PG · 10-K · 2026A · Full report
Adjusted Free Cash Flow
PROCTER & GAMBLE Co · 2026-08-04 · Importance 48 · Surprise 14 · No source text
Operating cash flow increased 10% to $19.6 billion in 2026 from $17.8 billion in 2025. Adjusted free cash flow increased 8% to $15.8 billion from $14.6 billion, primarily because of higher operating cash flow. Adjusted free-cash-flow productivity was 100% in 2026, and the measure supports dividends, share repurchases, acquisitions and other discretionary investments.
Key facts
- Adjusted free cash flow was $15.8 billion in fiscal 2026. source
- Adjusted free cash flow was $15,835 million in 2026, an increase of 8% versus the prior year. source
- Adjusted free cash flow is defined as operating cash flow less capital spending and excluding payments for the transitional tax resulting from the 2017 U.S. Tax Act; adjusted free cash flow was $15,835 million with operating cash flow $19,556 million and capital spending $4,409 million (reconciliation). source
- Adjusted free cash flow productivity was 100% in 2026 (ratio of adjusted free cash flow to net earnings excluding the Glad gain). source
- Adjusted free cash flow productivity was 100% in fiscal 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +15.5% | Adjusted free cash flow is defined as operating cash flow less capital spending and excluding payments for the transitional tax resulting… |
| cash | positive | realized | +12.5% | Adjusted free cash flow is defined as operating cash flow less capital spending and excluding payments for the transitional tax resulting… |
| cash | negative | realized | -3.5% | Adjusted free cash flow is defined as operating cash flow less capital spending and excluding payments for the transitional tax resulting… |
| cash | positive | realized | +1.0% | Adjusted free cash flow was $15,835 million in 2026, an increase of 8% versus the prior year. |
| cash | positive | realized | — | Adjusted free cash flow was $15.8 billion in fiscal 2026. |