Procter & Gamble Co.
Consumer Packaged GoodsFounded 1837- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Procter & Gamble Co.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$84.0B
Market Cap
$380.0B
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
Procter & Gamble Co. 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 net sales of approximately $84 billion for fiscal year 2024, which ended June 30, 2024, with growth driven by a combination of pricing, mix improvement, and modest volume gains across major categories. Revenue is reported across five operating segments. Fabric & Home Care, the largest segment, contributed roughly 35 percent of sales led by Tide, Ariel, Downy, Cascade, Dawn, Mr. Clean, Febreze, and Swiffer. Baby, Feminine & Family Care contributed roughly 25 percent led by Pampers, Always, Tampax, Bounty, and Charmin. Beauty contributed roughly 18 percent led by Pantene, Head & Shoulders, Olay, and SK-II. Health Care contributed roughly 14 percent led by Crest, Oral-B, Vicks, Metamucil, and Pepto-Bismol. Grooming contributed roughly 8 percent led by Gillette, Venus, and Braun. Geographically, North America generated approximately 45 percent of sales, Europe approximately 25 percent, Greater China and Asia Pacific approximately 15 percent, and Latin America, the Middle East, and Africa the remainder. Operating margin was approximately 24 percent and net income approximately $14.9 billion, generating earnings per share growth in the mid-single digits and continued strong free cash flow conversion.
Procter & Gamble has paid a dividend continuously since 1890 and has increased the dividend annually for more than 65 consecutive years, placing it among the most elite group of US public companies known as Dividend Kings, defined as companies with 50 or more consecutive years of dividend increases. The streak began in the late 1950s and has continued uninterrupted through the 1973 oil shock, 1987 stock market crash, 2000 dot-com bust, 2008 to 2009 financial crisis, 2020 COVID-19 pandemic, and 2022 inflation surge, demonstrating exceptional earnings durability across multiple economic and market cycles. The current annual dividend is approximately $4.03 per share, providing a dividend yield of roughly 2.5 percent at recent stock prices and representing a payout ratio of approximately 60 percent of trailing earnings. Total annual dividend distributions exceed $9 billion. P&G has been a core holding of dividend-focused income portfolios for generations, and its dividend record is referenced as a benchmark by both portfolio managers and corporate finance teams evaluating capital return policy. The combination of dividend growth and complementary share repurchases means P&G has returned roughly $115 billion to shareholders over the past decade, equivalent to a meaningful fraction of its current market capitalization.
Procter & Gamble has a market capitalization of approximately $380 billion based on recent trading levels, making it one of the largest consumer goods companies in the world by market value and consistently in the top 30 to 40 US public companies. The shares trade at a price-to-earnings ratio in the mid-20s on trailing earnings and roughly 24 to 25 times forward earnings, a premium to most consumer staples peers and to the broader S&P 500 reflecting investor preference for P&G's earnings durability, dividend record, and category leadership. Enterprise value to EBITDA runs roughly 18 to 20 times, and price-to-free-cash-flow approximately 25 times. The valuation premium reflects several specific attributes: 65 plus years of consecutive dividend growth, operating margins above 22 percent, gross margins above 50 percent, and a portfolio concentrated in defensible, premium-priced daily-use categories with limited cyclical exposure. P&G typically trades at a 10 to 15 percent multiple premium to direct US peers including Kimberly-Clark, Colgate-Palmolive, and Clorox, and at a smaller premium or rough parity with global peers Unilever and Reckitt Benckiser. The market capitalization can shift meaningfully with interest rate cycles, as dividend-yield-oriented investors compare P&G's yield to risk-free Treasury yields.
Procter & Gamble returns substantially all free cash flow to shareholders through a combination of regular dividends and ongoing share repurchase programs, with total annual return of capital typically between $14 billion and $17 billion depending on free cash flow generation. The dividend is the priority commitment, with the company having increased it annually for more than 65 consecutive years, paying out approximately $9 billion per year at current rates. The dividend payout ratio runs roughly 55 to 65 percent of net income. Share repurchases consume the remainder of free cash flow plus periodic incremental debt capacity, typically running $5 billion to $9 billion annually, which has reduced share count by roughly 20 percent over the past decade. The capital return is funded by operating cash flow that exceeds $18 billion annually and free cash flow exceeding $15 billion after capex of $3 billion to $4 billion. The company's stated target of returning over 90 percent of net earnings to shareholders has been maintained consistently through fiscal cycles. The capital return discipline is a core element of the investment thesis and one of the reasons P&G commands a premium valuation multiple relative to consumer staples peers.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Procter & Gamble Co. Revenue & Financials." CorpDigest, https://corpdigest.com/company/procter-gamble/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>Procter & Gamble Co. reported $84B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/procter-gamble/financials" target="_blank" rel="noopener">CorpDigest — Procter & Gamble Co. financials</a></div>