PG · 10-Q · 2026Q1 · Full report
Focused Portfolio Restructuring
PROCTER & GAMBLE Co · 2026-04-24 · Importance 56 · Surprise 42 · No source text
The Company states it has historically incurred restructuring activities of approximately $250–$500 million before tax as a recurring range and on June 5, 2025 announced a portfolio and productivity plan to streamline its portfolio and organization. The Core earnings reconciliation shows incremental restructuring adjustments in cost of products sold of $115 million (three months) and $306 million (nine months) and SG&A adjustments of $28 million (three months) and $249 million (nine months). The filing notes prior-year restructuring included substantial liquidation of operations in certain Enterprise Markets, including Argentina, and that current-year restructuring charges exceeded normal recurring levels and are excluded from Core earnings. Corporate also recorded current year restructuring charges that reduced Corporate net earnings in the quarter.
Key facts
- In June 2025 P&G announced a portfolio and productivity plan expecting to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period. source
- P&G expects to incur over half of the focused restructuring costs by the end of fiscal 2026, with the remainder incurred in fiscal 2027. source
- The focused restructuring plan includes a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027. source
- On June 5, 2025 the Company announced a portfolio and productivity plan to streamline its portfolio and organization to improve its cost structure and competitiveness. source
- Company historical ongoing level of restructuring activities is approximately $250 - $500 million before tax. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | probable | -4.1% | In June 2025 P&G announced a portfolio and productivity plan expecting to incur approximately $1.5 to $2.0 billion in before-tax… |
| operating_income | negative | probable | -0.9% | Company historical ongoing level of restructuring activities is approximately $250 - $500 million before tax. |
| operating_income | mixed | probable | — | The focused restructuring plan includes a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027. |
| operating_income | positive | probable | — | On June 5, 2025 the Company announced a portfolio and productivity plan to streamline its portfolio and organization to improve its cost… |