The Procter & Gamble Company
Consumer Packaged Goods (CPG) / Fast-Moving Consumer Goods (FMCG)Founded 1837- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
The Procter & Gamble Company
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$84.0B
Market Cap
$390.0B
Net Income
$14.9B
Employees
107,000
Walmart accounts for approximately 16% of P&G's annual net sales — roughly $13 to $14 billion — making it the single largest customer relationship in the company's portfolio. That concentration matters: when Walmart wants a better price, P&G must decide how much of its margin to defend versus concede. The vendor-managed inventory model P&G pioneered with Walmart in the late 1980s gave Procter operational visibility into retail sell-through data that most manufacturers could not access. The relationship has been mutually profitable and structurally uncomfortable for four decades. Revenue grew from $76.1 billion in fiscal year 2021 to $84.0 billion in fiscal year 2024 — consistent, moderate growth driven primarily by pricing rather than volume. In fiscal year 2024, pricing actions contributed to revenue growth while volume in some categories was flat or slightly negative, reflecting the consumer response to sustained price increases across the portfolio. Net income of $14.88 billion at an 17.7% net margin is the product of a business that generates consistent cash flows and manages its cost structure with precision. Market capitalization of $390 billion — more than four times annual revenue — reflects investor confidence in the durability of P&G's brand premiums and dividend growth streak. Sixty-eight consecutive years of dividend increases creates a specific investor base that expects continuation; any disruption to that streak would represent a significant signaling event. P&G spent approximately $2.3 billion on research and development and $8 billion on advertising in fiscal year 2024. The $8 billion advertising number is particularly striking — it is larger than the total revenue of most consumer goods companies, and it is what maintains the brand awareness and shelf preference that justify the premium pricing. Without that investment, the brand premiums erode. The $8 billion is not a cost. It is the mechanism by which the $14.88 billion in net income continues to be possible.
Revenue Trend Analysis
YoY Change
+2.5%
4-Year CAGR
+4.3%
Peak Year
2024
Trend
Consistent Growth
The Procter & Gamble Company has reported revenue across 5 fiscal years, compounding at +4.3% annually over 4 years. The most recent year saw a 2.5% increase versus the prior year. Revenue peaked in 2024 at $84.0B. Out of 4 reported periods, 4 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $84.0B | $14.9B | +2.5% |
| FY2023 | $82.0B | — | +2.3% |
| FY2022 | $80.2B | — | +5.3% |
| FY2021 | $76.1B | — | +7.3% |
| FY2020 | $71.0B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Procter & Gamble reported fiscal 2024 net sales of $84.0 billion (year ended June 30, 2024), roughly flat versus $82.0 billion in fiscal 2023. Organic sales grew 4% in FY2024, with the gain entirely from pricing as organic volume was flat. Operating income reached $19.9 billion (operating margin 23.7%), and net earnings attributable to P&G were $14.9 billion ($6.02 diluted EPS). Gross margin was 51.5%, up from 48.8% in FY2023 because of pricing flow-through and easing input costs. P&G generated $19.8 billion of operating cash flow and $16.5 billion of free cash flow in FY2024, supporting $9.3 billion of dividends and $5.0 billion of share repurchases. Long-term debt was roughly $25.3 billion, with total debt-to-EBITDA below 1.5x. Market capitalization was approximately $390 billion in late 2024, ranking P&G among the top 25 US public companies by value. The dividend per share was $3.97 annualized for FY2024, with the company having raised its dividend in each of the past 68 consecutive years, making P&G one of the longest-running Dividend Kings on the S&P 500.
P&G's largest acquisition was The Gillette Company in October 2005 for $57 billion in stock, the biggest deal in P&G history. Other major acquisitions included Richardson-Vicks in 1985 ($1.2 billion for Vicks, NyQuil, Oil of Olay), Norwich Eaton Pharmaceuticals in 1982 ($371 million for Pepto-Bismol), Noxell in 1989 ($1.3 billion for Noxzema, Cover Girl), Tambrands in 1997 ($1.85 billion for Tampax), Iams in 1999 ($2.3 billion for pet food, later divested), Wella in 2003 ($6.9 billion for professional hair care, later divested to Coty), and Merck Consumer Care in 2018 ($4.2 billion for German operations including Femibion and Seven Seas). On the divestiture side, P&G sold 43 beauty brands to Coty for $12.5 billion in October 2016 (Wella, Clairol, Max Factor, Covergirl, fragrances), Duracell to Berkshire Hathaway in March 2016 for $4.7 billion (structured as a Berkshire P&G-share buyback), Pringles to Kellogg's in 2012 for $2.7 billion, Iams to Mars in 2014 for $2.9 billion, and Folgers coffee to JM Smucker in 2008 for $3.3 billion. The 2014 to 2016 divestiture program shed more than 100 brands accounting for less than 10% of sales.
P&G's gross and operating margins expanded materially from fiscal 2021 to fiscal 2024 despite a roughly $3.5 billion cumulative headwind from commodity, freight, and labor cost inflation. Gross margin moved from 51.2% in FY2021 to 47.4% in FY2022 (the cost-inflation trough) before recovering to 51.5% in FY2024. Operating margin similarly compressed from 24.7% in FY2021 to 22.5% in FY2022 before recovering to 23.7% in FY2024. The recovery was driven by roughly 9% cumulative net price increases across categories combined with $1.5 billion of annualized productivity savings. Net earnings rose from $14.3 billion in FY2021 to $14.9 billion in FY2024 (a roughly 4% gain over three years), constrained by volume softness, currency headwinds (a roughly $1.8 billion drag in FY2023 from a strong dollar), and rising interest expense. Earnings per share rose from $5.66 in FY2021 to $6.02 in FY2024 (up 6%), supported by share count reduction through buybacks. Free cash flow productivity (free cash flow as a percentage of net earnings) ran above 90%, in line with P&G's longstanding 90%+ target.
P&G is one of the most consistent capital-return companies in the S&P 500, returning roughly $14 billion to shareholders in fiscal 2024 through $9.3 billion of dividends and $5.0 billion of share repurchases. The dividend has been raised in each of the past 68 consecutive years, making P&G a Dividend King with one of the longest unbroken dividend-growth records of any publicly traded company. The current annual dividend is $4.03 per share (declared April 2024, paid quarterly), implying a dividend yield around 2.4% at recent prices. Total cumulative dividends paid since 1890 exceed $190 billion. The dividend payout ratio sits at roughly 60% of GAAP earnings and around 55% of free cash flow, leaving ample headroom. P&G targets returning more than 80% of net earnings to shareholders annually via dividends plus buybacks. Share count has been reduced from about 3.30 billion shares outstanding in 2008 to about 2.36 billion in FY2024, a 28% reduction over roughly 16 years through more than $80 billion of cumulative repurchases. The company also maintains an AA- credit rating (S&P) and one of the lowest cost-of-debt profiles in consumer staples, supporting its capital-return capacity.
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CorpDigest. "The Procter & Gamble Company Revenue & Financials." CorpDigest, https://corpdigest.com/company/pg/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>The Procter & Gamble Company reported $84B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/pg/financials" target="_blank" rel="noopener">CorpDigest — The Procter & Gamble Company financials</a></div>