PROCTER & GAMBLE CO, 10-K filed on 8/4/2025
Annual Report
v3.25.2
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Dec. 31, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --06-30    
Document Period End Date Jun. 30, 2025    
Document Transition Report false    
Entity File Number 1-434    
Entity Registrant Name PROCTER & GAMBLE CO    
Entity Address, Address Line One One Procter & Gamble Plaza    
Entity Address, State or Province Cincinnati    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 45202    
City Area Code 513    
Local Phone Number 983-1100    
Entity Tax Identification Number 31-0411980    
Entity Incorporation, State or Country Code OH    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 393
Entity Common Stock, Shares Outstanding   2,342,371,488  
Documents Incorporated by Reference
Portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders, which will be filed within one hundred and twenty days of the fiscal year ended June 30, 2025 (2025 Proxy Statement), are incorporated by reference into Part III of this report to the extent described herein.
    
Entity Central Index Key 0000080424    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, without Par Value    
Trading Symbol PG    
Security Exchange Name NYSE    
0.110% Notes due 2026      
Entity Information [Line Items]      
Title of 12(b) Security 0.110% Notes due 2026    
Trading Symbol PG26D    
Security Exchange Name NYSE    
3.250% EUR Notes due 2026      
Entity Information [Line Items]      
Title of 12(b) Security 3.250% EUR Notes due 2026    
Trading Symbol PG26F    
Security Exchange Name NYSE    
4.875% EUR Notes due May 2027      
Entity Information [Line Items]      
Title of 12(b) Security 4.875% EUR Notes due May 2027    
Trading Symbol PG27A    
Security Exchange Name NYSE    
1.200% Notes due 2028      
Entity Information [Line Items]      
Title of 12(b) Security 1.200% Notes due 2028    
Trading Symbol PG28    
Security Exchange Name NYSE    
3.150% EUR Notes due 2028      
Entity Information [Line Items]      
Title of 12(b) Security 3.150% EUR Notes due 2028    
Trading Symbol PG28B    
Security Exchange Name NYSE    
1.250% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 1.250% Notes due 2029    
Trading Symbol PG29B    
Security Exchange Name NYSE    
1.800% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 1.800% Notes due 2029    
Trading Symbol PG29A    
Security Exchange Name NYSE    
6.250% GBP Notes due January 2030      
Entity Information [Line Items]      
Title of 12(b) Security 6.250% GBP Notes due January 2030    
Trading Symbol PG30    
Security Exchange Name NYSE    
0.350% Notes due 2030      
Entity Information [Line Items]      
Title of 12(b) Security 0.350% Notes due 2030    
Trading Symbol PG30C    
Security Exchange Name NYSE    
0.230% Notes due 2031      
Entity Information [Line Items]      
Title of 12(b) Security 0.230% Notes due 2031    
Trading Symbol PG31A    
Security Exchange Name NYSE    
3.250% EUR Notes due 2031      
Entity Information [Line Items]      
Title of 12(b) Security 3.250% EUR Notes due 2031    
Trading Symbol PG31B    
Security Exchange Name NYSE    
5.250% GBP Notes due January 2033      
Entity Information [Line Items]      
Title of 12(b) Security 5.250% GBP Notes due January 2033    
Trading Symbol PG33    
Security Exchange Name NYSE    
3.200% EUR Notes due 2034      
Entity Information [Line Items]      
Title of 12(b) Security 3.200% EUR Notes due 2034    
Trading Symbol PG34C    
Security Exchange Name NYSE    
1.875% Notes due 2038      
Entity Information [Line Items]      
Title of 12(b) Security 1.875% Notes due 2038    
Trading Symbol PG38    
Security Exchange Name NYSE    
0.900% Notes due 2041      
Entity Information [Line Items]      
Title of 12(b) Security 0.900% Notes due 2041    
Trading Symbol PG41    
Security Exchange Name NYSE    
v3.25.2
Audit Information
 12 Months Ended
Jun. 30, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Cincinnati, Ohio
Auditor Firm ID 34
v3.25.2
Consolidated Statements of Earnings - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]      
NET SALES $ 84,284 $ 84,039 $ 82,006
Cost of products sold 41,164 40,848 42,760
Selling, general and administrative expense 22,669 23,305 21,112
Indefinite-lived intangible asset impairment charge 0 1,341 0
OPERATING INCOME 20,451 18,545 18,134
Interest expense (907) (925) (756)
Interest income 469 473 307
Other non-operating income, net 154 668 668
EARNINGS BEFORE INCOME TAXES 20,167 18,761 18,353
Income taxes 4,102 3,787 3,615
NET EARNINGS 16,065 14,974 14,738
Less: Net earnings attributable to noncontrolling interests 91 95 85
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 15,974 $ 14,879 $ 14,653
NET EARNINGS PER COMMON SHARE      
Basic (in dollars per share) [1] $ 6.67 $ 6.18 $ 6.07
Diluted (in dollars per share) [1] $ 6.51 $ 6.02 $ 5.90
[1] Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
v3.25.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]      
NET EARNINGS $ 16,065 $ 14,974 $ 14,738
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX      
Foreign currency translation (net of tax (benefit)/expense of $(442), $66 and $(197), respectively) 1,143 (226) (71)
Unrealized gains/(losses) on investment securities (net of tax (benefit)/expense of $(1), $(1) and $(2), respectively) 0 (3) (7)
Unrealized gains/(losses) on defined benefit postretirement plans (net of tax (benefit)/expense of $(407), $230 and $9, respectively) (1,390) 546 40
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX (248) 317 (38)
TOTAL COMPREHENSIVE INCOME 15,817 15,291 14,700
Less: Comprehensive income attributable to noncontrolling interests 87 92 78
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE $ 15,730 $ 15,199 $ 14,622
v3.25.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]      
Foreign currency translation, tax (benefit)/expense $ (442) $ 66 $ (197)
Unrealized gains/(losses) on investment securities, tax (benefit)/expense (1) (1) (2)
Unrealized gains/(losses) on defined benefit postretirement plans, tax expense $ (407) $ 230 $ 9
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 9,556 $ 9,482
Accounts receivable 6,185 6,118
INVENTORIES    
Materials and supplies 2,022 1,617
Work in process 1,012 929
Finished goods 4,516 4,470
Total inventories 7,551 7,016
Prepaid expenses and other current assets 2,100 2,095
TOTAL CURRENT ASSETS 25,392 24,709
PROPERTY, PLANT AND EQUIPMENT, NET 23,897 22,152
GOODWILL 41,650 40,303
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 21,910 22,047
OTHER NONCURRENT ASSETS 12,381 13,158
TOTAL ASSETS 125,231 122,370
CURRENT LIABILITIES    
Accounts payable 15,227 15,364
Accrued and other liabilities 11,318 11,073
Debt due within one year 9,513 7,191
TOTAL CURRENT LIABILITIES 36,058 33,627
LONG-TERM DEBT 24,995 25,269
DEFERRED INCOME TAXES 5,774 6,516
OTHER NONCURRENT LIABILITIES 6,120 6,398
TOTAL LIABILITIES 72,946 71,811
SHAREHOLDERS' EQUITY    
Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2025 - 4,009.2, 2024 - 4,009.2) 4,009 4,009
Additional paid-in capital 68,770 67,684
Reserve for ESOP debt retirement (672) (737)
Accumulated other comprehensive loss (12,143) (11,900)
Treasury stock (shares held: 2025 - 1,667.3; 2024 - 1,652.2) (138,702) (133,379)
Retained earnings 129,973 123,811
Noncontrolling interest 272 272
TOTAL SHAREHOLDERS' EQUITY 52,284 50,559
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 125,231 122,370
Preferred Class A    
SHAREHOLDERS' EQUITY    
Preferred stock 777 798
Preferred Class B    
SHAREHOLDERS' EQUITY    
Preferred stock $ 0 $ 0
v3.25.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Jun. 30, 2024
Common stock, stated value (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 10,000,000,000 10,000,000,000
Common stock, issued (in shares) 4,009,200,000 4,009,200,000
Treasury stock (in shares) 1,667,300,000 1,652,200,000
Preferred Class A    
Preferred stock, stated value (in dollars per share) $ 1 $ 1
Preferred stock, authorized (in shares) 600,000,000 600,000,000
Preferred Class B    
Preferred stock, stated value (in dollars per share) $ 1 $ 1
Preferred stock, authorized (in shares) 200,000,000 200,000,000
v3.25.2
Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Preferred Stock
Additional Paid-In Capital
Reserve for ESOP Debt Retirement
Accumulated Other Comprehensive Income/(Loss)
Treasury Stock
Retained Earnings
Noncontrolling Interest
Beginning balance (in shares) at Jun. 30, 2022   2,393,877              
Beginning balance at Jun. 30, 2022 $ 46,854 $ 4,009 $ 843 $ 65,795 $ (916) $ (12,189) $ (123,382) $ 112,429 $ 265
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net earnings 14,738             14,653 85
Other comprehensive income/(loss) (38)         (31)     (7)
Dividends and dividend equivalents:                  
Common (8,742)             (8,742)  
Preferred (282)             (282)  
Treasury stock purchases (in shares)   (52,021)              
Treasury stock purchases (7,353)           (7,353)    
Employee stock plans (in shares)   17,424              
Employee stock plans 1,736     758     978    
Preferred stock conversions (in shares)   2,840              
Preferred stock conversions 0   (24) 3     21    
ESOP debt impacts 207       95     112  
Noncontrolling interest, net (55)               (55)
Ending balance (in shares) at Jun. 30, 2023   2,362,120              
Ending balance at Jun. 30, 2023 47,065 $ 4,009 819 66,556 (821) (12,220) (129,736) 118,170 288
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net earnings 14,974             14,879 95
Other comprehensive income/(loss) 317         320     (3)
Dividends and dividend equivalents:                  
Common (9,053)             (9,053)  
Preferred (284)             (284)  
Treasury stock purchases (in shares)   (31,877)              
Treasury stock purchases (5,014)           (5,014)    
Employee stock plans (in shares)   24,095              
Employee stock plans 2,478     1,125     1,353    
Preferred stock conversions (in shares)   2,713              
Preferred stock conversions 0   (21) 3     18    
ESOP debt impacts 184       85     99  
Noncontrolling interest, net (108)               (108)
Ending balance (in shares) at Jun. 30, 2024   2,357,051              
Ending balance at Jun. 30, 2024 50,559 $ 4,009 798 67,684 (737) (11,900) (133,379) 123,811 272
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net earnings 16,065             15,974 91
Other comprehensive income/(loss) (248)         (243)     (4)
Dividends and dividend equivalents:                  
Common (9,606)             (9,606)  
Preferred (291)             (291)  
Treasury stock purchases (in shares)   (38,552)              
Treasury stock purchases (6,517)           (6,517)    
Employee stock plans (in shares)   20,940              
Employee stock plans 2,259     1,084     1,175    
Preferred stock conversions (in shares)   2,555              
Preferred stock conversions 0   (20) 3     18    
ESOP debt impacts 150       64     86  
Noncontrolling interest, net (87)               (87)
Ending balance (in shares) at Jun. 30, 2025   2,341,994              
Ending balance at Jun. 30, 2025 $ 52,284 $ 4,009 $ 777 $ 68,770 $ (672) $ (12,143) $ (138,702) $ 129,973 $ 272
v3.25.2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends and dividend equivalents, common stock (in dollars per share) $ 4.0763 $ 3.8286 $ 3.6806
Dividends and dividend equivalents, preferred stock (in dollars per share) $ 4.0763 $ 3.8286 $ 3.6806
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Cash Flows [Abstract]      
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR $ 9,482 $ 8,246 $ 7,214
OPERATING ACTIVITIES      
Net earnings 16,065 14,974 14,738
Depreciation and amortization 2,847 2,896 2,714
Share-based compensation expense 476 562 545
Deferred income taxes 149 (244) (453)
Loss/(gain) on sale of assets 755 (215) (40)
Indefinite-lived intangible asset impairment charge 0 1,341 0
Change in accounts receivable 45 (766) (307)
Change in inventories (324) (70) (119)
Change in accounts payable [1] (542) 878 (447)
Other [1] (1,653) 491 217
TOTAL OPERATING ACTIVITIES [1] 17,817 19,846 16,848
INVESTING ACTIVITIES      
Capital expenditures (3,773) (3,322) (3,062)
Proceeds from asset sales 107 346 46
Acquisitions, net of cash acquired (11) (21) (765)
Other investing activity (141) (507) 281
TOTAL INVESTING ACTIVITIES (3,818) (3,504) (3,500)
FINANCING ACTIVITIES      
Dividends to shareholders (9,872) (9,312) (8,999)
Additions to short-term debt with original maturities of more than three months 8,020 3,528 17,168
Reductions in short-term debt with original maturities of more than three months (6,512) (7,689) (13,031)
Net additions/(reductions) to other short-term debt (1,138) 857 (3,319)
Additions to long-term debt 2,237 3,197 3,997
Reductions in long-term debt (1,977) (2,335) (1,878)
Treasury stock purchases (6,500) (5,006) (7,353)
Impact of stock options and other 1,707 1,905 1,269
TOTAL FINANCING ACTIVITIES (14,036) (14,855) (12,146)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 112 (251) (170)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 75 1,235 1,032
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 9,556 9,482 8,246
SUPPLEMENTAL DISCLOSURE      
Cash payments for interest 896 878 721
Cash payments for income taxes $ 4,554 $ 4,363 $ 4,278
[1] Certain prior period amounts within Operating Activities have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the previously reported Total Operating Activities.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
The Procter & Gamble Company's (the "Company," "Procter & Gamble," "we" or "us") business is focused on providing branded consumer packaged goods of superior quality and value. 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. We also sell direct to consumers. We have on-the-ground operations in about 70 countries.
Basis of Presentation
The Consolidated Financial Statements include the Company and its controlled subsidiaries. Intercompany transactions are eliminated.
Use of Estimates
Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates are based on management's best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, consumer and trade promotion accruals, restructuring reserves, pensions, postretirement benefits, stock options, valuation of acquired intangible assets, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets and liabilities, uncertain income tax positions and contingencies. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the financial statements in any individual year. However, regarding ongoing impairment testing of goodwill and indefinite-lived intangible assets, significant deterioration in future cash flow projections or other assumptions used in estimating fair values versus those anticipated at the time of the initial valuations, could result in impairment charges that materially affect the financial statements in a given year.
Revenue Recognition
Our revenue is primarily generated from the sale of finished product to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at a single point in time when ownership, risks and rewards transfer, which can be on the date of shipment or the date of receipt by the customer. A provision for payment discounts and product return allowances is recorded as a reduction of sales in the same period the revenue is recognized. The revenue recorded is presented net of sales and other taxes we collect on behalf of governmental authorities. The revenue includes shipping and handling costs, which generally are included in the list price to the customer.
Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Sales are recorded net of trade promotion spending, which is recognized as incurred at the time of the sale. Most of these arrangements have terms of approximately one year. Accruals for expected payouts under these programs are included as accrued marketing and promotion in the Accrued and other liabilities line item in the Consolidated Balance Sheets.
Cost of Products Sold
Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacturing of product, as well as manufacturing labor, depreciation expense and direct overhead expenses necessary to acquire and convert the purchased materials and supplies into finished products. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, customs and duties, internal transfer costs, warehousing costs and other shipping and handling activity.
Selling, General and Administrative Expense
Selling, general and administrative expense (SG&A) is primarily comprised of marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Research and development costs are charged to expense as incurred and were $2.1 billion in 2025 and $2.0 billion in 2024 and 2023. Advertising costs, charged to expense as incurred, include television, print, radio, digital and in-store advertising expenses and were $9.2 billion in 2025, $9.6 billion in 2024 and $8.0 billion in 2023. Non-advertising related components of the Company's total marketing spending reported in SG&A include costs associated with consumer promotions, product sampling and sales aids.
Other Non-Operating Income, Net
Other non-operating income, net primarily includes divestiture gains, net non-service impacts related to postretirement benefit plans, investment income, accumulated foreign currency translation losses recognized upon the substantial liquidation of foreign operations and other non-operating items.
Currency Translation
Financial statements of operating subsidiaries outside the U.S. generally are measured using the local currency as the functional currency. Adjustments to translate those statements into U.S. dollars are recorded in Other comprehensive income (OCI). For subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Re-measurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reflected in earnings.
Cash Flow Presentation
The Consolidated Statements of Cash Flows are prepared using the indirect method, which reconciles net earnings to cash flows from operating activities. Cash flows from foreign currency transactions and operations are translated at monthly exchange rates for each period. Cash flows from hedging activities are included in the same category as the items being hedged. Cash flows from derivative instruments designated as net investment hedges are classified as investing activities. Realized gains and losses from non-qualifying derivative instruments used to hedge currency exposures resulting from intercompany financing transactions are classified as financing activities. Cash flows from other derivative instruments used to manage interest rates, commodity or other currency exposures are classified as operating activities. Cash payments related to income taxes are classified as operating activities.
Investments
The Company holds minor equity investments in certain companies over which we exert significant influence, but do not control the financial and operating decisions. These are accounted for as equity method investments. Other equity investments that are not controlled, over which we do not have the ability to exercise significant influence, and for which there is a readily determinable market value, are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair values are measured at cost, less impairments, plus or minus observable price changes. Equity investments are included as Other noncurrent assets in the Consolidated Balance Sheets.
The Company also holds highly liquid investments, primarily money market funds and time deposits. Such investments are considered cash equivalents and are included within Cash and cash equivalents in the Consolidated Balance Sheets.
Inventory Valuation
Inventories are valued at the lower of cost or net realizable value. Product-related inventories are maintained on the first-in, first-out method. The cost of spare part inventories is maintained using the average-cost method.
Property, Plant and Equipment
Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized over the assets' estimated useful lives using the straight-line method. Machinery and equipment includes office furniture and fixtures (15-year life), computer equipment and capitalized software (3- to 5-year lives) and manufacturing equipment (3- to 20-year lives). Buildings are depreciated over an estimated useful life of 40 years. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts.
Goodwill and Other Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment testing of goodwill is performed separately from our impairment testing of indefinite-lived intangible assets.
We have acquired brands that have been determined to have indefinite lives. We evaluate several factors to determine whether an indefinite life is appropriate, including the competitive environment, market share, brand history, underlying product life cycles, operating plans and the macroeconomic environment of the countries in which the brands are sold. In addition, when certain events or changes in operating conditions occur, an additional impairment assessment is performed and indefinite-lived assets may be adjusted to a determinable life.
The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangible assets with contractual terms are generally amortized over their respective legal or contractual lives. Customer relationships, brands and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 30 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and remaining lives of intangible assets with determinable lives may be adjusted.
For additional details on goodwill and intangible assets see Note 4.
Fair Values of Financial Instruments
Certain financial instruments are required to be recorded at fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments and certain short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments are disclosed in Note 9.
New Accounting Pronouncements and Policies
On July 1, 2024, we adopted the Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures". This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment was effective for our fiscal year ended June 30, 2025, and will be effective for our interim periods within the fiscal year ending June 30, 2026. This standard was applied retrospectively to all periods presented in the financial statements and resulted in additional disclosures. See Note 2.
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures". This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending June 30, 2026. The guidance will require additional disclosures in the Income Taxes footnote but will not have a material impact on our Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses”. This guidance requires disclosures about significant expense categories, including but not limited to, inventory purchases, employee compensation, depreciation, amortization and selling expenses. This amendment is effective for our fiscal year ending June 30, 2028 and our interim periods within the fiscal year ending June 30, 2029. We are currently assessing the impact of this guidance on our disclosures.
No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.
v3.25.2
SEGMENT INFORMATION
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
Under U.S. GAAP, our operating segments are aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric & Home Care and 5) Baby, Feminine & Family Care. Our five reportable segments are comprised of:
•Beauty: Hair Care (Conditioners, Shampoos, Styling Aids, Treatments); Personal Care (Antiperspirants and Deodorants, Personal Cleansing); Skin Care (Facial Moisturizers, Cleaners and Treatments);
•Grooming: Grooming (Appliances, Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Grooming);
•Health Care: Oral Care (Toothbrushes, Toothpastes, Other Oral Care); Personal Health Care (Gastrointestinal, Pain Relief, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Other Personal Health Care);
•Fabric & Home Care: Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents); Home Care (Air Care, Dish Care, P&G Professional, Surface Care); and
•Baby, Feminine & Family Care: Baby Care (Baby Wipes, Taped Diapers and Pants); Feminine Care (Adult Incontinence, Menstrual Care); Family Care (Paper Towels, Tissues, Toilet Paper).
While none of our reportable segments are highly seasonal, components within certain reportable segments, such as Appliances (Grooming) and Personal Health Care (Health), are seasonal.
The accounting policies of the segments are generally the same as those described in Note 1. Differences between these policies and U.S. GAAP primarily reflect income taxes, which are reflected in the segments using applicable blended statutory rates. Adjustments to arrive at our effective tax rate are included in Corporate. In addition, capital expenditures in the segments are on an accrual basis consistent with the balance sheet. Adjustments to move from an accrual to cash basis, for purposes of the cash flow statement, are reflected in Corporate.
Corporate includes certain operating and non-operating activities that are not reflected in the operating results used internally to measure and evaluate the businesses, as well as items to adjust management reporting principles to U.S. GAAP. Operating activities in Corporate include the results of incidental businesses managed at the corporate level. Operating elements also include certain employee benefit costs, the costs of certain restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization, asset impairment charges and other general Corporate items. The non-operating elements in Corporate primarily include interest expense, certain pension and other postretirement benefit costs, certain acquisition and divestiture gains, interest and investing income and other financing costs.
The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. As the Company allocates taxes to individual segments, the CODM uses Earnings before income taxes and Net earnings to assess segment performance and allocate resources in the budgeting and forecasting process. The CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment.
Our operating segments are comprised of similar product categories. Operating segments as a percentage of consolidated net sales (excluding sales recorded in Corporate) are as follows:
Fiscal years ended June 30202520242023
Fabric Care23%24%23%
Home Care13%12%12%
Baby Care9%9%10%
Family Care9%9%8%
Hair Care9%9%9%
Grooming8%8%8%
Oral Care8%8%8%
Feminine Care6%6%7%
Personal Care (1)
6%5%5%
Personal Health Care6%6%6%
Skin Care (1)
3%4%4%
TOTAL100%100%100%
(1)Effective July 1, 2024, the Beauty reportable business segment separated Skin and Personal Care into individual operating segments, Skin Care and Personal Care. This transition included separation of the management team, strategic decision-making, innovation plans, financial targets, budgets and management reporting.
Net sales and long-lived assets in the United States and internationally were as follows (in billions):
Fiscal years ended June 30202520242023
NET SALES
United States$41.6 $40.5 $38.7 
International$42.7 $43.5 $43.3 
LONG-LIVED ASSETS (1)
United States$12.6 $12.0 $11.4 
International$11.3 $10.2 $10.5 
(1)Long-lived assets consists of property, plant and equipment.
No country, other than the United States, exceeds 10% of the Company's consolidated net sales or long-lived assets.
Our largest customer, Walmart Inc. and its affiliates, accounted for consolidated net sales of approximately 16% in 2025 and 2024 and 15% in 2023. No other customer represents more than 10% of our consolidated net sales.
Fiscal Year Ended June 30, 2025
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$14,964 $6,662 $11,998 $29,617 $20,248 $794 $84,284 
Cost of products sold(5,822)(2,675)(4,974)(15,650)(10,926)(1,118)(41,164)
Selling, general and administrative expense(5,687)(2,036)(3,886)(6,509)(4,108)(443)(22,669)
Other segment items (1)
(1)— 10 1 — (294)(284)
Earnings/(Loss) before income taxes3,454 1,952 3,149 7,459 5,214 (1,061)20,167 
Net earnings/(loss)$2,715 $1,577 $2,440 $5,848 $4,013 $(527)$16,065 
Other segment information
Depreciation and amortization$399 $313 $397 $723 $814 $200 $2,847 
Capital expenditures$328 $451 $526 $1,208 $1,080 $180 $3,773 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense). Corporate includes non-operating losses comprised primarily of a non-cash charge of $752 for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina. See Note 3 for more information on the limited market portfolio restructuring program.
Fiscal Year Ended June 30, 2024
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$15,220 $6,654 $11,793 $29,495 $20,277 $601 $84,039 
Cost of products sold(5,722)(2,711)(4,967)(15,535)(10,831)(1,082)(40,848)
Selling, general and administrative expense(5,700)(2,105)(3,886)(6,631)(4,198)(784)(23,305)
Other segment items (1)
8 7 1 10 6 (1,156)(1,125)
Earnings/(Loss) before income taxes3,805 1,845 2,941 7,339 5,253 (2,422)18,761 
Net earnings/(loss)$2,963 $1,477 $2,258 $5,687 $4,020 $(1,430)$14,974 
Other segment information
Depreciation and amortization$399 $335 $381 $710 $824 $247 $2,896 
Capital expenditures$280 $337 $524 $1,076 $979 $126 $3,322 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense). The non-cash impairment charge of $1.3 billion on the Gillette intangible asset was included in Other segment items within Corporate and is discussed further in Note 4.
Fiscal Year Ended June 30, 2023
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$15,008 $6,419 $11,226 $28,371 $20,217 $765 $82,006 
Cost of products sold(5,849)(2,698)(4,855)(16,342)(11,857)(1,159)(42,760)
Selling, general and administrative expense(5,157)(1,925)(3,615)(5,772)(3,749)(894)(21,112)
Other segment items (1)
7 10 4 45 12 141 219 
Earnings/(Loss) before income taxes4,009 1,806 2,759 6,303 4,623 (1,147)18,353 
Net earnings/(loss)$3,178 $1,461 $2,125 $4,828 $3,545 $(399)$14,738 
Other segment information
Depreciation and amortization$376 $335 $352 $675 $804 $172 $2,714 
Capital expenditures$287 $300 $466 $979 $994 $36 $3,062 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION
 12 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL FINANCIAL INFORMATION
SUPPLEMENTAL FINANCIAL INFORMATION
The components of property, plant and equipment were as follows:
As of June 3020252024
PROPERTY, PLANT AND EQUIPMENT
Machinery and equipment$40,077 $37,507 
Buildings9,190 8,534 
Construction in progress3,935 3,126 
Land979 895 
TOTAL PROPERTY, PLANT AND EQUIPMENT54,181 50,063 
Accumulated depreciation(30,284)(27,911)
PROPERTY, PLANT AND EQUIPMENT, NET$23,897 $22,152 
Selected components of current and noncurrent liabilities were as follows:
As of June 3020252024
ACCRUED AND OTHER LIABILITIES - CURRENT
Accrued marketing and promotion$3,851 $4,172 
Accrued compensation2,007 2,161 
Taxes payable1,177 1,042 
Derivative liabilities627 54 
Accrued interest293 282 
Lease liabilities255 243 
Restructuring reserves189 166 
Other2,920 2,953 
TOTAL$11,318 $11,073 
OTHER NONCURRENT LIABILITIES
Pension benefit obligations$3,026 $2,884 
Uncertain tax positions701 723 
Lease liabilities701 666 
Other retiree benefit obligations691 653 
Derivative liabilities435 325 
2017 U.S. Tax Act transitional tax payable— 592 
Other566 555 
TOTAL$6,120 $6,398 
RESTRUCTURING PROGRAM
The Company has historically incurred an ongoing annual level of restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Before tax costs incurred under ongoing programs have generally ranged from $250 to $500 annually.
In the fiscal year ended June 30, 2024, the Company started a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. 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 $801 after tax of incremental charges, comprised primarily of non-cash charges for accumulated foreign currency translation losses previously included in Accumulated other comprehensive income/(loss). 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 $1.2 billion after tax.
The Company incurred total restructuring charges of $1.1 billion and $659 for the fiscal years ended June 30, 2025 and 2024. Of the charges incurred for fiscal year 2025, $150 were recorded in Costs of products sold, $171 in SG&A and $793 in Other
non-operating income, net. Of the charges incurred in fiscal year 2024, $248 were recorded in Costs of products sold, $155 in SG&A and $255 in Other non-operating income, net.
The following table presents restructuring activity for the fiscal years ended June 30, 2025 and 2024:
Separation CostsAsset-Related CostsOther CostsTotal
RESERVE JUNE 30, 2023$155 $— $19 $174 
Cost incurred202 101 355 659 
Cost paid/settled(224)(101)(342)(667)
RESERVE JUNE 30, 2024133 — 32 166 
Cost incurred145 55 914 1,114 
Cost paid/settled(158)(55)(877)(1,090)
RESERVE JUNE 30, 2025$120 $— $69 $189 
Separation Costs
Employee separation costs relate to severance packages that are primarily voluntary and the amounts calculated are based on salary levels and past service periods.
Asset-Related Costs
Asset-related costs consist of both asset write-downs and accelerated depreciation for manufacturing consolidations. Asset write-downs relate to the establishment of a new fair value basis for assets held-for-sale or for disposal. These assets are written down to the lower of their current carrying basis or amounts expected to be realized upon disposal, less minor disposal costs. Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period.
Other Costs
Other restructuring-type charges are incurred as a direct result of the restructuring plan. Such charges include accumulated foreign currency translation losses, asset removal and termination of contracts. In the period ended September 30, 2024, the Company substantially liquidated its operations in Argentina and recorded a non-cash charge of $752 for accumulated foreign currency translation losses previously included in Accumulated other comprehensive income/(loss).
Consistent with our historical policies for ongoing restructuring-type activities, the restructuring charges are funded by and included within Corporate for management and segment reporting. However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments:
Fiscal years ended June 30202520242023
Beauty$43 $43 $15 
Grooming32 76 17 
Health Care30 33 28 
Fabric & Home Care24 84 87 
Baby, Feminine & Family Care40 50 21 
Corporate (1)
945 371 161 
TOTAL$1,114 $659 $329 
(1)Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS
The change in the net carrying amount of goodwill by reportable segment was as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTOTAL
BALANCE AT JUNE 30, 2023 - NET (1)
$13,888 $12,703 $7,718 $1,821 $4,529 $40,659 
Acquisitions and divestitures(61)— — — — (61)
Translation and other(104)(71)(80)(10)(30)(295)
BALANCE AT JUNE 30, 2024 - NET (1)
13,723 12,633 7,638 1,810 4,499 40,303 
Acquisitions and divestitures— — — — — — 
Translation and other507 360 303 38 141 1,348 
BALANCE AT JUNE 30, 2025 - NET (1)
$14,229 $12,993 $7,941 $1,848 $4,640 $41,650 
(1)Grooming goodwill balance is net of $7.9 billion accumulated impairment losses.

Goodwill increased during fiscal 2025 primarily due to currency translation across all reportable segments. Goodwill decreased during fiscal 2024 primarily due to currency translation across all reportable segments and a brand divestiture in the Beauty reportable segment.
Goodwill and indefinite-lived intangibles are tested for impairment at least annually by comparing the estimated fair values of our reporting units and indefinite-lived intangible assets to their respective carrying values. We use the income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. When appropriate, the market approach, which leverages comparable company revenue and earnings multiples, is weighted with the income approach to estimate fair value. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and profitability). Significant judgment by management is required to estimate the impact of macroeconomic and other factors on future cash flows. Estimates utilized in the projected cash flows include consideration of macroeconomic conditions, overall category growth rates, competitive activities, cost containment and margin expansion, Company business plans, the underlying product or technology life cycles, economic barriers to entry, a brand's relative market position and the discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions.
We believe the estimates and assumptions utilized in our impairment testing are reasonable and are comparable to those that would be used by other marketplace participants. However, actual events and results could differ substantially from those used in our valuations. To the extent such factors result in a failure to achieve the level of projected cash flows initially used to estimate fair value for purposes of establishing or subsequently impairing the carrying amount of goodwill and related intangible assets, we may need to record additional non-cash impairment charges in the future.
As previously disclosed, we recorded a non-cash impairment charge of $1.3 billion ($1.0 billion after tax) on the Gillette indefinite-lived intangible asset during the fiscal year ended June 30, 2024. The impairment charge arose due to a higher discount rate, weakening of several currencies relative to the U.S. dollar and the impact of a new restructuring program focused primarily in certain Enterprise Markets, including Argentina and Nigeria. Following the impairment charge, the carrying value of the Gillette indefinite-lived intangible asset was equivalent to the estimated fair value as of December 31, 2023.
Identifiable intangible assets were comprised of:
20252024
As of June 30Gross Carrying AmountAccumulated
Amortization		Gross Carrying AmountAccumulated
Amortization
INTANGIBLE ASSETS WITH DETERMINABLE LIVES
Brands$4,449 $(3,019)$4,318 $(2,725)
Patents and technology2,803 (2,722)2,794 (2,683)
Customer relationships1,879 (1,236)1,834 (1,121)
Other73 (31)72 (29)
TOTAL$9,204 $(7,008)$9,019 $(6,558)
INTANGIBLE ASSETS WITH INDEFINITE LIVES
Brands19,714 — 19,587 — 
TOTAL INTANGIBLE ASSETS$28,918 $(7,008)$28,605 $(6,558)
Amortization expense of intangible assets was as follows:
Fiscal years ended June 30202520242023
Intangible asset amortization$320 $338 $327 

Estimated amortization expense over the next five fiscal years is as follows:
Fiscal years ending June 3020262027202820292030
Estimated amortization expense$308 $298 $255 $205 $179 
v3.25.2
INCOME TAXES
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
Income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rates in the period of change.
We have elected to account for the tax effects of Global Intangible Low-Taxed Income (GILTI) as a current period expense when incurred.
Earnings before income taxes consisted of the following:
Fiscal years ended June 30202520242023
United States$13,911 $12,246 $12,107 
International6,256 6,515 6,246 
TOTAL$20,167 $18,761 $18,353 
Income taxes consisted of the following:
Fiscal years ended June 30202520242023
CURRENT TAX EXPENSE
U.S. federal$2,215 $1,954 $2,303 
International1,330 1,708 1,412 
U.S. state and local407 368 353 
TOTAL3,953 4,031 4,068 
DEFERRED TAX EXPENSE/(BENEFIT)
U.S. federal9 (133)(224)
International and other141 (111)(229)
TOTAL149 (244)(453)
TOTAL TAX EXPENSE$4,102 $3,787 $3,615 
A reconciliation of the U.S. federal statutory income tax rate to our actual effective income tax rate is provided below:
Fiscal years ended June 30202520242023
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
Country mix impacts of foreign operations(0.4)%0.1 %(0.5)%
State income taxes, net of federal benefit1.7 %1.8 %1.6 %
Excess tax benefits from the exercise of stock options(1.4)%(1.5)%(1.0)%
Foreign derived intangible income deduction (FDII)(0.8)%(1.1)%(0.8)%
Changes in uncertain tax positions0.1 %0.1 %0.1 %
Other0.2 %(0.2)%(0.7)%
EFFECTIVE INCOME TAX RATE20.3 %20.2 %19.7 %
Country mix impacts of foreign operations includes the effects of foreign subsidiaries' earnings taxed at rates other than the U.S. statutory rate, the U.S. tax impacts of non-U.S. earnings repatriation and any net impacts of intercompany transactions. Excess tax benefits from the exercise of stock options reflect the excess of actual tax benefits received on employee exercises of stock options and other share-based payments (which generally equals the income taxable to the employee) over the amount of tax benefits that were calculated and recognized based on the grant date fair values of such instruments. Changes in uncertain tax positions represent changes in our net liability related to prior year tax positions.
Prior to the passage of the 2017 U.S. Tax Act, the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely invested and, accordingly, no deferred taxes were provided. Pursuant to the provisions of the 2017 U.S. Tax Act, these earnings were subjected to a one-time transition tax. This charge included taxes for all U.S. income taxes and for the related foreign withholding taxes for the portion of those earnings which are no longer considered indefinitely invested. We have not provided deferred taxes on approximately $22 billion of earnings that are considered indefinitely invested.
A reconciliation of the beginning and ending liability for uncertain tax positions is as follows:
Fiscal years ended June 30202520242023
BEGINNING OF YEAR$582 $515 $583 
Increases in tax positions for prior years240 157 113 
Decreases in tax positions for prior years(181)(133)(119)
Increases in tax positions for current year57 160 60 
Settlements with taxing authorities(65)(100)(108)
Lapse in statute of limitations(6)(9)(7)
Currency translation7 (8)(7)
END OF YEAR$634 $582 $515 
Included in the total liability for uncertain tax positions at June 30, 2025, is $497 that, depending on the ultimate resolution, could impact the effective tax rate in future periods.
The Company is present in about 70 countries and over 150 taxable jurisdictions and, at any point in time, has 30-40 jurisdictional audits underway at various stages of completion. We evaluate our tax positions and establish liabilities for
uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law and the closing of statutes of limitation. Such adjustments are reflected in the tax provision as appropriate. We have tax years open ranging from 2010 and forward. We are generally not able to reliably estimate the timing and ultimate settlement amounts until the close of an audit. Based on information currently available, we anticipate that over the next 12-month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued liabilities of approximately $114, including interest and penalties.
We recognize the additional accrual of any possible related interest and penalties relating to the underlying uncertain tax position in income tax expense. As of June 30, 2025 and 2024, we had accrued interest of $141 and $111 and accrued penalties of $45 and $15, respectively, which are not included in the above table.
Deferred income tax assets and liabilities were comprised of the following:
As of June 3020252024
DEFERRED TAX ASSETS
Capitalized research & development$1,251 $1,140 
Loss and other carryforwards857 892 
Pension and other retiree benefits601 592 
Accrued marketing and promotion497 460 
Stock-based compensation445 433 
Unrealized loss on financial and foreign exchange transactions358 107 
Fixed assets230 206 
Lease liabilities212 199 
Other758 843 
Valuation allowances(293)(290)
TOTAL$4,915 $4,582 
DEFERRED TAX LIABILITIES
Goodwill and other intangible assets$5,475 $5,459 
Fixed assets1,547 1,573 
Other retiree benefits1,102 1,319 
Lease right-of-use assets209 196 
Foreign withholding tax on earnings to be repatriated131 104 
Unrealized gain on financial and foreign exchange transactions96 263 
Other492 441 
TOTAL$9,052 $9,355 
Net operating loss carryforwards were $2.0 billion at June 30, 2025, and $2.3 billion at June 30, 2024. If unused, approximately $100 will expire between 2025 and 2045. The remainder, totaling $1.9 billion at June 30, 2025, may be carried forward indefinitely.
v3.25.2
EARNINGS PER SHARE
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other unvested stock-based awards based on the treasury stock method (see Note 7) and the assumed conversion of preferred stock (see Note 8).
Net earnings per common share were calculated as follows:
Fiscal years ended June 30202520242023
CONSOLIDATED AMOUNTS
Net earnings attributable to P&G (Diluted)$15,974 $14,879 $14,653 
Less: Preferred dividends291 284 282 
Net earnings attributable to P&G available to common shareholders (Basic)$15,682 $14,595 $14,371 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,350.12,360.12,368.2
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)
33.338.339.4
Convertible preferred shares (2)
71.073.676.3
Diluted weighted average common shares outstanding2,454.42,471.92,483.9
NET EARNINGS PER COMMON SHARE
Basic$6.67 $6.18 $6.07 
Diluted$6.51 $6.02 $5.90 
(1)For the years ended June 30, 2025, 2024 and 2023, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 6 million, 4 million and 19 million, respectively.
(2)An overview of preferred shares can be found in Note 8.
v3.25.2
SHARE-BASED COMPENSATION
 12 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION
The Company has two primary share-based compensation programs under which we annually grant stock option, restricted stock unit (RSU) and performance stock unit (PSU) awards to certain managers and directors.
In our main long-term incentive program, managers can elect to receive stock options or RSUs. All options vest after three years and have a 10-year life. Exercise prices on options are set equal to the market price of the underlying shares on the date of the grant. RSUs vest and settle in shares of common stock three years from the grant date.
Senior-level executives participate in an additional long-term incentive program that awards PSUs, which are paid in shares after the end of a three-year performance period subject to pre-established performance goals. The program includes a Relative Total Shareholder Return (R-TSR) modifier under which the number of shares ultimately granted is also impacted by the Company's actual shareholder return relative to our consumer products competitive peer set.
In addition to these long-term incentive programs, we award RSUs to the Company's non-employee directors and make other minor stock option and RSU grants to employees for which the terms are not substantially different from our long-term incentive awards.
The Company's share-based compensation plan was approved by shareholders in 2019. Under the 2019 plan, a maximum of 150 million shares of common stock was authorized for issuance and a total of 58 million shares remain available for grant.
The Company recognizes share-based compensation expense based on the fair value of the awards at the date of grant. The expense is recognized on a straight-line basis over the requisite service period. Awards to employees eligible for retirement prior to the award becoming fully vested are recognized as compensation expense ratably from the grant date through the date the employee first becomes eligible to retire and/or is no longer required to provide services to earn the award. Share-based compensation expense is included as part of Cost of products sold and SG&A in the Consolidated Statements of Earnings and includes an estimate of forfeitures, which is based on historical data.
Total expense and related recognized tax benefit were as follows:
Fiscal years ended June 30202520242023
Stock options$219 $270 $303 
RSUs and PSUs257 292 242 
Total share-based expense$476 $562 $545 
Income tax benefit$85 $103 $103 
We utilize an industry standard lattice-based valuation model to calculate the fair value for stock options granted. Assumptions utilized in the model, which are evaluated and revised to reflect market conditions and experience, were as follows:
Fiscal years ended June 30202520242023
Interest rate3.5-4.4 %4.6-5.5 %3.7-4.1 %
Weighted average interest rate3.7 %4.6 %3.7 %
Dividend yield2.4 %2.5 %2.6 %
Expected volatility18 %18 %21 %
Expected life in years8.98.88.8
Lattice-based option valuation models incorporate ranges of assumptions for inputs and those ranges are disclosed in the preceding table. Expected volatilities are based on a combination of historical volatility of our stock and implied volatilities of call options on our stock. We use historical data to estimate option exercise and employee termination patterns within the valuation model. The expected life of options granted is derived from the output of the option valuation model and represents the average period of time that options granted are expected to be outstanding. The interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant.
We utilize a Monte-Carlo simulation model to estimate the fair value of performance stock units granted. Assumptions utilized in the model are not substantially different from those used for stock options.
A summary of options outstanding under the plans as of June 30, 2025, and activity during the year then ended is presented below:
OptionsOptions
(in thousands)		Weighted Average Exercise PriceWeighted Average Contractual Life in YearsAggregate Intrinsic Value
OUTSTANDING AT JULY 1, 2024107,362$111.59 
Granted8,347 173.33 
Exercised(18,806)90.05 
Forfeited/expired(282)150.86 
OUTSTANDING AT JUNE 30, 202596,621 $120.96 5.0$3,822 
Exercisable70,717 $110.32 3.9$3,466 
The following table provides additional information on stock options:
Fiscal years ended June 30202520242023
Weighted average grant-date fair value of options granted$36.23 $34.25 $29.58 
Intrinsic value of options exercised1,546 1,621 979 
Grant-date fair value of options that vested299 244 219 
Cash received from options exercised1,693 1,888 1,189 
Actual tax benefit from options exercised321 330 207 
At June 30, 2025, $180 of compensation cost had not yet been recognized related to stock option grants. That cost is expected to be recognized over a remaining weighted average period of 1.6 years.
A summary of non-vested RSUs and PSUs outstanding under the plans as of June 30, 2025, and activity during the year then ended is presented below:
RSUsPSUs
RSU and PSU awardsUnits (in thousands)Weighted Average Grant Date Fair ValueUnits (in thousands)Weighted Average Grant Date Fair Value
Non-vested at July 1, 20243,321 $139.65 1,016 $144.06 
Granted1,418 171.87 459 177.08 
Vested(1,291)143.38 (541)134.16 
Forfeited(87)148.61 (10)164.79 
Non-vested at June 30, 20253,361 $151.58 924 $166.15 
At June 30, 2025, $244 of compensation cost had not yet been recognized related to RSUs and PSUs. That cost is expected to be recognized over a remaining weighted average period of 1.6 years. The total grant date fair value of shares vested was $258, $256 and $220 in 2025, 2024 and 2023, respectively.
The Company settles equity issuances with treasury shares. We have no specific policy to repurchase common shares to mitigate the dilutive impact of options, RSUs and PSUs. However, we have historically made adequate discretionary purchases, based on cash availability, market trends and other factors, to offset the impacts of such activity.
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN
 12 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN
We offer various postretirement benefits to our employees.
Defined Contribution Retirement Plans
We have defined contribution plans, which cover the majority of our U.S. employees, as well as employees in certain other countries. These plans are fully funded. We generally make contributions to participants' accounts based on individual base salaries and years of service. Total global defined contribution expense was $534, $425 and $392 in 2025, 2024 and 2023, respectively.
The primary U.S. defined contribution plan (the U.S. DC plan) comprises the majority of the expense for the Company's defined contribution plans. For the U.S. DC plan, the contribution rate is predetermined and reflects years of service and plan participation. Total contributions for this plan approximated 12% of total participants' annual wages and salaries in 2025 and 13% in 2024 and 2023.
We maintain The Procter & Gamble Profit Sharing Trust (Trust) and Employee Stock Ownership Plan (ESOP) to provide a portion of the funding for the U.S. DC plan and U.S. other retiree benefits (described below). Operating details of the ESOP are provided at the end of this Note.
Defined Benefit Retirement Plans and Other Retiree Benefits
We offer defined benefit retirement pension plans to certain employees. These benefits relate primarily to plans outside the U.S. and, to a lesser extent, plans assumed in previous acquisitions covering U.S. employees.
We also provide certain other retiree benefits, primarily health care benefits for the majority of our U.S. employees who become eligible for these benefits when they meet minimum age and service requirements. The plans require cost sharing with retirees and the benefits are funded by ESOP Series B shares and certain other assets contributed by the Company.
Obligation and Funded Status. The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
Pension Benefits (1)
Other Retiree Benefits (2)
Fiscal years ended June 302025202420252024
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year (3)
$12,355 $12,499 $2,687 $2,933 
Service cost173 164 61 68 
Interest cost498 527 147 157 
Participants' contributions15 14 56 56 
Amendments12 21 (4)2 
Net actuarial loss/(gain)(263)(11)679 (268)
Special termination benefits3 4 2 3 
Currency translation and other980 (155)17 (22)
Benefit payments(617)(707)(250)(242)
BENEFIT OBLIGATION AT END OF YEAR (3)
$13,156 $12,355 $3,396 $2,687 
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$10,857 $10,374 $8,043 $7,324 
Actual return on plan assets326 1,058 (168)784 
Employer contributions189 239 42 44 
Participants' contributions15 14 56 56 
Currency translation and other903 (119)— — 
ESOP debt impacts (4)
— — 64 77 
Benefit payments(617)(707)(250)(242)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$11,672 $10,857 $7,787 $8,043 
FUNDED STATUS$(1,484)$(1,498)$4,391 $5,356 
(1)Primarily non-U.S.-based defined benefit retirement plans.
(2)Primarily U.S.-based other postretirement benefit plans.
(3)For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4)Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
The actuarial gain for pension plans in 2025 was primarily related to increases in discount rates and updates of various assumptions in the plan. The actuarial loss for other retiree benefits in 2025 was primarily related to updates in assumptions for medical claims costs. The actuarial gain for pension benefits in 2024 was primarily related to updating of various assumptions in the plan, offset by updates in work experience and decreases in discount rates. The actuarial gain for other retiree benefits in 2024 was primarily related to updating various assumptions in the plan based work experience and an increase in discount rates.
The underfunding of pension benefits is primarily a function of the different funding incentives that exist outside of the U.S. In certain countries, there are no legal requirements or financial incentives provided to companies to pre-fund pension obligations prior to their due date. In these instances, benefit payments are typically paid directly from the Company's cash as they become due.
Pension BenefitsOther Retiree Benefits
As of June 302025202420252024
CLASSIFICATION OF NET AMOUNT RECOGNIZED
Noncurrent assets$1,621 $1,458 $5,123 $6,047 
Current liabilities(78)(73)(41)(38)
Noncurrent liabilities(3,026)(2,884)(691)(653)
NET AMOUNT RECOGNIZED$(1,484)$(1,498)$4,391 $5,356 
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)
Net actuarial loss/(gain)$1,322 $1,258 $166 $(1,493)
Prior service cost/(credit)122 140 (553)(655)
NET AMOUNTS RECOGNIZED IN AOCI$1,444 $1,398 $(387)$(2,148)
The accumulated benefit obligation for all defined benefit pension plans, which differs from the projected obligation in that it excludes the assumption of future salary increases, was $12.5 billion and $11.6 billion as of June 30, 2025 and 2024, respectively. Information related to the funded status of selected pension and other retiree benefits at June 30 is as follows:
As of June 3020252024
PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation$8,175 $7,613 
Fair value of plan assets5,070 4,656 
PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$7,653 $7,103 
Fair value of plan assets5,018 4,624 
OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$802 $770 
Fair value of plan assets70 79 
Net Periodic Benefit Cost. Components of the net periodic benefit cost were as follows:
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202520242023202520242023
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)
Service cost$173 $164 $173 $61 $68 $71 
Interest cost498 527 430 147 157 142 
Expected return on plan assets(657)(610)(591)(745)(687)(611)
Amortization of net actuarial loss/(gain)63 95 133 (59)(38)(7)
Amortization of prior service cost/(credit) 40 37 26 (128)(127)(125)
Amortization of net actuarial loss/(gain) due to settlements5 (13)— — — — 
Special termination benefits3 4 5 2 3 4 
NET PERIODIC BENEFIT COST/(CREDIT)$126 $203 $176 $(721)$(623)$(526)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI
Net actuarial loss/(gain) - current year$68 $(458)$1,592 $(366)
Prior service cost/(credit) - current year12 21 (4)2 
Amortization of net actuarial (loss)/gain(63)(95)59 38 
Amortization of prior service (cost)/credit(40)(37)128 127 
Amortization of net actuarial (loss)/gain due to settlements(5)13 — — 
Currency translation and other74 (21)(14)(2)
TOTAL CHANGE IN AOCI46 (576)1,761 (201)
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI$171 $(373)$1,040 $(824)
The service cost component of the net periodic benefit cost is included in the Consolidated Statements of Earnings in Cost of products sold and SG&A. All other components are included in the Consolidated Statements of Earnings in Other non-operating income, net, unless otherwise noted.
Assumptions. We determine our actuarial assumptions on an annual basis. These assumptions are weighted to reflect each country that may have an impact on the cost of providing retirement benefits. The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, 2025 and 2024, were as follows: (1)
Pension BenefitsOther Retiree Benefits
As of June 302025202420252024
Discount rate4.2 % 4.2 % 5.9 % 5.8 %
Rate of compensation increase2.7 %2.8 %N/AN/A
Interest crediting rate for cash balance plans4.6 %4.7 %N/AN/A
Health care cost trend rates assumed for next yearN/AN/A6.9 %6.3 %
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)N/AN/A5.4 %4.9 %
Year that the rate reaches the ultimate trend rateN/AN/A20302029
(1)Determined as of end of fiscal year.
The weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statements of Earnings for the fiscal years ended June 30 were as follows: (1)
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202520242023202520242023
Discount rate4.2 %4.2 %3.7 %5.8 %5.6 %5.0 %
Expected return on plan assets6.0 %6.0 %5.9 %8.5 %8.5 %8.4 %
Rate of compensation increase2.8 %2.9 %2.8 %N/AN/AN/A
Interest crediting rate for cash balance plans4.7 %4.3 %4.3 %N/AN/AN/A
(1)Determined as of beginning of fiscal year.
For plans that make up the majority of our obligation, the Company calculates the benefit obligation and the related impacts on service and interest costs using specific spot rates along the corporate bond yield curve. For the remaining plans, the Company determines these amounts utilizing a single weighted average discount rate derived from the corporate bond yield curve used to measure the plan obligations.
Several factors are considered in developing the estimate for the long-term expected rate of return on plan assets. For the defined benefit retirement plans, these factors include historical rates of return of broad equity and bond indices and projected long-term rates of return obtained from pension investment consultants. The expected long-term rates of return for plan assets are 8 - 9% for equities and 3 - 5% for bonds. For other retiree benefit plans, the expected long-term rate of return reflects that the assets are comprised primarily of Company stock. The expected rate of return on Company stock is based on the long-term projected return of 8.5% and reflects the historical pattern of returns.
Plan Assets. Our investment objective for defined benefit retirement plan assets is to meet the plans' benefit obligations and to improve plan self-sufficiency for future benefit obligations. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by assessing different investment risks and matching the actuarial projections of the plans' future liabilities and benefit payments with current as well as expected long-term rates of return on the assets, taking into account investment return volatility and correlations across asset classes. Plan assets are diversified across several investment managers and are generally invested in liquid funds that are selected to track broad market equity and bond indices. Investment risk is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and with continual monitoring of investment managers' performance relative to the investment guidelines established with each investment manager.
Our target asset allocation for the fiscal year ended June 30, 2025, was as follows:
Target Asset Allocation (1)
Pension BenefitsOther Retiree
Benefits
Asset Category
Cash1 %2 %
Debt securities64 %1 %
Equity securities35 %97 %
TOTAL100 %100 %
(1)Actual allocations approximated the targets.
The following table sets forth the fair value of the Company's plan assets as of June 30, 2025 and 2024, segregated by level within the fair value hierarchy (see Note 9 for further discussion on the fair value hierarchy and fair value principles). Investments valued using net asset value as a practical expedient are not valued using the fair value hierarchy, but rather valued using the net asset value reported by the managers of the funds and as supported by the unit prices of actual purchase and sale transactions.
Pension BenefitsOther Retiree Benefits
As of June 30Fair Value Hierarchy Level20252024Fair Value Hierarchy Level20252024
ASSETS AT FAIR VALUE
Cash and cash equivalents1$55 $267 1$135 $135 
Company common stock— — 1496 451 
Company preferred stock (1)
— — 27,087 7,380 
Fixed income securities (2)
21,050 1,076 — — 
Insurance contracts (3)
3207 165 — — 
TOTAL ASSETS IN THE FAIR VALUE HIERARCHY1,312 1,508 7,718 7,966 
Investments valued at net asset value (4)
10,361 9,349 68 77 
TOTAL ASSETS AT FAIR VALUE$11,672 $10,857 $7,787 $8,043 
(1)Company preferred stock is valued based on the value of Company common stock and is presented net of ESOP debt discussed below.
(2)Fixed income securities are estimated by using pricing models or quoted prices of securities with similar characteristics.
(3)Fair values of insurance contracts are valued based on either their cash equivalent value or models that project future cash flows and discount the future amounts to a present value using market-based observable inputs, including credit risk and interest rate curves. The activity for Level 3 assets is not significant for all years presented.
(4)Investments valued using net asset value as a practical expedient are primarily equity and fixed income collective funds.
Cash Flows. Management's best estimate of cash requirements and discretionary contributions for the pension benefits and other retiree benefit plans for the fiscal year ending June 30, 2026, is $218 and $54, respectively. Expected contributions are dependent on many variables, including the variability of the market value of the plan assets as compared to the benefit obligation and other market or regulatory conditions. In addition, we take into consideration our business investment opportunities and resulting cash requirements. Accordingly, actual funding may differ significantly from current estimates.
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets and payments from the plans are as follows:
Fiscal years ending June 30Pension BenefitsOther Retiree Benefits
EXPECTED BENEFIT PAYMENTS
2026$657 $201 
2027663 203 
2028720 208 
2029726 218 
2030760 225 
2031 - 20354,131 1,258 
Employee Stock Ownership Plan
We maintain the ESOP to provide funding for certain employee benefits discussed in the preceding paragraphs.
The ESOP borrowed $1.0 billion in 1989, and the proceeds were used to purchase Series A ESOP Convertible Class A Preferred Stock to fund a portion of the U.S. DC plan. Principal and interest requirements of the borrowing were paid by the Trust from dividends on the preferred shares and from advances provided by the Company. The original borrowing of $1.0 billion has been repaid in full. No advances from the Company remain outstanding at June 30, 2025. Each share is convertible at the option of the holder into one share of the Company's common stock. The dividend for the current year was equal to the common stock dividend of $4.08 per share. The liquidation value is $6.82 per share.
In 1991, the ESOP borrowed an additional $1.0 billion. The proceeds were used to purchase Series B ESOP Convertible Class A Preferred Stock to fund a portion of retiree health care benefits. These shares, net of the ESOP's debt, are considered plan assets of the other retiree benefits plan discussed above. The original borrowings of $1.0 billion were repaid in 2021. Debt service requirements were funded by preferred stock dividends, cash contributions and advances provided by the Company, of which $672 are outstanding at June 30, 2025. Each share is convertible at the option of the holder into one share of the Company's common stock. The dividend for the current year was equal to the common stock dividend of $4.08 per share. The liquidation value is $12.96 per share.
Our ESOP accounting practices are consistent with current ESOP accounting guidance, including the permissible continuation of certain provisions from prior accounting guidance. ESOP debt, which was guaranteed by the Company, was recorded as debt with an offset to the Reserve for ESOP debt retirement, which is presented within Shareholders' equity. Advances to the ESOP by the Company are recorded as an increase in the Reserve for ESOP debt retirement. Interest incurred on the ESOP debt was recorded as Interest expense. Dividends on all preferred shares are charged to Retained earnings.
The series A and B preferred shares of the ESOP are allocated to employees based on debt service requirements. The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands202520242023
Allocated20,648 22,724 24,449 
Unallocated— — 535 
TOTAL SERIES A20,648 22,724 24,984 
Allocated34,965 33,723 32,172 
Unallocated14,142 15,864 17,867 
TOTAL SERIES B49,107 49,587 50,039 
For purposes of calculating diluted net earnings per common share, the preferred shares held by the ESOP are considered converted from inception.
v3.25.2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS
As a multinational company with diverse product offerings, we are exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. We evaluate exposures on a centralized basis to take advantage of natural
exposure correlation and netting. To the extent we choose to manage volatility associated with the net exposures, we enter into various financial transactions that we account for using the applicable accounting guidance for derivative instruments and hedging activities. These financial transactions are governed by our policies covering acceptable counterparty exposure, instrument types and other hedging practices.
If the Company elects to do so and if the instrument meets certain specified accounting criteria, management designates derivative instruments as cash flow hedges, fair value hedges or net investment hedges. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. We generally have a high degree of effectiveness between the exposure being hedged and the hedging instrument.
Credit Risk Management
We have counterparty credit guidelines and normally enter into transactions with investment grade financial institutions, to the extent commercially viable. Counterparty exposures are monitored daily and downgrades in counterparty credit ratings are reviewed on a timely basis. We have not incurred, and do not expect to incur, material credit losses on our risk management or other financial instruments.
Certain of the Company's financial instruments used in hedging transactions are governed by industry standard netting and collateral agreements with counterparties. If the Company's credit rating were to fall below the levels stipulated in the agreements, the counterparties could demand either collateralization or termination of the arrangements. The aggregate fair value of the instruments covered by these contractual features that are in a net liability position was $1,061 and $307 as of June 30, 2025 and 2024, respectively. The Company has not been required to post collateral as a result of these contractual features.
Interest Rate Risk Management
Our policy is to manage interest cost using a mixture of fixed-rate and variable-rate debt. To manage this risk in a cost-efficient manner, we enter into interest rate swaps whereby we agree to exchange with the counterparty, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to a notional amount.
We designate certain interest rate swaps on fixed-rate debt that meet specific accounting criteria as fair value hedges. For fair value hedges, the changes in the fair value of both the hedging instruments and the underlying debt obligations are immediately recognized in earnings.
Foreign Currency Risk Management
We manufacture and sell our products and finance our operations in a number of countries throughout the world. As a result, we are exposed to movements in foreign currency exchange rates. We leverage the Company’s diversified portfolio of exposures as a natural hedge. In certain cases, we enter into non-qualifying foreign currency contracts to hedge certain balance sheet items subject to revaluation. The change in fair value of these instruments and the underlying exposure are both immediately recognized in earnings.
To manage exchange rate risk related to our intercompany financing, we primarily use forward contracts and currency swaps. The change in fair value of these non-qualifying instruments is immediately recognized in earnings, substantially offsetting the foreign currency mark-to-market impact of the related exposure.
Net Investment Hedging
We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we either borrow directly in foreign currencies and designate all or a portion of the foreign currency debt as a hedge of the applicable net investment position or we enter into foreign currency swaps that are designated as hedges of net investments. The time value component of the net investment hedge currency swaps is excluded from the assessment of hedge effectiveness. Changes in the fair value of the swap, including changes in the fair value of the excluded time value component, are recognized in OCI and offset the value of the net investment being hedged. The time value component is subsequently reported in income on a systematic basis.
Commodity Risk Management
Certain raw materials used in our products or production processes are subject to price volatility caused by weather, supply conditions, political and economic variables and other unpredictable factors. As of and during the fiscal years ended June 30, 2025 and 2024, we did not have any financial commodity hedging activity.
Insurance
We self-insure for most insurable risks. However, we purchase insurance for Directors and Officers Liability and certain other coverage where it is required by law or by contract.
Fair Value Hierarchy
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following categories:
•Level 1: Quoted market prices in active markets for identical assets or liabilities.
•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3: Unobservable inputs reflecting the reporting entity's own assumptions or external inputs from inactive markets.
The Company had no significant activity with Level 3 assets and liabilities during the periods presented. Except for the impairment of the Gillette indefinite-lived intangible asset discussed in Note 4, there were no significant assets or liabilities that were re-measured at fair value on a non-recurring basis for the periods presented. When applying fair value principles in the valuation of assets and liabilities, we are required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company has not changed its valuation techniques used in measuring the fair value of any financial assets or liabilities during the year.
When active market quotes are not available for financial assets and liabilities, we use industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including credit risk, interest rate curves and forward and spot prices for currencies. In circumstances where market-based observable inputs are not available, management judgment is used to develop assumptions to estimate fair value.
Assets and Liabilities Measured at Fair Value
Cash equivalents were $8.3 billion and $8.0 billion as of June 30, 2025 and 2024, respectively, and are classified as Level 1 within the fair value hierarchy. The Company had no other material investments in debt or equity securities during the periods presented.
The fair value of long-term debt was $29.5 billion and $27.7 billion as of June 30, 2025 and 2024, respectively. This includes the current portion of long-term debt instruments ($5.3 billion as of June 30, 2025, and $3.8 billion as of June 30, 2024). Certain long-term debt (debt designated as a fair value hedge) is recorded at fair value. All other long-term debt is recorded at amortized cost but is measured at fair value for disclosure purposes. We consider our debt to be Level 2 in the fair value hierarchy. Fair values are generally estimated based on quoted market prices for identical or similar instruments.
Disclosures about Financial Instruments
The notional amounts and fair values of financial instruments used in hedging transactions as of June 30, 2025 and 2024, are as follows:
Notional AmountFair Value AssetFair Value (Liability)
As of June 30202520242025202420252024
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$3,280 $2,993 $— $— $(201)$(325)
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts$11,874 $10,140 $— $119 $(860)$(31)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS$15,154 $13,133 $— $119 $(1,061)$(356)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$3,576 $3,192 $19 $1 $— $(23)
TOTAL DERIVATIVES AT FAIR VALUE$18,730 $16,325 $19 $120 $(1,062)$(379)
The fair value of the interest rate derivative asset/(liability) directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation. The carrying amount of the underlying debt obligation, which includes the unamortized discount or premium and the fair value adjustment, was $3.1 billion and $2.7 billion as of June 30, 2025 and 2024, respectively. In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $11.2 billion and $11.9 billion as of June 30, 2025 and 2024, respectively. The increase in notional balance of the derivative instruments designated as net investment hedges is primarily driven by the Company's decision to leverage favorable interest rate spreads in the foreign currency swap market.
Derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. Derivative liabilities are presented in Accrued and other liabilities or Other noncurrent liabilities. Changes in the fair value of net investment hedges are recognized in the Foreign currency translation component of OCI. All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy.
Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows:
Amount of Gain/(Loss) Recognized in OCI on Derivatives
Fiscal years ended June 3020252024
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign currency interest rate contracts$(1,040)$163 
(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $226 and $229 for the fiscal years ended June 30, 2025 and 2024, respectively.
(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in AOCI for such instruments was $(1,050) and $255, for the fiscal years ended June 30, 2025 and 2024, respectively.
Amount of Gain/(Loss) Recognized in Earnings
Fiscal years ended June 3020252024
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$124 $120 
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$66 $(91)
The gains on the derivatives in fair value hedging relationships are fully offset by the mark-to-market impact of the related exposure. These are both recognized in Interest expense. The gains/(losses) on derivatives not designated as hedging instruments are substantially offset by the currency mark-to-market of the related exposure. These are both recognized in SG&A.
v3.25.2
SHORT-TERM AND LONG-TERM DEBT
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT
As of June 3020252024
DEBT DUE WITHIN ONE YEAR
Current portion of long-term debt$5,377$3,838
Commercial paper4,1083,327
Other2726
TOTAL$9,513$7,191
Weighted average interest rate of debt due within one year (1)
3.0 %3.7 %
(1)Weighted average interest rate of debt due within one year includes the effects of interest rate swaps discussed in Note 9.
As of June 3020252024
LONG-TERM DEBT
0.50% EUR note due October 2024
$—$534
0.63% EUR note due October 2024
—855
0.55% USD note due October 2025
1,0001,000
4.10% USD note due January 2026
650650
2.70% USD note due February 2026
600600
1.00% USD note due April 2026
1,0001,000
3.25% EUR note due August 2026
762695
2.45% USD note due November 2026
875875
1.90% USD note due February 2027
1,0001,000
2.80% USD note due March 2027
500500
4.88% EUR note due May 2027
1,1721,069
2.85% USD note due August 2027
750750
3.95% USD note due January 2028
600600
3.15% EUR note due April 2028
762695
1.20% EUR note due October 2028
937855
4.35% USD note due January 2029
600600
1.80% GBP note due May 2029
514474
4.15% USD note due October 2029
500—
1.25% EUR note due October 2029
586534
3.00% USD note due March 2030
1,5001,500
4.05% USD note due May 2030
700—
0.35% EUR note due May 2030
586534
1.20% USD note due October 2030
1,2501,250
1.95% USD note due April 2031
1,0001,000
3.25% EUR note due August 2031
762695
2.30% USD note due February 2032
850850
4.05% USD note due January 2033
850850
4.55% USD note due January 2034
750750
3.20% EUR note due April 2034
996909
4.55% USD note due October 2034
500—
4.60% USD note due May 2035
550—
5.55% USD note due March 2037
716716
1.88% EUR note due October 2038
586534
3.55% USD note due March 2040
516516
0.90% EUR note due November 2041
703641
All other long-term debt4,7495,076
Current portion of long-term debt(5,377)(3,838)
TOTAL$24,995$25,269
Weighted average interest rate of long-term debt (1)
3.3%3.2%
(1)Weighted average interest rate of long-term debt includes the effects of interest rate swaps discussed in Note 9.
Long-term debt maturities during the next five fiscal years are as follows:
Fiscal years ending June 3020262027202820292030
Debt maturities$5,377$4,606$2,142$2,027$3,996
Credit Facilities
We maintain bank credit facilities to support our ongoing commercial paper program. The current facility is an $8.0 billion facility split between a $3.2 billion five-year facility and a $4.8 billion 364-day facility, which expire in October 2029 and
October 2025, respectively. Both facilities can be extended for certain periods of time as specified in the terms of the credit agreement. These facilities are currently undrawn and we anticipate that they will remain undrawn. These credit facilities do not have cross-default or ratings triggers, nor do they have material adverse event clauses, except at the time of signing.
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Investment SecuritiesPost-retirement Benefit PlansForeign Currency TranslationTotal AOCI
BALANCE AT JUNE 30, 2023, NET OF TAX$13 $67 $(12,300)$(12,220)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(4)823 (376)443 
Amounts reclassified to the Consolidated Statement of Earnings— (47)216 169 
Total other comprehensive income/(loss), before tax(4)776 (160)612 
Tax effect1 (230)(66)(295)
Total other comprehensive income/(loss), net of tax(3)546 (226)317 
Less: OCI attributable to non-controlling interests, net of tax— — (3)(3)
BALANCE AT JUNE 30, 2024, NET OF TAX10 613 (12,522)(11,900)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(1)(1,717)(51)(1,769)
Amounts reclassified to the Consolidated Statement of Earnings— (81)752 671 
Total other comprehensive income/(loss), before tax(1)(1,798)701 (1,098)
Tax effect1 407 442 850 
Total other comprehensive income/(loss), net of tax— (1,390)1,143 (248)
Less: OCI attributable to non-controlling interests, net of tax— — (4)(4)
BALANCE AT JUNE 30, 2025, NET OF TAX$9 $(777)$(11,375)$(12,143)
Foreign currency translation includes financial statement translation and changes in fair value of net investment hedges (see Note 9).
The below provides additional details on amounts reclassified from AOCI into the Consolidated Statement of Earnings:
•Postretirement benefit plan amounts are reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs/(credit) (see Note 8).
•Foreign currency translation amounts are reclassified from AOCI into Other non-operating income, net, upon the substantial liquidation of foreign operations. These accumulated foreign currency translation losses include non-cash charges due to the substantial liquidation of operations in certain Enterprise markets, including Argentina in 2025 and Nigeria in 2024 (see Note 3).
v3.25.2
LEASES
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES
LEASES
The Company determines whether a contract contains a lease at the inception of a contract by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We lease certain real estate, machinery, equipment, vehicles and office equipment for varying periods. Many of these leases include an option to either renew or terminate the lease. For purposes of calculating lease liabilities, these options are included within the lease term when it has become reasonably certain that the Company will exercise such options. The incremental borrowing rate utilized to calculate our lease liabilities is based on the information available at commencement date, as most of the leases do not provide an implicit borrowing rate. Our operating lease agreements do not contain any material guarantees or restrictive covenants. The Company does not have any material finance leases or sublease activities. Short-term leases, defined as leases with initial terms of 12 months or less, are not reflected on the Consolidated Balance Sheets. Lease expense for such short-term leases is not material. The most significant assets in our leasing portfolio relate to real estate and vehicles. For purposes of calculating lease liabilities for such leases, we have combined lease and non-lease components.
The components of the Company’s total operating lease cost for the fiscal years ended June 30, 2025, 2024 and 2023, were as follows:
Fiscal years ended June 30202520242023
Operating lease cost$276 $252 $229 
Variable lease cost (1)
81 91 79 
Total lease cost$357 $343 $308 
(1)Includes primarily costs for utilities, common area maintenance, property taxes and other operating costs associated with operating leases that are not included in the lease liability and are recognized in the period in which they are incurred.
Supplemental balance sheet and other information related to leases is as follows:
As of June 3020252024
Operating leases:
Right-of-use assets (Other noncurrent assets)$925$875
Current lease liabilities (Accrued and other liabilities)255243
Noncurrent lease liabilities (Other noncurrent liabilities)701666
Total operating lease liabilities$956$909
Weighted average remaining lease term:
Operating leases6.0 years6.0 years
Weighted average discount rate:
Operating leases4.6 %4.5 %
At June 30, 2025, future payments of operating lease liabilities were as follows:
June 30, 2025
1 year$255 
2 years216 
3 years170 
4 years143 
5 years97 
Over 5 years198 
Total lease payments1,079 
Less: Interest(123)
Present value of lease liabilities $956 
Total cash paid for amounts included in the measurement of lease liabilities was $280 and $255 for the fiscal years ended June 30, 2025 and 2024, respectively.
The right-of-use assets obtained in exchange for lease liabilities were $261 and $357 for the fiscal years ended June 30, 2025 and 2024, respectively.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
Guarantees
In conjunction with certain transactions, primarily divestitures, we may provide routine indemnifications (e.g., indemnification for representations and warranties and retention of previously existing environmental, tax and employee liabilities) for which terms range in duration and, in some circumstances, are not explicitly defined. The maximum obligation under some indemnifications is also not explicitly stated and, as a result, the overall amount of these obligations cannot be reasonably estimated. We have not made significant payments for these indemnifications. We believe that if we were to incur a loss on any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows.
In certain situations, we guarantee loans for suppliers and customers. The total amount of guarantees issued under such arrangements is not material.
Off-Balance Sheet Arrangements
We do not have off-balance sheet financing arrangements, including variable interest entities, that have a material impact on our financial statements.
Purchase Commitments
We have purchase commitments for materials, supplies, services and property, plant and equipment as part of the normal course of business. Commitments made under take-or-pay obligations are as follows: 
Fiscal years ending June 3020262027202820292030Thereafter
Purchase obligations$893 $585 $365 $248 $130 $397 
Such amounts represent minimum commitments under take-or-pay agreements with suppliers and are in line with expected usage. These amounts include purchase commitments related to service contracts for information technology, human resources management and facilities management activities that have been outsourced to third-party suppliers. Due to the proprietary nature of many of our materials and processes, certain supply contracts contain penalty provisions for early termination. We do not expect to incur penalty payments under these provisions that would materially affect our financial position, results of operations or cash flows.
Litigation
We are subject, from time to time, to certain legal proceedings and claims arising out of our business, which cover a wide range of matters, including antitrust and trade regulation, product liability, advertising, contracts, environmental, patent and trademark matters, labor and employment matters and tax. While considerable uncertainty exists, in the opinion of management and our counsel, the ultimate resolution of the various lawsuits and claims will not materially affect our financial position, results of operations or cash flows.
We are also subject to contingencies pursuant to environmental laws and regulations that in the future may require us to take action to correct the effects on the environment of prior manufacturing and waste disposal practices. Based on currently available information, we do not believe the ultimate resolution of environmental remediation will materially affect our financial position, results of operations or cash flows.
v3.25.2
SUPPLIER FINANCE PROGRAMS
 12 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS
SUPPLIER FINANCE PROGRAMS
The Company has an ongoing program to negotiate extended payment terms with its suppliers consistent with market practices. The Company also supports a Supply Chain Finance program (“SCF”) with several global financial institutions. Under SCF, the Company maintains an accounts payable system to facilitate participating suppliers' ability to sell receivables from the Company to a SCF bank. These participating suppliers negotiate their sales of receivables arrangements directly with the respective SCF bank. The Company is not party to those agreements, but the SCF banks allow the suppliers to utilize the Company’s creditworthiness in establishing credit spreads and associated costs. Under this model, this arrangement generally provides the suppliers with more favorable terms than they would be able to secure on their own. The Company has no economic interest in a supplier’s decision to sell a receivable. Once a qualifying supplier chooses to participate in SCF, the supplier selects which individual Company invoices to sell to the SCF bank. The Company’s obligations to its suppliers, including the amounts due and scheduled payment dates, are not impacted by the supplier’s decisions to finance amounts under these arrangements. The Company does not provide any form of guarantee under these financing arrangements. Our payment terms for suppliers under this program generally range from 60 to 180 days. All outstanding amounts related to suppliers participating in SCF are recorded within Accounts payable in our Consolidated Balance Sheets, and the associated payments are included in operating activities within our Consolidated Statements of Cash Flows.
The summary of the Company's outstanding obligation confirmed as valid under the SCF program is as follows:
2025
CONFIRMED OBLIGATIONS OUTSTANDING AT JUNE 30, 2024$5,559 
Invoices confirmed17,132
Confirmed invoices paid(16,999)
Translation and other98 
CONFIRMED OBLIGATIONS OUTSTANDING AT JUNE 30, 2025$5,790 
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ 15,974 $ 14,879 $ 14,653
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Insider Trading Policies and Procedures
 12 Months Ended
Jun. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company employs multiple tools and processes for assessing, identifying and managing material risks from cybersecurity threats. A multi-functional enterprise security team reviews and assesses top cybersecurity risks. This assessment is shared with members of senior management, including the Chief Information Officer (CIO) and Chief Information Security Officer (CISO), and helps guide the Company's cybersecurity operational priorities and strategy. In addition, cybersecurity risks are integrated into the Company’s broader Enterprise Risk Management program. When cybersecurity risks are identified through the Enterprise Risk Management program or otherwise, they are reported to relevant business and governance leaders within the Company for appropriate action.
To support the ongoing identification and management of cybersecurity issues, the Company provides information security employee training, conducts global and targeted phishing simulation campaigns and conducts tabletop exercises. The Company also deploys a large library of security tools and experts to help prevent, detect, contain, eradicate and recover from potential cybersecurity issues and cyber-attacks. Further, the Company engages third-party consultants and services for cyber intelligence, insights and assessments of its cybersecurity risk posture and governance.
Cybersecurity reviews are embedded into the Company’s Third-Party Risk Management program. Generally under this program, third parties that process personal data or high-risk business data on behalf of the Company complete privacy and cybersecurity assessments on a risk basis, which may require such third parties to sign data processing agreements, comply with particular security controls or complete an additional security and privacy assessment.
As a global company, we manage a variety of cybersecurity threats and cannot wholly eliminate the risk of adverse impacts from such incidents. However, as of the date of this Form 10-K, we have not identified any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of our operations or financial condition. For additional information on the risks from cybersecurity threats that we have faced in the past and expect to continue to face in the future, please refer to the “Risk Factors” in Part I, Item 1A of this Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] In addition, cybersecurity risks are integrated into the Company’s broader Enterprise Risk Management program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Company’s Board of Directors oversees cybersecurity risks consistent with its general risk oversight responsibility. The Audit Committee of the Board has specific responsibility for reviewing the status of the security of the Company’s electronic data processing information systems and the general security, including cybersecurity, of the Company’s people, assets and information systems. In support of this general oversight, the full Board reviews, at least annually, the most significant enterprise risks facing the Company, including cybersecurity risks, as identified in the Company’s Enterprise Risk Management program. This review, which includes key members of senior management, covers key risks from information security that have been identified and corresponding action plans.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board has specific responsibility for reviewing the status of the security of the Company’s electronic data processing information systems and the general security, including cybersecurity, of the Company’s people, assets and information systems.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] In support of this general oversight, the full Board reviews, at least annually, the most significant enterprise risks facing the Company, including cybersecurity risks, as identified in the Company’s Enterprise Risk Management program. This review, which includes key members of senior management, covers key risks from information security that have been identified and corresponding action plans. The Audit Committee also receives regular updates from the Company’s CIO and CISO about the Company’s information security and systems security programs and plans, including emerging trends and progress on overall enterprise cybersecurity programs and priorities. These updates occur at least three times a year, with interim updates as needed.
Cybersecurity Risk Role of Management [Text Block]
The Company’s management is responsible for implementing its strategic plans, including identifying, evaluating, managing and mitigating the risks inherent in them, such as cybersecurity risks. Within management, the Company’s CISO has specific responsibility for cybersecurity risk management, reporting to the CIO.
The Company’s CISO has over 15 years of experience in cybersecurity, information security and information risk management, including several years each in security engineering and in operations, as well as running incident response organizations. The CISO's organization includes a dedicated team of centralized information security experts and a network of security professionals embedded in each business unit and function.
The CISO also leads the design and development of the Company’s cybersecurity program, relying on functional experts within the central Information Security organization as well as on information security experts within each of the Company’s Organizational Units. These embedded experts are responsible for the execution of the Company’s overall information security strategy and report security risks in their area of responsibility to their Organization Unit leader and to the CISO. Experts within the Company’s central Information Security organization help develop the Company’s cybersecurity strategies, policies and standards and similarly report security risks within the central enterprise to the CISO.
A central team within the Company leads enterprise-wide incident investigations and response, assisting and consulting on cyber security incidents impacting individual Organizational Units. Alerts of potential incidents can arise from security tool alerts, employee reports, threat intelligence sources, threat hunting activities or external entities, among other sources. The Company's Security Operations Center initially responds to incident alerts and notifies central experts to any potentially significant cybersecurity incidents. Members of the Security Operations Center and relevant response teams work to contain and eradicate potential and identified threats and support the system’s recovery efforts, advised as needed by the Legal department and other Company experts. Incidents are communicated to the CISO and other members of management, including the Company’s Ethics & Compliance Committee, as well as the Audit Committee of the Board, based on documented escalation criteria. The central enterprise team also regularly reviews incident reports to update the CISO.
As described above, both the CIO and CISO report information about the Company’s identification and management of cybersecurity risks to the Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Company’s management is responsible for implementing its strategic plans, including identifying, evaluating, managing and mitigating the risks inherent in them, such as cybersecurity risks. Within management, the Company’s CISO has specific responsibility for cybersecurity risk management, reporting to the CIO.
The Company’s CISO has over 15 years of experience in cybersecurity, information security and information risk management, including several years each in security engineering and in operations, as well as running incident response organizations. The CISO's organization includes a dedicated team of centralized information security experts and a network of security professionals embedded in each business unit and function.
The CISO also leads the design and development of the Company’s cybersecurity program, relying on functional experts within the central Information Security organization as well as on information security experts within each of the Company’s Organizational Units. These embedded experts are responsible for the execution of the Company’s overall information security strategy and report security risks in their area of responsibility to their Organization Unit leader and to the CISO. Experts within the Company’s central Information Security organization help develop the Company’s cybersecurity strategies, policies and standards and similarly report security risks within the central enterprise to the CISO.
A central team within the Company leads enterprise-wide incident investigations and response, assisting and consulting on cyber security incidents impacting individual Organizational Units. Alerts of potential incidents can arise from security tool alerts, employee reports, threat intelligence sources, threat hunting activities or external entities, among other sources. The Company's Security Operations Center initially responds to incident alerts and notifies central experts to any potentially significant cybersecurity incidents. Members of the Security Operations Center and relevant response teams work to contain and eradicate potential and identified threats and support the system’s recovery efforts, advised as needed by the Legal department and other Company experts. Incidents are communicated to the CISO and other members of management, including the Company’s Ethics & Compliance Committee, as well as the Audit Committee of the Board, based on documented escalation criteria. The central enterprise team also regularly reviews incident reports to update the CISO.
As described above, both the CIO and CISO report information about the Company’s identification and management of cybersecurity risks to the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Company’s CISO has over 15 years of experience in cybersecurity, information security and information risk management, including several years each in security engineering and in operations, as well as running incident response organizations. The CISO's organization includes a dedicated team of centralized information security experts and a network of security professionals embedded in each business unit and function.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The CISO also leads the design and development of the Company’s cybersecurity program, relying on functional experts within the central Information Security organization as well as on information security experts within each of the Company’s Organizational Units. These embedded experts are responsible for the execution of the Company’s overall information security strategy and report security risks in their area of responsibility to their Organization Unit leader and to the CISO. Experts within the Company’s central Information Security organization help develop the Company’s cybersecurity strategies, policies and standards and similarly report security risks within the central enterprise to the CISO.
A central team within the Company leads enterprise-wide incident investigations and response, assisting and consulting on cyber security incidents impacting individual Organizational Units. Alerts of potential incidents can arise from security tool alerts, employee reports, threat intelligence sources, threat hunting activities or external entities, among other sources. The Company's Security Operations Center initially responds to incident alerts and notifies central experts to any potentially significant cybersecurity incidents. Members of the Security Operations Center and relevant response teams work to contain and eradicate potential and identified threats and support the system’s recovery efforts, advised as needed by the Legal department and other Company experts. Incidents are communicated to the CISO and other members of management, including the Company’s Ethics & Compliance Committee, as well as the Audit Committee of the Board, based on documented escalation criteria. The central enterprise team also regularly reviews incident reports to update the CISO.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The Consolidated Financial Statements include the Company and its controlled subsidiaries. Intercompany transactions are eliminated.
Use of Estimates
Use of Estimates
Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates are based on management's best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, consumer and trade promotion accruals, restructuring reserves, pensions, postretirement benefits, stock options, valuation of acquired intangible assets, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets and liabilities, uncertain income tax positions and contingencies. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the financial statements in any individual year. However, regarding ongoing impairment testing of goodwill and indefinite-lived intangible assets, significant deterioration in future cash flow projections or other assumptions used in estimating fair values versus those anticipated at the time of the initial valuations, could result in impairment charges that materially affect the financial statements in a given year.
Revenue Recognition
Revenue Recognition
Our revenue is primarily generated from the sale of finished product to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at a single point in time when ownership, risks and rewards transfer, which can be on the date of shipment or the date of receipt by the customer. A provision for payment discounts and product return allowances is recorded as a reduction of sales in the same period the revenue is recognized. The revenue recorded is presented net of sales and other taxes we collect on behalf of governmental authorities. The revenue includes shipping and handling costs, which generally are included in the list price to the customer.
Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Sales are recorded net of trade promotion spending, which is recognized as incurred at the time of the sale. Most of these arrangements have terms of approximately one year. Accruals for expected payouts under these programs are included as accrued marketing and promotion in the Accrued and other liabilities line item in the Consolidated Balance Sheets.
Cost of Products Sold
Cost of Products Sold
Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacturing of product, as well as manufacturing labor, depreciation expense and direct overhead expenses necessary to acquire and convert the purchased materials and supplies into finished products. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, customs and duties, internal transfer costs, warehousing costs and other shipping and handling activity.
Selling, General and Administrative Expense
Selling, General and Administrative Expense
Selling, general and administrative expense (SG&A) is primarily comprised of marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Research and development costs are charged to expense as incurred and were $2.1 billion in 2025 and $2.0 billion in 2024 and 2023. Advertising costs, charged to expense as incurred, include television, print, radio, digital and in-store advertising expenses and were $9.2 billion in 2025, $9.6 billion in 2024 and $8.0 billion in 2023. Non-advertising related components of the Company's total marketing spending reported in SG&A include costs associated with consumer promotions, product sampling and sales aids.
Other Non-Operating Income, Net
Other Non-Operating Income, Net
Other non-operating income, net primarily includes divestiture gains, net non-service impacts related to postretirement benefit plans, investment income, accumulated foreign currency translation losses recognized upon the substantial liquidation of foreign operations and other non-operating items.
Currency Translation
Currency Translation
Financial statements of operating subsidiaries outside the U.S. generally are measured using the local currency as the functional currency. Adjustments to translate those statements into U.S. dollars are recorded in Other comprehensive income (OCI). For subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Re-measurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reflected in earnings.
Cash Flow Presentation
Cash Flow Presentation
The Consolidated Statements of Cash Flows are prepared using the indirect method, which reconciles net earnings to cash flows from operating activities. Cash flows from foreign currency transactions and operations are translated at monthly exchange rates for each period. Cash flows from hedging activities are included in the same category as the items being hedged. Cash flows from derivative instruments designated as net investment hedges are classified as investing activities. Realized gains and losses from non-qualifying derivative instruments used to hedge currency exposures resulting from intercompany financing transactions are classified as financing activities. Cash flows from other derivative instruments used to manage interest rates, commodity or other currency exposures are classified as operating activities. Cash payments related to income taxes are classified as operating activities.
Investments
Investments
The Company holds minor equity investments in certain companies over which we exert significant influence, but do not control the financial and operating decisions. These are accounted for as equity method investments. Other equity investments that are not controlled, over which we do not have the ability to exercise significant influence, and for which there is a readily determinable market value, are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair values are measured at cost, less impairments, plus or minus observable price changes. Equity investments are included as Other noncurrent assets in the Consolidated Balance Sheets.
The Company also holds highly liquid investments, primarily money market funds and time deposits. Such investments are considered cash equivalents and are included within Cash and cash equivalents in the Consolidated Balance Sheets.
Inventory Valuation
Inventory Valuation
Inventories are valued at the lower of cost or net realizable value. Product-related inventories are maintained on the first-in, first-out method. The cost of spare part inventories is maintained using the average-cost method.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized over the assets' estimated useful lives using the straight-line method. Machinery and equipment includes office furniture and fixtures (15-year life), computer equipment and capitalized software (3- to 5-year lives) and manufacturing equipment (3- to 20-year lives). Buildings are depreciated over an estimated useful life of 40 years. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment testing of goodwill is performed separately from our impairment testing of indefinite-lived intangible assets.
We have acquired brands that have been determined to have indefinite lives. We evaluate several factors to determine whether an indefinite life is appropriate, including the competitive environment, market share, brand history, underlying product life cycles, operating plans and the macroeconomic environment of the countries in which the brands are sold. In addition, when certain events or changes in operating conditions occur, an additional impairment assessment is performed and indefinite-lived assets may be adjusted to a determinable life.
The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangible assets with contractual terms are generally amortized over their respective legal or contractual lives. Customer relationships, brands and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 30 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and remaining lives of intangible assets with determinable lives may be adjusted.
For additional details on goodwill and intangible assets see Note 4.
Fair Values of Financial Instruments
Fair Values of Financial Instruments
Certain financial instruments are required to be recorded at fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments and certain short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments are disclosed in Note 9.
New Accounting Pronouncements and Policies
New Accounting Pronouncements and Policies
On July 1, 2024, we adopted the Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures". This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment was effective for our fiscal year ended June 30, 2025, and will be effective for our interim periods within the fiscal year ending June 30, 2026. This standard was applied retrospectively to all periods presented in the financial statements and resulted in additional disclosures. See Note 2.
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures". This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending June 30, 2026. The guidance will require additional disclosures in the Income Taxes footnote but will not have a material impact on our Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses”. This guidance requires disclosures about significant expense categories, including but not limited to, inventory purchases, employee compensation, depreciation, amortization and selling expenses. This amendment is effective for our fiscal year ending June 30, 2028 and our interim periods within the fiscal year ending June 30, 2029. We are currently assessing the impact of this guidance on our disclosures.
No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.
v3.25.2
SEGMENT INFORMATION (Tables)
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Operating segments as a percentage of consolidated net sales (excluding sales recorded in Corporate) are as follows:
Fiscal years ended June 30202520242023
Fabric Care23%24%23%
Home Care13%12%12%
Baby Care9%9%10%
Family Care9%9%8%
Hair Care9%9%9%
Grooming8%8%8%
Oral Care8%8%8%
Feminine Care6%6%7%
Personal Care (1)
6%5%5%
Personal Health Care6%6%6%
Skin Care (1)
3%4%4%
TOTAL100%100%100%
(1)Effective July 1, 2024, the Beauty reportable business segment separated Skin and Personal Care into individual operating segments, Skin Care and Personal Care. This transition included separation of the management team, strategic decision-making, innovation plans, financial targets, budgets and management reporting.
Fiscal Year Ended June 30, 2025
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$14,964 $6,662 $11,998 $29,617 $20,248 $794 $84,284 
Cost of products sold(5,822)(2,675)(4,974)(15,650)(10,926)(1,118)(41,164)
Selling, general and administrative expense(5,687)(2,036)(3,886)(6,509)(4,108)(443)(22,669)
Other segment items (1)
(1)— 10 1 — (294)(284)
Earnings/(Loss) before income taxes3,454 1,952 3,149 7,459 5,214 (1,061)20,167 
Net earnings/(loss)$2,715 $1,577 $2,440 $5,848 $4,013 $(527)$16,065 
Other segment information
Depreciation and amortization$399 $313 $397 $723 $814 $200 $2,847 
Capital expenditures$328 $451 $526 $1,208 $1,080 $180 $3,773 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense). Corporate includes non-operating losses comprised primarily of a non-cash charge of $752 for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina. See Note 3 for more information on the limited market portfolio restructuring program.
Fiscal Year Ended June 30, 2024
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$15,220 $6,654 $11,793 $29,495 $20,277 $601 $84,039 
Cost of products sold(5,722)(2,711)(4,967)(15,535)(10,831)(1,082)(40,848)
Selling, general and administrative expense(5,700)(2,105)(3,886)(6,631)(4,198)(784)(23,305)
Other segment items (1)
8 7 1 10 6 (1,156)(1,125)
Earnings/(Loss) before income taxes3,805 1,845 2,941 7,339 5,253 (2,422)18,761 
Net earnings/(loss)$2,963 $1,477 $2,258 $5,687 $4,020 $(1,430)$14,974 
Other segment information
Depreciation and amortization$399 $335 $381 $710 $824 $247 $2,896 
Capital expenditures$280 $337 $524 $1,076 $979 $126 $3,322 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense). The non-cash impairment charge of $1.3 billion on the Gillette intangible asset was included in Other segment items within Corporate and is discussed further in Note 4.
Fiscal Year Ended June 30, 2023
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$15,008 $6,419 $11,226 $28,371 $20,217 $765 $82,006 
Cost of products sold(5,849)(2,698)(4,855)(16,342)(11,857)(1,159)(42,760)
Selling, general and administrative expense(5,157)(1,925)(3,615)(5,772)(3,749)(894)(21,112)
Other segment items (1)
7 10 4 45 12 141 219 
Earnings/(Loss) before income taxes4,009 1,806 2,759 6,303 4,623 (1,147)18,353 
Net earnings/(loss)$3,178 $1,461 $2,125 $4,828 $3,545 $(399)$14,738 
Other segment information
Depreciation and amortization$376 $335 $352 $675 $804 $172 $2,714 
Capital expenditures$287 $300 $466 $979 $994 $36 $3,062 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Net sales and long-lived assets in the United States and internationally were as follows (in billions):
Fiscal years ended June 30202520242023
NET SALES
United States$41.6 $40.5 $38.7 
International$42.7 $43.5 $43.3 
LONG-LIVED ASSETS (1)
United States$12.6 $12.0 $11.4 
International$11.3 $10.2 $10.5 
(1)Long-lived assets consists of property, plant and equipment.
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 12 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property, Plant and Equipment
The components of property, plant and equipment were as follows:
As of June 3020252024
PROPERTY, PLANT AND EQUIPMENT
Machinery and equipment$40,077 $37,507 
Buildings9,190 8,534 
Construction in progress3,935 3,126 
Land979 895 
TOTAL PROPERTY, PLANT AND EQUIPMENT54,181 50,063 
Accumulated depreciation(30,284)(27,911)
PROPERTY, PLANT AND EQUIPMENT, NET$23,897 $22,152 
Other Liabilities
Selected components of current and noncurrent liabilities were as follows:
As of June 3020252024
ACCRUED AND OTHER LIABILITIES - CURRENT
Accrued marketing and promotion$3,851 $4,172 
Accrued compensation2,007 2,161 
Taxes payable1,177 1,042 
Derivative liabilities627 54 
Accrued interest293 282 
Lease liabilities255 243 
Restructuring reserves189 166 
Other2,920 2,953 
TOTAL$11,318 $11,073 
OTHER NONCURRENT LIABILITIES
Pension benefit obligations$3,026 $2,884 
Uncertain tax positions701 723 
Lease liabilities701 666 
Other retiree benefit obligations691 653 
Derivative liabilities435 325 
2017 U.S. Tax Act transitional tax payable— 592 
Other566 555 
TOTAL$6,120 $6,398 
Schedule of Restructuring Reserve by Type of Cost
The following table presents restructuring activity for the fiscal years ended June 30, 2025 and 2024:
Separation CostsAsset-Related CostsOther CostsTotal
RESERVE JUNE 30, 2023$155 $— $19 $174 
Cost incurred202 101 355 659 
Cost paid/settled(224)(101)(342)(667)
RESERVE JUNE 30, 2024133 — 32 166 
Cost incurred145 55 914 1,114 
Cost paid/settled(158)(55)(877)(1,090)
RESERVE JUNE 30, 2025$120 $— $69 $189 
Restructuring and Related Costs However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments:
Fiscal years ended June 30202520242023
Beauty$43 $43 $15 
Grooming32 76 17 
Health Care30 33 28 
Fabric & Home Care24 84 87 
Baby, Feminine & Family Care40 50 21 
Corporate (1)
945 371 161 
TOTAL$1,114 $659 $329 
(1)Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in the net carrying amount of goodwill by reportable segment was as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTOTAL
BALANCE AT JUNE 30, 2023 - NET (1)
$13,888 $12,703 $7,718 $1,821 $4,529 $40,659 
Acquisitions and divestitures(61)— — — — (61)
Translation and other(104)(71)(80)(10)(30)(295)
BALANCE AT JUNE 30, 2024 - NET (1)
13,723 12,633 7,638 1,810 4,499 40,303 
Acquisitions and divestitures— — — — — — 
Translation and other507 360 303 38 141 1,348 
BALANCE AT JUNE 30, 2025 - NET (1)
$14,229 $12,993 $7,941 $1,848 $4,640 $41,650 
(1)Grooming goodwill balance is net of $7.9 billion accumulated impairment losses.
Schedule of Finite-Lived Intangible Assets
Identifiable intangible assets were comprised of:
20252024
As of June 30Gross Carrying AmountAccumulated
Amortization		Gross Carrying AmountAccumulated
Amortization
INTANGIBLE ASSETS WITH DETERMINABLE LIVES
Brands$4,449 $(3,019)$4,318 $(2,725)
Patents and technology2,803 (2,722)2,794 (2,683)
Customer relationships1,879 (1,236)1,834 (1,121)
Other73 (31)72 (29)
TOTAL$9,204 $(7,008)$9,019 $(6,558)
INTANGIBLE ASSETS WITH INDEFINITE LIVES
Brands19,714 — 19,587 — 
TOTAL INTANGIBLE ASSETS$28,918 $(7,008)$28,605 $(6,558)
Schedule of Indefinite-Lived Intangible Assets
Identifiable intangible assets were comprised of:
20252024
As of June 30Gross Carrying AmountAccumulated
Amortization		Gross Carrying AmountAccumulated
Amortization
INTANGIBLE ASSETS WITH DETERMINABLE LIVES
Brands$4,449 $(3,019)$4,318 $(2,725)
Patents and technology2,803 (2,722)2,794 (2,683)
Customer relationships1,879 (1,236)1,834 (1,121)
Other73 (31)72 (29)
TOTAL$9,204 $(7,008)$9,019 $(6,558)
INTANGIBLE ASSETS WITH INDEFINITE LIVES
Brands19,714 — 19,587 — 
TOTAL INTANGIBLE ASSETS$28,918 $(7,008)$28,605 $(6,558)
Schedule of Amortization Expense
Amortization expense of intangible assets was as follows:
Fiscal years ended June 30202520242023
Intangible asset amortization$320 $338 $327 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense over the next five fiscal years is as follows:
Fiscal years ending June 3020262027202820292030
Estimated amortization expense$308 $298 $255 $205 $179 
v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Earnings before income taxes consisted of the following:
Fiscal years ended June 30202520242023
United States$13,911 $12,246 $12,107 
International6,256 6,515 6,246 
TOTAL$20,167 $18,761 $18,353 
Schedule of Components of Income Tax Expense (Benefit)
Income taxes consisted of the following:
Fiscal years ended June 30202520242023
CURRENT TAX EXPENSE
U.S. federal$2,215 $1,954 $2,303 
International1,330 1,708 1,412 
U.S. state and local407 368 353 
TOTAL3,953 4,031 4,068 
DEFERRED TAX EXPENSE/(BENEFIT)
U.S. federal9 (133)(224)
International and other141 (111)(229)
TOTAL149 (244)(453)
TOTAL TAX EXPENSE$4,102 $3,787 $3,615 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. federal statutory income tax rate to our actual effective income tax rate is provided below:
Fiscal years ended June 30202520242023
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
Country mix impacts of foreign operations(0.4)%0.1 %(0.5)%
State income taxes, net of federal benefit1.7 %1.8 %1.6 %
Excess tax benefits from the exercise of stock options(1.4)%(1.5)%(1.0)%
Foreign derived intangible income deduction (FDII)(0.8)%(1.1)%(0.8)%
Changes in uncertain tax positions0.1 %0.1 %0.1 %
Other0.2 %(0.2)%(0.7)%
EFFECTIVE INCOME TAX RATE20.3 %20.2 %19.7 %
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending liability for uncertain tax positions is as follows:
Fiscal years ended June 30202520242023
BEGINNING OF YEAR$582 $515 $583 
Increases in tax positions for prior years240 157 113 
Decreases in tax positions for prior years(181)(133)(119)
Increases in tax positions for current year57 160 60 
Settlements with taxing authorities(65)(100)(108)
Lapse in statute of limitations(6)(9)(7)
Currency translation7 (8)(7)
END OF YEAR$634 $582 $515 
Schedule of Deferred Tax Assets and Liabilities
Deferred income tax assets and liabilities were comprised of the following:
As of June 3020252024
DEFERRED TAX ASSETS
Capitalized research & development$1,251 $1,140 
Loss and other carryforwards857 892 
Pension and other retiree benefits601 592 
Accrued marketing and promotion497 460 
Stock-based compensation445 433 
Unrealized loss on financial and foreign exchange transactions358 107 
Fixed assets230 206 
Lease liabilities212 199 
Other758 843 
Valuation allowances(293)(290)
TOTAL$4,915 $4,582 
DEFERRED TAX LIABILITIES
Goodwill and other intangible assets$5,475 $5,459 
Fixed assets1,547 1,573 
Other retiree benefits1,102 1,319 
Lease right-of-use assets209 196 
Foreign withholding tax on earnings to be repatriated131 104 
Unrealized gain on financial and foreign exchange transactions96 263 
Other492 441 
TOTAL$9,052 $9,355 
v3.25.2
EARNINGS PER SHARE (Tables)
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Net earnings per common share were calculated as follows:
Fiscal years ended June 30202520242023
CONSOLIDATED AMOUNTS
Net earnings attributable to P&G (Diluted)$15,974 $14,879 $14,653 
Less: Preferred dividends291 284 282 
Net earnings attributable to P&G available to common shareholders (Basic)$15,682 $14,595 $14,371 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,350.12,360.12,368.2
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)
33.338.339.4
Convertible preferred shares (2)
71.073.676.3
Diluted weighted average common shares outstanding2,454.42,471.92,483.9
NET EARNINGS PER COMMON SHARE
Basic$6.67 $6.18 $6.07 
Diluted$6.51 $6.02 $5.90 
(1)For the years ended June 30, 2025, 2024 and 2023, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 6 million, 4 million and 19 million, respectively.
(2)An overview of preferred shares can be found in Note 8.
v3.25.2
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity
Total expense and related recognized tax benefit were as follows:
Fiscal years ended June 30202520242023
Stock options$219 $270 $303 
RSUs and PSUs257 292 242 
Total share-based expense$476 $562 $545 
Income tax benefit$85 $103 $103 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions Assumptions utilized in the model, which are evaluated and revised to reflect market conditions and experience, were as follows:
Fiscal years ended June 30202520242023
Interest rate3.5-4.4 %4.6-5.5 %3.7-4.1 %
Weighted average interest rate3.7 %4.6 %3.7 %
Dividend yield2.4 %2.5 %2.6 %
Expected volatility18 %18 %21 %
Expected life in years8.98.88.8
The following table provides additional information on stock options:
Fiscal years ended June 30202520242023
Weighted average grant-date fair value of options granted$36.23 $34.25 $29.58 
Intrinsic value of options exercised1,546 1,621 979 
Grant-date fair value of options that vested299 244 219 
Cash received from options exercised1,693 1,888 1,189 
Actual tax benefit from options exercised321 330 207 
Share-based Payment Arrangement, Option, Activity
A summary of options outstanding under the plans as of June 30, 2025, and activity during the year then ended is presented below:
OptionsOptions
(in thousands)		Weighted Average Exercise PriceWeighted Average Contractual Life in YearsAggregate Intrinsic Value
OUTSTANDING AT JULY 1, 2024107,362$111.59 
Granted8,347 173.33 
Exercised(18,806)90.05 
Forfeited/expired(282)150.86 
OUTSTANDING AT JUNE 30, 202596,621 $120.96 5.0$3,822 
Exercisable70,717 $110.32 3.9$3,466 
Schedule of Nonvested Share Activity
A summary of non-vested RSUs and PSUs outstanding under the plans as of June 30, 2025, and activity during the year then ended is presented below:
RSUsPSUs
RSU and PSU awardsUnits (in thousands)Weighted Average Grant Date Fair ValueUnits (in thousands)Weighted Average Grant Date Fair Value
Non-vested at July 1, 20243,321 $139.65 1,016 $144.06 
Granted1,418 171.87 459 177.08 
Vested(1,291)143.38 (541)134.16 
Forfeited(87)148.61 (10)164.79 
Non-vested at June 30, 20253,361 $151.58 924 $166.15 
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN (Tables)
 12 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
Pension Benefits (1)
Other Retiree Benefits (2)
Fiscal years ended June 302025202420252024
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year (3)
$12,355 $12,499 $2,687 $2,933 
Service cost173 164 61 68 
Interest cost498 527 147 157 
Participants' contributions15 14 56 56 
Amendments12 21 (4)2 
Net actuarial loss/(gain)(263)(11)679 (268)
Special termination benefits3 4 2 3 
Currency translation and other980 (155)17 (22)
Benefit payments(617)(707)(250)(242)
BENEFIT OBLIGATION AT END OF YEAR (3)
$13,156 $12,355 $3,396 $2,687 
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$10,857 $10,374 $8,043 $7,324 
Actual return on plan assets326 1,058 (168)784 
Employer contributions189 239 42 44 
Participants' contributions15 14 56 56 
Currency translation and other903 (119)— — 
ESOP debt impacts (4)
— — 64 77 
Benefit payments(617)(707)(250)(242)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$11,672 $10,857 $7,787 $8,043 
FUNDED STATUS$(1,484)$(1,498)$4,391 $5,356 
(1)Primarily non-U.S.-based defined benefit retirement plans.
(2)Primarily U.S.-based other postretirement benefit plans.
(3)For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4)Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
Schedule of Amounts Recognized in Balance Sheet In these instances, benefit payments are typically paid directly from the Company's cash as they become due.
Pension BenefitsOther Retiree Benefits
As of June 302025202420252024
CLASSIFICATION OF NET AMOUNT RECOGNIZED
Noncurrent assets$1,621 $1,458 $5,123 $6,047 
Current liabilities(78)(73)(41)(38)
Noncurrent liabilities(3,026)(2,884)(691)(653)
NET AMOUNT RECOGNIZED$(1,484)$(1,498)$4,391 $5,356 
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)
Net actuarial loss/(gain)$1,322 $1,258 $166 $(1,493)
Prior service cost/(credit)122 140 (553)(655)
NET AMOUNTS RECOGNIZED IN AOCI$1,444 $1,398 $(387)$(2,148)
Schedule of Accumulated and Projected Benefit Obligations Information related to the funded status of selected pension and other retiree benefits at June 30 is as follows:
As of June 3020252024
PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation$8,175 $7,613 
Fair value of plan assets5,070 4,656 
PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$7,653 $7,103 
Fair value of plan assets5,018 4,624 
OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$802 $770 
Fair value of plan assets70 79 
Schedule of Net Benefit Costs Components of the net periodic benefit cost were as follows:
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202520242023202520242023
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)
Service cost$173 $164 $173 $61 $68 $71 
Interest cost498 527 430 147 157 142 
Expected return on plan assets(657)(610)(591)(745)(687)(611)
Amortization of net actuarial loss/(gain)63 95 133 (59)(38)(7)
Amortization of prior service cost/(credit) 40 37 26 (128)(127)(125)
Amortization of net actuarial loss/(gain) due to settlements5 (13)— — — — 
Special termination benefits3 4 5 2 3 4 
NET PERIODIC BENEFIT COST/(CREDIT)$126 $203 $176 $(721)$(623)$(526)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI
Net actuarial loss/(gain) - current year$68 $(458)$1,592 $(366)
Prior service cost/(credit) - current year12 21 (4)2 
Amortization of net actuarial (loss)/gain(63)(95)59 38 
Amortization of prior service (cost)/credit(40)(37)128 127 
Amortization of net actuarial (loss)/gain due to settlements(5)13 — — 
Currency translation and other74 (21)(14)(2)
TOTAL CHANGE IN AOCI46 (576)1,761 (201)
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI$171 $(373)$1,040 $(824)
Defined Benefit Plan, Assumptions The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, 2025 and 2024, were as follows: (1)
Pension BenefitsOther Retiree Benefits
As of June 302025202420252024
Discount rate4.2 % 4.2 % 5.9 % 5.8 %
Rate of compensation increase2.7 %2.8 %N/AN/A
Interest crediting rate for cash balance plans4.6 %4.7 %N/AN/A
Health care cost trend rates assumed for next yearN/AN/A6.9 %6.3 %
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)N/AN/A5.4 %4.9 %
Year that the rate reaches the ultimate trend rateN/AN/A20302029
(1)Determined as of end of fiscal year.
The weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statements of Earnings for the fiscal years ended June 30 were as follows: (1)
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202520242023202520242023
Discount rate4.2 %4.2 %3.7 %5.8 %5.6 %5.0 %
Expected return on plan assets6.0 %6.0 %5.9 %8.5 %8.5 %8.4 %
Rate of compensation increase2.8 %2.9 %2.8 %N/AN/AN/A
Interest crediting rate for cash balance plans4.7 %4.3 %4.3 %N/AN/AN/A
(1)Determined as of beginning of fiscal year.
Schedule of Allocation of Plan Assets
Our target asset allocation for the fiscal year ended June 30, 2025, was as follows:
Target Asset Allocation (1)
Pension BenefitsOther Retiree
Benefits
Asset Category
Cash1 %2 %
Debt securities64 %1 %
Equity securities35 %97 %
TOTAL100 %100 %
(1)Actual allocations approximated the targets.
Pension and Postretirement Plan Assets By Fair Value Hierarchy Investments valued using net asset value as a practical expedient are not valued using the fair value hierarchy, but rather valued using the net asset value reported by the managers of the funds and as supported by the unit prices of actual purchase and sale transactions.
Pension BenefitsOther Retiree Benefits
As of June 30Fair Value Hierarchy Level20252024Fair Value Hierarchy Level20252024
ASSETS AT FAIR VALUE
Cash and cash equivalents1$55 $267 1$135 $135 
Company common stock— — 1496 451 
Company preferred stock (1)
— — 27,087 7,380 
Fixed income securities (2)
21,050 1,076 — — 
Insurance contracts (3)
3207 165 — — 
TOTAL ASSETS IN THE FAIR VALUE HIERARCHY1,312 1,508 7,718 7,966 
Investments valued at net asset value (4)
10,361 9,349 68 77 
TOTAL ASSETS AT FAIR VALUE$11,672 $10,857 $7,787 $8,043 
(1)Company preferred stock is valued based on the value of Company common stock and is presented net of ESOP debt discussed below.
(2)Fixed income securities are estimated by using pricing models or quoted prices of securities with similar characteristics.
(3)Fair values of insurance contracts are valued based on either their cash equivalent value or models that project future cash flows and discount the future amounts to a present value using market-based observable inputs, including credit risk and interest rate curves. The activity for Level 3 assets is not significant for all years presented.
(4)Investments valued using net asset value as a practical expedient are primarily equity and fixed income collective funds.
Schedule of Expected Benefit Payments
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets and payments from the plans are as follows:
Fiscal years ending June 30Pension BenefitsOther Retiree Benefits
EXPECTED BENEFIT PAYMENTS
2026$657 $201 
2027663 203 
2028720 208 
2029726 218 
2030760 225 
2031 - 20354,131 1,258 
Employee Stock Ownership Plan (ESOP) Disclosures The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands202520242023
Allocated20,648 22,724 24,449 
Unallocated— — 535 
TOTAL SERIES A20,648 22,724 24,984 
Allocated34,965 33,723 32,172 
Unallocated14,142 15,864 17,867 
TOTAL SERIES B49,107 49,587 50,039 
v3.25.2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The notional amounts and fair values of financial instruments used in hedging transactions as of June 30, 2025 and 2024, are as follows:
Notional AmountFair Value AssetFair Value (Liability)
As of June 30202520242025202420252024
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$3,280 $2,993 $— $— $(201)$(325)
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts$11,874 $10,140 $— $119 $(860)$(31)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS$15,154 $13,133 $— $119 $(1,061)$(356)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$3,576 $3,192 $19 $1 $— $(23)
TOTAL DERIVATIVES AT FAIR VALUE$18,730 $16,325 $19 $120 $(1,062)$(379)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows:
Amount of Gain/(Loss) Recognized in OCI on Derivatives
Fiscal years ended June 3020252024
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign currency interest rate contracts$(1,040)$163 
(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $226 and $229 for the fiscal years ended June 30, 2025 and 2024, respectively.
(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in AOCI for such instruments was $(1,050) and $255, for the fiscal years ended June 30, 2025 and 2024, respectively.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Amount of Gain/(Loss) Recognized in Earnings
Fiscal years ended June 3020252024
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$124 $120 
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$66 $(91)
v3.25.2
SHORT-TERM AND LONG-TERM DEBT (Tables)
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
As of June 3020252024
DEBT DUE WITHIN ONE YEAR
Current portion of long-term debt$5,377$3,838
Commercial paper4,1083,327
Other2726
TOTAL$9,513$7,191
Weighted average interest rate of debt due within one year (1)
3.0 %3.7 %
(1)Weighted average interest rate of debt due within one year includes the effects of interest rate swaps discussed in Note 9.
Schedule of Long-term Debt Instruments
As of June 3020252024
LONG-TERM DEBT
0.50% EUR note due October 2024
$—$534
0.63% EUR note due October 2024
—855
0.55% USD note due October 2025
1,0001,000
4.10% USD note due January 2026
650650
2.70% USD note due February 2026
600600
1.00% USD note due April 2026
1,0001,000
3.25% EUR note due August 2026
762695
2.45% USD note due November 2026
875875
1.90% USD note due February 2027
1,0001,000
2.80% USD note due March 2027
500500
4.88% EUR note due May 2027
1,1721,069
2.85% USD note due August 2027
750750
3.95% USD note due January 2028
600600
3.15% EUR note due April 2028
762695
1.20% EUR note due October 2028
937855
4.35% USD note due January 2029
600600
1.80% GBP note due May 2029
514474
4.15% USD note due October 2029
500—
1.25% EUR note due October 2029
586534
3.00% USD note due March 2030
1,5001,500
4.05% USD note due May 2030
700—
0.35% EUR note due May 2030
586534
1.20% USD note due October 2030
1,2501,250
1.95% USD note due April 2031
1,0001,000
3.25% EUR note due August 2031
762695
2.30% USD note due February 2032
850850
4.05% USD note due January 2033
850850
4.55% USD note due January 2034
750750
3.20% EUR note due April 2034
996909
4.55% USD note due October 2034
500—
4.60% USD note due May 2035
550—
5.55% USD note due March 2037
716716
1.88% EUR note due October 2038
586534
3.55% USD note due March 2040
516516
0.90% EUR note due November 2041
703641
All other long-term debt4,7495,076
Current portion of long-term debt(5,377)(3,838)
TOTAL$24,995$25,269
Weighted average interest rate of long-term debt (1)
3.3%3.2%
(1)Weighted average interest rate of long-term debt includes the effects of interest rate swaps discussed in Note 9.
Maturities of Long-term Debt
Long-term debt maturities during the next five fiscal years are as follows:
Fiscal years ending June 3020262027202820292030
Debt maturities$5,377$4,606$2,142$2,027$3,996
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Investment SecuritiesPost-retirement Benefit PlansForeign Currency TranslationTotal AOCI
BALANCE AT JUNE 30, 2023, NET OF TAX$13 $67 $(12,300)$(12,220)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(4)823 (376)443 
Amounts reclassified to the Consolidated Statement of Earnings— (47)216 169 
Total other comprehensive income/(loss), before tax(4)776 (160)612 
Tax effect1 (230)(66)(295)
Total other comprehensive income/(loss), net of tax(3)546 (226)317 
Less: OCI attributable to non-controlling interests, net of tax— — (3)(3)
BALANCE AT JUNE 30, 2024, NET OF TAX10 613 (12,522)(11,900)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(1)(1,717)(51)(1,769)
Amounts reclassified to the Consolidated Statement of Earnings— (81)752 671 
Total other comprehensive income/(loss), before tax(1)(1,798)701 (1,098)
Tax effect1 407 442 850 
Total other comprehensive income/(loss), net of tax— (1,390)1,143 (248)
Less: OCI attributable to non-controlling interests, net of tax— — (4)(4)
BALANCE AT JUNE 30, 2025, NET OF TAX$9 $(777)$(11,375)$(12,143)
v3.25.2
LEASES (Tables)
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lease, Cost
The components of the Company’s total operating lease cost for the fiscal years ended June 30, 2025, 2024 and 2023, were as follows:
Fiscal years ended June 30202520242023
Operating lease cost$276 $252 $229 
Variable lease cost (1)
81 91 79 
Total lease cost$357 $343 $308 
(1)Includes primarily costs for utilities, common area maintenance, property taxes and other operating costs associated with operating leases that are not included in the lease liability and are recognized in the period in which they are incurred.
Asset and Liabilities, Lessee
Supplemental balance sheet and other information related to leases is as follows:
As of June 3020252024
Operating leases:
Right-of-use assets (Other noncurrent assets)$925$875
Current lease liabilities (Accrued and other liabilities)255243
Noncurrent lease liabilities (Other noncurrent liabilities)701666
Total operating lease liabilities$956$909
Weighted average remaining lease term:
Operating leases6.0 years6.0 years
Weighted average discount rate:
Operating leases4.6 %4.5 %
Lessee, Operating Lease, Liability, Maturity
At June 30, 2025, future payments of operating lease liabilities were as follows:
June 30, 2025
1 year$255 
2 years216 
3 years170 
4 years143 
5 years97 
Over 5 years198 
Total lease payments1,079 
Less: Interest(123)
Present value of lease liabilities $956 
v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Unrecorded Unconditional Purchase Obligations Disclosure Commitments made under take-or-pay obligations are as follows: 
Fiscal years ending June 3020262027202820292030Thereafter
Purchase obligations$893 $585 $365 $248 $130 $397 
v3.25.2
SUPPLIER FINANCE PROGRAMS (Tables)
 12 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Supplier Finance Program
The summary of the Company's outstanding obligation confirmed as valid under the SCF program is as follows:
2025
CONFIRMED OBLIGATIONS OUTSTANDING AT JUNE 30, 2024$5,559 
Invoices confirmed17,132
Confirmed invoices paid(16,999)
Translation and other98 
CONFIRMED OBLIGATIONS OUTSTANDING AT JUNE 30, 2025$5,790 
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
$ in Billions
 12 Months Ended
Jun. 30, 2025
USD ($)
country
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Accounting Policies [Line Items]      
Number of countries in which entity operates | country 180    
Number of countries with on-the-ground operations | country 70    
Research and development costs | $ $ 2.1 $ 2.0 $ 2.0
Advertising costs | $ $ 9.2 $ 9.6 $ 8.0
Minimum | Customer Relationships, Brands, and Other Non-Contractual Intangible Assets [Member]      
Accounting Policies [Line Items]      
Finite-lived intangible assets, useful life (in years) 5 years    
Maximum | Customer Relationships, Brands, and Other Non-Contractual Intangible Assets [Member]      
Accounting Policies [Line Items]      
Finite-lived intangible assets, useful life (in years) 30 years    
Furniture and Fixtures      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 15 years    
Computer Equipment | Minimum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 3 years    
Computer Equipment | Maximum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 5 years    
Machinery and equipment | Minimum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 3 years    
Machinery and equipment | Maximum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 20 years    
Buildings      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 40 years    
v3.25.2
SEGMENT INFORMATION - Additional Information (Details) - segment
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]      
Number of reportable segments 5    
Walmart Inc. And Affiliates | Revenue Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 16.00% 16.00% 15.00%
v3.25.2
SEGMENT INFORMATION - Percent Of Sales By Business Unit (Details) - Revenue Benchmark - Product Concentration Risk - Operating Segments
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 100.00% 100.00% 100.00%
Fabric & Home Care | Fabric Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 23.00% 24.00% 23.00%
Fabric & Home Care | Home Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 13.00% 12.00% 12.00%
Baby, Feminine & Family Care | Baby Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 9.00% 10.00%
Baby, Feminine & Family Care | Family Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 9.00% 8.00%
Baby, Feminine & Family Care | Feminine Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 6.00% 6.00% 7.00%
Beauty | Hair Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 9.00% 9.00%
Beauty | Personal Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 6.00% 5.00% 5.00%
Beauty | Skin Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 3.00% 4.00% 4.00%
Grooming | Grooming      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 8.00% 8.00% 8.00%
Health Care | Oral Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 8.00% 8.00% 8.00%
Health Care | Personal Health Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 6.00% 6.00% 6.00%
v3.25.2
SEGMENT INFORMATION - US And International Sales And Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]      
NET SALES $ 84,284 $ 84,039 $ 82,006
PROPERTY, PLANT AND EQUIPMENT, NET 23,897 22,152  
United States | Operating Segments      
Segment Reporting Information [Line Items]      
NET SALES 41,600 40,500 38,700
PROPERTY, PLANT AND EQUIPMENT, NET 12,600 12,000 11,400
International | Operating Segments      
Segment Reporting Information [Line Items]      
NET SALES 42,700 43,500 43,300
PROPERTY, PLANT AND EQUIPMENT, NET $ 11,300 $ 10,200 $ 10,500
v3.25.2
SEGMENT INFORMATION - Segment Results (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Net sales   $ 84,284 $ 84,039 $ 82,006
Cost of products sold   (41,164) (40,848) (42,760)
Selling, general and administrative expense   (22,669) (23,305) (21,112)
Other segment items   (284) (1,125) 219
EARNINGS BEFORE INCOME TAXES   20,167 18,761 18,353
Net earnings   16,065 14,974 14,738
Depreciation and amortization   2,847 2,896 2,714
Capital expenditures   3,773 3,322 3,062
Foreign currency translation losses non-cash charge $ 801 752    
Corporate        
Segment Reporting Information [Line Items]        
Net sales   794 601 765
Cost of products sold   (1,118) (1,082) (1,159)
Selling, general and administrative expense   (443) (784) (894)
Other segment items   (294) (1,156) 141
EARNINGS BEFORE INCOME TAXES   (1,061) (2,422) (1,147)
Net earnings   (527) (1,430) (399)
Depreciation and amortization   200 247 172
Capital expenditures   180 126 36
Beauty | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales   14,964 15,220 15,008
Cost of products sold   (5,822) (5,722) (5,849)
Selling, general and administrative expense   (5,687) (5,700) (5,157)
Other segment items   (1) 8 7
EARNINGS BEFORE INCOME TAXES   3,454 3,805 4,009
Net earnings   2,715 2,963 3,178
Depreciation and amortization   399 399 376
Capital expenditures   328 280 287
Grooming | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales   6,662 6,654 6,419
Cost of products sold   (2,675) (2,711) (2,698)
Selling, general and administrative expense   (2,036) (2,105) (1,925)
Other segment items   0 7 10
EARNINGS BEFORE INCOME TAXES   1,952 1,845 1,806
Net earnings   1,577 1,477 1,461
Depreciation and amortization   313 335 335
Capital expenditures   451 337 300
Health Care | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales   11,998 11,793 11,226
Cost of products sold   (4,974) (4,967) (4,855)
Selling, general and administrative expense   (3,886) (3,886) (3,615)
Other segment items   10 1 4
EARNINGS BEFORE INCOME TAXES   3,149 2,941 2,759
Net earnings   2,440 2,258 2,125
Depreciation and amortization   397 381 352
Capital expenditures   526 524 466
Fabric & Home Care | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales   29,617 29,495 28,371
Cost of products sold   (15,650) (15,535) (16,342)
Selling, general and administrative expense   (6,509) (6,631) (5,772)
Other segment items   1 10 45
EARNINGS BEFORE INCOME TAXES   7,459 7,339 6,303
Net earnings   5,848 5,687 4,828
Depreciation and amortization   723 710 675
Capital expenditures   1,208 1,076 979
Baby, Feminine & Family Care | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales   20,248 20,277 20,217
Cost of products sold   (10,926) (10,831) (11,857)
Selling, general and administrative expense   (4,108) (4,198) (3,749)
Other segment items   0 6 12
EARNINGS BEFORE INCOME TAXES   5,214 5,253 4,623
Net earnings   4,013 4,020 3,545
Depreciation and amortization   814 824 804
Capital expenditures   $ 1,080 $ 979 $ 994
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT $ 54,181 $ 50,063
Accumulated depreciation (30,284) (27,911)
PROPERTY, PLANT AND EQUIPMENT, NET 23,897 22,152
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT 40,077 37,507
Buildings    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT 9,190 8,534
Construction in progress    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT 3,935 3,126
Land    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT $ 979 $ 895
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Accrued And Other Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
ACCRUED AND OTHER LIABILITIES - CURRENT    
Accrued marketing and promotion $ 3,851 $ 4,172
Accrued compensation 2,007 2,161
Taxes payable 1,177 1,042
Derivative liabilities 627 54
Accrued interest 293 282
Lease liabilities $ 255 $ 243
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] TOTAL TOTAL
Restructuring reserves $ 189 $ 166
Other 2,920 2,953
TOTAL 11,318 11,073
OTHER NONCURRENT LIABILITIES    
Pension benefit obligations 3,026 2,884
Uncertain tax positions 701 723
Lease liabilities $ 701 $ 666
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] TOTAL TOTAL
Other retiree benefit obligations $ 691 $ 653
Derivative liabilities 435 325
2017 U.S. Tax Act transitional tax payable 0 592
Other 566 555
TOTAL $ 6,120 $ 6,398
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]          
Foreign currency translation losses non-cash charge $ 801 $ 752      
Incremental restructuring charges incurred     $ 1,200    
Restructuring charges   1,114   $ 659 $ 329
Cost of Sales          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges   $ 150   $ 248  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Cost of products sold   Cost of products sold  
Selling, General and Administrative Expenses          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges   $ 171   $ 155  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Selling, general and administrative expense   Selling, general and administrative expense  
Other Nonoperating Income (Expense)          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges   $ 793   $ 255  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other non-operating income, net   Other non-operating income, net  
Minimum          
Restructuring Cost and Reserve [Line Items]          
Historical restructuring costs, before tax   $ 250      
Maximum          
Restructuring Cost and Reserve [Line Items]          
Historical restructuring costs, before tax   $ 500      
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Restructuring Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Restructuring Reserve [Roll Forward]      
Beginning balance $ 166 $ 174  
Cost incurred 1,114 659 $ 329
Cost paid/settled (1,090) (667)  
Ending balance 189 166 174
Separation Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 133 155  
Cost incurred 145 202  
Cost paid/settled (158) (224)  
Ending balance 120 133 155
Asset-Related Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 0 0  
Cost incurred 55 101  
Cost paid/settled (55) (101)  
Ending balance 0 0 0
Other Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 32 19  
Cost incurred 914 355  
Cost paid/settled (877) (342)  
Ending balance $ 69 $ 32 $ 19
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Cost incurred $ 1,114 $ 659 $ 329
Corporate      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 945 371 161
Beauty | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 43 43 15
Grooming | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 32 76 17
Health Care | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 30 33 28
Fabric & Home Care | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 24 84 87
Baby, Feminine & Family Care | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Cost incurred $ 40 $ 50 $ 21
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Goodwill By Global Business Unit (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Goodwill [Roll Forward]      
Beginning balance $ 40,303 $ 40,659  
Acquisitions and divestitures 0 (61)  
Translation and other 1,348 (295)  
Ending balance 41,650 40,303  
Beauty      
Goodwill [Roll Forward]      
Beginning balance 13,723 13,888  
Acquisitions and divestitures 0 (61)  
Translation and other 507 (104)  
Ending balance 14,229 13,723  
Grooming      
Goodwill [Roll Forward]      
Beginning balance 12,633 12,703  
Acquisitions and divestitures 0 0  
Translation and other 360 (71)  
Ending balance 12,993 12,633  
Accumulated impairment losses 7,900 7,900 $ 7,900
Health Care      
Goodwill [Roll Forward]      
Beginning balance 7,638 7,718  
Acquisitions and divestitures 0 0  
Translation and other 303 (80)  
Ending balance 7,941 7,638  
Fabric & Home Care      
Goodwill [Roll Forward]      
Beginning balance 1,810 1,821  
Acquisitions and divestitures 0 0  
Translation and other 38 (10)  
Ending balance 1,848 1,810  
Baby, Feminine & Family Care      
Goodwill [Roll Forward]      
Beginning balance 4,499 4,529  
Acquisitions and divestitures 0 0  
Translation and other 141 (30)  
Ending balance $ 4,640 $ 4,499  
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible asset impairment charge $ 0 $ 1,341 $ 0
Gillette      
Indefinite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible asset impairment charge   1,300  
Indefinite-lived intangible asset impairment charge, after tax   $ 1,000  
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 9,204 $ 9,019
Accumulated Amortization (7,008) (6,558)
Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 28,918 28,605
Accumulated Amortization (7,008) (6,558)
Brands    
Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 19,714 19,587
Brands    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,449 4,318
Accumulated Amortization (3,019) (2,725)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization (3,019) (2,725)
Patents and technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,803 2,794
Accumulated Amortization (2,722) (2,683)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization (2,722) (2,683)
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,879 1,834
Accumulated Amortization (1,236) (1,121)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization (1,236) (1,121)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 73 72
Accumulated Amortization (31) (29)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ (31) $ (29)
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Amortization Of Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangible asset amortization $ 320 $ 338 $ 327
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2026 $ 308
2027 298
2028 255
2029 205
2030 $ 179
v3.25.2
INCOME TAXES - Earnings From Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]      
United States $ 13,911 $ 12,246 $ 12,107
International 6,256 6,515 6,246
TOTAL $ 20,167 $ 18,761 $ 18,353
v3.25.2
INCOME TAXES - Provision For Income Taxes On Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
CURRENT TAX EXPENSE      
U.S. federal $ 2,215 $ 1,954 $ 2,303
International 1,330 1,708 1,412
U.S. state and local 407 368 353
TOTAL 3,953 4,031 4,068
DEFERRED TAX EXPENSE/(BENEFIT)      
U.S. federal 9 (133) (224)
International and other 141 (111) (229)
TOTAL 149 (244) (453)
TOTAL TAX EXPENSE $ 4,102 $ 3,787 $ 3,615
v3.25.2
INCOME TAXES - Income Tax Rate Reconciliation (Details)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
Country mix impacts of foreign operations (0.40%) 0.10% (0.50%)
State income taxes, net of federal benefit 1.70% 1.80% 1.60%
Excess tax benefits from the exercise of stock options (1.40%) (1.50%) (1.00%)
Foreign derived intangible income deduction (FDII) (0.80%) (1.10%) (0.80%)
Changes in uncertain tax positions 0.10% 0.10% 0.10%
Other 0.20% (0.20%) (0.70%)
EFFECTIVE INCOME TAX RATE 20.30% 20.20% 19.70%
v3.25.2
INCOME TAXES - Additional Information (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
audit
country
Jun. 30, 2024
USD ($)
Income Tax Contingency [Line Items]    
Undistributed earnings of foreign subsidiaries $ 22,000  
Unrecognized tax benefits that could impact the effective tax rate in future periods $ 497  
Number of countries with on-the-ground operations | country 70  
Number of income tax jurisdictions | country 150  
Open tax year 2010  
Uncertain tax positions, accrued existing liabilities $ 114  
Uncertain tax positions, accrued interest 141 $ 111
Uncertain tax positions, accrued penalties 45 15
Net operating loss carryforwards 2,000 $ 2,300
Subject To Expiration, Expiring Between 2025 and 2045    
Income Tax Contingency [Line Items]    
Net operating loss carryforwards 100  
Not Subject To Expiration    
Income Tax Contingency [Line Items]    
Net operating loss carryforwards $ 1,900  
Minimum    
Income Tax Contingency [Line Items]    
Number of jurisdictional audits | audit 30  
Maximum    
Income Tax Contingency [Line Items]    
Number of jurisdictional audits | audit 40  
v3.25.2
INCOME TAXES - Unrecognized Tax Benefits Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Unrecognized Tax Benefits [Roll Forward]      
BEGINNING OF YEAR $ 582 $ 515 $ 583
Increases in tax positions for prior years 240 157 113
Decreases in tax positions for prior years (181) (133) (119)
Increases in tax positions for current year 57 160 60
Settlements with taxing authorities (65) (100) (108)
Lapse in statute of limitations (6) (9) (7)
Currency translation increases 7    
Currency translation decreases   (8) (7)
END OF YEAR $ 634 $ 582 $ 515
v3.25.2
INCOME TAXES - Deferred Income Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
DEFERRED TAX ASSETS    
Capitalized research & development $ 1,251 $ 1,140
Loss and other carryforwards 857 892
Pension and other retiree benefits 601 592
Accrued marketing and promotion 497 460
Stock-based compensation 445 433
Unrealized loss on financial and foreign exchange transactions 358 107
Fixed assets 230 206
Lease liabilities 212 199
Other 758 843
Valuation allowances (293) (290)
TOTAL 4,915 4,582
DEFERRED TAX LIABILITIES    
Goodwill and other intangible assets 5,475 5,459
Fixed assets 1,547 1,573
Other retiree benefits 1,102 1,319
Lease right-of-use assets 209 196
Foreign withholding tax on earnings to be repatriated 131 104
Unrealized gain on financial and foreign exchange transactions 96 263
Other 492 441
TOTAL $ 9,052 $ 9,355
v3.25.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
CONSOLIDATED AMOUNTS      
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 15,974 $ 14,879 $ 14,653
Less: Preferred dividends 291 284 282
Net earnings attributable to P&G available to common shareholders (Basic) $ 15,682 $ 14,595 $ 14,371
SHARES IN MILLIONS      
Basic weighted average common shares outstanding (in shares) 2,350.1 2,360.1 2,368.2
Add effect of dilutive securities:      
Stock options and other unvested equity awards (in shares) 33.3 38.3 39.4
Convertible preferred shares (in shares) 71.0 73.6 76.3
Diluted weighted average common shares outstanding (in shares) 2,454.4 2,471.9 2,483.9
NET EARNINGS PER COMMON SHARE      
Basic (in dollars per share) [1] $ 6.67 $ 6.18 $ 6.07
Diluted (in dollars per share) [1] $ 6.51 $ 6.02 $ 5.90
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 6.0 4.0 19.0
[1] Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
v3.25.2
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares authorized (in shares) 150    
Number of shares available for grant (in shares) 58    
Grant date fair value of shares vested $ 258 $ 256 $ 220
Stock options      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
Award expiration period (in years) 10 years    
Compensation cost not yet recognized $ 180    
Compensation cost not yet recognized, period for recognition (in years) 1 year 7 months 6 days    
RSUs and PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Compensation cost not yet recognized $ 244    
Compensation cost not yet recognized, period for recognition (in years) 1 year 7 months 6 days    
RSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
v3.25.2
SHARE-BASED COMPENSATION - Share-Based Compensation Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based expense $ 476 $ 562 $ 545
Income tax benefit 85 103 103
Stock options      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based expense 219 270 303
RSUs and PSUs      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based expense $ 257 $ 292 $ 242
v3.25.2
SHARE-BASED COMPENSATION - Assumptions Utilized In The Binomial Lattice-Based Valuation Model (Details)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]      
Interest rate, minimum (in percent) 3.50% 4.60% 3.70%
Interest rate, maximum (in percent) 4.40% 5.50% 4.10%
Weighted average interest rate (in percent) 3.70% 4.60% 3.70%
Dividend yield (in percent) 2.40% 2.50% 2.60%
Expected volatility (in percent) 18.00% 18.00% 21.00%
Expected life in years (in years) 8 years 10 months 24 days 8 years 9 months 18 days 8 years 9 months 18 days
v3.25.2
SHARE-BASED COMPENSATION - Options Outstanding (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Options (in thousands)  
Outstanding, beginning balance (in shares) | shares 107,362
Granted (in shares) | shares 8,347
Exercised (in shares) | shares (18,806)
Forfeited/expired (in shares) | shares (282)
Outstanding, ending balance (in shares) | shares 96,621
Exercisable (in shares) | shares 70,717
Weighted Average Exercise Price  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 111.59
Granted (in dollars per share) | $ / shares 173.33
Exercised (in dollars per share) | $ / shares 90.05
Forfeited/expired (in dollars per share) | $ / shares 150.86
Outstanding, ending balance (in dollars per share) | $ / shares 120.96
Exercisable (in dollars per share) | $ / shares $ 110.32
Options Additional Disclosures  
Outstanding, Weighted Average Contractual Life in Years (in years) 5 years
Exercisable, Weighted Average Contractual Life in Years (in years) 3 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value | $ $ 3,822
Exercisable, Aggregate Intrinsic Value | $ $ 3,466
v3.25.2
SHARE-BASED COMPENSATION - Additional Information On Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]      
Weighted average grant-date fair value of options granted (in dollars per share) $ 36.23 $ 34.25 $ 29.58
Intrinsic value of options exercised $ 1,546 $ 1,621 $ 979
Grant-date fair value of options that vested 299 244 219
Cash received from options exercised 1,693 1,888 1,189
Actual tax benefit from options exercised $ 321 $ 330 $ 207
v3.25.2
SHARE-BASED COMPENSATION - Schedule Of Non-Vested RSUs And PSUs (Details)
 12 Months Ended
Jun. 30, 2025
$ / shares
shares
RSUs  
Units (in thousands)  
Non-vested, beginning balance (in shares) | shares 3,321,000
Granted (in shares) | shares 1,418,000
Vested (in shares) | shares (1,291,000)
Forfeited (in shares) | shares (87,000)
Non-vested, ending balance (in shares) | shares 3,361,000
Weighted Average Grant Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 139.65
Granted (in dollars per share) | $ / shares 171.87
Vested (in dollars per share) | $ / shares 143.38
Forfeited (in dollars per share) | $ / shares 148.61
Non-vested, ending balance (in dollars per share) | $ / shares $ 151.58
PSUs  
Units (in thousands)  
Non-vested, beginning balance (in shares) | shares 1,016,000
Granted (in shares) | shares 459,000
Vested (in shares) | shares (541,000)
Forfeited (in shares) | shares (10,000)
Non-vested, ending balance (in shares) | shares 924,000
Weighted Average Grant Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 144.06
Granted (in dollars per share) | $ / shares 177.08
Vested (in dollars per share) | $ / shares 134.16
Forfeited (in dollars per share) | $ / shares 164.79
Non-vested, ending balance (in dollars per share) | $ / shares $ 166.15
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Details) - USD ($)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 1991
Jun. 30, 1989
Defined Benefit Plan Disclosure [Line Items]          
Defined contribution expense $ 534,000,000 $ 425,000,000 $ 392,000,000    
Accumulated benefit obligation $ 12,500,000,000 $ 11,600,000,000      
Pension Benefits          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 6.00% 6.00% 5.90%    
Expected future employer contributions, next fiscal year $ 218,000,000        
Pension Benefits | Series A Preferred Stock          
Defined Benefit Plan Disclosure [Line Items]          
ESOP, direct loan amount         $ 1,000,000,000.0
ESOP, debt structure, employer loan guarantee $ 0        
Dividend (in dollars per share) $ 4.08        
Liquidation value (in dollars per share) $ 6.82        
Other Retiree Benefits          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 8.50% 8.50% 8.40%    
Expected future employer contributions, next fiscal year $ 54,000,000        
Other Retiree Benefits | Series B Preferred Stock          
Defined Benefit Plan Disclosure [Line Items]          
ESOP, direct loan amount       $ 1,000,000,000.0  
ESOP, debt structure, employer loan guarantee $ 672,000,000        
Dividend (in dollars per share) $ 4.08        
Liquidation value (in dollars per share) $ 12.96        
Treasury Stock          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 8.50%        
Minimum | Equity securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 8.00%        
Minimum | Debt securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 3.00%        
Maximum | Equity securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 9.00%        
Maximum | Debt securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 5.00%        
United States          
Defined Benefit Plan Disclosure [Line Items]          
Contribution rate (in percent) 12.00% 13.00% 13.00%    
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Reconciliation Of Benefit Obligations And Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits      
CHANGE IN BENEFIT OBLIGATION      
Benefit obligation, beginning balance $ 12,355 $ 12,499  
Service cost 173 164 $ 173
Interest cost 498 527 430
Participants' contributions 15 14  
Amendments 12 21  
Net actuarial loss/(gain) (263) (11)  
Special termination benefits 3 4  
Currency translation and other 980 (155)  
Benefit payments (617) (707)  
Benefit obligation, ending balance 13,156 12,355 12,499
CHANGE IN PLAN ASSETS      
Fair value of plan assets, beginning balance 10,857 10,374  
Actual return on plan assets 326 1,058  
Employer contributions 189 239  
Participants' contributions 15 14  
Currency translation and other 903 (119)  
ESOP debt impacts 0 0  
Benefit payments (617) (707)  
Fair value of plan assets, ending balance 11,672 10,857 10,374
FUNDED STATUS (1,484) (1,498)  
Other Retiree Benefits      
CHANGE IN BENEFIT OBLIGATION      
Benefit obligation, beginning balance 2,687 2,933  
Service cost 61 68 71
Interest cost 147 157 142
Participants' contributions 56 56  
Amendments (4) 2  
Net actuarial loss/(gain) 679 (268)  
Special termination benefits 2 3  
Currency translation and other 17 (22)  
Benefit payments (250) (242)  
Benefit obligation, ending balance 3,396 2,687 2,933
CHANGE IN PLAN ASSETS      
Fair value of plan assets, beginning balance 8,043 7,324  
Actual return on plan assets (168) 784  
Employer contributions 42 44  
Participants' contributions 56 56  
Currency translation and other 0 0  
ESOP debt impacts 64 77  
Benefit payments (250) (242)  
Fair value of plan assets, ending balance 7,787 8,043 $ 7,324
FUNDED STATUS $ 4,391 $ 5,356  
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Reconciliation Of Benefit Plans Recognized In The Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Pension Benefits    
CLASSIFICATION OF NET AMOUNT RECOGNIZED    
Noncurrent assets $ 1,621 $ 1,458
Current liabilities (78) (73)
Noncurrent liabilities (3,026) (2,884)
NET AMOUNT RECOGNIZED (1,484) (1,498)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)    
Net actuarial loss/(gain) 1,322 1,258
Prior service cost/(credit) 122 140
NET AMOUNTS RECOGNIZED IN AOCI 1,444 1,398
Other Retiree Benefits    
CLASSIFICATION OF NET AMOUNT RECOGNIZED    
Noncurrent assets 5,123 6,047
Current liabilities (41) (38)
Noncurrent liabilities (691) (653)
NET AMOUNT RECOGNIZED 4,391 5,356
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)    
Net actuarial loss/(gain) 166 (1,493)
Prior service cost/(credit) (553) (655)
NET AMOUNTS RECOGNIZED IN AOCI $ (387) $ (2,148)
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Pension Plans With Accumulated And Projected Benefit Obligations In Excess Of Plan (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 8,175 $ 7,613
Fair value of plan assets 5,070 4,656
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 7,653 7,103
Fair value of plan assets 5,018 4,624
Other Retiree Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 802 770
Fair value of plan assets $ 70 $ 79
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Components Of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits      
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)      
Service cost $ 173 $ 164 $ 173
Interest cost 498 527 430
Expected return on plan assets (657) (610) (591)
Amortization of net actuarial loss/(gain) 63 95 133
Amortization of prior service cost/(credit) 40 37 26
Amortization of net actuarial loss/(gain) due to settlements 5 (13) 0
Special termination benefits 3 4 5
NET PERIODIC BENEFIT COST/(CREDIT) 126 203 176
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI      
Net actuarial loss/(gain) - current year 68 (458)  
Prior service cost/(credit) - current year 12 21  
Amortization of net actuarial (loss)/gain (63) (95)  
Amortization of prior service (cost)/credit (40) (37)  
Amortization of net actuarial (loss)/gain due to settlements (5) 13  
Currency translation and other 74 (21)  
TOTAL CHANGE IN AOCI 46 (576)  
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI 171 (373)  
Other Retiree Benefits      
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)      
Service cost 61 68 71
Interest cost 147 157 142
Expected return on plan assets (745) (687) (611)
Amortization of net actuarial loss/(gain) (59) (38) (7)
Amortization of prior service cost/(credit) (128) (127) (125)
Amortization of net actuarial loss/(gain) due to settlements 0 0 0
Special termination benefits 2 3 4
NET PERIODIC BENEFIT COST/(CREDIT) (721) (623) $ (526)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI      
Net actuarial loss/(gain) - current year 1,592 (366)  
Prior service cost/(credit) - current year (4) 2  
Amortization of net actuarial (loss)/gain 59 38  
Amortization of prior service (cost)/credit 128 127  
Amortization of net actuarial (loss)/gain due to settlements 0 0  
Currency translation and other (14) (2)  
TOTAL CHANGE IN AOCI 1,761 (201)  
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI $ 1,040 $ (824)  
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Weighted Average Assumptions For The Benefit Calculations As Well As Assumed Health Care Trend Rates Balance Sheets (Details)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Pension Benefits    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Discount rate (in percent) 4.20% 4.20%
Rate of compensation increase (in percent) 2.70% 2.80%
Interest crediting rate for cash balance plans (in percent) 4.60% 4.70%
Other Retiree Benefits    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Discount rate (in percent) 5.90% 5.80%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]    
Health care cost trend rates assumed for next year (in percent) 6.90% 6.30%
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate) (in percent) 5.40% 4.90%
Year that the rate reaches the ultimate trend rate 2030 2029
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Weighted Average Assumptions For The Benefit Calculations As Well As Assumed Health Care Trend Rates Statement Of Earnings (Details)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percent) 4.20% 4.20% 3.70%
Expected return on plan assets (in percent) 6.00% 6.00% 5.90%
Rate of compensation increase (in percent) 2.80% 2.90% 2.80%
Interest crediting rate for cash balance plans (in percent) 4.70% 4.30% 4.30%
Other Retiree Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percent) 5.80% 5.60% 5.00%
Expected return on plan assets (in percent) 8.50% 8.50% 8.40%
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Target And Actual Asset Allocation (Details)
Jun. 30, 2025
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 100.00%
Other Retiree Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 100.00%
Cash | Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 1.00%
Cash | Other Retiree Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 2.00%
Debt securities | Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 64.00%
Debt securities | Other Retiree Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 1.00%
Equity securities | Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 35.00%
Equity securities | Other Retiree Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Target Asset Allocation (in percent) 97.00%
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Fair Value Of Plan Asset (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE $ 11,672 $ 10,857 $ 10,374
Pension Benefits | Fair Value, Inputs, Level 1, 2 and 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 1,312 1,508  
Pension Benefits | Fair Value Measured at Net Asset Value Per Share      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 10,361 9,349  
Pension Benefits | Cash | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 55 267  
Pension Benefits | Company common stock | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 0 0  
Pension Benefits | Company preferred stock | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 0 0  
Pension Benefits | Fixed income securities | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 1,050 1,076  
Pension Benefits | Insurance contracts | Fair Value, Inputs, Level 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 207 165  
Other Retiree Benefits      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 7,787 8,043 $ 7,324
Other Retiree Benefits | Fair Value, Inputs, Level 1, 2 and 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 7,718 7,966  
Other Retiree Benefits | Fair Value Measured at Net Asset Value Per Share      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 68 77  
Other Retiree Benefits | Cash | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 135 135  
Other Retiree Benefits | Company common stock | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 496 451  
Other Retiree Benefits | Company preferred stock | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 7,087 7,380  
Other Retiree Benefits | Fixed income securities | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 0 0  
Other Retiree Benefits | Insurance contracts | Fair Value, Inputs, Level 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE $ 0 $ 0  
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Total Benefit Payments Expected To Be Paid (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Pension Benefits  
EXPECTED BENEFIT PAYMENTS  
2026 $ 657
2027 663
2028 720
2029 726
2030 760
2031 - 2035 4,131
Other Retiree Benefits  
EXPECTED BENEFIT PAYMENTS  
2026 201
2027 203
2028 208
2029 218
2030 225
2031 - 2035 $ 1,258
v3.25.2
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - ESOP Shares Outstanding (Details) - shares
shares in Thousands
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Series A Preferred Stock      
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]      
Allocated (in shares) 20,648 22,724 24,449
Unallocated (in shares) 0 0 535
TOTAL (in shares) 20,648 22,724 24,984
Series B Preferred Stock      
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]      
Allocated (in shares) 34,965 33,723 32,172
Unallocated (in shares) 14,142 15,864 17,867
TOTAL (in shares) 49,107 49,587 50,039
v3.25.2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Collateral already posted, aggregate fair value $ 1,061 $ 307
Cash equivalents 8,300 8,000
Fair value of long-term debt 29,500 27,700
Current portion of long-term debt instruments $ 5,300 $ 3,800
Derivative Asset, Statement of Financial Position [Extensible Enumeration] OTHER NONCURRENT ASSETS, Prepaid expenses and other current assets OTHER NONCURRENT ASSETS, Prepaid expenses and other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities, OTHER NONCURRENT LIABILITIES Accrued and other liabilities, OTHER NONCURRENT LIABILITIES
Fair Value Hedging | Underlying, Other    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of the underlying debt obligation $ 3,100 $ 2,700
Net Investment Hedging | Underlying, Other    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of the underlying debt obligation $ 11,200 $ 11,900
v3.25.2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Notional Amounts And Fair Values Of Qualifying And Non-Qualifying Financial Instruments Used In Hedging Transactions (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount $ 18,730 $ 16,325
Fair Value Asset 19 120
Fair Value (Liability) (1,062) (379)
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 15,154 13,133
Fair Value Asset 0 119
Fair Value (Liability) (1,061) (356)
Interest rate contracts | Fair Value Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 3,280 2,993
Fair Value Asset 0 0
Fair Value (Liability) (201) (325)
Foreign currency contracts | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 3,576 3,192
Fair Value Asset 19 1
Fair Value (Liability) 0 (23)
Foreign currency contracts | Net Investment Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 11,874 10,140
Fair Value Asset 0 119
Fair Value (Liability) $ (860) $ (31)
v3.25.2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Gains And Losses On Derivatives In Net Investment Hedges Recognized in OCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain (loss) excluded from effectiveness testing, which was recognized in earnings $ 226 $ 229
Gain/(loss) recognized in AOCI (1,050) 255
Foreign currency contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain/(Loss) Recognized in OCI on Derivatives $ (1,040) $ 163
v3.25.2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Gains And Losses On Derivatives In Net Investment Hedges Recognized in Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Interest rate contracts | Fair Value Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain/(Loss) Recognized in Earnings $ 124 $ 120
Foreign currency contracts | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain/(Loss) Recognized in Earnings $ 66 $ (91)
v3.25.2
SHORT-TERM AND LONG-TERM DEBT - Short-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Debt Disclosure [Abstract]    
Current portion of long-term debt $ 5,377 $ 3,838
Commercial paper 4,108 3,327
Other 27 26
TOTAL $ 9,513 $ 7,191
Weighted average interest rate of debt due within one year (in percent) 3.00% 3.70%
v3.25.2
SHORT-TERM AND LONG-TERM DEBT - Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]    
All other long-term debt $ 4,749 $ 5,076
Current portion of long-term debt (5,377) (3,838)
TOTAL $ 24,995 $ 25,269
Weighted average interest rate of long-term debt (in percent) 3.30% 3.20%
0.50% EUR note due October 2024    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.50%  
Long-term debt $ 0 $ 534
0.63% EUR note due October 2024    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.63%  
Long-term debt $ 0 855
0.55% USD note due October 2025    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.55%  
Long-term debt $ 1,000 1,000
4.10% USD note due January 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.10%  
Long-term debt $ 650 650
2.70% USD note due February 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.70%  
Long-term debt $ 600 600
1.00% USD note due April 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.00%  
Long-term debt $ 1,000 1,000
3.25% EUR note due August 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.25%  
Long-term debt $ 762 695
2.45% USD note due November 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.45%  
Long-term debt $ 875 875
1.90% USD note due February 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.90%  
Long-term debt $ 1,000 1,000
2.80% USD note due March 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.80%  
Long-term debt $ 500 500
4.88% EUR note due May 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.88%  
Long-term debt $ 1,172 1,069
2.85% USD note due August 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.85%  
Long-term debt $ 750 750
3.95% USD note due January 2028    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.95%  
Long-term debt $ 600 600
3.15% EUR note due April 2028    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.15%  
Long-term debt $ 762 695
1.20% EUR note due October 2028    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.20%  
Long-term debt $ 937 855
4.35% USD note due January 2029    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.35%  
Long-term debt $ 600 600
1.80% GBP note due May 2029    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.80%  
Long-term debt $ 514 474
4.15% USD note due October 2029    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.15%  
Long-term debt $ 500 0
1.25% EUR note due October 2029    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.25%  
Long-term debt $ 586 534
3.00% USD note due March 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.00%  
Long-term debt $ 1,500 1,500
4.05% USD note due May 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.05%  
Long-term debt $ 700 0
0.35% EUR note due May 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.35%  
Long-term debt $ 586 534
1.20% USD note due October 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.20%  
Long-term debt $ 1,250 1,250
1.95% USD note due April 2031    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.95%  
Long-term debt $ 1,000 1,000
3.25% EUR note due August 2031    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.25%  
Long-term debt $ 762 695
2.30% USD note due February 2032    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.30%  
Long-term debt $ 850 850
4.05% USD note due January 2033    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.05%  
Long-term debt $ 850 850
4.55% USD note due January 2034    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.55%  
Long-term debt $ 750 750
3.20% EUR note due April 2034    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.20%  
Long-term debt $ 996 909
4.55% USD note due October 2034    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.55%  
Long-term debt $ 500 0
4.60% USD note due May 2035    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.60%  
Long-term debt $ 550 0
5.55% USD note due March 2037    
Debt Instrument [Line Items]    
Interest rate (in percent) 5.55%  
Long-term debt $ 716 716
1.88% EUR note due October 2038    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.88%  
Long-term debt $ 586 534
3.55% USD note due March 2040    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.55%  
Long-term debt $ 516 516
0.90% EUR note due November 2041    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.90%  
Long-term debt $ 703 $ 641
v3.25.2
SHORT-TERM AND LONG-TERM DEBT - Long-Term Debt Maturities (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Maturities of Long-term Debt [Abstract]  
2026 $ 5,377
2027 4,606
2028 2,142
2029 2,027
2030 $ 3,996
v3.25.2
SHORT-TERM AND LONG-TERM DEBT - Additional Information (Details) - Line of Credit
$ in Billions
 12 Months Ended
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 8.0
Five-Year Credit Facility  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 3.2
Facility term 5 years
364-Day Credit Facility  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 4.8
Facility term 364 days
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Statement of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 50,559 $ 47,065 $ 46,854
Other comprehensive income/(loss), before tax:      
OCI before reclassifications (1,769) 443  
Amounts reclassified to the Consolidated Statement of Earnings 671 169  
Total other comprehensive income/(loss), before tax (1,098) 612  
Tax effect 850 (295)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX (248) 317 (38)
Less: OCI attributable to non-controlling interests, net of tax (4) (3)  
Ending balance 52,284 50,559 47,065
Total AOCI      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (11,900) (12,220)  
Other comprehensive income/(loss), before tax:      
Ending balance (12,143) (11,900) (12,220)
Investment Securities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 10 13  
Other comprehensive income/(loss), before tax:      
OCI before reclassifications (1) (4)  
Amounts reclassified to the Consolidated Statement of Earnings 0 0  
Total other comprehensive income/(loss), before tax (1) (4)  
Tax effect 1 1  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 0 (3)  
Less: OCI attributable to non-controlling interests, net of tax 0 0  
Ending balance 9 10 13
Post-retirement Benefit Plans      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 613 67  
Other comprehensive income/(loss), before tax:      
OCI before reclassifications (1,717) 823  
Amounts reclassified to the Consolidated Statement of Earnings (81) (47)  
Total other comprehensive income/(loss), before tax (1,798) 776  
Tax effect 407 (230)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX (1,390) 546  
Less: OCI attributable to non-controlling interests, net of tax 0 0  
Ending balance (777) 613 67
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (12,522) (12,300)  
Other comprehensive income/(loss), before tax:      
OCI before reclassifications (51) (376)  
Amounts reclassified to the Consolidated Statement of Earnings 752 216  
Total other comprehensive income/(loss), before tax 701 (160)  
Tax effect 442 (66)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 1,143 (226)  
Less: OCI attributable to non-controlling interests, net of tax (4) (3)  
Ending balance $ (11,375) $ (12,522) $ (12,300)
v3.25.2
LEASES - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]      
Operating lease cost $ 276 $ 252 $ 229
Variable lease cost 81 91 79
Total lease cost $ 357 $ 343 $ 308
v3.25.2
LEASES - Supplemental Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Right-of-use assets $ 925 $ 875
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] OTHER NONCURRENT ASSETS OTHER NONCURRENT ASSETS
Current lease liabilities $ 255 $ 243
Noncurrent lease liabilities 701 666
Total operating lease liabilities $ 956 $ 909
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities, OTHER NONCURRENT LIABILITIES  
Weighted average remaining lease term (in years) 6 years 6 years
Weighted average discount rate (in percent) 4.60% 4.50%
v3.25.2
LEASES - Future Maturities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
1 year $ 255  
2 years 216  
3 years 170  
4 years 143  
5 years 97  
Over 5 years 198  
Total lease payments 1,079  
Less: Interest (123)  
Total operating lease liabilities $ 956 $ 909
v3.25.2
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ 280 $ 255
Right-of-use assets obtained in exchange for lease liabilities $ 261 $ 357
v3.25.2
COMMITMENTS AND CONTINGENCIES - Purchase Obligations (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract]  
2026 $ 893
2027 585
2028 365
2029 248
2030 130
Thereafter $ 397
v3.25.2
SUPPLIER FINANCE PROGRAMS - Additional Information (Details)
Jun. 30, 2025
Jun. 30, 2024
Supplier Finance Program [Line Items]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
Minimum    
Supplier Finance Program [Line Items]    
Payment terms for suppliers (in days) 60 days  
Maximum    
Supplier Finance Program [Line Items]    
Payment terms for suppliers (in days) 180 days  
v3.25.2
SUPPLIER FINANCE PROGRAMS - Rollforward (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
Supplier Finance Program, Obligation [Roll Forward]  
CONFIRMED OBLIGATIONS OUTSTANDING AT JUNE 30, 2024 $ 5,559
Invoices confirmed 17,132
Confirmed invoices paid (16,999)
Translation and other 98
CONFIRMED OBLIGATIONS OUTSTANDING AT JUNE 30, 2025 $ 5,790