The Procter & Gamble Company (PG) SEC Filings & Earnings Calls

Commodity cost inflation

“The decrease in gross margin was due to: 140 basis points of higher commodity costs” · word for word

Restructuring execution risk

“The Company expects to incur approximately $2.0 billion in before-tax restructuring costs over a two-year period.”

Foreign exchange exposure

“We have significant exposure to exchange rate fluctuations, both due to translation and transaction exposures.” · word for word

Commodity cost inflation pressuring gross margin

“140 basis points of higher costs from commodities” · word for word

Product reinvestments weighing on margins

“140 basis points of product reinvestments” · word for word

Commodity cost headwinds: $1.4Bn after-tax impact from higher energy, transportation, and raw material costs

“$1.4Bn after-tax impact from higher energy, transportation, and raw material costs” · word for word

Foreign exchange headwind: $50MM after-tax headwind

“$50MM after-tax headwind from foreign exchange” · word for word

Higher net interest expense: $300MM after-tax headwind

“$300MM after-tax of higher net interest expense” · word for word

Lower non-operating income: $150MM after-tax headwind

“$150MM after-tax of lower non-operating income” · word for word

Restructuring execution risk

“The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period.” · word for word

Foreign exchange exposure

“We have significant exposure to exchange rate fluctuations, both due to translation and transaction exposures.” · word for word

Commodity cost volatility

“We have significant exposures to certain commodities and input materials, in particular certain oil-derived materials like resins and paper-based materials like pulp.” · word for word

Tariff uncertainty

“The Company previously paid approximately $200 million in IEEPA tariffs that may be recoverable.” · word for word

Core gross margin contracted 40bps and core operating margin 70bps, indicating cost pressures.

“Core gross margin -40 basis points; Core operating margin -70 basis points”

Combining CEO and Chairman roles may reduce board independence, but orderly transition mitigates disruption risk.

“Jejurikar assumes the position in addition to his role as President and Chief Executive Officer.” · word for word

Higher energy, transportation, and raw material costs creating $1B after-tax headwind in FY2027.

“$1Bn after-tax impact from higher energy, transportation, and raw material costs” · word for word

Foreign exchange and higher net interest expense adding $200M after-tax headwinds.

“$50MM after-tax headwind from foreign exchange; $150MM after-tax of higher net interest expense” · word for word

Tariff cost headwinds and commodity cost increases pressuring margins.

“50 bps tariff cost impact on gross margin; 10 bps commodity cost increase.”

Unfavorable product mix impacting gross margin.

“180 bps unfavorable mix impact on core gross margin.”

Tariff cost headwinds and commodity cost increases pressuring margins.

“50 bps tariff cost impact on gross margin; 10 bps commodity cost increase.”

Unfavorable product mix impacting gross margin.

“180 bps unfavorable mix impact on core gross margin.”

Tariff Cost Pressure

“50 basis points of higher costs from tariffs (Q3); 60 basis points of higher tariff costs (YTD)” · word for word

Restructuring Execution Risk

“The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period.” · word for word

Unfavorable Product Mix

“180 basis points of decline from unfavorable product mix (Q3); 120 basis points of decline from unfavorable product mix (YTD)” · word for word

Commodity Cost Inflation

“10 basis points of higher commodity costs (Q3); 10 basis points of higher commodity costs (YTD)” · word for word

Foreign Exchange Volatility

“We have significant exposure to exchange rate fluctuations, both due to translation and transaction exposures.” · word for word

Tariff cost pressure on margins

“60 basis points of higher costs from tariffs (Q2 gross margin bridge)” · word for word

Restructuring execution risk

“The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period.” · word for word

Volume decline in key segments

“Baby, Feminine & Family Care net sales decreased 3% ... driven by a unit volume decline of 5%” · word for word

Foreign exchange volatility

“We have significant exposure to exchange rate fluctuations, both due to translation and transaction exposures.” · word for word

Tariff headwinds of $0.4bn after-tax are a significant drag on earnings

“Outlooking $0.4bn after-tax headwind from tariffs”

Volume decline of 1% indicates potential consumer demand weakness

“Organic volume declined 1 point”

Core gross margin compression of 50 bps due to tariffs and mix

“Core gross margin decreased 50 basis points”

Leadership transition risk in Health Care segment

“retirement of CEO - Health Care”

Increased debt load may increase interest expense, but PG has strong credit profile.

“Issuance of €1B and $1.25B in notes.”

Tariff Cost Pressure

“60 basis points of higher costs from tariffs.” · word for word

Foreign Exchange Risk

“We have significant exposure to exchange rate fluctuations...which have negatively impacted net sales, net earnings and cash flows.” · word for word

Commodity Cost Inflation

“10 basis points of higher commodity costs.” · word for word

Tariff and commodity cost headwinds pressuring gross margin; $0.4bn after-tax tariff headwind and $0.1bn commodity headwind expected for FY2026.

“Outlooking $0.4bn after-tax headwind from tariffs; $0.1bn after-tax headwind from commodities.”

Global market share declining; aggregate value share down 30bps, only 24 of top 50 category/country combos holding or growing share.

“Global aggregate value share is down 30 basis points, with 24 of our top 50 category/country combinations holding or growing share.”