PG · 8-K · 20261022PR000250

Operating Expense Trends

PROCTER & GAMBLE Co · 2026-10-22 · Importance 25 · Surprise 32

Reported SG&A was $5.661 billion, essentially unchanged from $5.643 billion, while SG&A declined to 24.3% of sales from 25.2%. Core SG&A as a percentage of sales decreased 80 basis points, including a 70-basis-point currency-neutral reduction. Productivity savings improved the ratio by 130 basis points and sales growth leverage improved it by 100 basis points. Reinvestments offset 120 basis points of the benefit, while incremental restructuring charges reduced reported SG&A by $54 million in the quarter.

Key facts

• Selling, general and administrative expense for the quarter was $5,661 million, essentially flat versus prior year. source
• The decline in SG&A was driven by 130 basis points of productivity savings and 100 basis points of net sales growth leverage, partially offset by 120 basis points of reinvestments and 40 basis points of rounding and other items. source
• Reported SG&A as a percentage of sales declined 90 basis points versus year ago. source
• Core SG&A as a percentage of sales decreased 80 basis points versus year ago and decreased 70 basis points on a currency-neutral basis. source