Ten Customers, Forty-Three PercentNarrow moat

Procter & Gamble (PG) — moat facet

P&G's ten biggest customers bought 35% of its goods in fiscal 2017 and 43% in fiscal 2026.

The more important concentration number is not Walmart's but the top ten's. P&G's ten largest customers accounted for about 43% of net sales in fiscal 20261. In fiscal 2017 they accounted for 35%2. The share has risen in most years in between, to 38% in fiscal 20203, 39% in fiscal 2021 and fiscal 20224, 42% in fiscal 20245 and 43% in fiscal 20256.

Top ten customers, excluding Walmart, share of sales (%)about 19%FY2017about 23%FY2020about 25%FY2023about 27%FY2026P&G Forms 10-K; top ten less Walmart, calculated from rounded percentages
The other nine did the growing.

With Walmart steady at 15% to 16%7, the growth has come from the other nine. The filings list P&G's channels: mass merchandisers, digital commerce including social commerce, grocery, club, drug and department stores, distributors, specialty beauty, high-frequency stores and pharmacies8. The consolidation is among the large chains and the online sellers.

Concentration of buyers is the slow counterweight to a brand moat. Each large customer can demand more promotional money, better terms and space for its own label, and P&G's growth depends on keeping them all.

The trend is visible in P&G's results. Merchandising investment lowered family care pricing in fiscal 20269, and marketing rose 80 basis points as a share of sales10.

The home market has barely grown. United States net sales were $40.5 billion in fiscal 2024, $41.6 billion in fiscal 2025 and $41.7 billion in fiscal 202611. In a market growing that slowly, a rising top-ten share means the largest chains are gaining share from the rest of retail, and taking P&G's business with them.

The direction is against P&G, slowly. The falsifier is a top-ten share above 45%, which would mean nearly half the company sold through ten negotiating counterparties; the current figure is about 43%12.

Moat trajectory: Narrowing

35% (FY2017) to 43% (FY2026).

The number that tests this moat
Reported
Top ten customers share of net sales, FY2026
About 43% (35% in FY2017)

The negotiating weight of P&G's largest buyers; above 45% would mean ten counterparties set terms for nearly half the company.

Source: P&G Form 10-K, FY2026 ↗
References
  1. ReportedP&G's ten largest customers accounted for about 43% of net sales in fiscal 2026.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  2. ReportedIn fiscal 2017 they accounted for 35%.
    Procter & Gamble Form 10-K for fiscal 2019 - the $8.3 billion Shave Care impairment, the Merck KGaA over-the-counter acquisition, five-year financial summary, segment shares, Walmart and top-ten customers. — FY2019 · publ. August 2019 · source ↗
  3. ReportedThe share has risen in most years in between, to 38% in fiscal 2020, 39% in fiscal 2021 and fiscal 2022, 42% in fiscal 2024 and 43% in fiscal 2025.
    Procter & Gamble Form 10-K for fiscal 2020 - top-ten customers 38% of net sales. — FY2020 · publ. August 2020 · source ↗
  4. ReportedThe share has risen in most years in between, to 38% in fiscal 2020, 39% in fiscal 2021 and fiscal 2022, 42% in fiscal 2024 and 43% in fiscal 2025.
    Procter & Gamble Form 10-K for fiscal 2022 - segment shares of sales and earnings, Walmart share 2020-2022, top-ten customers and share repurchases. — FY2022 · publ. August 2022 · source ↗
  5. ReportedThe share has risen in most years in between, to 38% in fiscal 2020, 39% in fiscal 2021 and fiscal 2022, 42% in fiscal 2024 and 43% in fiscal 2025.
    Procter & Gamble Form 10-K for fiscal 2024 - net sales drivers by segment for fiscal 2024 (price +4%) and top-ten customer share. — FY2024 · publ. August 2024 · source ↗
  6. ReportedThe share has risen in most years in between, to 38% in fiscal 2020, 39% in fiscal 2021 and fiscal 2022, 42% in fiscal 2024 and 43% in fiscal 2025.
    Procter & Gamble Form 10-K for fiscal 2025 - segment results for fiscal 2023, net sales drivers, Walmart share, top-ten customers and debt at June 2024 and 2025. — FY2025 · publ. August 2025 · source ↗
  7. ReportedWith Walmart steady at 15% to 16%, the growth has come from the other nine.
    Procter & Gamble Form 10-K for fiscal 2025 - segment results for fiscal 2023, net sales drivers, Walmart share, top-ten customers and debt at June 2024 and 2025. — FY2025 · publ. August 2025 · source ↗
  8. ReportedThe filings list P&G's channels: mass merchandisers, digital commerce including social commerce, grocery, club, drug and department stores, distributors, specialty beauty, high-frequency stores and pharmacies.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  9. ReportedMerchandising investment lowered family care pricing in fiscal 2026, and marketing rose 80 basis points as a share of sales.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  10. ReportedMerchandising investment lowered family care pricing in fiscal 2026, and marketing rose 80 basis points as a share of sales.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  11. ReportedUnited States net sales were $40.5 billion in fiscal 2024, $41.6 billion in fiscal 2025 and $41.7 billion in fiscal 2026.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  12. ReportedThe falsifier is a top-ten share above 45%, which would mean nearly half the company sold through ten negotiating counterparties; the current figure is about 43%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 26, 2026