity savings.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase, partially offset by an increase in marketing spending.
+Added: The Procter & Gamble Company 25
Fabric & Home Care
−Removed: Three months ended December 31, 2025, compared with three months ended December 31, 2024
−Removed: Fabric & Home Care net sales increased 1% to $7.7 billion driven by favorable foreign exchange of 1% and higher pricing of 1%, partially offset by unfavorable product mix of 1%.
−Removed: Unit volume was unchanged.
−Removed: Excluding the impact of foreign exchange and acquisitions and divestitures, organic sales were unchanged.
−Removed: Global market share of the Fabric & Home Care segment decreased 0.2 points.
−Removed: • Fabric Care net sales increased low single digits as positive impacts from favorable foreign exchange were partially offset by negative impacts from unfavorable product mix.
−Removed: Unit volume was unchanged as an increase in North America (due to innovation) and Latin America (due to market growth) was offset by a decrease in Europe (due to competitive activity).
−Removed: Organic sales were unchanged as the impact of a high single-digit increase in Latin America was offset by the impact of a low single-digit decline in Europe.
+Added: Three months ended March 31, 2026, compared with three months ended March 31, 2025
+Added: Fabric & Home Care net sales increased 7% to $7.4 billion driven by favorable foreign exchange of 4%, a unit volume increase of 2% and higher pricing of 1%.
+Added: Excluding the impact of foreign exchange and acquisitions and divestitures, organic sales increased 3%.
+Added: Global market share of the Fabric & Home Care segment was unchanged.
+Added: • Fabric Care net sales increased mid-single digits driven by positive impacts from favorable foreign exchange and a unit volume increase.
+Added: The unit volume increase was driven by an increase in North America (due to innovation).
+Added: Organic sales increased low single digits driven by a mid-single-digit increase in North America.
Global market share of the Fabric Care category decreased 0.2 points.
−Removed: • Home Care net sales increased low single digits driven by the positive impacts of higher pricing (primarily in North America) and favorable foreign exchange, partially offset by a decrease in unit volume.
−Removed: The decrease in volume was due to a decline in North America (due to a shift in customer order timing for merchandising events), partially offset by an increase in Latin America (due to innovation).
−Removed: Organic sales also increased low single digits driven by a low single-digit increase in Europe, partially offset by a low single-digit decline in North America.
+Added: • Home Care net sales increased high single digits driven by the positive impacts of favorable foreign exchange, a unit volume increase and higher pricing (primarily in North America and Europe).
+Added: The increase in volume was led by Europe and Asia Pacific (both due to innovation).
+Added: Organic sales increased mid-single digits driven by a high single-digit increase in Europe and a low single-digit increase in North America.
Global market share of the Home Care category increased 0.3 points.
−Removed: Net earnings decreased 3% to $1.5 billion due to a 90 basis-point decrease in net earnings margin, partially offset by an increase in net sales.
+Added: Net earnings increased 1% to $1.3 billion due to an increase in net sales, partially offset by a 90 basis-point decrease in net earnings margin.
Net earnings margin decreased due to a decrease in gross margin, partially offset by a decrease in SG&A as a percentage of net sales.
−Removed: The gross margin decrease of 90 basis points was driven by unfavorable product mix and higher cost of
−Removed: The Procter & Gamble Company 25
−Removed: tariffs, partially offset by productivity savings.
−Removed: SG&A as a percentage of net sales decreased due to a decrease in overhead spending, partially offset by an increase in marketing spending.
−Removed: Six months ended December 31, 2025, compared with six months ended December 31, 2024
−Removed: Fabric & Home Care net sales increased 1% to $15.5 billion as the benefits of favorable foreign exchange of 1% and higher pricing of 1% were partially offset by a unit volume decline of 1%.
−Removed: Excluding the impact of foreign exchange and acquisitions and divestitures, organic sales were unchanged.
+Added: The gross margin decrease of 180 basis points was driven by product investment and higher cost of commodities, partially offset by productivity savings.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase.
+Added: Nine months ended March 31, 2026, compared with nine months ended March 31, 2025
+Added: Fabric & Home Care net sales increased 3% to $22.9 billion driven by favorable foreign exchange of 2% and higher pricing of 1%.
+Added: Unit volume was unchanged.
+Added: Excluding the impact of foreign exchange and acquisitions and divestitures, organic sales increased 1%.
Global market share of the Fabric & Home Care segment decreased 0.2 points.
−Removed: • Fabric Care net sales increased low single digits driven by a favorable foreign exchange impact, partially offset by a unit volume decline.
−Removed: The unit volume decline was driven by a decline in Europe (due to competitive activity), partially offset by an increase in Latin America (due to market growth) and North America (due to innovation).
−Removed: Organic sales decreased low single digits driven by a mid-single-digit decrease in Europe, partially offset by a low single-digit increase in North America.
+Added: • Fabric Care net sales increased low single digits driven by favorable foreign exchange.
+Added: Unit volume was unchanged as the volume increase in North America (due to innovation) was offset by the volume decrease in Europe (due to competitive activity).
+Added: Organic sales were unchanged as a low single-digit increase in North America was offset by a mid-single-digit decrease in Europe.
Global market share of the Fabric Care category decreased 0.6 points.
−Removed: • Home Care net sales increased low single digits driven by higher pricing (primarily in North America and Europe) and favorable foreign exchange, partially offset by a unit volume decrease.
−Removed: The decrease in volume was driven by declines in Europe (due to competitive activity) and North America (due to a shift in customer order timing for merchandising events).
−Removed: Organic sales also increased low single digits driven by low single-digit growth in Europe and North America, partially offset by a mid-single-digit decline in Asia Pacific.
+Added: • Home Care net sales increased mid-single digits driven by favorable foreign exchange and higher pricing (primarily in North America and Europe).
+Added: Unit volume was unchanged as increases in Latin America and Europe (both due to innovation) were offset by a decline in North America (due to competitive activity).
+Added: Organic sales increased low single digits driven by low single-digit growth in Europe and North America.
Global market share of the Home Care category increased 0.4 points.
−Removed: Net earnings decreased 3% to $3.1 billion due to a 90 basis-point decrease in net earnings margin.
+Added: Net earnings decreased 2% to $4.4 billion due to a 90 basis-point decrease in net earnings margin, partially offset by an increase in net sales.
Net earnings margin decreased due to a decrease in gross margin, partially offset by a decrease in SG&A as a percentage of net sales.
−Removed: The gross margin decrease of 100 basis points was driven by unfavorable product mix and higher tariff costs, partially offset by increased productivity savings.
−Removed: SG&A as a percentage of net sales decreased due to a decrease in overhead and marketing spending.
+Added: The gross margin decrease of 130 basis points was driven by unfavorable product mix, partially offset by productivity savings.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase.
Baby, Feminine & Family Care
−Removed: Three months ended December 31, 2025, compared with three months ended December 31, 2024
−Removed: Baby, Feminine & Family Care net sales decreased 3% to $5.1 billion driven by a unit volume decline of 5%, partially offset by favorable foreign exchange of 1%.
−Removed: Excluding the impacts of foreign exchange and acquisitions and divestitures, organic sales decreased 4%.
+Added: Three months ended March 31, 2026, compared with three months ended March 31, 2025
+Added: Baby, Feminine & Family Care net sales increased 6% to $5.1 billion driven by a unit volume increase of 3% and favorable foreign exchange of 3%.
+Added: Excluding the impacts of foreign exchange and acquisitions and divestitures, organic sales increased 3%.
Global market share of the Baby, Feminine & Family Care segment decreased 0.3 points.
−Removed: • Baby Care net sales were unchanged as positive impacts of favorable foreign exchange and higher pricing (primarily in North America) were offset by a unit volume decline and unfavorable geographic mix.
−Removed: The unit volume decrease was driven by a decline in North America (due to competitive activity), partially offset by an increase in Europe (due to distribution gains) and Greater China (due to innovation).
−Removed: Organic sales decreased low single digits driven by a double-digit decline in North America, partially offset by a 20% increase in Greater China.
+Added: • Baby Care net sales increased high single digits driven by the positive impacts of favorable foreign exchange and a unit volume increase.
+Added: The unit volume increase was driven by an increase in IMEA (due to innovation and market growth) and Greater China (due to innovation), partially offset by a decrease in North America (due to competitive activity).
+Added: Organic sales increased low single digits driven by high-teens increases in IMEA and Greater China, partially offset by a low single-digit decrease in North America.
Global market share of the Baby Care category increased 0.2 points.
−Removed: • Feminine Care net sales increased low single digits as the positive impacts of innovation-driven pricing (primarily in North America), favorable foreign exchange and premium product mix were partially offset by a unit volume decline.
−Removed: The unit volume decrease was driven by declines across all regions, led by North America (due to share losses) and Europe and IMEA (both due to competitive activity).
−Removed: Organic sales decreased low single digits led by a mid-single-digit decline in IMEA and a low single-digit decline in Europe.
+Added: • Feminine Care net sales increased mid-single digits driven by favorable foreign exchange, innovation-based pricing (primarily in North America) and favorable geographic mix were partially offset by a unit volume decline.
+Added: The unit volume decrease was driven by declines in IMEA and Europe (both due to competitive activity).
+Added: Organic sales increased low single digits driven by a mid-single-digit increase in North America, partially offset by a high single-digit decrease in IMEA.
Global market share of the Feminine Care category decreased 0.2 points.
−Removed: • Net sales in Family Care, which is predominantly a North America business, decreased double digits driven by a unit volume decrease (due to strong consumption offtake and retail inventory build in the prior year) and lower pricing (due to merchandising investments).
−Removed: Organic sales also decreased double digits.
+Added: • Net sales in Family Care, which is predominantly a North America business, increased mid-single digits driven by a unit volume increase (due to retail inventory reduction in the prior year), partially offset by lower pricing (due to merchandising investments).
+Added: Organic sales also increased mid-single digits.
North America market share of the Family Care category decreased 0.8 points.
−Removed: Net earnings decreased 9% to $1.0 billion due to a decrease in net sales and a 120 basis-point decrease in net earnings margin.
−Removed: Net earnings margin decreased due to a decrease in gross margin and an increase in SG&A as a percentage of net sales.
−Removed: The gross margin decrease of 70 basis points was primarily due to unfavorable category mix and higher cost of tariffs, partially offset by lower commodity costs and productivity savings.
−Removed: SG&A as a percentage of net sales increased primarily due to an increase in marketing spending.
−Removed: Six months ended December 31, 2025, compared with six months ended December 31, 2024
−Removed: Baby, Feminine & Family Care net sales decreased 1% to $10.3 billion driven by a unit volume decline of 3%, partially offset by favorable foreign exchange of 1% and favorable category mix of 1%.
−Removed: Excluding the impacts of foreign exchange and acquisitions and divestitures, organic sales decreased 2%.
+Added: 26 The Procter & Gamble Company
+Added: Net earnings increased 11% to $980 million due to an increase in net sales and a 90 basis-point increase in net earnings margin.
+Added: Net earnings margin increased due to a decrease in SG&A as a percentage of net sales and an increase in gross margin.
+Added: The gross margin increase of 30 basis points was primarily due to lower commodity costs and productivity savings, partially offset by unfavorable product mix.
+Added: SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase.
+Added: Nine months ended March 31, 2026, compared with nine months ended March 31, 2025
+Added: Baby, Feminine & Family Care net sales increased 1% to $15.4 billion driven by favorable foreign exchange of 2%, partially offset by a unit volume decline of 1%.
+Added: Excluding the impacts of foreign exchange and acquisitions and divestitures, organic sales were unchanged.
Global market share of the Baby, Feminine & Family Care segment decreased 0.2 points.
−Removed: • Baby Care net sales increased low single digits driven by favorable foreign exchange, partially offset by a unit volume decline.
−Removed: The unit volume decline was driven by a decrease in North America (due to competitive activity), partially offset by an increase in Greater China (due to innovation) and Europe (due to distribution gains).
−Removed: Organic sales were unchanged as a 20% increase in Greater China and a low single-digit increase in Europe were offset by a mid-single-digit decline in North America.
+Added: • Baby Care net sales increased low single digits driven by favorable foreign exchange.
+Added: Unit volume was unchanged as increases in Greater China (due to innovation), IMEA (due to market growth) and Europe (due to distribution gains) were offset by a decrease in North America (due to competitive activity).
+Added: Organic sales were unchanged as a 20% increase in Greater China and a high single-digit increase in IMEA were offset by a mid-single-digit decrease in North America.
Global market share of the Baby Care category increased 0.3 points.
−Removed: 26 The Procter & Gamble Company
−Removed: • Feminine Care net sales increased low single digits.
−Removed: Positive impacts of favorable foreign exchange, higher pricing (primarily in North America) and favorable geographic mix were partially offset by a decrease in unit volume.
−Removed: The unit volume decrease was driven by declines across all regions, led by IMEA (due to competitive activity), North America (due to share losses) and Greater China (due to market contraction).
+Added: • Feminine Care net sales increased low single digits driven by positive impacts of favorable foreign exchange, favorable geographic mix and higher pricing (primarily in North America), partially offset by a decrease in unit volume.
+Added: The unit volume decrease was driven by declines across all regions, led by IMEA and Europe (both due to competitive activity) and Greater China (due to market contraction).
Organic sales were unchanged as a low single-digit growth in North America was offset by a high single-digit decline in IMEA and a low single-digit decline in Europe.
−Removed: Global market share of the Feminine Care category decreased 0.1 points.
−Removed: • Net sales in Family Care, which is predominantly a North America business, decreased mid-single digits driven by a unit volume decrease (due to strong consumption offtake and retail inventory build in the prior year) and lower pricing (due to merchandising investments).
−Removed: Excluding the impact of foreign exchange, organic sales also decreased mid-single digits.
+Added: Global market share of the Feminine Care category was unchanged.
+Added: • Net sales in Family Care, which is predominantly a North America business, decreased low single digits driven by lower pricing (due to merchandising investments).
+Added: Unit volume was unchanged.
+Added: Excluding the impact of foreign exchange, organic sales also decreased low single digits.
North America market share of the Family Care category decreased 0.9 points.
−Removed: Net earnings decreased 3% to $2.1 billion due to a decrease in net sales and a 40 basis-point decline in net earnings margin.
−Removed: Net earnings margin decreased due to a decrease in gross margin, partially offset by a decrease in SG&A as a percentage of net sales.
−Removed: Gross margin decreased 30 basis points due to unfavorable category mix and higher tariff costs, partially offset by productivity savings and lower commodity costs.
−Removed: SG&A as a percentage of net sales decreased due a decrease in overhead spending, partially offset by an increase in marketing spending.
+Added: Net earnings increased 1% to $3.1 billion due to an increase in net sales.
+Added: Net earnings margin was unchanged as a decrease in SG&A as a percentage of net sales was offset by a decrease in gross margin.
+Added: Gross margin decreased 20 basis points due to unfavorable product mix, partially offset by lower commodity costs and productivity savings.
+Added: SG&A as a percentage of net sales decreased due to a decrease in overhead spending, partially offset by an increase in marketing spending.
Corporate includes certain operating and non-operating activities not allocated to specific business segments.
2 unchanged sentences
The most notable ongoing reconciling item is income taxes, which adjusts the blended statutory rates that are reflected in the reportable segments to the overall Company effective tax rate.
−Removed: For the three months ended December 31, 2025, Corporate net sales increased $1 million to $160 million.
−Removed: Corporate net earnings decreased $137 million to a loss of $161 million for the quarter due primarily to incremental restructuring charges in the current year.
−Removed: For the six months ended December 31, 2025, Corporate net sales increased $80 million to $402 million.
−Removed: Corporate net earnings increased $606 million to a loss of $125 million due primarily to restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Argentina, in the prior year period, partially offset by current year restructuring charges.
+Added: For the three months ended March 31, 2026, Corporate net sales increased $27 million to $225 million.
+Added: Corporate net earnings decreased $19 million to $181 million for the quarter driven primarily by current year restructuring charges and adjustments to expected variable compensation payouts in the prior year period, partially offset by the gain from the dissolution of the Glad joint venture business.
+Added: For the nine months ended March 31, 2026, Corporate net sales increased $107 million to $627 million due to an increase in net sales of incidental businesses managed at the corporate level.
+Added: Corporate net earnings increased $588 million to $57 million primarily due to restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Argentina, in the prior year period and the dissolution of the Glad joint venture business in the current year period, partially offset by current year restructuring charges.
LIQUIDITY & CAPITAL RESOURCES
2 unchanged sentences
Net earnings, adjusted for non-cash items (depreciation and amortization, share-based compensation expense, deferred income taxes and (gain)/loss on sale of assets), generated $15.6 billion of operating cash flow.
−Removed: Working capital and other impacts consumed $753 million of cash in the period.
+Added: Working capital and other impacts consumed $1.2 billion of cash in the period.
Accounts receivable increased, consuming $186 million of cash.
−Removed: Days sales outstanding decreased by one day.
−Removed: Total inventories increased, consuming $255 million of cash, driven primarily by increased safety stock levels and new product initiatives.
+Added: Days sales outstanding were unchanged.
+Added: Total inventories increased, consuming $346 million of cash, driven primarily by new product initiatives and increased safety stock levels.
Days inventory on hand decreased by one day.
−Removed: Trade payables generated $239 million of cash, driven primarily by increased supply chain activity in line with the increase in inventory and increased marketing support activity.
+Added: Trade payables generated $196 million of cash.
Other impacts consumed additional cash of $877 million primarily driven by the payment of the transitional tax related to the 2017 U.S.
−Removed: Tax Act and a reduction in postretirement benefit and compensation accruals, partially offset by current year income tax accruals in excess of estimated payments.
+Added: Tax Act and a reduction in postretirement benefits, partially offset by current year income tax accruals in excess of estimated payments.
+Added: The Procter & Gamble Company 27
Investing Activities
−Removed: Investing activities used $2.8 billion of cash fiscal year to date primarily driven by capital expenditures.
+Added: Investing activities used $3.4 billion of cash fiscal year to date primarily driven by capital expenditures and the settlement of net investment hedges, partially offset by proceeds from the dissolution of the Glad joint venture business.
Financing Activities
Financing activities used $8.2 billion of net cash fiscal year to date, mainly due to dividends to shareholders and treasury stock purchases, partially offset by a net debt increase.
−Removed: As of December 31, 2025, our current liabilities exceeded current assets by $10.1 billion.
+Added: As of March 31, 2026, our current liabilities exceeded current assets by $10.2 billion.
We anticipate being able to support our short-term liquidity and operating needs largely through cash generated from operations.
3 unchanged sentences
In accordance with the SEC's Regulation S-K Item 10(e), the following provides definitions of the non-GAAP measures and the reconciliation to the most closely related GAAP measure.
−Removed: We believe that these measures provide useful perspective on
−Removed: The Procter & Gamble Company 27
−Removed: underlying business trends (i.e., trends excluding non-recurring or unusual items) and results and provide a supplemental measure of period-to-period results.
+Added: We believe that these measures provide useful perspective on underlying business trends (i.e., trends excluding non-recurring or unusual items) and results and provide a supplemental measure of period-to-period results.
The non-GAAP measures described below are used by management in making operating decisions, allocating financial resources and for business strategy purposes.
8 unchanged sentences
The following tables provide a numerical reconciliation of net sales growth to organic sales growth:
−Removed: Three Months Ended December 31, 2025 Net Sales Growth Foreign Exchange Impact Acquisition & Divestiture Impact/Other (1)
+Added: Three Months Ended March 31, 2026 Net Sales Growth Foreign Exchange Impact Acquisition & Divestiture Impact/Other (1)
Organic Sales Growth
6 unchanged sentences
(1) Acquisition & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.
−Removed: Six Months Ended December 31, 2025 Net Sales Growth Foreign Exchange Impact Acquisition & Divestiture Impact/Other (1)
+Added: Nine Months Ended March 31, 2026 Net Sales Growth Foreign Exchange Impact Acquisition & Divestiture Impact/Other (1)
Organic Sales Growth
9 unchanged sentences
Adjusted free cash flow represents the cash that the Company is able to generate after taking into account planned maintenance and asset expansion.
−Removed: We view adjusted free cash flow as an important measure because it is one factor used in determining the amount of cash available for dividends, share repurchases, acquisitions and other discretionary investments.
+Added: We view adjusted free cash
+Added: 28 The Procter & Gamble Company
+Added: flow as an important measure because it is one factor used in determining the amount of cash available for dividends, share repurchases, acquisitions and other discretionary investments.
The following table provides a numerical reconciliation of adjusted free cash flow ($ millions):
−Removed: Six Months Ended December 31, 2025
+Added: Nine Months Ended March 31, 2026
Operating Cash Flow Capital Spending 2017 U.S.
2 unchanged sentences
Adjusted free cash flow productivity.
−Removed: Adjusted free cash flow productivity is defined as the ratio of adjusted free cash flow to net earnings.
+Added: Adjusted free cash flow productivity is defined as the ratio of adjusted free cash flow to net earnings excluding the gain from the dissolution of the Glad joint venture business.
We view adjusted free cash flow productivity as a useful measure to help investors understand P&G’s ability to generate cash.
1 unchanged sentence
This measure is also used in assessing the achievement of management goals for at-risk compensation.
−Removed: 28 The Procter & Gamble Company
The following table provides a numerical reconciliation of adjusted free cash flow productivity ($ millions):
−Removed: Six Months Ended December 31, 2025
−Removed: Adjusted Free Cash Flow Net Earnings Adjusted Free Cash Flow Productivity
+Added: Nine Months Ended March 31, 2026
+Added: Adjusted Free Cash Flow Net Earnings Adjustments to Net Earnings (1)
+Added: Net Earnings as Adjusted Adjusted Free Cash Flow Productivity
$ 11,727 $ 13,063 $ (261) $ 12,802 92 %
+Added: (1) Adjustments to Net earnings relate to the gain from the dissolution of the Glad joint venture business.
Core EPS is a measure of the Company's diluted EPS excluding items that are not judged by management to be part of the Company's sustainable results or trends.
8 unchanged sentences
The adjustment to Core earnings includes the restructuring charges that exceed the normal, recurring level of restructuring charges.
+Added: • Glad joint venture agreement:
+Added: In January 2026, the Glad joint venture agreement between the Company and Clorox expired.
+Added: Under the terms of the agreement, Clorox purchased the Company’s minority interest in the venture at fair market value, for $476 million.
+Added: This transaction was accounted for as a dissolution of the Glad joint venture business and the Company recorded an after-tax gain of $261 million.
We do not view the above items to be part of our sustainable results, and their exclusion from Core earnings measures provides a more comparable measure of year-on-year results.
This item is also excluded when evaluating senior management in determining their at-risk compensation.
+Added: The Procter & Gamble Company 29
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
−Removed: Three Months Ended December 31, 2025 Three Months Ended December 31, 2024
−Removed: Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
+Added: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
+Added: Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Glad Joint Venture Agreement Core
(Non-GAAP) As Reported
9 unchanged sentences
$ 1.63 $ 0.07 $ (0.11) $ 1.59 $ 1.54
−Removed: (1) For the three months ended December 31, 2024, there were no adjustments to or reconciling items for Core EPS.
+Added: (1) For the three months ended March 31, 2025, there were no adjustments to or reconciling items for Core EPS.
(2) Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
3 unchanged sentences
Diluted net earnings per common share 6 %
−Removed: The Procter & Gamble Company 29
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
−Removed: Six Months Ended December 31, 2025
−Removed: Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
+Added: Nine Months Ended March 31, 2026
+Added: Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Glad Joint Venture Agreement Core
Cost of products sold $ 32,442 $ (306) $ — $ 32,136
13 unchanged sentences
Diluted net earnings per common share 7 %
+Added: 30 The Procter & Gamble Company
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
−Removed: Six Months Ended December 31, 2024
+Added: Nine Months Ended March 31, 2025
Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
12 unchanged sentences
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.