PG changes
Pick any two versions below to diff them.
- Price
- $146.23 → $145.28(−0.6%)
- Discount
- 5.7% → 6.3%(+0.6 pts)
- Balance sheet
- Procter & Gamble funds itself with cash from operations and with unsecured debt that the parent company issues. At June 30, 2026, total debt was $34.1 billion. $11.3 billion was due within one year, including $4.8 billion of commercial paper. $22.8 billion was long-term notes in US dollars and euros, at an average rate of 3.3%. Cash was $9.9 billion, so net debt was about $24.2 billion. This is about 1.1 times fiscal 2026 operating income plus depreciation and amortization of $22.9 billion. Operating income of $19.7 billion covered interest expense of $877 million about 22 times. Moody's rates P&G Aa3 and S&P rates it AA-, both with a stable outlook at June 30, 2026. An undrawn $8.0 billion bank facility supports the commercial paper program. Current liabilities were $12.5 billion more than current assets. This is normal for P&G, because it pays maturing short-term debt with new commercial paper. In fiscal 2026, P&G paid $10.2 billion in dividends and spent $5.0 billion on buybacks. This used about all of its $15.8 billion adjusted free cash flow. The fiscal 2027 plan is about $10 billion in dividends and $5 billion in buybacks, slightly more than the cash it expects to make. Thus debt stays about flat or rises a little, and the strong rating keeps borrowing easy. As of 2026-06-30.
- Checkpoints
- Oct 22, 2026: Fiscal Q1 2027 earnings: volume and restructuring costs. Pending. Watch: Flat or positive organic volume and core EPS on track for the $6.89 to $7.11 fiscal 2027 range pass; a new volume decline with growth only from price fails. Jan 2027 (estimate): Fiscal Q2 2027 earnings: holiday-quarter volume and guidance. Pending. Watch: Organic sales growth inside the 1% to 3% guidance with volume holding up passes; a guidance cut or more trading down to store brands fails. Jul 2027 (estimate): Fiscal 2027 results: restructuring plan ends. Pending. Watch: Restructuring charges that stop inside the $1 to $1.6 billion plan and a higher core operating margin pass; new charges or a longer plan fail.