PG · 8-K · 20261022PR000252

Adjusted Free Cash Flow and Capex

PROCTER & GAMBLE Co · 2026-10-22 · Importance 48 · Surprise 24 · No source text

For the three months ended September 30, 2026, operating cash flow was $5,767 million and capital spending was $1,366 million. Free cash flow was $4,401 million against net earnings of $4,757 million, producing 93% free-cash-flow productivity. Fiscal 2027 guidance calls for capital spending of 4.5% to 5.5% of sales and free-cash-flow productivity of 85% to 90%.

Key facts

• FY 2027 guidance indicates capital spending of greater than $10 billion. source
• FY 2027 guidance for Capital Spending is 4.5% to 5.5% of sales. source
• FY 2027 guidance includes Free Cash Flow Productivity target of 85% to 90%. source
• Operating cash flow for the three months ended September 30, 2026 was $5,767 million, capital spending was $(1,366) million, resulting in free cash flow of $4,401 million and net earnings $4,757 million. source
• Q1 FY 2027 Free Cash Flow Productivity was 93%. source

Impact estimates