Procter & Gamble Co. Revenue & Financials

Procter & Gamble's financial performance in fiscal year 2024 — the twelve months ended June 30, 2024 — demonstrated both the resilience and the complexity of managing a global consumer goods business in an environment of moderating inflation, cautious consumers, and persistent currency headwinds. Net sales reached approximately 84 billion dollars, essentially flat compared to the 82 billion dollars reported in fiscal year 2023 on a reported basis, as pricing actions that had driven growth in prior years matured and volume came under pressure in certain categories where price gaps with private label had widened. Organic sales growth — which excludes the impact of foreign exchange, acquisitions, and divestitures — was approximately 4 percent for the fiscal year, demonstrating that underlying business momentum remained positive even as reported sales figures were compressed by a stronger dollar. Gross margin recovered meaningfully in fiscal year 2024 as commodity cost pressures that peaked in fiscal year 2022 and 2023 moderated. The company reported a gross margin of approximately 51.4 percent, compared to roughly 47.5 percent at the trough of commodity inflation in 2022. This recovery in gross margin, combined with disciplined operating expense management, enabled P&G to deliver operating income of approximately 17.5 billion dollars and net earnings of roughly 14.9 billion dollars, representing a net income margin of approximately 17.7 percent — one of the strongest in the consumer goods sector. Earnings per share on a diluted basis reached approximately 6.02 dollars for fiscal year 2024, and the company raised its quarterly dividend to 1.0065 dollars per share — a 5 percent increase — reflecting management's confidence in the sustainability of cash generation. Free cash flow productivity, defined as free cash flow divided by net earnings, was approximately 100 percent, demonstrating that P&G's earnings quality remains high and that the business generates cash at a rate closely aligned with its reported accounting earnings.