Baby, Feminine & Family CareWide moat

Procter & Gamble (PG) — moat facet

Baby, Feminine & Family Care has sold about $20 billion a year for four years and needs more capital than any other P&G business to do it.

Baby, Feminine & Family Care is P&G's second-largest segment and its slowest-growing. It sold $20,401 million in fiscal 2026, up 1%, and earned $5,145 million before tax and $3,930 million after1. It was 24% of P&G's net sales and 24% of its net earnings2.

Capital spending as share of segment sales, FY2026 (%)Grooming7.8%Baby, Feminine and Family Care7.5%Health Care4.8%Fabric and Home Care4.1%Beauty2.6%P&G Form 10-K FY2026, segment capex over segment sales; calculated
The paper businesses need the most plant.

What is inside is three businesses. Baby care, Pampers and Luvs, was 9% of P&G's net sales; family care, Bounty, Charmin and Puffs, 8%; feminine care, Always, Always Discreet and Tampax, 7%3. P&G says it holds more than 30% of global baby care, nearly 30% of feminine care, nearly 35% of menstrual care and over 15% of adult incontinence, while family care is predominantly North American with shares of nearly 40% for Bounty and over 25% for Charmin4. The moat pages on Pampers and Always and on Bounty and Charmin cover those positions.

The history is a shrinking weight. The segment was 28% of P&G's net sales and 26% of its net earnings in fiscal 20165, 27% and 23% in fiscal 20196, and 25% and 23% in fiscal 20227. Its sales have barely moved: $20,217 million in fiscal 2023, $20,277 million in fiscal 2024, $20,248 million in fiscal 2025 and $20,401 million in fiscal 202689, about 0.9% in three years10.

How it is paid: through retailers, in bulky products that need nearby factories. The segment uses 32 manufacturing sites11 and spent $1,520 million on capital in fiscal 2026, about 7.5% of its sales and more than any other segment1213. Depreciation and amortisation was $835 million, also the most14.

Profitability improved despite flat sales. Net earnings rose from $3,545 million in fiscal 2023, a 17.5% margin15, to $4,020 million in fiscal 202416, then eased to $3,930 million in fiscal 2026, a 19.3% margin, down 50 basis points17.

Growth is absent. Sales were flat in fiscal 2024 and fiscal 2025 and rose 1% in fiscal 2026, with volume down 1%, currency up 2 points and price flat181920; organic sales fell 1%21. Greater China baby care organic sales rose about 20%, while North American family care lost 0.7 points of share with lower pricing from merchandising investment22. In the June 2026 quarter sales fell 1%, organic sales fell 2% and net earnings fell 13%23.

Restructuring reached this segment too, with $201 million of charges in fiscal 202624. Its capital spending jumped from $1,080 million in fiscal 2025 to $1,520 million in fiscal 202625, the largest increase of any segment, a sign that P&G is still investing in the paper and absorbent plants even as sales stand still.

The outlook is steady cash from mature categories. This is a wide line that is not growing. The case weakens if the segment's net margin fell below 18% while capital spending stayed near 7.5% of sales, because a business that needs the most investment and cannot grow must at least keep its margin to earn its cost of capital.

Moat trajectory: Holding steady

Sales +1% (organic -1%) in FY2026; capex $1,520M, the most of any segment.

The number that tests this moat
Reported
Baby, Feminine & Family Care net earnings margin, FY2026
19.3% (-50bp)

The return a flat, capital-hungry segment must hold; below 18% with capex near 7.5% of sales would erode it.

Source: P&G Form 10-K, FY2026 ↗
References
  1. ReportedIt sold $20,401 million in fiscal 2026, up 1%, and earned $5,145 million before tax and $3,930 million after.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  2. ReportedIt was 24% of P&G's net sales and 24% of its net earnings.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  3. ReportedBaby care, Pampers and Luvs, was 9% of P&G's net sales; family care, Bounty, Charmin and Puffs, 8%; feminine care, Always, Always Discreet and Tampax, 7%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  4. ReportedP&G says it holds more than 30% of global baby care, nearly 30% of feminine care, nearly 35% of menstrual care and over 15% of adult incontinence, while family care is predominantly North American with shares of nearly 40% for Bounty and over 25% for Charmin.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  5. ReportedThe segment was 28% of P&G's net sales and 26% of its net earnings in fiscal 2016, 27% and 23% in fiscal 2019, and 25% and 23% in fiscal 2022.
    Procter & Gamble Form 10-K for fiscal 2016 - the portfolio reduction to about 65 brands, the Duracell exchange with Berkshire Hathaway, segment shares and blade share. — FY2016 · publ. August 2016 · source ↗
  6. ReportedThe segment was 28% of P&G's net sales and 26% of its net earnings in fiscal 2016, 27% and 23% in fiscal 2019, and 25% and 23% in fiscal 2022.
    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 ↗
  7. ReportedThe segment was 28% of P&G's net sales and 26% of its net earnings in fiscal 2016, 27% and 23% in fiscal 2019, and 25% and 23% in fiscal 2022.
    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 ↗
  8. ReportedIts sales have barely moved: $20,217 million in fiscal 2023, $20,277 million in fiscal 2024, $20,248 million in fiscal 2025 and $20,401 million in fiscal 2026, about 0.9% in three years.
    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 ↗
  9. ReportedIts sales have barely moved: $20,217 million in fiscal 2023, $20,277 million in fiscal 2024, $20,248 million in fiscal 2025 and $20,401 million in fiscal 2026, about 0.9% in three years.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  10. Moat Explorer calcIts sales have barely moved: $20,217 million in fiscal 2023, $20,277 million in fiscal 2024, $20,248 million in fiscal 2025 and $20,401 million in fiscal 2026, about 0.9% in three years.
    Moat Explorer calculation from Procter & Gamble's reported figures ($ millions unless stated; fiscal years end 30 June). Net debt: FY2026 11,296 + 22,842 - 9,942 = 24,196; 24,196 / 54,311 = 0.45 times equity; 24,196 / 19,556 = 1.24 years of operating cash flow; debt due within one year 11,296 / (11,296 + 22,842) = 33% of debt; FY2025 9,513 + 24,995 - 9,556 = 24,952; FY2024 7,191 + 25,269 - 9,482 = 22,978. Capital spending 4,409 / 87,032 = 5.1% of net sales. Adjusted free cash flow over dividends 15,835 / 10,232 = 1.55 times. Dividends paid over net earnings attributable: 10,232 / 16,046 = 63.8% (FY2026); 9,872 / 15,974 = 61.8% (FY2025); 9,312 / 14,879 = 62.6% (FY2024). Buybacks 5,028 / 11,009 = 45.7% of the FY2021 peak. Peer market values on 25 September 2026 ($bn): 132.99 + 68.60 + 34.19 + 34.18 + 32.74 + 22.86 + 10.13 = 335.69, against P&G 339.64; P&G / Clorox 339.64 / 10.13 = 33.5 times. P/E: 339.64 / 16.046 = 21.2 (now); 394.82 / 14.879 = 26.5 (December 2024 over FY2024). Free cash flow yield 15,835 / 339,640 = 4.7%. Goodwill plus Gillette brand 41,276 + 12,800 = 54,076; 54,076 / 126,521 = 42.7% of total assets. Segments (five reportable, excluding Corporate): FY2026 sales 16,023 + 6,918 + 12,456 + 30,314 + 20,401 = 86,112; net earnings 2,672 + 1,529 + 2,404 + 5,632 + 3,930 = 16,167; FY2025 net earnings 2,715 + 1,577 + 2,440 + 5,848 + 4,013 = 16,593; 16,167 / 16,593 - 1 = -2.6%. Segment net earnings changes FY2026: Beauty 2,672 / 2,715 - 1 = -1.6%; Grooming 1,529 / 1,577 - 1 = -3.0%; Health Care 2,404 / 2,440 - 1 = -1.5%; Fabric & Home Care 5,632 / 5,848 - 1 = -3.7%; Baby, Feminine & Family Care 3,930 / 4,013 - 1 = -2.1%. Fabric & Home Care share of segment net earnings 5,632 / 16,167 = 34.8%. Pre-tax margins FY2026: Beauty 3,473 / 16,023 = 21.7%; Grooming 1,966 / 6,918 = 28.4%; Health Care 3,163 / 12,456 = 25.4%; Fabric & Home Care 7,290 / 30,314 = 24.0%; Baby, Feminine & Family Care 5,145 / 20,401 = 25.2%. Net margins FY2023: Beauty 3,178 / 15,008 = 21.2%; Health Care 2,125 / 11,226 = 18.9%; Fabric & Home Care 4,828 / 28,371 = 17.0%; Baby, Feminine & Family Care 3,545 / 20,217 = 17.5%. Three-year growth FY2023-FY2026: Health Care sales 12,456 / 11,226 - 1 = 11.0%; Health Care net earnings 2,404 / 2,125 - 1 = 13.1%; Grooming sales 6,918 / 6,419 - 1 = 7.8%; Baby, Feminine & Family Care sales 20,401 / 20,217 - 1 = 0.9%. Segment capital spending over sales FY2026: Grooming 540 / 6,918 = 7.8%; Baby, Feminine & Family Care 1,520 / 20,401 = 7.5%; Health Care 592 / 12,456 = 4.8%; Fabric & Home Care 1,250 / 30,314 = 4.1%; Beauty 415 / 16,023 = 2.6%. Geography FY2026 ($bn): international 45.3 / 87.0 = 52.1%; United States 41.7 / 87.0 = 47.9%. Walmart about 16% x 87,032 = 13,925, about $13.9 billion. Top ten customers less Walmart (rounded percentages): FY2017 35 - 16 = 19; FY2020 38 - 15 = 23; FY2023 40 - 15 = 25; FY2026 43 - 16 = 27. Dividend per share 4.2589 / 4.0763 - 1 = 4.5% (FY2026); 4.0763 / 3.8286 - 1 = 6.5% (FY2025). Market exit charges after tax 1,200 + 131 = 1,331. P&G / Unilever market value 339.64 / 132.99 = 2.6 times. Restructuring charges FY2024-FY2026 659 + 1,114 + 1,230 = 3,003. Gillette write-downs 8.3 + 1.3 = 9.6 billion. Operating margin 19,748 / 87,032 = 22.7% (FY2026); 20,451 / 84,284 = 24.3% (FY2025) - segment results, geography and customer concentration. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Procter & Gamble's Forms 10-K, results releases, earnings slides and market data; operands shown in the source line.
  11. ReportedThe segment uses 32 manufacturing sites and spent $1,520 million on capital in fiscal 2026, about 7.5% of its sales and more than any other segment.
    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 segment uses 32 manufacturing sites and spent $1,520 million on capital in fiscal 2026, about 7.5% of its sales and more than any other segment.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  13. Moat Explorer calcThe segment uses 32 manufacturing sites and spent $1,520 million on capital in fiscal 2026, about 7.5% of its sales and more than any other segment.
    Moat Explorer calculation from Procter & Gamble's reported figures ($ millions unless stated; fiscal years end 30 June). Net debt: FY2026 11,296 + 22,842 - 9,942 = 24,196; 24,196 / 54,311 = 0.45 times equity; 24,196 / 19,556 = 1.24 years of operating cash flow; debt due within one year 11,296 / (11,296 + 22,842) = 33% of debt; FY2025 9,513 + 24,995 - 9,556 = 24,952; FY2024 7,191 + 25,269 - 9,482 = 22,978. Capital spending 4,409 / 87,032 = 5.1% of net sales. Adjusted free cash flow over dividends 15,835 / 10,232 = 1.55 times. Dividends paid over net earnings attributable: 10,232 / 16,046 = 63.8% (FY2026); 9,872 / 15,974 = 61.8% (FY2025); 9,312 / 14,879 = 62.6% (FY2024). Buybacks 5,028 / 11,009 = 45.7% of the FY2021 peak. Peer market values on 25 September 2026 ($bn): 132.99 + 68.60 + 34.19 + 34.18 + 32.74 + 22.86 + 10.13 = 335.69, against P&G 339.64; P&G / Clorox 339.64 / 10.13 = 33.5 times. P/E: 339.64 / 16.046 = 21.2 (now); 394.82 / 14.879 = 26.5 (December 2024 over FY2024). Free cash flow yield 15,835 / 339,640 = 4.7%. Goodwill plus Gillette brand 41,276 + 12,800 = 54,076; 54,076 / 126,521 = 42.7% of total assets. Segments (five reportable, excluding Corporate): FY2026 sales 16,023 + 6,918 + 12,456 + 30,314 + 20,401 = 86,112; net earnings 2,672 + 1,529 + 2,404 + 5,632 + 3,930 = 16,167; FY2025 net earnings 2,715 + 1,577 + 2,440 + 5,848 + 4,013 = 16,593; 16,167 / 16,593 - 1 = -2.6%. Segment net earnings changes FY2026: Beauty 2,672 / 2,715 - 1 = -1.6%; Grooming 1,529 / 1,577 - 1 = -3.0%; Health Care 2,404 / 2,440 - 1 = -1.5%; Fabric & Home Care 5,632 / 5,848 - 1 = -3.7%; Baby, Feminine & Family Care 3,930 / 4,013 - 1 = -2.1%. Fabric & Home Care share of segment net earnings 5,632 / 16,167 = 34.8%. Pre-tax margins FY2026: Beauty 3,473 / 16,023 = 21.7%; Grooming 1,966 / 6,918 = 28.4%; Health Care 3,163 / 12,456 = 25.4%; Fabric & Home Care 7,290 / 30,314 = 24.0%; Baby, Feminine & Family Care 5,145 / 20,401 = 25.2%. Net margins FY2023: Beauty 3,178 / 15,008 = 21.2%; Health Care 2,125 / 11,226 = 18.9%; Fabric & Home Care 4,828 / 28,371 = 17.0%; Baby, Feminine & Family Care 3,545 / 20,217 = 17.5%. Three-year growth FY2023-FY2026: Health Care sales 12,456 / 11,226 - 1 = 11.0%; Health Care net earnings 2,404 / 2,125 - 1 = 13.1%; Grooming sales 6,918 / 6,419 - 1 = 7.8%; Baby, Feminine & Family Care sales 20,401 / 20,217 - 1 = 0.9%. Segment capital spending over sales FY2026: Grooming 540 / 6,918 = 7.8%; Baby, Feminine & Family Care 1,520 / 20,401 = 7.5%; Health Care 592 / 12,456 = 4.8%; Fabric & Home Care 1,250 / 30,314 = 4.1%; Beauty 415 / 16,023 = 2.6%. Geography FY2026 ($bn): international 45.3 / 87.0 = 52.1%; United States 41.7 / 87.0 = 47.9%. Walmart about 16% x 87,032 = 13,925, about $13.9 billion. Top ten customers less Walmart (rounded percentages): FY2017 35 - 16 = 19; FY2020 38 - 15 = 23; FY2023 40 - 15 = 25; FY2026 43 - 16 = 27. Dividend per share 4.2589 / 4.0763 - 1 = 4.5% (FY2026); 4.0763 / 3.8286 - 1 = 6.5% (FY2025). Market exit charges after tax 1,200 + 131 = 1,331. P&G / Unilever market value 339.64 / 132.99 = 2.6 times. Restructuring charges FY2024-FY2026 659 + 1,114 + 1,230 = 3,003. Gillette write-downs 8.3 + 1.3 = 9.6 billion. Operating margin 19,748 / 87,032 = 22.7% (FY2026); 20,451 / 84,284 = 24.3% (FY2025) - segment results, geography and customer concentration. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Procter & Gamble's Forms 10-K, results releases, earnings slides and market data; operands shown in the source line.
  14. ReportedDepreciation and amortisation was $835 million, also the most.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  15. Moat Explorer calcNet earnings rose from $3,545 million in fiscal 2023, a 17.5% margin, to $4,020 million in fiscal 2024, then eased to $3,930 million in fiscal 2026, a 19.3% margin, down 50 basis points.
    Moat Explorer calculation from Procter & Gamble's reported figures ($ millions unless stated; fiscal years end 30 June). Net debt: FY2026 11,296 + 22,842 - 9,942 = 24,196; 24,196 / 54,311 = 0.45 times equity; 24,196 / 19,556 = 1.24 years of operating cash flow; debt due within one year 11,296 / (11,296 + 22,842) = 33% of debt; FY2025 9,513 + 24,995 - 9,556 = 24,952; FY2024 7,191 + 25,269 - 9,482 = 22,978. Capital spending 4,409 / 87,032 = 5.1% of net sales. Adjusted free cash flow over dividends 15,835 / 10,232 = 1.55 times. Dividends paid over net earnings attributable: 10,232 / 16,046 = 63.8% (FY2026); 9,872 / 15,974 = 61.8% (FY2025); 9,312 / 14,879 = 62.6% (FY2024). Buybacks 5,028 / 11,009 = 45.7% of the FY2021 peak. Peer market values on 25 September 2026 ($bn): 132.99 + 68.60 + 34.19 + 34.18 + 32.74 + 22.86 + 10.13 = 335.69, against P&G 339.64; P&G / Clorox 339.64 / 10.13 = 33.5 times. P/E: 339.64 / 16.046 = 21.2 (now); 394.82 / 14.879 = 26.5 (December 2024 over FY2024). Free cash flow yield 15,835 / 339,640 = 4.7%. Goodwill plus Gillette brand 41,276 + 12,800 = 54,076; 54,076 / 126,521 = 42.7% of total assets. Segments (five reportable, excluding Corporate): FY2026 sales 16,023 + 6,918 + 12,456 + 30,314 + 20,401 = 86,112; net earnings 2,672 + 1,529 + 2,404 + 5,632 + 3,930 = 16,167; FY2025 net earnings 2,715 + 1,577 + 2,440 + 5,848 + 4,013 = 16,593; 16,167 / 16,593 - 1 = -2.6%. Segment net earnings changes FY2026: Beauty 2,672 / 2,715 - 1 = -1.6%; Grooming 1,529 / 1,577 - 1 = -3.0%; Health Care 2,404 / 2,440 - 1 = -1.5%; Fabric & Home Care 5,632 / 5,848 - 1 = -3.7%; Baby, Feminine & Family Care 3,930 / 4,013 - 1 = -2.1%. Fabric & Home Care share of segment net earnings 5,632 / 16,167 = 34.8%. Pre-tax margins FY2026: Beauty 3,473 / 16,023 = 21.7%; Grooming 1,966 / 6,918 = 28.4%; Health Care 3,163 / 12,456 = 25.4%; Fabric & Home Care 7,290 / 30,314 = 24.0%; Baby, Feminine & Family Care 5,145 / 20,401 = 25.2%. Net margins FY2023: Beauty 3,178 / 15,008 = 21.2%; Health Care 2,125 / 11,226 = 18.9%; Fabric & Home Care 4,828 / 28,371 = 17.0%; Baby, Feminine & Family Care 3,545 / 20,217 = 17.5%. Three-year growth FY2023-FY2026: Health Care sales 12,456 / 11,226 - 1 = 11.0%; Health Care net earnings 2,404 / 2,125 - 1 = 13.1%; Grooming sales 6,918 / 6,419 - 1 = 7.8%; Baby, Feminine & Family Care sales 20,401 / 20,217 - 1 = 0.9%. Segment capital spending over sales FY2026: Grooming 540 / 6,918 = 7.8%; Baby, Feminine & Family Care 1,520 / 20,401 = 7.5%; Health Care 592 / 12,456 = 4.8%; Fabric & Home Care 1,250 / 30,314 = 4.1%; Beauty 415 / 16,023 = 2.6%. Geography FY2026 ($bn): international 45.3 / 87.0 = 52.1%; United States 41.7 / 87.0 = 47.9%. Walmart about 16% x 87,032 = 13,925, about $13.9 billion. Top ten customers less Walmart (rounded percentages): FY2017 35 - 16 = 19; FY2020 38 - 15 = 23; FY2023 40 - 15 = 25; FY2026 43 - 16 = 27. Dividend per share 4.2589 / 4.0763 - 1 = 4.5% (FY2026); 4.0763 / 3.8286 - 1 = 6.5% (FY2025). Market exit charges after tax 1,200 + 131 = 1,331. P&G / Unilever market value 339.64 / 132.99 = 2.6 times. Restructuring charges FY2024-FY2026 659 + 1,114 + 1,230 = 3,003. Gillette write-downs 8.3 + 1.3 = 9.6 billion. Operating margin 19,748 / 87,032 = 22.7% (FY2026); 20,451 / 84,284 = 24.3% (FY2025) - segment results, geography and customer concentration. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Procter & Gamble's Forms 10-K, results releases, earnings slides and market data; operands shown in the source line.
  16. ReportedNet earnings rose from $3,545 million in fiscal 2023, a 17.5% margin, to $4,020 million in fiscal 2024, then eased to $3,930 million in fiscal 2026, a 19.3% margin, down 50 basis points.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  17. ReportedNet earnings rose from $3,545 million in fiscal 2023, a 17.5% margin, to $4,020 million in fiscal 2024, then eased to $3,930 million in fiscal 2026, a 19.3% margin, down 50 basis points.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  18. ReportedSales were flat in fiscal 2024 and fiscal 2025 and rose 1% in fiscal 2026, with volume down 1%, currency up 2 points and price flat; organic sales fell 1%.
    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 ↗
  19. ReportedSales were flat in fiscal 2024 and fiscal 2025 and rose 1% in fiscal 2026, with volume down 1%, currency up 2 points and price flat; organic sales fell 1%.
    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 ↗
  20. ReportedSales were flat in fiscal 2024 and fiscal 2025 and rose 1% in fiscal 2026, with volume down 1%, currency up 2 points and price flat; organic sales fell 1%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  21. ReportedSales were flat in fiscal 2024 and fiscal 2025 and rose 1% in fiscal 2026, with volume down 1%, currency up 2 points and price flat; organic sales fell 1%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
  22. ReportedGreater China baby care organic sales rose about 20%, while North American family care lost 0.7 points of share with lower pricing from merchandising investment.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
  23. ReportedIn the June 2026 quarter sales fell 1%, organic sales fell 2% and net earnings fell 13%.
    Procter & Gamble fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1, with fiscal 2027 guidance - quarterly and fiscal-year headline results and cash flow. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  24. ReportedRestructuring reached this segment too, with $201 million of charges in fiscal 2026.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - notes: restructuring, goodwill and intangibles, acquisitions and divestitures, subsequent events and commitments. — FY2026 · publ. 4 August 2026 · source ↗
  25. ReportedIts capital spending jumped from $1,080 million in fiscal 2025 to $1,520 million in fiscal 2026, the largest increase of any segment, a sign that P&G is still investing in the paper and absorbent plants even as sales stand still.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 26, 2026