PROCTER & GAMBLE CO, 10-Q filed on 1/23/2026
Quarterly Report
v3.25.4
Cover Page
6 Months Ended
Dec. 31, 2025
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Dec. 31, 2025
Document Transition Report false
Entity Registrant Name PROCTER & GAMBLE CO
Entity Incorporation, State or Country Code OH
Entity File Number 1-434
Entity Tax Identification Number 31-0411980
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 Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 2,324,000,685
Entity Central Index Key 0000080424
Current Fiscal Year End Date --06-30
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q2
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
2.900% Notes due 2033  
Entity Information [Line Items]  
Title of 12(b) Security 2.900% Notes due 2033
Trading Symbol PG33B
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
3.650% Notes due 2045  
Entity Information [Line Items]  
Title of 12(b) Security 3.650% Notes due 2045
Trading Symbol PG45
Security Exchange Name NYSE
v3.25.4
Consolidated Statements of Earnings - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
NET SALES $ 22,208 $ 21,882 $ 44,594 $ 43,619
Cost of products sold 10,834 10,418 21,721 20,839
Selling, general and administrative expense 6,008 5,723 11,651 11,242
OPERATING INCOME 5,366 5,741 11,222 11,538
Interest expense (220) (240) (417) (478)
Interest income 115 119 222 254
Other non-operating income/(expense), net 160 224 427 (330)
EARNINGS BEFORE INCOME TAXES 5,421 5,845 11,455 10,985
Income taxes 1,090 1,187 2,343 2,339
NET EARNINGS 4,331 4,659 9,112 8,646
Less: Net earnings attributable to noncontrolling interests 12 29 42 56
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 4,319 $ 4,630 $ 9,070 $ 8,589
NET EARNINGS PER COMMON SHARE        
Basic (in dollars per share) [1] $ 1.82 $ 1.94 $ 3.82 $ 3.59
Diluted (in dollars per share) [1] $ 1.78 $ 1.88 $ 3.73 $ 3.49
[1] Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]        
NET EARNINGS $ 4,331 $ 4,659 $ 9,112 $ 8,646
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX        
Foreign currency translation 45 (770) 25 256
Unrealized gains/(losses) on investment securities 2 0 1 1
Unrealized gains/(losses) on defined benefit postretirement plans (2) 24 1 3
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 46 (747) 27 260
TOTAL COMPREHENSIVE INCOME 4,377 3,912 9,139 8,906
Less: Comprehensive income attributable to noncontrolling interests 10 26 34 54
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE $ 4,367 $ 3,887 $ 9,105 $ 8,852
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 10,825 $ 9,556
Accounts receivable 6,279 6,185
INVENTORIES    
Materials and supplies 2,139 2,022
Work in process 1,007 1,012
Finished goods 4,672 4,516
Total inventories 7,817 7,551
Prepaid expenses and other current assets 1,666 2,100
TOTAL CURRENT ASSETS 26,588 25,392
PROPERTY, PLANT AND EQUIPMENT, NET 24,487 23,897
GOODWILL 41,665 41,650
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 21,737 21,910
OTHER NONCURRENT ASSETS 12,809 12,381
TOTAL ASSETS 127,286 125,231
CURRENT LIABILITIES    
Accounts payable 15,173 15,227
Accrued and other liabilities 10,463 11,318
Debt due within one year 11,062 9,513
TOTAL CURRENT LIABILITIES 36,699 36,058
LONG-TERM DEBT 25,577 24,995
DEFERRED INCOME TAXES 5,974 5,774
OTHER NONCURRENT LIABILITIES 5,719 6,120
TOTAL LIABILITIES 73,969 72,946
SHAREHOLDERS’ EQUITY    
Preferred stock 767 777
Common stock 4,009 4,009
Additional paid-in capital 69,010 68,770
Reserve for ESOP debt retirement (637) (672)
Accumulated other comprehensive loss (12,108) (12,143)
Treasury stock (141,981) (138,702)
Retained earnings 133,981 129,973
Noncontrolling interest 276 272
TOTAL SHAREHOLDERS’ EQUITY 53,317 52,284
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 127,286 $ 125,231
v3.25.4
Consolidated Balance Sheets (Parenthetical) - shares
shares in Millions
Dec. 31, 2025
Jun. 30, 2025
Statement of Financial Position [Abstract]    
Common stock, issued (in shares) 4,009.2 4,009.2
v3.25.4
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, 2024   2,357,051              
Beginning 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 8,646             8,589 56
Other comprehensive income/(loss) 260         263     (3)
Dividends and dividend equivalents:                  
Common (4,754)             (4,754)  
Preferred (144)             (144)  
Treasury stock purchases (in shares)   (26,269)              
Treasury stock purchases (4,462)           (4,462)    
Employee stock plans (in shares)   12,827              
Employee stock plans 1,318     598     720    
Preferred stock conversions (in shares)   1,243              
Preferred stock conversions 0   (10) 1     9    
ESOP debt impacts 71       30     41  
Noncontrolling interest, net (51)               (51)
Ending balance (in shares) at Dec. 31, 2024   2,344,852              
Ending balance at Dec. 31, 2024 51,443 $ 4,009 788 68,283 (707) (11,637) (137,112) 127,544 275
Beginning balance (in shares) at Sep. 30, 2024   2,355,042              
Beginning balance at Sep. 30, 2024 52,141 $ 4,009 791 68,102 (707) (10,893) (134,823) 125,361 300
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net earnings 4,659             4,630 29
Other comprehensive income/(loss) (747)         (744)     (3)
Dividends and dividend equivalents:                  
Common (2,375)             (2,375)  
Preferred (72)             (72)  
Treasury stock purchases (in shares)   (14,716)              
Treasury stock purchases (2,520)           (2,520)    
Employee stock plans (in shares)   4,057              
Employee stock plans 408     181     228    
Preferred stock conversions (in shares)   469              
Preferred stock conversions 0   (3)       3    
Noncontrolling interest, net (51)               (51)
Ending balance (in shares) at Dec. 31, 2024   2,344,852              
Ending balance at Dec. 31, 2024 51,443 $ 4,009 788 68,283 (707) (11,637) (137,112) 127,544 275
Beginning balance (in shares) at Jun. 30, 2025   2,341,994              
Beginning balance at Jun. 30, 2025 52,284 $ 4,009 777 68,770 (672) (12,143) (138,702) 129,973 272
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net earnings 9,112             9,070 42
Other comprehensive income/(loss) 27         35     (8)
Dividends and dividend equivalents:                  
Common (4,960)             (4,960)  
Preferred (146)             (146)  
Treasury stock purchases (in shares)   (23,591)              
Treasury stock purchases (3,529)           (3,529)    
Employee stock plans (in shares)   4,304              
Employee stock plans 480     238     242    
Preferred stock conversions (in shares)   1,294              
Preferred stock conversions 0   (10) 1     9    
ESOP debt impacts 79       35     44  
Noncontrolling interest, net (30)               (30)
Ending balance (in shares) at Dec. 31, 2025   2,324,001              
Ending balance at Dec. 31, 2025 53,317 $ 4,009 767 69,010 (637) (12,108) (141,981) 133,981 276
Beginning balance (in shares) at Sep. 30, 2025   2,336,734              
Beginning balance at Sep. 30, 2025 53,551 $ 4,009 770 68,917 (637) (12,156) (139,845) 132,212 281
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net earnings 4,331             4,319 12
Other comprehensive income/(loss) 46         48     (2)
Dividends and dividend equivalents:                  
Common (2,478)             (2,478)  
Preferred (73)             (73)  
Treasury stock purchases (in shares)   (15,566)              
Treasury stock purchases (2,271)           (2,271)    
Employee stock plans (in shares)   2,350              
Employee stock plans 224     92     132    
Preferred stock conversions (in shares)   483              
Preferred stock conversions 0   (3)       3    
Noncontrolling interest, net (14)               (14)
Ending balance (in shares) at Dec. 31, 2025   2,324,001              
Ending balance at Dec. 31, 2025 $ 53,317 $ 4,009 $ 767 $ 69,010 $ (637) $ (12,108) $ (141,981) $ 133,981 $ 276
v3.25.4
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Dividends and dividend equivalents, common stock (in dollars per share) $ 1.0568 $ 1.0065 $ 2.1136 $ 2.0130
Dividends and dividend equivalents, preferred stock (in dollars per share) $ 1.0568 $ 1.0065 $ 2.1136 $ 2.0130
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Cash Flows [Abstract]    
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 9,556 $ 9,482
OPERATING ACTIVITIES (1)    
Net earnings 9,112 8,646
Depreciation and amortization 1,563 1,434
Share-based compensation expense 262 241
Deferred income taxes 196 221
(Gain)/loss on sale of assets 1 787
Change in accounts receivable (92) (262)
Change in inventories (255) (170)
Change in accounts payable 239 (286)
Other (645) (1,484)
TOTAL OPERATING ACTIVITIES [1] 10,380 9,127
INVESTING ACTIVITIES    
Capital expenditures (2,367) (1,918)
Proceeds from asset sales 16 47
Acquisitions, net of cash acquired (5) (6)
Other investing activity (408) (153)
TOTAL INVESTING ACTIVITIES (2,763) (2,029)
FINANCING ACTIVITIES    
Dividends to shareholders (5,093) (4,886)
Additions to short-term debt with original maturities of more than three months 4,180 5,905
Reductions in short-term debt with original maturities of more than three months (3,270) (571)
Net additions/(reductions) to other short-term debt (471) (2,705)
Additions to long-term debt 2,652 995
Reductions in long-term debt (1,005) (1,478)
Treasury stock purchases (3,528) (4,449)
Impact of stock options and other 208 985
TOTAL FINANCING ACTIVITIES (6,327) (6,205)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (21) (144)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,269 748
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 10,825 $ 10,230
[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.
v3.25.4
Basis of Presentation
6 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited Consolidated Financial Statements of The Procter & Gamble Company and subsidiaries ("the Company," "Procter & Gamble," "P&G," "we" or "our") should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025. We have prepared these statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim financial information. Note that certain columns and rows may not add due to rounding. In the opinion of management, the accompanying Consolidated Financial Statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods reported. However, the results of operations included in such financial statements may not necessarily be indicative of annual results.
v3.25.4
New Accounting Pronouncements and Policies
6 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
New Accounting Pronouncements and Policies New Accounting Pronouncements and Policies
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. This guidance will require additional disclosures in the Income Tax 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.
In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software”. This guidance amends the accounting for and disclosure of software costs. This amendment is effective for our fiscal year ending June 30, 2029 and the interim periods within that fiscal year. We are currently assessing the impact of this guidance on our Consolidated Financial Statements.
In December 2025, the FASB issued ASU No. 2025-10, “Accounting for Government Grants Received by Business Entities”. This amendment provides guidance on the recognition, measurement, and presentation of government grants. This amendment is effective for our fiscal year ending June 30, 2030 and the interim periods within that fiscal year. We are currently assessing the impact of this guidance on our Consolidated Financial Statements.
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.
v3.25.4
Segment Information
6 Months Ended
Dec. 31, 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).
Operating segments as a percentage of consolidated net sales are as follows:
% of Net sales by operating segment (1)
Three Months Ended December 31Six Months Ended December 31
2025202420252024
Fabric Care23 %23 %23 %23 %
Home Care12 %12 %12 %12 %
Baby Care9 %%9 %%
Hair Care9 %%9 %%
Oral Care9 %%8 %%
Family Care8 %%8 %%
Grooming8 %%8 %%
Personal Health Care7 %%7 %%
Feminine Care6 %%6 %%
Personal Care5 %%6 %%
Skin Care4 %%4 %%
Total100 %100 %100 %100 %
(1)% of Net sales by operating segment excludes sales recorded in Corporate.
The following is a summary of reportable segment results:
Three Months Ended December 31, 2025
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$4,039 $1,794 $3,406 $7,686 $5,123 $160 $22,208 
Cost of products sold(1,557)(732)(1,373)(4,064)(2,762)(346)(10,834)
Selling, general and administrative expense(1,490)(531)(1,020)(1,661)(1,023)(284)(6,008)
Other segment items (1)
  (3)  58 55 
Earnings/(loss) before income taxes992 531 1,009 1,961 1,338 (412)5,421 
Net earnings/(loss)$763 $417 $770 $1,521 $1,020 $(161)$4,331 
Other segment information
Depreciation and amortization$103 $78 $108 $186 $207 $121 $803 
Capital expenditures$86 $128 $139 $318 $361 $135 $1,167 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Three Months Ended December 31, 2024
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$3,848 $1,752 $3,249 $7,575 $5,298 $159 $21,882 
Cost of products sold(1,462)(681)(1,284)(3,936)(2,820)(235)(10,418)
Selling, general and administrative expense(1,390)(504)(991)(1,649)(1,014)(175)(5,723)
Other segment items (1)
— — — (1)— 104 104 
Earnings/(loss) before income taxes996 568 974 1,989 1,464 (146)5,845 
Net earnings/(loss)$780 $459 $758 $1,567 $1,119 $(24)$4,659 
Other segment information
Depreciation and amortization$101 $77 $101 $180 $202 $46 $706 
Capital expenditures$69 $86 $135 $267 $261 $107 $925 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Six Months Ended December 31, 2025
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$8,182 $3,611 $6,626 $15,479 $10,294 $402 $44,594 
Cost of products sold(3,181)(1,475)(2,716)(8,208)(5,532)(607)(21,721)
Selling, general and administrative expense(2,877)(1,020)(1,965)(3,268)(1,978)(544)(11,651)
Other segment items (1)
  3   230 233 
Earnings/(loss) before income taxes2,124 1,117 1,947 4,003 2,784 (520)11,455 
Net earnings/(loss)$1,643 $881 $1,489 $3,100 $2,125 $(125)$9,112 
Other segment information
Depreciation and amortization$205 $158 $213 $371 $413 $204 $1,563 
Capital expenditures$160 $260 $248 $600 $635 $463 $2,367 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Six Months Ended December 31, 2024
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$7,741 $3,475 $6,397 $15,285 $10,400 $322 $43,619 
Cost of products sold(2,956)(1,387)(2,543)(7,941)(5,550)(463)(20,839)
Selling, general and administrative expense(2,722)(999)(1,926)(3,277)(2,003)(315)(11,242)
Other segment items (1)
(1)— — — — (553)(554)
Earnings/(loss) before income taxes2,063 1,090 1,928 4,066 2,847 (1,009)10,985 
Net earnings/(loss)$1,620 $885 $1,499 $3,188 $2,185 $(731)$8,646 
Other segment information
Depreciation and amortization$200 $160 $198 $358 $406 $112 $1,434 
Capital expenditures$118 $181 $218 $471 $459 $472 $1,918 
(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.
The Chief Operating Decision Maker (CODM) does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment.
v3.25.4
Goodwill and Intangible Assets
6 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill is allocated by reportable segment as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTotal Company
GOODWILL AT JUNE 30, 2025$14,229 $12,993 $7,941 $1,848 $4,640 $41,650 
Acquisitions and divestitures— — — — — — 
Translation and other(2)15 
GOODWILL AT DECEMBER 31, 2025$14,234 $12,999 $7,939 $1,850 $4,643 $41,665 
Goodwill increased from June 30, 2025, primarily due to currency translation.
Identifiable intangible assets at December 31, 2025, were comprised of:
Gross Carrying AmountAccumulated Amortization
Intangible assets with determinable lives$9,183 $(7,157)
Intangible assets with indefinite lives19,710  
Total identifiable intangible assets$28,893 $(7,157)
Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives primarily consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended December 31, 2025 and 2024, was $77 and $80, respectively. For the six months ended December 31, 2025 and 2024, amortization expense was $156 and $163, respectively.
Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment. 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. If the resulting fair value is less than the asset's carrying value, that difference represents an impairment. Our annual impairment testing for goodwill and indefinite-lived intangible assets occurs during the three months ended December 31. Other than our Gillette indefinite-lived intangible asset, our goodwill reporting units and indefinite-lived intangible assets have fair values that significantly exceed their underlying carrying values.
Based on our impairment testing performed during the three months ended December 31, 2025, the Gillette indefinite-lived intangible asset's fair value exceeds its carrying value by greater than 10%. As of December 31, 2025, the carrying value of the Gillette indefinite-lived intangible asset was $12.8 billion. Adverse changes in the business or in the macroeconomic environment, including foreign currency devaluation, increasing global inflation, or market contraction from an economic recession, could reduce the underlying cash flows used to estimate the fair value of the Gillette indefinite-lived intangible asset and trigger an impairment charge.
The most significant assumptions utilized in the determination of the estimated fair value of the Gillette indefinite-lived intangible asset are the net sales growth rates (including residual growth rate), discount rate and royalty rate.
Net sales growth rates could be negatively impacted by reductions or changes in demand for our Gillette products, which may be caused by, among other things: changes in the use and frequency of grooming products, shifts in demand away from one or more of our higher priced products to lower priced products or potential supply chain constraints. In addition, relative global and country/regional macroeconomic factors could result in additional and prolonged devaluation of other countries' currencies relative to the U.S. dollar. The residual growth rate represents the expected rate at which the Gillette brand is expected to grow beyond the shorter-term business planning period. The residual growth rate utilized in our fair value estimates is consistent with the brand operating plans and approximates expected long-term category market growth rates. The residual growth rate depends on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment.
The discount rate is based on a weighted average cost of capital that is likely to be expected by a market participant, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S.
The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business. The royalty rate may be impacted by significant adverse changes in long-term operating margins.
We performed a sensitivity analysis for the Gillette indefinite-lived intangible asset as part of our annual impairment testing during the three months ended December 31, 2025, utilizing reasonably possible changes in the assumptions for the discount rate, the short-term and residual growth rates and the royalty rate to demonstrate the potential impacts to estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our short-term and residual growth rates or a 50 basis-point decrease in our royalty rate.
Approximate Percent Change in Estimated Fair Value
+25 bps Discount Rate-25 bps Growth Rates-50 bps Royalty Rate
Gillette indefinite-lived intangible asset(5)%(5)%(4)%
v3.25.4
Earnings Per Share
6 Months Ended
Dec. 31, 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 share-based awards based on the treasury stock method and the assumed conversion of preferred stock.
Net earnings per common share were calculated as follows:
CONSOLIDATED AMOUNTSThree Months Ended December 31Six Months Ended December 31
2025202420252024
Net earnings attributable to P&G (Diluted)$4,319 $4,630 $9,070 $8,589 
Less: Preferred dividends73 72 146 144 
Net earnings attributable to P&G available to common shareholders (Basic)$4,247 $4,558 $8,924 $8,445 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,335.3 2,351.9 2,338.7 2,354.1 
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)
20.0 34.9 22.7 36.4 
Convertible preferred shares (2)
68.7 71.3 69.0 71.6 
Diluted weighted average common shares outstanding2,424.0 2,458.1 2,430.4 2,462.1 
NET EARNINGS PER COMMON SHARE
Basic$1.82 $1.94 $3.82 $3.59 
Diluted$1.78 $1.88 $3.73 $3.49 
(1)For the three months ended December 31, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 23 million and 8 million, respectively. For the six months ended December 31, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 19 million and 4 million, respectively.
(2)An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
v3.25.4
Share-Based Compensation and Postretirement Benefits
6 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Share-Based Compensation and Postretirement Benefits Share-Based Compensation and Postretirement Benefits
The following table provides a summary of our share-based compensation expense and postretirement benefit impacts:
Three Months Ended December 31Six Months Ended December 31
2025202420252024
Share-based compensation expense$140 $136 $262 $241 
Net periodic benefit cost for pension benefits26 26 65 63 
Net periodic benefit (credit) for other retiree benefits(149)(180)(302)(360)
v3.25.4
Risk Management Activities and Fair Value Measurements
6 Months Ended
Dec. 31, 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. There have been no significant changes in our risk management policies or activities during the six months ended December 31, 2025.
The Company has not changed its valuation techniques used in measuring the fair value of any financial assets and liabilities during the period. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers between levels during the periods presented. Also, there was no significant activity within the Level 3 assets and liabilities during the periods presented. There were no significant assets or liabilities that were re-measured at fair value on a non-recurring basis during the periods presented.
Cash equivalents were $9.4 billion and $8.3 billion as of December 31, 2025 and June 30, 2025, 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 $31.3 billion and $29.5 billion as of December 31, 2025 and June 30, 2025, respectively. This includes the current portion of long-term debt instruments ($6.4 billion and $5.3 billion as of December 31, 2025 and June 30, 2025, respectively). 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 December 31, 2025 and June 30, 2025, are as follows:
Notional AmountFair Value AssetFair Value (Liability)
December 31, 2025June 30, 2025December 31, 2025June 30, 2025December 31, 2025June 30, 2025
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$5,336 $3,280 $ $— $(207)$(201)
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts$11,992 $11,874 $3 $— $(502)$(860)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS$17,328 $15,154 $3 $— $(709)$(1,061)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$4,381 $3,576 $30 $19 $(4)$— 
TOTAL DERIVATIVES AT FAIR VALUE$21,709 $18,730 $33 $19 $(712)$(1,062)
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 $5.1 billion and $3.1 billion as of December 31, 2025 and June 30, 2025, 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 $12.4 billion and $11.2 billion as of December 31, 2025 and June 30, 2025, respectively. The increase in the notional balance of interest rate contracts designated as fair value hedges is driven by debt portfolio rebalancing to meet interest rate risk management objectives.
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 Other comprehensive income (OCI). All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy.
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 liability position was $706 and $1.1 billion as of December 31, 2025 and June 30, 2025, respectively. The Company has not been required to post collateral as a result of these contractual features.
Before tax gains and losses on our financial instruments in hedging relationships are categorized as follows:
Amount of Gain/(Loss) Recognized in OCI on Derivatives
Three Months Ended December 31Six Months Ended December 31
2025202420252024
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign currency interest rate contracts$(17)$857 $(3)$356 
(1)    For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $65 and $57 for the three months ended December 31, 2025 and 2024, respectively. The amount of gain excluded from effectiveness testing was $136 and $107 for the six months ended December 31, 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 recognized in Accumulated other comprehensive income (AOCI) for such instruments was $9 and $825 for the three months ended December 31, 2025 and 2024, respectively. The amount of gain recognized in AOCI for such instruments was $39 and $215 for the six months ended December 31, 2025 and 2024, respectively.
Amount of Gain/(Loss) Recognized in Earnings
Three Months Ended December 31Six Months Ended December 31
2025202420252024
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$(12)$34 $(5)$110 
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$28 $(174)$22 $(48)
The gains/(losses) 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 Selling, general and administrative expense (SG&A).
v3.25.4
Accumulated Other Comprehensive Income/(Loss)
6 Months Ended
Dec. 31, 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:
Investment SecuritiesPostretirement Benefit PlansForeign Currency TranslationTotal AOCI
BALANCE AT JUNE 30, 2025, NET OF TAX$$(777)$(11,375)$(12,143)
Other comprehensive income/(loss), before tax:
    OCI before reclassifications(12)33 23 
    Amounts reclassified to the Consolidated Statement of Earnings— 14 — 14 
Total other comprehensive income/(loss), before tax33 36 
    Tax effect(1)— (8)(9)
Total other comprehensive income/(loss), net of tax25 27 
Less: OCI attributable to noncontrolling interests, net of tax— — (9)(8)
BALANCE AT DECEMBER 31, 2025, NET OF TAX$10 $(776)$(11,342)$(12,108)
Foreign currency translation includes financial statement translation and changes in fair value of net investment hedges (see Note 7).
Postretirement benefit plan amounts are reclassified from AOCI into Other non-operating income/(expense), net and included in the computation of net periodic postretirement costs.
v3.25.4
Commitments and Contingencies
6 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
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.
Income Tax Uncertainties
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 closing of statutes of limitations. 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 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 $124, including interest and penalties.
Additional information on the Commitments and Contingencies of the Company can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
v3.25.4
Supplier Finance Programs
6 Months Ended
Dec. 31, 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 amount due to suppliers participating in SCF and included in Accounts payable was approximately $5.8 billion as of December 31, 2025 and June 30, 2025.
v3.25.4
Restructuring Program
6 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Program 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 the ongoing program have generally ranged from $250 to $500 annually. Consistent with our historical policies for restructuring-type activities, the restructuring program charges will be funded by and included within Corporate for management and segment reporting.
In June 2025, the Company announced a portfolio and productivity plan to streamline its portfolio and organization to improve its cost structure and competitiveness. The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over two years. The Company expects to incur half of the costs under this plan by the end of fiscal 2026, with the remainder incurred in fiscal 2027.
The restructuring activities will be executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services. These restructuring activities include a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027. In addition, the plan includes brand and market exits as well as the optimization of the supply chain and other manufacturing processes.
Costs incurred under the plan will consist primarily of costs to separate employees and asset-related costs to exit facilities. The Company will also incur other types of costs outlined below as a direct result of the plan. For the three months ended December 31, 2025, the Company incurred total before tax charges of $369 including $180 in Costs of products sold, $171 in SG&A and $18 in Other non-operating income/(expense), net. For the six months ended December 31, 2025, the Company incurred charges of $584 including $280 in Costs of products sold, $277 in SG&A and $27 in Other non-operating income/(expense), net.
The following table presents restructuring activity for the six months ended December 31, 2025:
SeparationsAsset Related CostsOtherTotal
RESERVE JUNE 30, 2025$120 $— $69 $189 
Costs incurred for the three months ended September 30, 2025124 27 65 215 
Costs incurred for the three months ended December 31, 2025198 83 88 369 
Costs incurred for the six months ended December 31, 2025322 109 152 584 
Costs paid/settled for the six months ended December 31, 2025(172)(109)(99)(380)
RESERVE DECEMBER 31, 2025$271 $ $122 $393 
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 asset removal and termination of contracts related to supply chain redesign.
v3.25.4
Insider Trading Arrangements
3 Months Ended
Dec. 31, 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
v3.25.4
New Accounting Pronouncements and Policies (Policies)
6 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
New Accounting Pronouncements and Policies New Accounting Pronouncements and Policies
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. This guidance will require additional disclosures in the Income Tax 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.
In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software”. This guidance amends the accounting for and disclosure of software costs. This amendment is effective for our fiscal year ending June 30, 2029 and the interim periods within that fiscal year. We are currently assessing the impact of this guidance on our Consolidated Financial Statements.
In December 2025, the FASB issued ASU No. 2025-10, “Accounting for Government Grants Received by Business Entities”. This amendment provides guidance on the recognition, measurement, and presentation of government grants. This amendment is effective for our fiscal year ending June 30, 2030 and the interim periods within that fiscal year. We are currently assessing the impact of this guidance on our Consolidated Financial Statements.
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.
v3.25.4
Segment Information (Tables)
6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Operating segments as a percentage of consolidated net sales are as follows:
% of Net sales by operating segment (1)
Three Months Ended December 31Six Months Ended December 31
2025202420252024
Fabric Care23 %23 %23 %23 %
Home Care12 %12 %12 %12 %
Baby Care9 %%9 %%
Hair Care9 %%9 %%
Oral Care9 %%8 %%
Family Care8 %%8 %%
Grooming8 %%8 %%
Personal Health Care7 %%7 %%
Feminine Care6 %%6 %%
Personal Care5 %%6 %%
Skin Care4 %%4 %%
Total100 %100 %100 %100 %
(1)% of Net sales by operating segment excludes sales recorded in Corporate.
The following is a summary of reportable segment results:
Three Months Ended December 31, 2025
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$4,039 $1,794 $3,406 $7,686 $5,123 $160 $22,208 
Cost of products sold(1,557)(732)(1,373)(4,064)(2,762)(346)(10,834)
Selling, general and administrative expense(1,490)(531)(1,020)(1,661)(1,023)(284)(6,008)
Other segment items (1)
  (3)  58 55 
Earnings/(loss) before income taxes992 531 1,009 1,961 1,338 (412)5,421 
Net earnings/(loss)$763 $417 $770 $1,521 $1,020 $(161)$4,331 
Other segment information
Depreciation and amortization$103 $78 $108 $186 $207 $121 $803 
Capital expenditures$86 $128 $139 $318 $361 $135 $1,167 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Three Months Ended December 31, 2024
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$3,848 $1,752 $3,249 $7,575 $5,298 $159 $21,882 
Cost of products sold(1,462)(681)(1,284)(3,936)(2,820)(235)(10,418)
Selling, general and administrative expense(1,390)(504)(991)(1,649)(1,014)(175)(5,723)
Other segment items (1)
— — — (1)— 104 104 
Earnings/(loss) before income taxes996 568 974 1,989 1,464 (146)5,845 
Net earnings/(loss)$780 $459 $758 $1,567 $1,119 $(24)$4,659 
Other segment information
Depreciation and amortization$101 $77 $101 $180 $202 $46 $706 
Capital expenditures$69 $86 $135 $267 $261 $107 $925 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Six Months Ended December 31, 2025
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$8,182 $3,611 $6,626 $15,479 $10,294 $402 $44,594 
Cost of products sold(3,181)(1,475)(2,716)(8,208)(5,532)(607)(21,721)
Selling, general and administrative expense(2,877)(1,020)(1,965)(3,268)(1,978)(544)(11,651)
Other segment items (1)
  3   230 233 
Earnings/(loss) before income taxes2,124 1,117 1,947 4,003 2,784 (520)11,455 
Net earnings/(loss)$1,643 $881 $1,489 $3,100 $2,125 $(125)$9,112 
Other segment information
Depreciation and amortization$205 $158 $213 $371 $413 $204 $1,563 
Capital expenditures$160 $260 $248 $600 $635 $463 $2,367 
(1)Other segment items for each reportable segment includes interest expense, interest income and certain other non-operating income/(expense).
Six Months Ended December 31, 2024
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareCorporateTotal Company
Net sales$7,741 $3,475 $6,397 $15,285 $10,400 $322 $43,619 
Cost of products sold(2,956)(1,387)(2,543)(7,941)(5,550)(463)(20,839)
Selling, general and administrative expense(2,722)(999)(1,926)(3,277)(2,003)(315)(11,242)
Other segment items (1)
(1)— — — — (553)(554)
Earnings/(loss) before income taxes2,063 1,090 1,928 4,066 2,847 (1,009)10,985 
Net earnings/(loss)$1,620 $885 $1,499 $3,188 $2,185 $(731)$8,646 
Other segment information
Depreciation and amortization$200 $160 $198 $358 $406 $112 $1,434 
Capital expenditures$118 $181 $218 $471 $459 $472 $1,918 
(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.
v3.25.4
Goodwill and Intangible Assets (Tables)
6 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill is allocated by reportable segment as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTotal Company
GOODWILL AT JUNE 30, 2025$14,229 $12,993 $7,941 $1,848 $4,640 $41,650 
Acquisitions and divestitures— — — — — — 
Translation and other(2)15 
GOODWILL AT DECEMBER 31, 2025$14,234 $12,999 $7,939 $1,850 $4,643 $41,665 
Schedule of Finite-Lived Intangible Assets
Identifiable intangible assets at December 31, 2025, were comprised of:
Gross Carrying AmountAccumulated Amortization
Intangible assets with determinable lives$9,183 $(7,157)
Intangible assets with indefinite lives19,710  
Total identifiable intangible assets$28,893 $(7,157)
Schedule of Indefinite-Lived Intangible Assets
Identifiable intangible assets at December 31, 2025, were comprised of:
Gross Carrying AmountAccumulated Amortization
Intangible assets with determinable lives$9,183 $(7,157)
Intangible assets with indefinite lives19,710  
Total identifiable intangible assets$28,893 $(7,157)
Schedule of Potential Impacts to Estimated Fair Values The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our short-term and residual growth rates or a 50 basis-point decrease in our royalty rate.
Approximate Percent Change in Estimated Fair Value
+25 bps Discount Rate-25 bps Growth Rates-50 bps Royalty Rate
Gillette indefinite-lived intangible asset(5)%(5)%(4)%
v3.25.4
Earnings Per Share (Tables)
6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Net earnings per common share were calculated as follows:
CONSOLIDATED AMOUNTSThree Months Ended December 31Six Months Ended December 31
2025202420252024
Net earnings attributable to P&G (Diluted)$4,319 $4,630 $9,070 $8,589 
Less: Preferred dividends73 72 146 144 
Net earnings attributable to P&G available to common shareholders (Basic)$4,247 $4,558 $8,924 $8,445 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,335.3 2,351.9 2,338.7 2,354.1 
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)
20.0 34.9 22.7 36.4 
Convertible preferred shares (2)
68.7 71.3 69.0 71.6 
Diluted weighted average common shares outstanding2,424.0 2,458.1 2,430.4 2,462.1 
NET EARNINGS PER COMMON SHARE
Basic$1.82 $1.94 $3.82 $3.59 
Diluted$1.78 $1.88 $3.73 $3.49 
(1)For the three months ended December 31, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 23 million and 8 million, respectively. For the six months ended December 31, 2025 and 2024, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 19 million and 4 million, respectively.
(2)An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
v3.25.4
Share-Based Compensation and Postretirement Benefits (Tables)
6 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans
The following table provides a summary of our share-based compensation expense and postretirement benefit impacts:
Three Months Ended December 31Six Months Ended December 31
2025202420252024
Share-based compensation expense$140 $136 $262 $241 
Net periodic benefit cost for pension benefits26 26 65 63 
Net periodic benefit (credit) for other retiree benefits(149)(180)(302)(360)
v3.25.4
Risk Management Activities and Fair Value Measurements (Tables)
6 Months Ended
Dec. 31, 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 December 31, 2025 and June 30, 2025, are as follows:
Notional AmountFair Value AssetFair Value (Liability)
December 31, 2025June 30, 2025December 31, 2025June 30, 2025December 31, 2025June 30, 2025
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$5,336 $3,280 $ $— $(207)$(201)
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts$11,992 $11,874 $3 $— $(502)$(860)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS$17,328 $15,154 $3 $— $(709)$(1,061)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$4,381 $3,576 $30 $19 $(4)$— 
TOTAL DERIVATIVES AT FAIR VALUE$21,709 $18,730 $33 $19 $(712)$(1,062)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Before tax gains and losses on our financial instruments in hedging relationships are categorized as follows:
Amount of Gain/(Loss) Recognized in OCI on Derivatives
Three Months Ended December 31Six Months Ended December 31
2025202420252024
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign currency interest rate contracts$(17)$857 $(3)$356 
(1)    For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $65 and $57 for the three months ended December 31, 2025 and 2024, respectively. The amount of gain excluded from effectiveness testing was $136 and $107 for the six months ended December 31, 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 recognized in Accumulated other comprehensive income (AOCI) for such instruments was $9 and $825 for the three months ended December 31, 2025 and 2024, respectively. The amount of gain recognized in AOCI for such instruments was $39 and $215 for the six months ended December 31, 2025 and 2024, respectively.
Derivative Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized in Earnings
Three Months Ended December 31Six Months Ended December 31
2025202420252024
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$(12)$34 $(5)$110 
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$28 $(174)$22 $(48)
v3.25.4
Accumulated Other Comprehensive Income/(Loss) (Tables)
6 Months Ended
Dec. 31, 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:
Investment SecuritiesPostretirement Benefit PlansForeign Currency TranslationTotal AOCI
BALANCE AT JUNE 30, 2025, NET OF TAX$$(777)$(11,375)$(12,143)
Other comprehensive income/(loss), before tax:
    OCI before reclassifications(12)33 23 
    Amounts reclassified to the Consolidated Statement of Earnings— 14 — 14 
Total other comprehensive income/(loss), before tax33 36 
    Tax effect(1)— (8)(9)
Total other comprehensive income/(loss), net of tax25 27 
Less: OCI attributable to noncontrolling interests, net of tax— — (9)(8)
BALANCE AT DECEMBER 31, 2025, NET OF TAX$10 $(776)$(11,342)$(12,108)
v3.25.4
Restructuring Program (Tables)
6 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve by Type of Cost
The following table presents restructuring activity for the six months ended December 31, 2025:
SeparationsAsset Related CostsOtherTotal
RESERVE JUNE 30, 2025$120 $— $69 $189 
Costs incurred for the three months ended September 30, 2025124 27 65 215 
Costs incurred for the three months ended December 31, 2025198 83 88 369 
Costs incurred for the six months ended December 31, 2025322 109 152 584 
Costs paid/settled for the six months ended December 31, 2025(172)(109)(99)(380)
RESERVE DECEMBER 31, 2025$271 $ $122 $393 
v3.25.4
Segment Information - Additional Information (Details)
6 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 5
v3.25.4
Segment Information - Percent Of Sales By Business Unit (Details) - Revenue Benchmark - Product Concentration Risk - Operating Segments
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 100.00% 100.00% 100.00% 100.00%
Fabric & Home Care | Fabric Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 23.00% 23.00% 23.00% 23.00%
Fabric & Home Care | Home Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 12.00% 12.00% 12.00% 12.00%
Baby, Feminine & Family Care | Baby Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 9.00% 9.00% 9.00% 9.00%
Baby, Feminine & Family Care | Family Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 8.00% 9.00% 8.00% 9.00%
Baby, Feminine & Family Care | Feminine Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 6.00% 6.00% 6.00% 6.00%
Beauty | Hair Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 9.00% 9.00% 9.00% 9.00%
Beauty | Personal Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 5.00% 5.00% 6.00% 6.00%
Beauty | Skin Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 4.00% 4.00% 4.00% 3.00%
Grooming | Grooming        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 8.00% 8.00% 8.00% 8.00%
Health Care | Oral Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 9.00% 9.00% 8.00% 8.00%
Health Care | Personal Health Care        
Segment Reporting Information [Line Items]        
Concentration risk (in percent) 7.00% 6.00% 7.00% 7.00%
v3.25.4
Segment Information - Segment Results (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Net sales $ 22,208 $ 21,882 $ 44,594 $ 43,619
Cost of products sold (10,834) (10,418) (21,721) (20,839)
Selling, general and administrative expense (6,008) (5,723) (11,651) (11,242)
Other segment items 55 104 233 (554)
EARNINGS BEFORE INCOME TAXES 5,421 5,845 11,455 10,985
Net earnings/(loss) 4,331 4,659 9,112 8,646
Depreciation and amortization 803 706 1,563 1,434
Capital expenditures 1,167 925 2,367 1,918
Foreign currency translation losses non-cash charge       752
Corporate        
Segment Reporting Information [Line Items]        
Net sales 160 159 402 322
Cost of products sold (346) (235) (607) (463)
Selling, general and administrative expense (284) (175) (544) (315)
Other segment items 58 104 230 (553)
EARNINGS BEFORE INCOME TAXES (412) (146) (520) (1,009)
Net earnings/(loss) (161) (24) (125) (731)
Depreciation and amortization 121 46 204 112
Capital expenditures 135 107 463 472
Beauty | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 4,039 3,848 8,182 7,741
Cost of products sold (1,557) (1,462) (3,181) (2,956)
Selling, general and administrative expense (1,490) (1,390) (2,877) (2,722)
Other segment items 0 0 0 (1)
EARNINGS BEFORE INCOME TAXES 992 996 2,124 2,063
Net earnings/(loss) 763 780 1,643 1,620
Depreciation and amortization 103 101 205 200
Capital expenditures 86 69 160 118
Grooming | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,794 1,752 3,611 3,475
Cost of products sold (732) (681) (1,475) (1,387)
Selling, general and administrative expense (531) (504) (1,020) (999)
Other segment items 0 0 0 0
EARNINGS BEFORE INCOME TAXES 531 568 1,117 1,090
Net earnings/(loss) 417 459 881 885
Depreciation and amortization 78 77 158 160
Capital expenditures 128 86 260 181
Health Care | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 3,406 3,249 6,626 6,397
Cost of products sold (1,373) (1,284) (2,716) (2,543)
Selling, general and administrative expense (1,020) (991) (1,965) (1,926)
Other segment items (3) 0 3 0
EARNINGS BEFORE INCOME TAXES 1,009 974 1,947 1,928
Net earnings/(loss) 770 758 1,489 1,499
Depreciation and amortization 108 101 213 198
Capital expenditures 139 135 248 218
Fabric & Home Care | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 7,686 7,575 15,479 15,285
Cost of products sold (4,064) (3,936) (8,208) (7,941)
Selling, general and administrative expense (1,661) (1,649) (3,268) (3,277)
Other segment items 0 (1) 0 0
EARNINGS BEFORE INCOME TAXES 1,961 1,989 4,003 4,066
Net earnings/(loss) 1,521 1,567 3,100 3,188
Depreciation and amortization 186 180 371 358
Capital expenditures 318 267 600 471
Baby, Feminine & Family Care | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 5,123 5,298 10,294 10,400
Cost of products sold (2,762) (2,820) (5,532) (5,550)
Selling, general and administrative expense (1,023) (1,014) (1,978) (2,003)
Other segment items 0 0 0 0
EARNINGS BEFORE INCOME TAXES 1,338 1,464 2,784 2,847
Net earnings/(loss) 1,020 1,119 2,125 2,185
Depreciation and amortization 207 202 413 406
Capital expenditures $ 361 $ 261 $ 635 $ 459
v3.25.4
Goodwill and Intangible Assets - Goodwill By Global Business Unit (Details)
$ in Millions
6 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 41,650
Acquisitions and divestitures 0
Translation and other 15
Ending balance 41,665
Beauty  
Goodwill [Roll Forward]  
Beginning balance 14,229
Acquisitions and divestitures 0
Translation and other 5
Ending balance 14,234
Grooming  
Goodwill [Roll Forward]  
Beginning balance 12,993
Acquisitions and divestitures 0
Translation and other 7
Ending balance 12,999
Health Care  
Goodwill [Roll Forward]  
Beginning balance 7,941
Acquisitions and divestitures 0
Translation and other (2)
Ending balance 7,939
Fabric & Home Care  
Goodwill [Roll Forward]  
Beginning balance 1,848
Acquisitions and divestitures 0
Translation and other 2
Ending balance 1,850
Baby, Feminine & Family Care  
Goodwill [Roll Forward]  
Beginning balance 4,640
Acquisitions and divestitures 0
Translation and other 3
Ending balance $ 4,643
v3.25.4
Goodwill and Intangible Assets - Intangible Assets (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Intangible assets with determinable lives  
Gross Carrying Amount $ 9,183
Accumulated Amortization (7,157)
Intangible assets with indefinite lives  
Gross Carrying Amount 19,710
Gross Carrying Amount $ 28,893
v3.25.4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Intangible asset amortization $ 77 $ 80 $ 156 $ 163
Indefinite-Lived Intangible Assets [Line Items]        
Percentage of fair value in excess of carrying value 10.00%   10.00%  
Indefinite-lived intangible asset $ 19,710   $ 19,710  
Gillette        
Indefinite-Lived Intangible Assets [Line Items]        
Indefinite-lived intangible asset $ 12,800   $ 12,800  
v3.25.4
Goodwill and Intangible Assets - Fair Value Impacts (Details) - Intangible Assets with Indefinite Lives - Gillette
Dec. 31, 2025
+25 bps Discount Rate  
Indefinite-Lived Intangible Assets [Line Items]  
Change in estimated fair value (in percent) (0.05)
-25 bps Growth Rates  
Indefinite-Lived Intangible Assets [Line Items]  
Change in estimated fair value (in percent) (0.05)
-50 bps Royalty Rate  
Indefinite-Lived Intangible Assets [Line Items]  
Change in estimated fair value (in percent) (0.04)
v3.25.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
CONSOLIDATED AMOUNTS        
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 4,319 $ 4,630 $ 9,070 $ 8,589
Less: Preferred dividends 73 72 146 144
Net earnings attributable to P&G available to common shareholders (Basic) $ 4,247 $ 4,558 $ 8,924 $ 8,445
SHARES IN MILLIONS        
Basic weighted average common shares outstanding (in shares) 2,335.3 2,351.9 2,338.7 2,354.1
Add effect of dilutive securities:        
Stock options and other unvested equity awards (in shares) 20.0 34.9 22.7 36.4
Convertible preferred shares (in shares) 68.7 71.3 69.0 71.6
Diluted weighted average common shares outstanding (in shares) 2,424.0 2,458.1 2,430.4 2,462.1
NET EARNINGS PER COMMON SHARE        
Basic (in dollars per share) [1] $ 1.82 $ 1.94 $ 3.82 $ 3.59
Diluted (in dollars per share) [1] $ 1.78 $ 1.88 $ 3.73 $ 3.49
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 23.0 8.0 19.0 4.0
[1] Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
v3.25.4
Share-Based Compensation and Postretirement Benefits (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]        
Share-based compensation expense $ 140 $ 136 $ 262 $ 241
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) 26 26 65 63
Other Retiree Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ (149) $ (180) $ (302) $ (360)
v3.25.4
Risk Management Activities and Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cash equivalents $ 9,400 $ 8,300
Fair value of long-term debt 31,300 29,500
Current portion of long-term debt instruments $ 6,400 $ 5,300
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
Collateral already posted, aggregate fair value $ 706 $ 1,100
Fair Value Hedging | Underlying, Other    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of the underlying debt obligation 5,100 3,100
Net Investment Hedging | Underlying, Other    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of the underlying debt obligation $ 12,400 $ 11,200
v3.25.4
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
Dec. 31, 2025
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount $ 21,709 $ 18,730
Fair Value Asset 33 19
Fair Value (Liability) (712) (1,062)
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 17,328 15,154
Fair Value Asset 3 0
Fair Value (Liability) (709) (1,061)
Interest rate contracts | Fair Value Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 5,336 3,280
Fair Value Asset 0 0
Fair Value (Liability) (207) (201)
Foreign currency interest rate contracts | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 4,381 3,576
Fair Value Asset 30 19
Fair Value (Liability) (4) 0
Foreign currency interest rate contracts | Net Investment Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 11,992 11,874
Fair Value Asset 3 0
Fair Value (Liability) $ (502) $ (860)
v3.25.4
Risk Management Activities and Fair Value Measurements - Gains And Losses On Derivatives In Net Investment Hedges Recognized in OCI (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gain excluded from effectiveness testing, which was recognized in earnings $ 65 $ 57 $ 136 $ 107
Gain recognized in AOCI 9 825 39 215
Foreign currency interest rate contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain/(Loss) Recognized in OCI on Derivatives $ (17) $ 857 $ (3) $ 356
v3.25.4
Risk Management Activities and Fair Value Measurements - Gains And Losses On Derivatives In Net Investment Hedges Recognized in Earnings (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Interest rate contracts | Fair Value Hedging        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain/(Loss) Recognized in Earnings $ (12) $ 34 $ (5) $ 110
Foreign currency interest rate contracts | Not Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain/(Loss) Recognized in Earnings $ 28 $ (174) $ 22 $ (48)
v3.25.4
Accumulated Other Comprehensive Income/(Loss) - Statement of AOCI (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 53,551 $ 52,141 $ 52,284 $ 50,559
Other comprehensive income/(loss), before tax:        
OCI before reclassifications     23  
Amounts reclassified to the Consolidated Statement of Earnings     14  
Total other comprehensive income/(loss), before tax     36  
Tax effect     (9)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 46 (747) 27 260
Less: OCI attributable to noncontrolling interests, net of tax     (8)  
Ending balance 53,317 $ 51,443 53,317 $ 51,443
Total AOCI        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (12,143)  
Other comprehensive income/(loss), before tax:        
Ending balance (12,108)   (12,108)  
Investment Securities        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     9  
Other comprehensive income/(loss), before tax:        
OCI before reclassifications     1  
Amounts reclassified to the Consolidated Statement of Earnings     0  
Total other comprehensive income/(loss), before tax     1  
Tax effect     (1)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX     1  
Less: OCI attributable to noncontrolling interests, net of tax     0  
Ending balance 10   10  
Postretirement Benefit Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (777)  
Other comprehensive income/(loss), before tax:        
OCI before reclassifications     (12)  
Amounts reclassified to the Consolidated Statement of Earnings     14  
Total other comprehensive income/(loss), before tax     2  
Tax effect     0  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX     1  
Less: OCI attributable to noncontrolling interests, net of tax     0  
Ending balance (776)   (776)  
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (11,375)  
Other comprehensive income/(loss), before tax:        
OCI before reclassifications     33  
Amounts reclassified to the Consolidated Statement of Earnings     0  
Total other comprehensive income/(loss), before tax     33  
Tax effect     (8)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX     25  
Less: OCI attributable to noncontrolling interests, net of tax     (9)  
Ending balance $ (11,342)   $ (11,342)  
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
6 Months Ended
Dec. 31, 2025
USD ($)
taxable_jurisdiction
audit
country
Loss Contingencies [Line Items]  
Number of countries with on the ground operations | country 70
Number of taxable jurisdictions | taxable_jurisdiction 150
Accrued existing liabilities for uncertain tax positions | $ $ 124
Minimum  
Loss Contingencies [Line Items]  
Number of audits underway 30
Maximum  
Loss Contingencies [Line Items]  
Number of audits underway 40
v3.25.4
Supplier Finance Programs (Details) - USD ($)
$ in Billions
Dec. 31, 2025
Jun. 30, 2025
Supplier Finance Program [Line Items]    
Amount due to suppliers participating in SCF $ 5.8 $ 5.8
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  
v3.25.4
Restructuring Program - Narrative (Details)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
employee
Restructuring Cost and Reserve [Line Items]      
Expected costs, term (in years)     2 years
Expected number of personnel, reduction | employee     7,000
Restructuring charges $ 369 $ 215 $ 584
Cost of Sales      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 180   280
Selling, General and Administrative Expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 171   277
Other Non-operating Income/(Expense)      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 18   27
Minimum      
Restructuring Cost and Reserve [Line Items]      
Historical restructuring costs, before tax 250   250
Expected costs 1,500   1,500
Maximum      
Restructuring Cost and Reserve [Line Items]      
Historical restructuring costs, before tax 500   500
Expected costs $ 2,000   $ 2,000
v3.25.4
Restructuring Program - Restructuring Activity (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2025
Restructuring Reserve [Roll Forward]      
Beginning balance   $ 189 $ 189
Cost incurred $ 369 215 584
Cost paid/settled     (380)
Ending balance 393   393
Separations      
Restructuring Reserve [Roll Forward]      
Beginning balance   120 120
Cost incurred 198 124 322
Cost paid/settled     (172)
Ending balance 271   271
Asset Related Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance   0 0
Cost incurred 83 27 109
Cost paid/settled     (109)
Ending balance 0   0
Other      
Restructuring Reserve [Roll Forward]      
Beginning balance   69 69
Cost incurred 88 $ 65 152
Cost paid/settled     (99)
Ending balance $ 122   $ 122