PG · 10-Q · 2026Q3 · Full report

Adjusted Free Cash Flow and Capex

PROCTER & GAMBLE Co · 2026-10-22 · Importance 41 · Surprise 14 · In source text

Fiscal-year-to-date operating cash flow increased $359 million year over year to $5.8 billion through September 30, 2026. Capital spending was $1.366 billion, producing free cash flow of $4.401 billion and free-cash-flow productivity of 93% of net earnings. Investing activities used $1.5 billion of cash, primarily because of capital expenditures. Accounts receivable consumed $589 million of cash, inventories consumed $349 million, and increased trade payables generated $1.1 billion.

Key facts

• Operating cash flow was $5.8 billion for the fiscal year to date period, an increase of $359 million versus the prior year period. source
• Free cash flow for the three months ended September 30, 2026 was $4,401 million (operating cash flow of $5,767 million less capital spending of $1,366 million). source
• Free cash flow productivity for the three months ended September 30, 2026 was 93% (free cash flow $4,401 million divided by net earnings $4,757 million). source
• Capital expenditures (capital spending) for the three months ended September 30, 2026 were $1,366 million. source
• Investing activities used $1.5 billion of cash fiscal year to date, primarily driven by capital expenditures. source

Impact estimates