PG · 10-K · 2026A · Full report
Liquidity and Debt Position
PROCTER & GAMBLE Co · 2026-08-04 · Importance 49 · Surprise 6 · Contradicted
At June 30, 2026, current liabilities exceeded current assets by $12.5 billion, largely because of accounts payable, short-term borrowings, and debt due within one year. P&G held $8.9 billion of cash and cash equivalents at foreign subsidiaries, primarily in Europe and Asia, and stated that exchange controls do not materially restrict repatriation. Total debt was $34.49 billion, supported by an undrawn $8.0 billion credit facility consisting of a $3.2 billion five-year tranche expiring in October 2030 and a $4.8 billion 364-day tranche expiring in October 2026.
Key facts
- Total contractual commitments as of June 30, 2026 were $45,843 million, with $13,828 million due in less than 1 year, $7,667 million due in 1-3 years, $8,225 million due in 3-5 years and $16,123 million due after 5 years. source
- The Company maintains an $8.0 billion bank credit facility split between a $3.2 billion five-year facility and a $4.8 billion 364-day facility, which expire in October 2030 and October 2026, respectively. source
- Total recorded debt as of June 30, 2026 was $34,490 million with $11,357 million due in less than 1 year, $4,173 million due in 1-3 years, $6,306 million due in 3-5 years and $12,654 million due after 5 years. source
- At June 30, 2026, current liabilities exceeded current assets by $12.5 billion. source
- Purchase obligations primarily reflecting take-or-pay arrangements total $3,651 million, with $1,155 million due in less than 1 year and $1,366 million due in 1-3 years. source
- As of June 30, 2026, the Company had $8.9 billion of cash and cash equivalents related to foreign subsidiaries, primarily in various European and Asian countries. source
- Both bank credit facilities are currently undrawn and the Company anticipates they will remain undrawn. source
- Restructuring accruals of $336 million as of June 30, 2026 are classified as current liabilities. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | committed | -30.8% | Total contractual commitments as of June 30, 2026 were $45,843 million, with $13,828 million due in less than 1 year, $7,667 million due… |
| liability | negative | realized | -9.9% | At June 30, 2026, current liabilities exceeded current assets by $12.5 billion. |
| liability | negative | committed | -2.5% | Purchase obligations primarily reflecting take-or-pay arrangements total $3,651 million, with $1,155 million due in less than 1 year and… |
| liability | negative | realized | — | Total recorded debt as of June 30, 2026 was $34,490 million with $11,357 million due in less than 1 year, $4,173 million due in 1-3 years,… |
| assets | positive | realized | — | As of June 30, 2026, the Company had $8.9 billion of cash and cash equivalents related to foreign subsidiaries, primarily in various… |