Analysis of Reportable Segments
Procter & Gamble Co. operates in 5 segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care.
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Segment Profit Margin
Procter & Gamble Co., profit margin by reportable segment
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Beauty | ||||||
| Grooming | ||||||
| Health Care | ||||||
| Fabric & Home Care | ||||||
| Baby, Feminine & Family Care |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
An analysis of segment profit margins reveals divergent performance trajectories across the various business units from 2021 through 2026. While some segments demonstrated resilience and recovery, others experienced a sustained decline in profitability.
- Beauty
- A consistent and significant contraction in profit margins is observed, with values declining from 22.27% in 2021 to 16.68% by 2026. This represents a steady downward trend over the entire period, shifting the segment from one of the highest-margin units to the lowest.
- Grooming
- Margins in this segment remained relatively stable, characterized by minor fluctuations. A peak of 23.67% was reached in 2025, and the segment concluded the period at 22.10%, maintaining the most consistent profitability profile among all analyzed segments.
- Health Care
- A gradual upward trajectory was observed for the majority of the period. Margins increased from 18.59% in 2021 to a peak of 20.34% in 2025, followed by a moderate correction to 19.30% in 2026.
- Fabric & Home Care
- This segment experienced an initial decline to 15.92% in 2022, followed by a period of strong recovery. Profit margins climbed to a peak of 19.75% in 2025 before softening to 18.58% in 2026.
- Baby, Feminine & Family Care
- A V-shaped recovery pattern is evident, with margins dropping to a low of 16.55% in 2022 before rebounding significantly. The segment achieved a peak of 19.83% in 2024 and remained near that level through 2025, ending at 19.26% in 2026.
Overall, the data indicates a period of volatility for the Baby, Feminine & Family Care and Fabric & Home Care segments, both of which successfully recovered from 2022 lows. In contrast, the Beauty segment exhibits a systemic erosion of margins, while Grooming and Health Care demonstrate sustained stability and growth.
Segment Profit Margin: Beauty
Procter & Gamble Co.; Beauty; segment profit margin calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment profit margin = 100 × Net earnings (loss) ÷ Net sales
= 100 × ÷ =
The Beauty segment exhibits a persistent contraction in profitability from 2021 through 2026, characterized by a consistent decline in profit margins despite an overall increase in net sales over the period.
- Net Sales Trends
- Net sales demonstrate a general upward trajectory, increasing from US$ 14,417 million in 2021 to a projected US$ 16,023 million by 2026. While a slight contraction is noted in 2025, the long-term trend indicates growth in top-line revenue generation.
- Net Earnings Analysis
- Net earnings have inversely trended compared to sales, showing a general decline. From a high of US$ 3,210 million in 2021, earnings decreased to US$ 2,672 million by 2026. The failure of net earnings to keep pace with sales growth suggests increasing operational costs or pricing pressures within the segment.
- Profit Margin Compression
- A steady and uninterrupted decline in the segment profit margin is observed throughout the analyzed timeframe. The margin fell from 22.27% in 2021 to 16.68% in 2026. This continuous erosion confirms that the costs associated with producing and selling beauty products are increasing at a rate that exceeds revenue growth, leading to diminished operational efficiency.
Segment Profit Margin: Grooming
Procter & Gamble Co.; Grooming; segment profit margin calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment profit margin = 100 × Net earnings (loss) ÷ Net sales
= 100 × ÷ =
The financial performance of the Grooming segment is characterized by stability in profitability and a general upward trajectory in revenue. Over the six-year period, the segment maintained a consistent profit margin, indicating effective cost management relative to sales growth.
- Revenue Trends
- Net sales increased from 6,440 million USD in 2021 to 6,918 million USD by 2026. Despite a brief contraction observed in 2023, the overall trend reflects a steady expansion of the top line over the long term.
- Earnings Analysis
- Net earnings remained relatively stable, with a gradual increase from 1,427 million USD in 2021 to a peak of 1,577 million USD in 2025. The earnings trajectory closely follows the movement of net sales, suggesting a consistent conversion of revenue into profit.
- Profit Margin Dynamics
- The segment profit margin exhibited low volatility, remaining within a narrow range between 22.10% and 23.67%. A gradual ascent was noted from 2021 through 2023, followed by a slight correction in 2024. The margin reached its maximum efficiency in 2025 at 23.67% before returning to 22.10% in 2026, effectively returning to the baseline established at the beginning of the period.
Segment Profit Margin: Health Care
Procter & Gamble Co.; Health Care; segment profit margin calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment profit margin = 100 × Net earnings (loss) ÷ Net sales
= 100 × ÷ =
The Health Care segment has exhibited a consistent upward trajectory in revenue growth and a general expansion of profitability from 2021 through 2025, followed by a slight correction in 2026.
- Revenue Growth Patterns
- Net sales demonstrated uninterrupted growth over the analyzed period, rising from 9,956 million US dollars in 2021 to 12,456 million US dollars in 2026. This steady increase indicates a consistent expansion of the segment's market presence or an effective pricing strategy.
- Earnings Performance
- Net earnings followed a similar growth path, increasing from 1,851 million US dollars in 2021 to a peak of 2,440 million US dollars in 2025. However, a slight contraction occurred in 2026, with earnings decreasing to 2,404 million US dollars despite the continued increase in net sales.
- Profit Margin Dynamics
- The segment profit margin remained relatively stable between 2021 and 2022, before entering a period of expansion. The margin climbed from 18.59% in 2021 to a peak of 20.34% in 2025, suggesting improved operational efficiency or a more favorable product mix. In 2026, the margin retracted to 19.30%, aligning with the observed dip in net earnings.
Overall, the data reveals a period of strong operational scaling and margin improvement that culminated in 2025. The divergence in 2026, where sales increased while earnings and margins declined, suggests an increase in the cost of goods sold or operating expenses that offset revenue gains.
Segment Profit Margin: Fabric & Home Care
Procter & Gamble Co.; Fabric & Home Care; segment profit margin calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment profit margin = 100 × Net earnings (loss) ÷ Net sales
= 100 × ÷ =
The Fabric & Home Care segment demonstrates a consistent trajectory of revenue growth coupled with fluctuating profitability margins over the analyzed six-year period.
- Revenue Performance
- Net sales exhibited an uninterrupted upward trend, increasing from US$ 26,014 million in 2021 to US$ 30,314 million by 2026. This steady growth indicates a sustained expansion of the segment's top-line performance throughout the period.
- Segment Profit Margin Dynamics
- The profit margin experienced notable volatility, characterized by an initial contraction in 2022 to 15.92% from 17.77% in 2021. This was followed by a strong recovery and expansion phase, with the margin peaking at 19.75% in 2025. A subsequent decline to 18.58% was observed in 2026, suggesting a recent compression of profitability.
- Net Earnings Trends
- Net earnings mirrored the movement of the profit margins. Following a decline to US$ 4,386 million in 2022, earnings rose consistently to a peak of US$ 5,848 million in 2025. The subsequent reduction to US$ 5,632 million in 2026 corresponds with the overall margin contraction seen in the final year of the period.
- Operational Correlation
- A divergence is observed between the linear growth of net sales and the cyclical nature of net earnings and margins. The ability to increase margins from 15.92% in 2022 to 19.75% in 2025, despite the general economic environment, suggests successful cost management or pricing adjustments. However, the 2026 decline in both earnings and margin, despite achieving record sales, indicates that cost pressures began to outpace revenue growth toward the end of the period.
Segment Profit Margin: Baby, Feminine & Family Care
Procter & Gamble Co.; Baby, Feminine & Family Care; segment profit margin calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment profit margin = 100 × Net earnings (loss) ÷ Net sales
= 100 × ÷ =
The Baby, Feminine & Family Care segment exhibits a pattern of initial volatility followed by a period of stabilization in both revenue and profitability. While net sales demonstrated a consistent growth trajectory through 2024, profitability margins underwent a significant contraction before recovering to peak levels in 2024 and 2025.
- Net Sales Trend
- Revenue showed a steady upward trend from June 30, 2021, through June 30, 2024, increasing from 18,850 million to 20,277 million. Following this growth phase, sales stabilized, maintaining a tight range between 20,248 million and 20,401 million through June 30, 2026.
- Net Earnings Volatility
- Net earnings experienced a decline in 2022, dropping to 3,266 million from 3,629 million in the prior year. A strong recovery followed, with earnings peaking at 4,020 million in 2024. In the final two years of the period, earnings remained relatively flat with a slight downward adjustment to 3,930 million by June 30, 2026.
- Segment Profit Margin Analysis
- The profit margin witnessed a notable contraction in 2022, falling to 16.55%. This decline occurred despite an increase in net sales, indicating a period of compressed margins likely due to rising operational costs or pricing pressures. A robust recovery followed, with the margin expanding to a peak of 19.83% in 2024. The margin remained stable at 19.82% in 2025 before settling at 19.26% in 2026, effectively returning to the baseline level observed at the start of the analyzed period.
Segment Capital Expenditures to Depreciation
Procter & Gamble Co., capital expenditures to depreciation by reportable segment
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Beauty | ||||||
| Grooming | ||||||
| Health Care | ||||||
| Fabric & Home Care | ||||||
| Baby, Feminine & Family Care |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
The capital expenditures to depreciation ratios across all reportable segments indicate a general trend of asset expansion and modernization, with most segments maintaining ratios above 1.0 by the end of the period. This suggests a strategic shift toward increasing the asset base relative to the rate of depreciation, particularly in the latter half of the analyzed timeframe.
- Beauty
- A U-shaped trend is evident in the Beauty segment. The ratio declined from 1.16 in 2021 to a low of 0.70 in 2024, indicating a period where depreciation exceeded capital investment. However, a recovery followed, with the ratio returning to 1.01 by 2026, signaling a renewed commitment to capital investment.
- Grooming
- The Grooming segment demonstrates the most aggressive growth trajectory. After starting at 0.77 in 2021, the ratio accelerated significantly starting in 2024, reaching 1.69 by 2026. This consistent upward trend suggests a substantial increase in capital investments relative to existing asset wear.
- Health Care
- Health Care exhibits a steady upward trend, rising from 0.98 in 2021 to a peak of 1.38 in 2024. The ratio remained relatively stable between 1.32 and 1.35 through 2026, reflecting a consistent policy of investing above the depreciation threshold to maintain or expand capacity.
- Fabric & Home Care
- This segment consistently maintained the highest investment levels relative to depreciation for the majority of the period. The ratio remained robust, fluctuating slightly between 1.45 and 1.67, indicating a sustained and high level of capital reinvestment.
- Baby, Feminine & Family Care
- A general increase in investment is observed in this segment, moving from 0.96 in 2021 to 1.82 in 2026. While the growth was gradual between 2021 and 2025, a sharp increase occurred in the final year, marking the highest ratio among all segments for that period.
Segment Capital Expenditures to Depreciation: Beauty
Procter & Gamble Co.; Beauty; segment capital expenditures to depreciation calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Beauty segment experienced a cyclical shift in capital allocation between 2021 and 2026. A pronounced period of reduced investment relative to asset depreciation occurred mid-period, followed by a projected acceleration in capital spending toward the conclusion of the analyzed timeframe.
- Capital Expenditure Trends
- Capital spending followed a U-shaped trajectory, decreasing steadily from US$ 386 million in 2021 to a low of US$ 280 million in 2024. This contraction was followed by a significant reversal, with expenditures rising to US$ 328 million in 2025 and reaching a peak of US$ 415 million in 2026.
- Depreciation and Amortization Analysis
- Depreciation and amortization expenses exhibited a consistent upward trend, rising from US$ 333 million in 2021 to US$ 410 million in 2026. This steady increase suggests a growing asset base or the impact of prior large-scale investments reaching their peak depreciation phases.
- Capital Expenditures to Depreciation Ratio
- The investment-to-depreciation ratio declined from 1.16 in 2021 to a minimum of 0.70 in 2024, indicating a period where capital reinvestment was insufficient to cover the consumption of existing assets. This trend suggests a temporary shift toward capital preservation or a reduction in expansionary activities. However, the ratio recovered to 0.82 in 2025 and returned to a growth-oriented level of 1.01 by 2026, signaling a renewed commitment to asset replacement and capacity expansion.
Segment Capital Expenditures to Depreciation: Grooming
Procter & Gamble Co.; Grooming; segment capital expenditures to depreciation calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Grooming segment exhibits a strategic shift in capital allocation, transitioning from a period of maintenance-focused spending to a phase of aggressive asset expansion between 2021 and 2026.
- Capital Expenditure Trends
- Investment levels remained relatively stable between 2021 and 2023, experiencing a slight contraction in 2022 to US$ 260 million before recovering to US$ 300 million. A significant acceleration in spending began in 2024, with expenditures rising to US$ 337 million, then jumping to US$ 451 million in 2025, and peaking at US$ 540 million by 2026.
- Depreciation and Amortization Patterns
- Depreciation and amortization costs followed a gradual downward trajectory, decreasing from US$ 378 million in 2021 to US$ 313 million in 2025, followed by a marginal increase to US$ 320 million in 2026. This trend indicates a steady decline in the book value of the legacy asset base over the analyzed period.
- Segment Capital Expenditures to Depreciation Ratio Analysis
- The ratio reflects a clear pivot in financial strategy. From 2021 to 2023, the ratio remained below 1.0 (ranging from 0.72 to 0.90), signifying that capital reinvestment was lower than the depreciation of existing assets, which is typical of a maintenance phase. A critical inflection point occurred in 2024, as the ratio surpassed the 1.0 threshold to reach 1.01. This upward momentum intensified in 2025 and 2026, with ratios of 1.44 and 1.69 respectively, confirming a transition toward growth-oriented capital spending and significant capacity expansion.
Segment Capital Expenditures to Depreciation: Health Care
Procter & Gamble Co.; Health Care; segment capital expenditures to depreciation calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Health Care segment exhibits a consistent upward trajectory in capital investment relative to the depreciation of existing assets. This transition indicates a strategic shift from maintaining current capacity to expanding the asset base over the analyzed period.
- Capital Expenditure Trends
- Capital expenditures demonstrate steady growth, increasing from US$ 364 million in 2021 to US$ 592 million by 2026. This sustained increase suggests a focused effort to enhance production capabilities or integrate new technologies within the segment.
- Depreciation and Amortization Patterns
- Depreciation and amortization expenses remained relatively stable compared to capital spending, fluctuating between US$ 352 million and US$ 439 million. A brief decline occurred in 2023, followed by a gradual increase through 2026 as newer, higher-value assets were likely integrated into the depreciation schedule.
- Analysis of the Capital Expenditures to Depreciation Ratio
- The ratio evolved from 0.98 in 2021 to a peak of 1.38 in 2024, concluding at 1.35 in 2026. The initial value below 1.0 indicates that capital spending was insufficient to replace the value of assets being depreciated. The subsequent shift to a ratio consistently above 1.3 denotes a transition toward growth-oriented spending, where investment significantly exceeds the natural wear and tear of the segment's asset base.
Segment Capital Expenditures to Depreciation: Fabric & Home Care
Procter & Gamble Co.; Fabric & Home Care; segment capital expenditures to depreciation calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The financial data for the Fabric & Home Care segment indicates a consistent strategy of reinvesting in assets at a rate that exceeds annual depreciation and amortization charges. This pattern suggests a sustained commitment to expanding operational capacity or modernizing infrastructure to maintain competitive efficiency.
- Capital Expenditure Trends
- Investment in capital assets experienced a slight contraction between 2021 and 2023, moving from 1,006 million US$ to 979 million US$. Following this period, a significant upward trajectory was established starting in 2024, with expenditures increasing to 1,250 million US$ by 2026. This represents a marked acceleration in investment during the latter half of the period.
- Depreciation and Amortization Growth
- Depreciation and amortization expenses exhibited a steady, linear increase over the entire duration, rising from 646 million US$ in 2021 to 756 million US$ in 2026. This consistent growth reflects the gradual recognition of costs associated with an expanding asset base and the natural aging of existing equipment.
- Capital Expenditure to Depreciation Ratio Analysis
- The ratio of capital expenditures to depreciation remained above 1.0 throughout the analyzed timeframe, confirming that the segment is investing more in new assets than it is consuming in old ones. The ratio declined from 1.56 in 2021 to a low of 1.45 in 2023, before rebounding to a peak of 1.67 in 2025. The concluding ratio of 1.65 in 2026 indicates that the segment has maintained a higher intensity of reinvestment compared to the 2022-2023 period.
Segment Capital Expenditures to Depreciation: Baby, Feminine & Family Care
Procter & Gamble Co.; Baby, Feminine & Family Care; segment capital expenditures to depreciation calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Baby, Feminine & Family Care segment demonstrates a clear transition from asset maintenance to capacity expansion between 2021 and 2026. The overall trend indicates an increasing commitment to capital investment that significantly outpaces the rate of asset depreciation.
- Capital Expenditure Growth
- Investment levels increased from US$ 814 million in 2021 to US$ 1,520 million in 2026. Aside from a slight contraction in 2024, the trajectory is consistently upward, with a particularly sharp acceleration in spending projected for the final year of the period.
- Depreciation and Amortization Stability
- Depreciation and amortization expenses remained relatively constant, fluctuating within a tight range between US$ 804 million and US$ 846 million. This stability suggests a consistent baseline of existing infrastructure and equipment being amortized over the observed timeframe.
- Analysis of the Capital Expenditures to Depreciation Ratio
- The ratio rose from 0.96 in 2021 to 1.82 in 2026. In 2021, the ratio below 1.0 indicated that capital spending was insufficient to fully cover the depreciation of existing assets. However, from 2022 onward, the ratio remained consistently above 1.0, signaling that the company is expanding its asset base. The surge to 1.82 by 2026 suggests a significant strategic shift toward aggressive modernization or capacity growth within the segment.
Net sales
Procter & Gamble Co., net sales by reportable segment
US$ in millions
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Beauty | ||||||
| Grooming | ||||||
| Health Care | ||||||
| Fabric & Home Care | ||||||
| Baby, Feminine & Family Care | ||||||
| Corporate | ||||||
| Total |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
Total net sales exhibit a consistent upward trajectory over the analyzed six-year period, increasing from 76,118 million US dollars in 2021 to 87,032 million US dollars by 2026. This trend indicates a sustained expansion of the overall revenue base across the majority of reportable segments.
- Fabric & Home Care
- This segment serves as the primary revenue driver, maintaining the highest sales volume throughout the period. Net sales grew steadily from 26,014 million US dollars in 2021 to 30,314 million US dollars in 2026, reflecting a consistent pattern of growth.
- Baby, Feminine & Family Care
- Sales in this segment increased from 18,850 million US dollars in 2021 to 20,401 million US dollars in 2026. A period of stagnation is observed between 2024 and 2025, where revenue remained nearly flat before returning to growth in 2026.
- Beauty
- The Beauty segment grew from 14,417 million US dollars in 2021 to 16,023 million US dollars in 2026. The progression was interrupted by a slight decline in 2025, when sales dipped to 14,964 million US dollars from 15,220 million US dollars the previous year.
- Health Care
- This segment demonstrates the most linear and consistent growth pattern among all segments, rising from 9,956 million US dollars in 2021 to 12,456 million US dollars in 2026 without any annual contractions.
- Grooming
- Net sales for Grooming showed modest growth, moving from 6,440 million US dollars in 2021 to 6,918 million US dollars in 2026. The growth rate in this segment is the most conservative relative to the other major business units.
- Corporate
- Corporate revenue remains the smallest contribution to total net sales, though it experienced a general increase from 441 million US dollars in 2021 to 920 million US dollars in 2026, characterized by periodic fluctuations.
Net earnings (loss)
Procter & Gamble Co., net earnings (loss) by reportable segment
US$ in millions
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Beauty | ||||||
| Grooming | ||||||
| Health Care | ||||||
| Fabric & Home Care | ||||||
| Baby, Feminine & Family Care | ||||||
| Corporate | ||||||
| Total |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
Total net earnings across all reportable segments exhibit a steady overall increase, rising from US$ 14,352 million in 2021 to US$ 16,144 million in 2026. This growth reflects a divergence in performance between core product categories, where gains in home and health care offset declines in beauty and volatility within corporate costs.
- Fabric & Home Care
- This segment represents the largest contribution to total earnings. After a slight dip in 2022, earnings grew substantially, peaking at US$ 5,848 million in 2025 before a minor correction to US$ 5,632 million in 2026.
- Health Care
- A consistent upward trend is observed in this segment, with earnings increasing every year from 2021 through 2025, moving from US$ 1,851 million to a peak of US$ 2,440 million, followed by a marginal decrease in 2026.
- Beauty
- A sustained downward trend is evident, as earnings declined from US$ 3,210 million in 2021 to US$ 2,672 million in 2026. This represents a steady erosion of profitability within the segment over the observed period.
- Baby, Feminine & Family Care
- Earnings in this segment showed resilience, recovering from a low of US$ 3,266 million in 2022 to reach a peak of US$ 4,020 million in 2024, before stabilizing at US$ 3,930 million in 2026.
- Grooming
- Performance remained relatively stable with marginal growth, starting at US$ 1,427 million in 2021 and ending at US$ 1,529 million in 2026, characterized by low volatility.
- Corporate
- The corporate item exhibits significant volatility, shifting between profit and loss. A notable peak occurred in 2022 at US$ 485 million, followed by a substantial loss of US$ 1,431 million in 2024, before returning toward a near-zero balance of US$ -23 million in 2026.
The overall financial trajectory is defined by the scaling of the Fabric & Home Care and Health Care segments, which have become the primary engines of earnings growth, effectively compensating for the contraction in the Beauty segment and the erratic nature of corporate expenditures.
Depreciation and amortization
Procter & Gamble Co., depreciation and amortization by reportable segment
US$ in millions
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Beauty | ||||||
| Grooming | ||||||
| Health Care | ||||||
| Fabric & Home Care | ||||||
| Baby, Feminine & Family Care | ||||||
| Corporate | ||||||
| Total |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
Total depreciation and amortization expenses exhibit a general upward trajectory over the analyzed period, increasing from 2,735 million in 2021 to 3,160 million by 2026. While the growth remained relatively moderate through 2025, a notable acceleration is observed in the final period.
- Consistent Growth Segments
- The Beauty and Fabric & Home Care segments demonstrate a steady increase in expenses. Beauty expenses rose consistently from 333 million in 2021 to 410 million in 2026. Similarly, Fabric & Home Care grew from 646 million to 756 million, indicating sustained capital investment or asset utilization in these areas.
- Contraction and Stability Patterns
- A gradual downward trend is observed in the Grooming segment, which declined from 378 million in 2021 to 313 million in 2025, before a slight uptick to 320 million in 2026. The Baby, Feminine & Family Care segment remained the largest contributor to total expenses but exhibited relative stability, fluctuating within a narrow range between 804 million and 846 million.
- Volatility and Period-End Spikes
- The Health Care and Corporate segments are characterized by higher volatility. Health Care expenses experienced a dip in 2023 before rising sharply to 439 million in 2026. The Corporate segment showed significant fluctuations throughout the period, culminating in a substantial increase to 400 million in 2026, representing a nearly 100% increase over the 2025 value.
Capital expenditures
Procter & Gamble Co., capital expenditures by reportable segment
US$ in millions
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Beauty | ||||||
| Grooming | ||||||
| Health Care | ||||||
| Fabric & Home Care | ||||||
| Baby, Feminine & Family Care | ||||||
| Corporate | ||||||
| Total |
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
Total capital expenditures exhibit a consistent long-term upward trajectory, increasing from 2,787 million USD in 2021 to 4,409 million USD by 2026. While a marginal contraction occurred in 2023, the overall trend reflects an aggressive expansion of investment across nearly all reportable segments, particularly in the latter half of the analyzed period.
- Primary Investment Drivers
- Fabric & Home Care and Baby, Feminine & Family Care represent the largest shares of capital allocation. Fabric & Home Care maintained a stable baseline near 1 billion USD before accelerating to 1,250 million USD by 2026. Baby, Feminine & Family Care demonstrates the most significant growth acceleration, rising from 814 million USD in 2021 to a peak of 1,520 million USD in 2026, marking it as the highest spending segment by the end of the period.
- Steady Growth Segments
- Health Care exhibits the most linear and consistent growth pattern, with expenditures rising every year from 364 million USD in 2021 to 592 million USD in 2026. Grooming follows a similar positive trend, shifting from a brief dip in 2022 to a substantial increase, reaching 540 million USD by 2026.
- Cyclical and Volatile Trends
- The Beauty segment experienced a sustained decline from 2021 to 2024, dropping from 386 million USD to 280 million USD, before entering a recovery phase that culminated in 415 million USD by 2026. Corporate expenditures display high volatility, characterized by a negative value of -74 million USD in 2021 and fluctuating peaks throughout the period, suggesting non-linear investment patterns or periodic adjustments.
- Aggregate Capital Allocation Shift
- The distribution of capital suggests a strategic pivot toward Baby, Feminine & Family Care and Grooming in the final two years. The total capital outlay grew by approximately 58% between 2021 and 2026, indicating a heightened commitment to infrastructure or capacity expansion across the diversified portfolio.