PG · 10-Q · 2026Q1 · Full report
Glad Joint Venture Dissolution
PROCTER & GAMBLE Co · 2026-04-24 · Importance 52 · Surprise 60 · In source text
In January 2026 the Glad joint venture agreement with Clorox expired and Clorox purchased P&G’s minority interest at fair market value for $476 million. The transaction was accounted for as a dissolution of the Glad joint venture business and P&G recorded an after-tax gain of $261 million. Proceeds from the dissolution contributed to investing cash inflows and the after-tax gain was excluded from Core earnings in the non-GAAP reconciliation. The dissolution also affected Corporate net earnings (Corporate net earnings decreased $19 million in the quarter primarily due to restructuring and prior-period adjustments, partially offset by the Glad gain).
Key facts
- On January 2026 the Glad joint venture agreement expired and Clorox purchased P&G's minority interest in the venture at fair market value for $476 million, and P&G recorded an after-tax gain of $261 million. source
- Corporate nine months ended March 31, 2026: Corporate net earnings increased $588 million to $57 million primarily due to prior year restructuring charges related to substantial liquidation in certain Enterprise Markets and the dissolution of the Glad joint venture business in the current year, partially offset by current year restructuring charges. source
- The Glad joint venture agreement expired in January 2026 and Clorox purchased P&G’s minority interest for $476 million. source
- Three months ended March 31, 2026: Net earnings $3,951 million; adjustment for Glad joint venture gain $(261) million results in net earnings $3,833 million attributable to P&G (Core reconciliation context). source
- P&G recorded an after-tax gain of $261 million from the dissolution of the Glad joint venture business. source
- Corporate three months ended March 31, 2026: Corporate net sales increased $27 million to $225 million and Corporate net earnings decreased $19 million to $181 million driven primarily by current year restructuring charges and adjustments to expected variable compensation payouts in the prior year period, partially offset by the gain from the dissolution of the Glad joint venture business. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +2.8% | Corporate nine months ended March 31, 2026: Corporate net earnings increased $588 million to $57 million primarily due to prior year… |
| net_income | positive | realized | +1.2% | On January 2026 the Glad joint venture agreement expired and Clorox purchased P&G's minority interest in the venture at fair market value… |
| assets | positive | realized | +0.4% | On January 2026 the Glad joint venture agreement expired and Clorox purchased P&G's minority interest in the venture at fair market value… |
| revenue | positive | realized | +0.1% | Corporate three months ended March 31, 2026: Corporate net sales increased $27 million to $225 million and Corporate net earnings… |
| net_income | negative | realized | -0.1% | Corporate three months ended March 31, 2026: Corporate net sales increased $27 million to $225 million and Corporate net earnings… |