PG · 10-K · 2026A · Full report
Operating Expense Trends
PROCTER & GAMBLE Co · 2026-08-04 · Importance 49 · Surprise 32 · No source text
Total SG&A increased 6% to $23.9 billion and rose 60 basis points to 27.5% of net sales in fiscal 2026. Marketing spending increased 80 basis points as a percentage of sales, although productivity savings partially offset the increase. Overhead costs were unchanged as a percentage of sales because wage inflation and restructuring spending were offset by productivity savings. Productivity-driven cost savings provided a 160-basis-point benefit to SG&A as a percentage of net sales.
Key facts
- Total SG&A increased 6% to $23,900 million and increased 60 basis points to 27.5% of net sales. source
- Marketing spending as a percentage of net sales increased 80 basis points. source
- SG&A as a percentage of net sales decreased due primarily to a decrease in overhead spending as a percentage of net sales and lower foreign exchange transactional charges, partially offset by an increase in marketing spending. source
- Baby, Feminine & Family Care SG&A as a percentage of net sales increased due to an increase in marketing spending, partially offset by a reduction in overhead spending. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -1.6% | Total SG&A increased 6% to $23,900 million and increased 60 basis points to 27.5% of net sales. |
| margin | negative | realized | -0.6% | Total SG&A increased 6% to $23,900 million and increased 60 basis points to 27.5% of net sales. |