Short answer
Procter & Gamble (PG) filed its fiscal 2025 10-K annual report with the SEC on Aug 4, 2025. It reported revenue of $84.3B (+0.3% year over year) and net income of $16.0B.
- Top risk flagged: Exposure to foreign exchange fluctuations impacting sales outside U.S. and input costs tied to different currencies
FY2025 key financial metrics · XBRL
- Revenue
- $84.3B
- +0.3% YoY
- Net income
- $16.0B
- +7.4% YoY
- Operating margin
- 24.3%
- +2.2 pp YoY
- EPS (diluted)
- $6.51
- +8.1% YoY
- ROE
- 30.6%
- +1.1 pp YoY
- Operating cash flow
- $17.8B
- −10.2% YoY
Source: XBRL data from the Procter & Gamble (PG) FY2025 10-K on SEC EDGAR. USD.
Procter & Gamble FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: diversified consumer goods focused on sustainable value via product innovation, marketing, and multi-channel distribution
- Employee count rose 2% to approximately 109,000, with 42% women globally and 32% multicultural employees in the U.S.
- Sustainability emphasis on 2040 net zero goal with initiatives in renewable energy, plastic reduction, recyclable packaging, and water restoration
- Sales concentration: Walmart accounts for ~16% of total sales, top 10 customers 43% in 2025, up from 40% in 2023
- No new product segments highlighted, but increased focus on sustainability integrated into product design and manufacturing processes
Management Discussion & Analysis
- Revenue $84.3B, up $245M (+0.3%) YoY, driven by 1% price increase, offset by 1% foreign exchange decline; volume/mix flat
- Operating margin 24.3% vs 22.1% (+220 bps); gross margin 51.2% vs 51.4% (-20 bps); SG&A 26.9% vs 27.7% (-80 bps)
- Best segment: Fabric & Home Care net earnings $5.8B, +3%, margin 19.7% vs 19.3% (+40 bps); Worst segment: Beauty net earnings $2.7B, -8%, margin 18.1% vs 19.5% (-140 bps)
- Operating cash flow $17.8B, down 10%; capex ~$3.8B; financing cash flow outflow $14.0B mainly dividends & buybacks; adjusted free cash flow $14.6B, down 14%
- Management highlights restructuring charges $1.1B pre-tax for market portfolio realignment; expects ongoing savings; stable liquidity, strong credit ratings; foreign currency risks ongoing due to Argentina liquidation losses
Risk Factors
- Exposure to foreign exchange fluctuations impacting sales outside U.S. and input costs tied to different currencies
- Manufacturing savings projects crucial for gross margin improvements and product or package reinvestments
- Competitive activities influencing unit volume through pricing, initiatives, and marketing spend
- SG&A cost variability driven by marketing spend, overhead leverage, inflation, and foreign exchange impacts
Generated from the filing text; verify against the original. How to read a 10-K
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