PG · 10-K · 2026A · Full report

Liquidity and Cash Position

PROCTER & GAMBLE Co · 2026-08-04 · Importance 31 · Surprise 6 · In source text

P&G held $8.9 billion of cash and cash equivalents related to foreign subsidiaries at June 30, 2026, primarily in Europe and Asia. Current liabilities exceeded current assets by $12.5 billion, largely because of accounts payable, short-term borrowings and debt due within one year. The company reported stable high-quality credit ratings, including P-1 and A-1+ short-term ratings and Aa3 and AA- long-term ratings.

Key facts

• The Company maintains an $8.0 billion bank credit facility split between a $3.2 billion five-year facility (expires October 2030) and a $4.8 billion 364-day facility (expires October 2026), both currently undrawn. source
• As of June 30, 2026, current liabilities exceeded current assets by $12.5 billion largely due to accounts payable, short-term borrowings and debt due within one year. source
• Short-term credit ratings on June 30, 2026 were P-1 (Moody's) and A-1+ (S&P); long-term ratings were Aa3 (Moody's) and AA- (S&P), all with a stable outlook. source
• These credit facilities do not have cross-default or ratings triggers, nor material adverse events clauses, except at the time of signing. 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
• Net investing activities used $4,624 million of cash in 2026, primarily due to capital expenditures and the settlement of net investment hedges, partially offset by proceeds from the dissolution of the Glad joint venture business. source
• Other impacts reduced cash by $333 million primarily due to the final payment of the transitional tax related to the 2017 U.S. Tax Act and a reduction in postretirement benefit accruals, partially offset by tax accruals in excess of estimated payments and accrued marketing expense. source
• Approximately 67% of the before tax restructuring charges incurred in fiscal 2026 either have been or will be settled with cash. source

Impact estimates