PG · 10-Q · 2026Q1 · Full report

Capital Return Program / Financing Activities

PROCTER & GAMBLE Co · 2026-04-24 · Importance 63 · Surprise 30 · In source text

Financing activities used $8.2 billion of net cash fiscal year to date, primarily for dividends to shareholders and treasury stock purchases, partially offset by a net debt increase. Adjusted free cash flow for the nine months was $11,727 million, which management states is a factor used to determine cash available for dividends, share repurchases, acquisitions and other discretionary investments. The Company indicates it has strong short- and long-term debt ratings that enable refinancing at favorable rates, and available bank agreements to meet short-term funding needs if required. The reported $8.2 billion of capital returned YTD is sizable relative to the Company’s cash generation in the period and is a primary driver of net financing cash outflows.

Key facts

• Nine months ended March 31, 2026: Diluted net earnings per common share (GAAP) $5.36; Core EPS adjustment of $0.21 for incremental restructuring and $(0.11) for Glad joint venture results in Core EPS $5.46. source
• Financing activities used $8.2 billion of net cash fiscal year to date, mainly due to dividends to shareholders and treasury stock purchases, partially offset by a net debt increase. source
• Nine months ended March 31, 2025: Diluted net earnings per common share (GAAP) $5.03; Core EPS adjustment $0.33 resulted in Core EPS $5.35. source

Impact estimates