PG · 10-Q · 2026Q1 · Full report

Operating Cash Flow Trends

PROCTER & GAMBLE Co · 2026-04-24 · Importance 60 · Surprise 40 · In source text

Operating cash flow was $14.4 billion fiscal year to date (nine months ended March 31, 2026), up $1.6 billion versus the prior year period; net earnings adjusted for non-cash items generated $15.6 billion of operating cash flow. Working capital and other items consumed $1.2 billion of cash YTD (accounts receivable up $186 million, inventories up $346 million, days inventory on hand down one day, trade payables generated $196 million), and other impacts consumed $877 million primarily driven by payment of the transitional tax related to the 2017 U.S. Tax Act and reductions in postretirement benefits. Investing activities used $3.4 billion (capital expenditures and net investment hedge settlements) and financing activities used $8.2 billion (mainly dividends and treasury stock purchases, partially offset by a net debt increase), resulting in adjusted free cash flow of $11,727 million for the nine months. As of March 31, 2026, current liabilities exceeded current assets by $10.2 billion, and management expects to support short-term liquidity largely through operating cash generation and available financing arrangements.

Key facts

• Operating cash flow fiscal year to date was $14.4 billion, an increase of $1.6 billion versus the prior year period. source
• Operating cash flow for the nine months ended March 31, 2026 was $14.4 billion. source
• Net earnings adjusted for non-cash items generated $15.6 billion of operating cash flow. source
• Working capital and other impacts consumed $1.2 billion of cash in the period. source
• Accounts receivable increased, consuming $186 million of cash. source
• Trade payables generated $196 million of cash. source
• Days sales outstanding were unchanged. source

Impact estimates