PG · 10-Q · 2026Q1 · Full report

Capital Expenditures Trends

PROCTER & GAMBLE Co · 2026-04-24 · Importance 66 · Surprise 24

Investing activities used $3.4 billion of cash fiscal year to date, driven primarily by capital expenditures and the settlement of net investment hedges, partially offset by proceeds from the dissolution of the Glad joint venture. The adjusted free cash flow reconciliation shows capital spending of $3,386 million in the nine-month period, which is a material use of cash against operating cash flow. Management frames these expenditures as planned maintenance and asset expansion to support new product initiatives and capacity. The investing outflows materially reduced free cash available for other uses in the period.