PROCTER & GAMBLE CoPG
PROCTER & GAMBLE Co Segments Disclosure
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 30 | 2025 | 2024 | 2023 | ||||||||||||||
| Fabric Care | 23% | 24% | 23% | ||||||||||||||
| Home Care | 13% | 12% | 12% | ||||||||||||||
| Baby Care | 9% | 9% | 10% | ||||||||||||||
| Family Care | 9% | 9% | 8% | ||||||||||||||
| Hair Care | 9% | 9% | 9% | ||||||||||||||
| Grooming | 8% | 8% | 8% | ||||||||||||||
| Oral Care | 8% | 8% | 8% | ||||||||||||||
| Feminine Care | 6% | 6% | 7% | ||||||||||||||
Personal Care (1) | 6% | 5% | 5% | ||||||||||||||
| Personal Health Care | 6% | 6% | 6% | ||||||||||||||
Skin Care (1) | 3% | 4% | 4% | ||||||||||||||
| TOTAL | 100% | 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 30 | 2025 | 2024 | 2023 | ||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||||
| Beauty | Grooming | Health Care | Fabric & Home Care | Baby, Feminine & Family Care | Corporate | Total 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 taxes | 3,454 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| Beauty | Grooming | Health Care | Fabric & Home Care | Baby, Feminine & Family Care | Corporate | Total 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 taxes | 3,805 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| Beauty | Grooming | Health Care | Fabric & Home Care | Baby, Feminine & Family Care | Corporate | Total 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 taxes | 4,009 | 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).
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 4, 2025 | Showing above |
| 2024 | Aug 5, 2024 | |
| 2023 | Aug 4, 2023 | |
| 2022 | Aug 5, 2022 | |
| 2021 | Aug 6, 2021 | |
| 2020 | Aug 6, 2020 | |
| 2019 | Aug 6, 2019 | |
| 2018 | Aug 7, 2018 | |
| 2017 | Aug 7, 2017 | |
| 2016 | Aug 9, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.