Procter & Gamble (PG) 10-K risk factor changes: FY2025 vs FY2024

Further, we have a significant amount of [added: debt including floating rate and] foreign currency debt and derivatives as part of our capital markets activities.

[removed: The] [added: Further, the] maturity cash outflows of [removed: these] [added: foreign currency debt and derivative] instruments could be adversely impacted by significant appreciation of foreign currency exchange rates (particularly the Euro), which could adversely impact our overall cash [removed: flows.][added: flows and interest expense.]

These disruptions have included and may in the future include: a slow-down, recession or inflationary pressures in the general economy; reduced market growth rates; tighter credit markets for our suppliers, vendors or customers; a significant shift in government policies; significant social unrest; the deterioration of economic relations between countries or regions; potential negative consumer sentiment toward non-local products or sources; [added: or the inability to conduct day-to-day transactions through our financial intermediaries to pay funds to or collect funds from our customers, vendors and suppliers.]

Results of elections, referendums, sanctions or other political processes and pressures in certain markets in which our products are manufactured, sold or distributed [added: have created and] could [added: continue to] create uncertainty regarding how existing governmental policies, laws and regulations may change, including with respect to sanctions, taxes, tariffs, import and export controls and the general movement of goods, materials, services, capital, data and people between countries.

The potential implications of such uncertainty, which include, among others, exchange rate fluctuations, [added: variability and unpredictability in trade relations such as U.S. trade relations,] new or increased tariffs, trade barriers and market contraction, could adversely affect the Company’s results of operations and cash flows.

If geopolitical tensions and trade controls [removed: were] [added: continue] to increase or disrupt our business in markets where we have significant sales or operations, including disruptions due to governmental responses to such conflicts (such as the imposition of sanctions, export controls, retaliatory tariffs, [added: restrictions on cross-border data transfers,] increased business licensing requirements or limitations on profits), such disruptions could adversely impact our business, financial condition, results of operations and cash flows.

Future impacts to the Company are difficult to predict due to the high level of uncertainty as to how the overall situation will [added: continue to] evolve.

We may reduce further or discontinue our operations in Russia due to sanctions and export controls and counter-sanctions, monetary, currency or payment controls, restrictions on [added: data transfers or] access to financial [removed: institutions,] [added: institutions and services,] supply and transportation challenges or other circumstances and considerations.

Ultimately, these could result in [added: operational disruptions,] loss of assets or impairments of our manufacturing plants and fixed assets or write-downs of other operating assets and working capital.

In addition, we rely on top-tier banking partners in key markets around the world, who themselves face economic, societal, political and other risks, for access to credit and to [removed: facilitate collection, payment and supply chain finance programs.]

[added: The loss or disruption of such manufacturing] and [added: supply arrangements, including for issues such as labor disputes or controversies, loss or impairment of key manufacturing sites, discontinuity or disruptions in our internal information and] data systems or those of our suppliers, cybersecurity incidents including but not limited to ransomware attacks, misuse of artificial intelligence and machine learning technologies, inability to procure sufficient raw or input materials (including water, recycled materials and materials that meet our labor standards), significant changes in trade policy, natural disasters, increasing severity or frequency of extreme weather events due to climate change or otherwise, acts of war or terrorism, disease outbreaks or other external factors over which we have no control, have at times interrupted and could, in the future, interrupt product supply and, if not effectively managed and remedied, could have an adverse impact on our business, financial condition, results of operations or cash flows.

Our businesses face cost fluctuations and pressures that could affect our [removed: business] results.

Our costs are subject to fluctuations, particularly due to changes in the prices of commodities (including certain petroleum-derived materials like resins and paper-based materials like [removed: pulp) and] [added: pulp),] raw and packaging materials and the costs of labor, [added: tariffs,] transportation (including trucks and containers), energy, [removed: pension] [added: pensions] and healthcare.

Our business could also be negatively impacted if a key customer were to significantly reduce the inventory level of or shelf space allocated to our products as a result of increased offerings of other branded manufacturers, private label brands and generic non-branded products [removed: or] [added: or,] for other reasons, significantly tighten product delivery windows or experience a significant business disruption.

[removed: Our results of operations or cash flows could also be negatively impacted if the Company or one of our brands suffers substantial harm to its reputation due to a significant product recall, product-related] litigation, defects or impurities in our products, product misuse, changing consumer perceptions of certain ingredients, negative perceptions of packaging (such as plastic and other petroleum-based materials), lack of recyclability or other environmental attributes, concerns about actual or alleged [removed: labor or] [added: labor,] equality and inclusion [added: or social] practices, privacy failures or data breaches, allegations of product tampering or the distribution and sale of counterfeit products.

[added: While the Company] has many programs and initiatives to further these citizenship efforts, we are impacted in part by the actions and efforts of third parties including local and other governmental authorities, suppliers, vendors and customers.

If these programs are [removed: not executed as planned] [added: changed] or suffer negative publicity, the Company's reputation and results of operations or cash flows could be adversely impacted.

A significant information security or operational technology incident, including a cybersecurity [removed: breach,] [added: incident,] or the failure of one or more key information or operations technology systems, networks, hardware, processes and/or associated sites involving the Company or one of its service providers could have a material adverse impact on our business or reputation.

The various uses of these IT/OT systems, networks and services include, but are not limited to, ordering and managing materials from suppliers; converting materials to finished products; shipping, marketing and selling products; collecting, transferring, storing and/or processing customer, consumer, employee, vendor, investor and other stakeholder information and personal [removed: data,] [added: data;] summarizing and reporting results of operations, including financial reporting; managing our banking and other cash liquidity systems and platforms; hosting, processing and sharing, as appropriate, confidential and proprietary research, business plans and financial information; collaborating via an online and efficient means of global business communications; complying with regulatory, legal and tax requirements; providing data security; and handling other processes necessary to manage our business.

In addition, because the techniques, tools and tactics used in cyber-attacks frequently [removed: change] [added: change, continue to advance in sophistication] and may be difficult to detect for periods of time, we [added: and our third-party providers] may face difficulties in anticipating and implementing adequate preventative measures or fully mitigating harms after such an attack, including acquired and divested businesses.

In addition, [added: operational errors and] insider actors - malicious or otherwise - could cause technical disruptions and/or [removed: confidential] data [removed: leakage.][added: incidents.]

We cannot guarantee that our security efforts or the security efforts of our third-party providers will prevent material breaches, operational [removed: incidents] [added: outages] or other breakdowns to our or our third-party providers’ IT/OT databases or systems.

[removed: If the IT/OT systems, networks or service providers we rely upon fail to function properly or cause operational outages or aberrations, or if we or one of our third-party providers suffer significant unavailability of key operations, or inadvertent disclosure of, lack of integrity of, or loss of our sensitive] business or stakeholder information, including personal information, due to any number of causes, including catastrophic events, natural disasters, power outages, computer and telecommunications failures, improper data handling, viruses, phishing attempts, cyber-attacks, malware and ransomware attacks, security [removed: breaches,] [added: incidents,] misuse or malicious use of artificial [removed: intelligence, security incidents] [added: intelligence] or employee error or malfeasance, and our business continuity plans do not effectively address these failures on a timely basis, we may suffer interruptions in our ability to manage operations and be exposed to reputational, competitive, operational, financial and business harm as well as litigation and regulatory action.

In addition, if a ransomware [removed: attack or] [added: attack,] other cybersecurity incident [added: or operational disruption] occurs, either internally or at our third-party providers, we could be prevented from accessing our data or systems, which may cause interruptions or delays in our business operations, cause us to incur remediation costs, subject us to demands to pay a ransom or damage our reputation.

In addition, such events could result in unauthorized disclosure or loss of confidential information or stakeholder information, including personal data [added: from customers, consumers, employees, vendors, investors and other stakeholders, and we may suffer financial and reputational damage as a result.]

If such a new system or technology does not function properly, provides flawed or inaccurate outputs or exposes us to increased cybersecurity [removed: breaches] [added: incidents] and failures, it could affect our ability to order materials, make and ship orders and process payments in addition to other operational and information integrity and loss issues.

- Significant changes in the political conditions in markets in which we manufacture, sell or distribute our products, including quarantines, import/export restrictions, [added: tariffs,] price controls, or governmental or regulatory actions, closures or other restrictions that limit or close our operating and manufacturing facilities, restrict our employees’ ability to travel or perform necessary business functions or otherwise prevent our third-party partners, suppliers or customers from sufficiently staffing operations.

Failure to continually innovate, improve and respond to competitive moves, changing consumer habits and platform evolution, including the [removed: timely] [added: timely, responsible] and effective adoption of emerging [removed: technologies,] [added: technologies such as artificial intelligence,] could compromise our competitive position and adversely impact our financial condition, results of operations or cash flows.

Our financial projections assume certain [added: new and] ongoing productivity improvements and cost savings, including staffing adjustments and employee departures.

Failure to deliver these planned productivity improvements and cost savings, while continuing to [added: invest in business growth, could adversely impact our results of operations and cash flows.]

Factors that may affect our ability to attract and retain sufficient numbers of qualified employees [removed: include] [added: include:] employee [removed: morale,] [added: morale;] our [removed: reputation,] [added: reputation; the impacts of political, social and geopolitical polarization;] competition from other employers and availability of qualified individuals.

Our business is subject to a wide variety of [removed: laws] [added: laws, regulations, policies] and [removed: regulations] [added: related interpretations] across the countries in which we do business, including those laws and regulations involving intellectual property, product liability, product composition or formulation, manufacturing processes, packaging content or corporate responsibility for packaging and product disposal, marketing, antitrust and competition, privacy, [removed: cybersecurity] [added: cybersecurity, data protection] and data [removed: protection,] [added: transfers,] artificial intelligence, environmental (including increasing focus on the climate, nature, water and waste impacts of consumer packaged goods companies' operations and products), employment, healthcare, anti-bribery and anti-corruption (including interactions with health care professionals and government officials as well as corresponding internal controls and record-keeping requirements), trade (including tariffs, sanctions and export controls), tax, accounting and financial reporting or other matters.

In addition, [removed: increasing] governmental and societal attention to environmental, social and governance (ESG) matters, including [removed: expanding] [added: changing and differing] mandatory and voluntary reporting, diligence and disclosure on topics such as climate change, waste production, water usage, nature impacts, human capital, [added: respect for human rights,] labor and risk oversight, could expand the nature, scope and complexity of matters that we are required to control, assess and report.

Based on current [removed: legislation and] [added: legislation,] available [removed: guidance,] [added: guidance and the June 28, 2025 G7 Pillar Two Statement committing to a side-by-side solution for U.S. parented groups,] we do not anticipate the Pillar Two global minimum tax to have a material impact to our financial condition, results of operations, cash flows or effective tax [removed: rate in the fiscal year ending June 30, 2025.][added: rate.]

As the Pillar Two global minimum tax and other tax laws and related regulations are revised, [added: enacted and implemented, a material impact to our financial condition, results of operations, cash flows or effective tax rate may occur.]

[removed: enacted and implemented,] [added: We do not anticipate the 2025 U.S. Tax Act to have] a material impact to our financial condition, results of operations, cash flows or effective tax [removed: rate may occur.][added: rate.]

As we refinance debt or renew derivatives, we are exposed to movement in global interest rates and rate differentials.

facilitate collection, payment and supply chain finance programs.

Our results of operations or cash flows could also be negatively impacted if the Company or one of our brands suffers substantial harm to its reputation due to a significant product recall, product-related

If the IT/OT systems, networks or service providers we rely upon fail to function properly or cause operational outages or aberrations, or if we or one of our third-party providers suffer significant unavailability of key operations, or inadvertent disclosure of, lack of integrity of, or loss of our sensitive

For example, in July 2025, the U.S. government enacted the One Big Beautiful Bill Act (the 2025 U.S. Tax Act).

The 2025 U.S. Tax Act extended or made permanent many of the corporate tax changes arising under the Tax Cuts and Jobs Act passed in 2017 (the 2017 U.S. Tax Act).

In December 2021, the Organisation for Economic Co-operation and Development (OECD) issued “Pillar Two” model rules which established a global minimum corporate tax rate of 15% for large multinational corporations.

Many countries have implemented or are in the process of implementing Pillar Two legislation into their respective domestic laws.

or the inability to conduct day-to-day transactions through our financial intermediaries to pay funds to or collect funds from our customers, vendors and suppliers.

The loss or disruption of such manufacturing and supply arrangements, including for issues such as labor disputes or controversies, loss or impairment of key manufacturing sites, discontinuity or disruptions in our internal information

While the Company

from customers, consumers, employees, vendors, investors and other stakeholders, and we may suffer financial and reputational damage as a result.

invest in business growth, could adversely impact our results of operations and cash flows.

For example, in December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the U.S. Tax Act).

The changes included in the U.S. Tax Act were broad and complex.

Under the current U.S. presidential administration, comprehensive federal income tax reform has been proposed, including an increase in the U.S. Federal corporate income tax rate, elimination of certain investment incentives and an increase in U.S. taxation of non-U.S. earnings.

While these proposals are controversial, likely to change during the legislative process and may prove difficult to enact as proposed in the current closely divided U.S. Congress, their impact could nonetheless be significant.

Additionally, longstanding international tax norms that determine each country’s jurisdiction to tax cross-border international trade are subject to potential evolution.

An outgrowth of the original Base Erosion and Profit Shifting (BEPS) project is a project undertaken by the approximately 140 member countries of the expanded Organisation for Economic Co-operation and Development (OECD) Inclusive Framework focused on "Addressing the Challenges of the Digitalization of the Economy." The breadth of this project extends beyond pure digital businesses and, as proposed, would likely impact a large portion of multinational businesses by potentially redefining jurisdictional taxation rights in market countries and establishing a global minimum tax.

In December 2022, the European Union (EU) approved a directive requiring member states to incorporate a 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023.

Most member states complied with the directive while some were permitted a delayed implementation.

In addition, several non-EU countries have proposed and/or adopted legislation consistent with the global minimum tax framework.

Important details of these minimum tax developments are still to be determined and, in some cases, enactment and timing remain uncertain.

Forward-looking statements may appear throughout this report, including without limitation, [added: in] the following sections: “Management's Discussion and Analysis,” “Risk Factors” and "Notes 4, 8 and 13 to the Consolidated Financial Statements." These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.

[added: We undertake no] obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law.

[removed: Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, currency exchange or pricing controls; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, sanctions or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pension and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity and data protection, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to successfully achieve our ambition of reducing our greenhouse gas emissions and delivering progress towards our environmental sustainability priorities.][added: Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, changes in global interest rates and rate differentials, currency exchange or pricing controls and tariffs; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, variability and unpredictability in trade relations, sanctions, tariffs or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pensions and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws, regulations, policies and related interpretations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity, data protection and data transfers, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to continue delivering progress towards our environmental sustainability ambitions.]

- Summary of [removed: 2024] [added: 2025] Results

[added: The explanation at the end of the MD&A provides the] definition of these non-GAAP measures, details on the use and the derivation of these measures, as well as reconciliations to the most directly comparable U.S. GAAP measure.

The Company measures [removed: quarter and fiscal year-to-date] market shares through the most recent period for which market share data is available, which typically reflects a lag time of one or two months as compared to the end of the reporting period.

We also sell direct to [removed: individual] consumers.

| Beauty | | | 18% | | | [removed: 18%] [added: 16%] | | | Hair Care (*Conditioners, Shampoos, Styling Aids, Treatments*) | | | Head & Shoulders, Herbal Essences, Pantene, Rejoice | | |

| [removed: Skin and] Personal Care [removed: (*Antiperspirants] [added: (2) *(Antiperspirants] and Deodorants, Personal [removed: Cleansing, Skin Care*)] [added: Cleansing)*] | | | [removed: Olay,] [added: Native,] Old Spice, Safeguard, [removed: Secret, SK-II, Native] [added: Secret] | | | | | | | | | | | |

| Grooming | | | 8% | | | [removed: 9%] [added: 10%] | | | Grooming (*Appliances, Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Grooming*) | | | Braun, Gillette, Venus | | |

| Health Care | | | 14% | | | [removed: 14%] [added: 15%] | | | Oral Care (*Toothbrushes, Toothpastes, Other Oral Care*) | | | Crest, Oral-B | | |

| Fabric & Home Care | | | 36% | | | [removed: 34%] [added: 35%] | | | Fabric Care (*Fabric Enhancers, Laundry Additives, Laundry Detergents*) | | | Ariel, Downy, Gain, Tide | | |

| Baby, Feminine & Family Care | | | 24% | | | [removed: 25%] [added: 24%] | | | Baby Care (*Baby Wipes, Taped Diapers and Pants*) | | | Luvs, Pampers | | |

(1)Percent of Net sales and Net earnings for the fiscal year ended June 30, [removed: 2024] [added: 2025] (excluding results held in Corporate).

Beauty: [removed: We are a global market leader amongst the] [added: The] beauty categories in which we [removed: compete, including] [added: compete are] hair [added: care, personal] care and skin [removed: and personal] care.

In skin [removed: and personal] care, [removed: we offer a wide variety of products, ranging from deodorants to personal cleansing to skin care, such as our] [added: the] Olay [removed: brand, which] [added: brand] is one of the top facial skin care brands in the world with about 5% global market share.

In [removed: oral] [added: personal] care, [removed: there are several global competitors in the market, and] we have the number two market share position with about 20% global market [removed: share] [added: share, primarily] behind our [removed: Crest] [added: Old Spice, Safeguard] and [removed: Oral-B] [added: Secret] brands.

Our global home care market share is [removed: about 25%] [added: more than 30%] across the categories in which we compete, primarily behind our Cascade, Dawn, Febreze and Swiffer brands.

Baby, Feminine & Family Care: In baby care, we are a global market leader and compete mainly in taped diapers, pants and baby wipes, with more than [removed: 20%] [added: 30%] global market share.

We are [removed: a] [added: the] global market leader in the feminine care category with over [removed: 20%] [added: 30%] global market share.

We compete in the menstrual care sub-category primarily behind our Always and [removed: Tampax brands with over 25% global market share.]

We also compete in the adult incontinence sub-category behind Always Discreet, with [removed: about] [added: over] 15% market share in the markets in which we compete.

Productivity improvement enables investments to strengthen the superiority of our brands via product and packaging innovation, more efficient and effective supply chains, equity and awareness-building brand advertising and other programs and expansion of sales coverage and [removed: R&D] [added: research and development] programs.

These are 1) leveraging environmental sustainability as an additional driver of superior performing products and packaging innovations, 2) increasing digital acumen to drive consumer and customer preference, reduce cost and enable rapid and efficient decision making, 3) developing next-level supply chain capabilities to enable flexibility, agility, resilience and a new level of productivity and 4) delivering a superior employee value equation for all employees inclusive of all genders, races, ethnicities, sexual orientations, ages and abilities [removed: - for all roles -] to ensure we continue to attract, retain and develop the best talent to better serve our [added: increasingly] diverse consumer base.

In [removed: December 2023,] the [added: fiscal year ended June 30, 2024, the] Company [removed: announced] [added: started] a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions.

[removed: As of June] [added: During the period ended September] 30, 2024, the Company [removed: has substantially liquidated] [added: completed this limited market portfolio restructuring with the substantial liquidation of] its operations in [removed: certain Enterprise Markets, including Nigeria,] [added: Argentina] and recorded [removed: a non-cash charge] [added: incremental restructuring charges] of [removed: $216] [added: $801] million after [removed: tax] [added: tax, comprised primarily of non-cash charges] for accumulated [added: foreign] currency translation losses previously included in Accumulated other comprehensive income/(loss).

SUMMARY OF [removed: 2024] [added: 2025] RESULTS

| Amounts in millions, except per share amounts | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Change vs. Prior Year | | |

| Net sales | | | $ | [removed: 84,039] [added: 84,284] | | | | | $ | [removed: 82,006] [added: 84,039] | | | | | [removed: 2] [added: —] | | % |

| Operating income | | | [removed: 18,545] [added: 20,451] | | | | | | [removed: 18,134] [added: 18,545] | | | | | | [removed: 2] [added: 10] | | % |

| Net earnings | | | [removed: 14,974] [added: 16,065] | | | | | | [removed: 14,738] [added: 14,974] | | | | | | [removed: 2] [added: 7] | | % |

| Net earnings attributable to Procter & Gamble | | | [removed: 14,879] [added: 15,974] | | | | | | [removed: 14,653] [added: 14,879] | | | | | | [removed: 2] [added: 7] | | % |

| Diluted net earnings per common share | | | [removed: 6.02] [added: 6.51] | | | | | | [removed: 5.90] [added: 6.02] | | | | | | [removed: 2] [added: 8] | | % |

| Core earnings per share | | | [removed: 6.59] [added: 6.83] | | | | | | [removed: 5.90] [added: 6.59] | | | | | | [removed: 12] [added: 4] | | % |

| Cash flow from operating activities | | | [removed: 19,846] [added: 17,817] | | | | | | [removed: 16,848] [added: 19,846] | | | | | | [removed: 18] [added: (10)] | | % |

- Net sales increased [removed: 2%] [added: $245 million] to [removed: $84.0] [added: $84.3] billion versus the prior year.

[removed: The net] [added: Net] sales [removed: growth was driven by mid-single-digit increases] [added: increased low single digits] in Health [removed: Care,] [added: Care and was unchanged in Grooming,] Fabric & Home Care and [removed: Grooming and a low single-digit increase in Beauty.][added: Baby, Feminine & Family Care.]

[removed: Net Sales were unchanged in Baby,] [added: -] Feminine [removed: & Family Care.][added: Care net sales were unchanged.]

Organic sales, which exclude the impact of acquisitions and divestitures and foreign exchange, increased [removed: 4%.][added: 2%.]

[removed: Organic] [added: Net] sales increased [removed: high] [added: low] single digits in [removed: Grooming, mid-single digits] [added: Health Care and was unchanged] in [added: Grooming,] Fabric & Home Care and [removed: Health Care and low single digits in Beauty and] Baby, Feminine & Family Care.

| Skin Care (2) (*Facial Moisturizers, Cleaners and Treatments*) | | | Olay, SK-II | | | | | | | | | | | |

(2)Effective July 1, 2024, the Beauty reportable business segment separated Skin and Personal Care into individual operating segments, Skin Care and Personal Care.

This transition included separation of the management team, strategic decision-making, innovation plans, financial targets, budgets and management reporting.

In oral care, we are a leader with a nearly 30% global market share behind our Crest and Oral-B brands.

Tampax brands with over 35% global market share.

The total incremental restructuring charges incurred under the program beginning in the three-month period ended December 31, 2023, through the three-month period ended September 30, 2024, were $1.2 billion after tax.

Focused Portfolio, Supply Chain and Productivity Plan

In June 2025, the Company announced a portfolio and productivity plan to streamline its portfolio and organization to improve its cost structure and competitiveness.

The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period, including costs incurred as part of this plan and the ongoing plan.

The Company expects to incur half of the costs under this plan by the end of fiscal 2026, with the remainder incurred in fiscal 2027.

The restructuring activities will be executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services.

These restructuring activities include a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.

Glad Joint Venture Agreement

The Company and The Clorox Company (Clorox) have jointly decided not to renew the Glad joint venture agreement.

Under the terms of the agreement, Clorox will purchase the Company’s minority interest in the venture at fair market value as of the agreement termination in January 2026.

Subject to market conditions and the parties' negotiations with respect to fair market value, the Company expects to receive cash proceeds of approximately $500 million and record an after-tax gain in the range of $250 to $300 million in the third quarter of the fiscal year ended June 30, 2026.

Net Sales declined low single digits in Beauty.

- Operating income increased $1.9 billion, or 10%, to $20.5 billion due to a reduction in selling, general and administrative costs (SG&A) in the current year and the non-cash impairment charge of $1.3 billion ($1.0 billion after tax) on the Gillette intangible asset in the prior year.

- Net earnings increased $1.1 billion, or 7%, to $16.1 billion due to the increase in operating income, partially offset by higher restructuring charges in the current year, which includes $801 million after tax related to the substantial liquidation of operations in Argentina.

store and online) and acquisition and divestiture activity, all of which drive changes in our underlying unit volume, as well as our pricing actions (which can also impact volume), changes in product and geographic mix and foreign exchange impacts on sales outside the U.S.

Organic sales increased low single digits in all Sector Business Units.

- 10 basis points of higher transportation costs and other costs and

- 10 basis points of higher costs from tariffs.

- 180 basis points of manufacturing productivity savings and

Total SG&A decreased 3% to $22.7 billion and SG&A as a percentage of net sales decreased 80 basis points to 26.9% due to decreased marketing spending and higher foreign exchange transactional charges in the prior year period.

- Overhead costs as a percentage of net sales decreased 10 basis points as wage inflation headwinds were more than offset by productivity savings, which includes adjustments to variable compensation payouts.

- Other operating expenses as a percentage of net sales decreased 30 basis points driven by favorable foreign exchange impacts.

Operating income increased $1.9 billion, or 10%, to $20.5 billion and operating margin increased 220 basis points to 24.3% due primarily to the decrease in SG&A and the non-cash impairment charge of $1.3 billion ($1.0 billion after tax) on the Gillette intangible asset in the prior year.

- Interest expense was $907 million, a decrease of $18 million versus the prior year.

- Interest income was $469 million, a decrease of $4 million versus the prior year.

- Other non-operating income, net decreased $514 million to $154 million primarily driven by the higher non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina in the current year compared to the same charge due to the substantial liquidation of operations in Nigeria in the prior year.

The increase in the effective tax rate was primarily driven by the charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina, partially offset by favorable geographic mix impacts.

Earnings before income taxes increased $1.4 billion, or 7%, to $20.2 billion as the increase in operating income, the components of which are discussed above, were partially offset by the non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina.

Global market share of the Beauty segment decreased 0.3 points.

Organic sales increased high single digits due to a more than 20% increase in Europe, a high-teens increase in Latin America and a high single-digit increase in North America, partially offset by a mid-single-digit decrease in Greater China.

A unit volume decrease and negative impacts of unfavorable product mix were partially offset by the positive impacts of higher pricing (driven by Greater China and Asia Pacific).

The unit volume decrease was driven by a decline in North America (due to distribution losses).

| ($ millions) | | | 2025 | | | | | | 2024 | | | | | | Change vs. 2024 | | |

Grooming net sales were unchanged at $6.7 billion driven by a 2% increase in unit volume and higher pricing of 2% across all regions were offset by the negative impacts of unfavorable foreign exchange of 2%, unfavorable geographic mix of 1% and divestitures of 1%.

The gross margin increase of 50 basis points was driven by productivity savings, partially offset by unfavorable geographic mix.

We undertake no

The explanation at the end of the MD&A provides the

In connection with this announcement, the Company announced that it expected to record incremental restructuring charges of $1.0 to $1.5 billion after tax, consisting primarily of foreign currency translation losses to be recognized as non-cash charges upon the substantial liquidation of operations in the affected markets.

On July 1, 2024, the Company completed the divestiture of its business in Argentina.

The Company expects to record a non-cash charge of approximately $750 million for accumulated currency translation losses in the first quarter of the fiscal year ending June 30, 2025.

- Operating income increased $411 million, or 2%, to $18.5 billion due to the increase in net sales, partially offset by the non-cash impairment charge of $1.3 billion related to the Gillette intangible asset.

Foreign exchange impacts reduced net earnings by approximately $589 million.

Net sales increased 2% to $84.0 billion in fiscal 2024.

- a 220 basis-point increase from manufacturing productivity savings,

- 30 basis points of one-time manufacturing related costs including capacity startup costs.

Total SG&A increased 10% to $23.3 billion due to increased marketing spending and overhead costs.

- Overhead costs as a percentage of net sales increased 20 basis points due to wage inflation and other cost increases, partially offset by the positive scale impacts of the net sales increase and productivity savings.

The impairment charge arose from a reduction in the estimated fair value of the Gillette indefinite-lived intangible asset due to a higher discount rate, weakening of several currencies relative to the U.S. dollar and the impact of the limited market portfolio restructuring program.

Operating margin was unchanged at 22.1% as the increase in gross margin was more than fully offset by the increase in SG&A as a percentage of net sales and the non-cash impairment charge, as discussed above.

Operating income increased $411 million, or 2%, to $18.5 billion due to the increase in net sales, as discussed above.

- Interest expense was $925 million, an increase of $169 million versus the prior year due primarily to higher interest rates.

- Interest income was $473 million, an increase of $166 million versus the prior year due primarily to higher interest rates.

- Other non-operating income was unchanged at $668 million as gains from the sale of minor brands and an increase in net non-operating benefits on postretirement plans were fully offset by a non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in certain Enterprise Markets, including Nigeria.

The increase in the effective tax rate was primarily driven by unfavorable geographic mix impacts, partially offset by decreases due to higher excess tax benefits of share-based compensation.

Earnings before income taxes increased $408 million, or 2%, to $18.8 billion due to the increase in operating income discussed above.

Net earnings increased $236 million, or 2%, to $15.0 billion due to the increase in earnings before income taxes, partially offset by the increase in the effective income tax rate discussed above.

Negative impacts of unfavorable mix (due to the decline of the super-premium SK-II brand, which has higher than category-average selling prices) and unfavorable foreign exchange

were partially offset by the positive impacts of higher pricing (across all regions) and an increase in unit volume.

Mix had a neutral impact on net sales growth.

The gross margin increase was driven by higher pricing and productivity savings, partially offset by unfavorable foreign exchange and unfavorable mix due to the growth of premium innovation that has lower than segment-average gross margins.

SG&A as a percentage of net sales increased due to an increase in marketing spending, partially offset by the positive scale effects of the net sales increase.

The gross margin increase was driven by higher pricing and productivity savings, partially offset by unfavorable product mix (due to a decline in respiratory products, which have higher than segment-average gross margins).

SG&A as a percentage of net sales increased due to increased marketing spending, partially offset by the positive scale impacts of the net sales increase.

- Fabric Care net sales increased low single digits driven by the positive impacts of higher pricing (driven by Europe, Asia Pacific and Latin America, partially offset by increased trade spending in North America) and favorable geographic mix (due to disproportionate growth in North America, which has higher than category-average selling prices).

Unit volume was unchanged as growth in North America (due to increased marketing support and market growth) and Europe (due to innovation and increased marketing support) was offset by declines primarily in Asia Pacific (due to increased pricing) and Greater China (due to market contraction and portfolio rationalization).

The gross margin increase was driven by productivity savings, lower commodity costs and higher pricing.

SG&A as a percentage of net sales increased due primarily to an increase in marketing spending, partially offset by the positive scale effects of the net sales increase.

Baby, Feminine & Family Care net sales were unchanged at $20.3 billion as the positive impacts of higher pricing of 3% and favorable mix of 1% (due to a higher proportion of sales in North America, which has higher than segment-average selling prices) were offset by a 2% decrease in unit volume and unfavorable foreign exchange of 2%.

Volumes decreased in all regions led by Europe, IMEA and North America, due to increased pricing and competitive activity.

Europe (due to increased pricing), Latin America (due to increased competitive activity) and IMEA (due to increased pricing), partially offset by growth in North America (due to increased marketing support and distribution gains).

Organic sales increased mid-single digits driven by mid-single-digit increases in Europe and IMEA and a low single-digit increase in North America.

Net earnings increased 13% to $4.0 billion due to a 230 basis-point increase in net earnings margin.

Corporate net earnings decreased $1.0 billion due to a loss of $1.4 billion due primarily to the impairment charge of the Gillette intangible asset and incremental restructuring charges.

Working capital and other impacts generated $533 million of cash in the period primarily driven by an increase in trade payables and other non-cash add-backs, partially offset by an increase in accounts receivable and a decrease in post-retirement benefit accruals.

The increase in trade payables is primarily from increased marketing support activities and extended payment terms with suppliers, partially offset by lower supply chain payables due to a decrease in commodity costs.

Our business model relies on continued productivity improvements to fuel investments in [removed: R&D] [added: research] and [added: development and] marketing and deliver value creation.

Sales to Walmart Inc. and its affiliates represent approximately 16% of our total sales in [added: 2025 and] 2024 and 15% in [removed: 2023 and 2022.][added: 2023.]

Our top ten customers accounted for [removed: 42%] [added: 43%] of our total net sales in [removed: 2024, 40%] [added: 2025, 42%] in [removed: 2023] [added: 2024] and [removed: 39%] [added: 40%] in [removed: 2022.][added: 2023.]

The prices we pay for materials and other commodities are subject to [removed: fluctuation.][added: fluctuation including new or increased tariffs.]

We do not expect that the Company’s expenditures for compliance with current government regulations, including current environmental regulations, will have a material effect on our total capital expenditures, earnings or competitive position in fiscal year [removed: 2025] [added: 2026] as compared to prior periods.

As of June 30, [removed: 2024,] [added: 2025,] the Company had approximately [removed: 108,000] [added: 109,000] employees, [removed: unchanged] [added: an increase of 2%] versus the prior [removed: year.][added: year due to business growth.]

[removed: 48%] [added: 49%] of our employees are in manufacturing roles and 28% of our employees are located in the United States.

We focus on attracting, developing and retaining the [removed: widest] [added: broadest] pool of talent available, both from universities and the broader market.

[removed: *Diversity, Equality] [added: *Equality] and Inclusion*

[removed: We aim to reduce our own environmental footprint and] enable our consumers to reduce their footprint without compromising on the performance of the products they use.

The Company has also declared [removed: objectives] [added: ambitions] towards purchasing renewable electricity for our operations, reducing [removed: use] [added: intensity] of virgin petroleum-based plastic in packaging, [removed: increasing the recyclability] [added: designing more consumer packaging to be recyclable] or [removed: reusability of packaging,] [added: reusable,] responsible sourcing of key forest-based commodities, improving efficiency of water usage in our operations and driving a global portfolio of water restoration projects [removed: that help address water scarcity] in key water basins.

As a global consumer products company, P&G serves consumers around the world with operations in approximately 70 countries.

We believe that it is good for business that our workforce is drawn from the best available talent from communities worldwide, with insights about, connectivity to and understanding of all our consumers.

Further, a foundational component of P&G's strategy and success has been to foster an inclusive work environment, in which we develop and advance the very best capabilities that all our people have to offer.

Globally, we aspire to reflect the diversity of the consumers we serve in the communities where we operate and are committed to creating a superior employee experience for all.

Our aspiration is founded on our longstanding values and principles for equal opportunity and compliance with the law.

We aim to reduce our own environmental footprint and

While we have met or exceeded some of the goals and are making significant progress against others, scalable infrastructure and cost-effective solutions are not yet available to us to fully deliver against some of our stated ambitions.

As a consumer products company, we believe that it is important for our workforce to reflect the diversity of our consumers worldwide.

We also seek to foster an inclusive work environment where each individual can bring their authentic self, which helps drive innovation and enables us to better serve our consumers.

We aspire to achieve equal gender representation globally and at key management and leadership levels.

Within the U.S. workforce, our aspiration is to achieve 40% multicultural representation overall as well as at management and leadership levels.

Our progress towards these objectives may be influenced and impacted by various stakeholders and developments beyond our control.

In July 2025, the U.K. Environmental Agency notified P&G UK of its intent to impose a civil penalty of less than $2 million.

The matter is not yet resolved.

For the Fiscal Year Ended June 30, [removed: 2024][added: 2025]

The aggregate market value of the voting stock held by non-affiliates amounted to [removed: $345] [added: $393] billion on December 31, [removed: 2023.][added: 2024.]

There were [removed: 2,354,050,987] [added: 2,342,371,488] shares of Common Stock outstanding as of July 31, [removed: 2024.][added: 2025.]

Portions of the Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareholders, which will be filed within one hundred and twenty days of the fiscal year ended June 30, [removed: 2024 (2024] [added: 2025 (2025] Proxy Statement), are incorporated by reference into Part III of this report to the extent described herein.

| PART I | | | Item 1. | | | [removed: [Business](#i7bd8f3ba7968484689c049bd46f89f7a_13)] [added: [Business](#i2119da4e31884d0b92a66363db607186_13)] | | | | | | [removed: [1](#i7bd8f3ba7968484689c049bd46f89f7a_13)] [added: [1](#i2119da4e31884d0b92a66363db607186_13)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i7bd8f3ba7968484689c049bd46f89f7a_16)] [added: Factors](#i2119da4e31884d0b92a66363db607186_16)] | | | | | | [removed: [3](#i7bd8f3ba7968484689c049bd46f89f7a_16)] [added: [3](#i2119da4e31884d0b92a66363db607186_16)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i7bd8f3ba7968484689c049bd46f89f7a_19)] [added: Comments](#i2119da4e31884d0b92a66363db607186_19)] | | | | | | [removed: [9](#i7bd8f3ba7968484689c049bd46f89f7a_19)] [added: [9](#i2119da4e31884d0b92a66363db607186_19)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i7bd8f3ba7968484689c049bd46f89f7a_1860)] [added: [Cybersecurity](#i2119da4e31884d0b92a66363db607186_22)] | | | | | | [removed: [9](#i7bd8f3ba7968484689c049bd46f89f7a_1860)] [added: [9](#i2119da4e31884d0b92a66363db607186_22)] | | |

| | | | Item 2. | | | [removed: [Properties](#i7bd8f3ba7968484689c049bd46f89f7a_22)] [added: [Properties](#i2119da4e31884d0b92a66363db607186_25)] | | | | | | [removed: [10](#i7bd8f3ba7968484689c049bd46f89f7a_22)] [added: [10](#i2119da4e31884d0b92a66363db607186_25)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i7bd8f3ba7968484689c049bd46f89f7a_25)] [added: Proceedings](#i2119da4e31884d0b92a66363db607186_28)] | | | | | | [removed: [10](#i7bd8f3ba7968484689c049bd46f89f7a_25)] [added: [10](#i2119da4e31884d0b92a66363db607186_28)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosure](#i7bd8f3ba7968484689c049bd46f89f7a_28)] [added: Disclosure](#i2119da4e31884d0b92a66363db607186_31)] | | | | | | [removed: [10](#i7bd8f3ba7968484689c049bd46f89f7a_28)] [added: [10](#i2119da4e31884d0b92a66363db607186_31)] | | |

| | | | | | | [Information about our Executive [removed: Officers](#i7bd8f3ba7968484689c049bd46f89f7a_31)] [added: Officers](#i2119da4e31884d0b92a66363db607186_34)] | | | | | | [removed: [11](#i7bd8f3ba7968484689c049bd46f89f7a_31)] [added: [11](#i2119da4e31884d0b92a66363db607186_34)] | | |

| PART II | | | Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i7bd8f3ba7968484689c049bd46f89f7a_37)] [added: Securities](#i2119da4e31884d0b92a66363db607186_40)] | | | | | | [removed: [12](#i7bd8f3ba7968484689c049bd46f89f7a_37)] [added: [12](#i2119da4e31884d0b92a66363db607186_40)] | | |

| | | | Item 6. | | | [Intentionally [removed: Omitted](#i7bd8f3ba7968484689c049bd46f89f7a_40)] [added: Omitted](#i2119da4e31884d0b92a66363db607186_43)] | | | | | | [removed: [13](#i7bd8f3ba7968484689c049bd46f89f7a_40)] [added: [13](#i2119da4e31884d0b92a66363db607186_43)] | | |

| | | | Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i7bd8f3ba7968484689c049bd46f89f7a_43)] [added: Operations](#i2119da4e31884d0b92a66363db607186_46)] | | | | | | [removed: [13](#i7bd8f3ba7968484689c049bd46f89f7a_43)] [added: [13](#i2119da4e31884d0b92a66363db607186_46)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i7bd8f3ba7968484689c049bd46f89f7a_73)] [added: Risk](#i2119da4e31884d0b92a66363db607186_76)] | | | | | | [removed: [31](#i7bd8f3ba7968484689c049bd46f89f7a_73)] [added: [31](#i2119da4e31884d0b92a66363db607186_76)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i7bd8f3ba7968484689c049bd46f89f7a_76)] [added: Data](#i2119da4e31884d0b92a66363db607186_79)] | | | | | | [removed: [32](#i7bd8f3ba7968484689c049bd46f89f7a_76)] [added: [32](#i2119da4e31884d0b92a66363db607186_79)] | | |

| | | | | | | [Management's Report and Reports of Independent Registered Public Accounting [removed: Firm](#i7bd8f3ba7968484689c049bd46f89f7a_79)] [added: Firm](#i2119da4e31884d0b92a66363db607186_82)] | | | | | | [removed: [32](#i7bd8f3ba7968484689c049bd46f89f7a_79)] [added: [32](#i2119da4e31884d0b92a66363db607186_82)] | | |

| | | | | | | [Consolidated Statements of [removed: Earnings](#i7bd8f3ba7968484689c049bd46f89f7a_82)] [added: Earnings](#i2119da4e31884d0b92a66363db607186_85)] | | | | | | [removed: [36](#i7bd8f3ba7968484689c049bd46f89f7a_82)] [added: [36](#i2119da4e31884d0b92a66363db607186_85)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i7bd8f3ba7968484689c049bd46f89f7a_85)] [added: Income](#i2119da4e31884d0b92a66363db607186_88)] | | | | | | [removed: [36](#i7bd8f3ba7968484689c049bd46f89f7a_85)] [added: [36](#i2119da4e31884d0b92a66363db607186_88)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i7bd8f3ba7968484689c049bd46f89f7a_88)] [added: Sheets](#i2119da4e31884d0b92a66363db607186_91)] | | | | | | [removed: [37](#i7bd8f3ba7968484689c049bd46f89f7a_88)] [added: [37](#i2119da4e31884d0b92a66363db607186_91)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#i7bd8f3ba7968484689c049bd46f89f7a_91)] [added: Equity](#i2119da4e31884d0b92a66363db607186_94)] | | | | | | [removed: [38](#i7bd8f3ba7968484689c049bd46f89f7a_91)] [added: [38](#i2119da4e31884d0b92a66363db607186_94)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i7bd8f3ba7968484689c049bd46f89f7a_94)] [added: Flows](#i2119da4e31884d0b92a66363db607186_97)] | | | | | | [removed: [39](#i7bd8f3ba7968484689c049bd46f89f7a_94)] [added: [39](#i2119da4e31884d0b92a66363db607186_97)] | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i7bd8f3ba7968484689c049bd46f89f7a_97)] [added: Statements](#i2119da4e31884d0b92a66363db607186_100)] | | | | | | [removed: [40](#i7bd8f3ba7968484689c049bd46f89f7a_97)] [added: [40](#i2119da4e31884d0b92a66363db607186_100)] | | |

| | | | | | | [Note 1: Summary of Significant Accounting [removed: Policies](#i7bd8f3ba7968484689c049bd46f89f7a_100)] [added: Policies](#i2119da4e31884d0b92a66363db607186_103)] | | | | | | [removed: [40](#i7bd8f3ba7968484689c049bd46f89f7a_100)] [added: [40](#i2119da4e31884d0b92a66363db607186_103)] | | |

| | | | | | | [Note 2: Segment [removed: Information](#i7bd8f3ba7968484689c049bd46f89f7a_103)] [added: Information](#i2119da4e31884d0b92a66363db607186_106)] | | | | | | [removed: [42](#i7bd8f3ba7968484689c049bd46f89f7a_103)] [added: [42](#i2119da4e31884d0b92a66363db607186_106)] | | |

| | | | | | | [Note 3: Supplemental Financial [removed: Information](#i7bd8f3ba7968484689c049bd46f89f7a_106)] [added: Information](#i2119da4e31884d0b92a66363db607186_109)] | | | | | | [removed: [45](#i7bd8f3ba7968484689c049bd46f89f7a_106)] [added: [44](#i2119da4e31884d0b92a66363db607186_109)] | | |

| | | | | | | [Note 4: Goodwill and Intangible [removed: Assets](#i7bd8f3ba7968484689c049bd46f89f7a_109)] [added: Assets](#i2119da4e31884d0b92a66363db607186_112)] | | | | | | [removed: [46](#i7bd8f3ba7968484689c049bd46f89f7a_109)] [added: [46](#i2119da4e31884d0b92a66363db607186_112)] | | |

| | | | | | | [Note 5: Income [removed: Taxes](#i7bd8f3ba7968484689c049bd46f89f7a_112)] [added: Taxes](#i2119da4e31884d0b92a66363db607186_115)] | | | | | | [removed: [48](#i7bd8f3ba7968484689c049bd46f89f7a_112)] [added: [48](#i2119da4e31884d0b92a66363db607186_115)] | | |

| | | | | | | [Note 6: Earnings Per [removed: Share](#i7bd8f3ba7968484689c049bd46f89f7a_115)] [added: Share](#i2119da4e31884d0b92a66363db607186_118)] | | | | | | [removed: [50](#i7bd8f3ba7968484689c049bd46f89f7a_115)] [added: [50](#i2119da4e31884d0b92a66363db607186_118)] | | |

| | | | | | | [Note 7: Share-based [removed: Compensation](#i7bd8f3ba7968484689c049bd46f89f7a_118)] [added: Compensation](#i2119da4e31884d0b92a66363db607186_121)] | | | | | | [removed: [51](#i7bd8f3ba7968484689c049bd46f89f7a_118)] [added: [51](#i2119da4e31884d0b92a66363db607186_121)] | | |

| | | | | | | [Note 8: Postretirement Benefits and Employee Stock Ownership [removed: Plan](#i7bd8f3ba7968484689c049bd46f89f7a_121)] [added: Plan](#i2119da4e31884d0b92a66363db607186_124)] | | | | | | [removed: [53](#i7bd8f3ba7968484689c049bd46f89f7a_121)] [added: [53](#i2119da4e31884d0b92a66363db607186_124)] | | |

| | | | | | | [Note 9: Risk Management Activities and Fair Value [removed: Measurements](#i7bd8f3ba7968484689c049bd46f89f7a_124)] [added: Measurements](#i2119da4e31884d0b92a66363db607186_127)] | | | | | | [removed: [58](#i7bd8f3ba7968484689c049bd46f89f7a_124)] [added: [58](#i2119da4e31884d0b92a66363db607186_127)] | | |

| | | | | | | [Note 10: Short-term and Long-term [removed: Debt](#i7bd8f3ba7968484689c049bd46f89f7a_127)] [added: Debt](#i2119da4e31884d0b92a66363db607186_130)] | | | | | | [removed: [60](#i7bd8f3ba7968484689c049bd46f89f7a_127)] [added: [61](#i2119da4e31884d0b92a66363db607186_130)] | | |

| | | | | | | [Note 11: Accumulated Other Comprehensive [removed: Income/(Loss)](#i7bd8f3ba7968484689c049bd46f89f7a_130)] [added: Income/(Loss)](#i2119da4e31884d0b92a66363db607186_133)] | | | | | | [removed: [62](#i7bd8f3ba7968484689c049bd46f89f7a_130)] [added: [63](#i2119da4e31884d0b92a66363db607186_133)] | | |

| | | | | | | [Note [removed: 13:](#i7bd8f3ba7968484689c049bd46f89f7a_136) [](#i7bd8f3ba7968484689c049bd46f89f7a_136)[Commitments] [added: 13: Commitments] and [removed: Contingencies](#i7bd8f3ba7968484689c049bd46f89f7a_136)] [added: Contingencies](#i2119da4e31884d0b92a66363db607186_139)] | | | | | | [removed: [63](#i7bd8f3ba7968484689c049bd46f89f7a_136)] [added: [64](#i2119da4e31884d0b92a66363db607186_139)] | | |

| | | | | | | [Note [removed: 14:](#i7bd8f3ba7968484689c049bd46f89f7a_1867) [](#i7bd8f3ba7968484689c049bd46f89f7a_1867)[Supplier] [added: 14: Supplier] Finance [removed: Programs](#i7bd8f3ba7968484689c049bd46f89f7a_1867)] [added: Programs](#i2119da4e31884d0b92a66363db607186_142)] | | | | | | [removed: [64](#i7bd8f3ba7968484689c049bd46f89f7a_1867)] [added: [65](#i2119da4e31884d0b92a66363db607186_142)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7bd8f3ba7968484689c049bd46f89f7a_139)] [added: Disclosure](#i2119da4e31884d0b92a66363db607186_148)] | | | | | | [removed: [64](#i7bd8f3ba7968484689c049bd46f89f7a_139)] [added: [65](#i2119da4e31884d0b92a66363db607186_148)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i7bd8f3ba7968484689c049bd46f89f7a_142)] [added: Procedures](#i2119da4e31884d0b92a66363db607186_151)] | | | | | | [removed: [65](#i7bd8f3ba7968484689c049bd46f89f7a_142)] [added: [65](#i2119da4e31884d0b92a66363db607186_151)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i7bd8f3ba7968484689c049bd46f89f7a_145)] [added: Information](#i2119da4e31884d0b92a66363db607186_154)] | | | | | | [removed: [65](#i7bd8f3ba7968484689c049bd46f89f7a_145)] [added: [66](#i2119da4e31884d0b92a66363db607186_154)] | | |

| | | | | | | [Note 12: Leases](#i2119da4e31884d0b92a66363db607186_136) | | | | | | [63](#i2119da4e31884d0b92a66363db607186_136) | | |

| | | | | | | [Signatures](#i2119da4e31884d0b92a66363db607186_196) | | | | | | [71](#i2119da4e31884d0b92a66363db607186_196) | | |

| 0.500% Notes due 2024 | | | PG24A | | | New York Stock Exchange | | |

| 0.625% Notes due 2024 | | | PG24B | | | New York Stock Exchange | | |

| 1.375% Notes due 2025 | | | PG25 | | | New York Stock Exchange | | |

| | | | | | | [Note 12: Leases](#i7bd8f3ba7968484689c049bd46f89f7a_133) | | | | | | [62](#i7bd8f3ba7968484689c049bd46f89f7a_133) | | |

| | | | | | | [Note 15:](#i7bd8f3ba7968484689c049bd46f89f7a_1911) [](#i7bd8f3ba7968484689c049bd46f89f7a_1911)[Subsequent Event](#i7bd8f3ba7968484689c049bd46f89f7a_1911) | | | | | | [64](#i7bd8f3ba7968484689c049bd46f89f7a_1911) | | |

| | | | | | | [Signatures](#i7bd8f3ba7968484689c049bd46f89f7a_187) | | | | | | [70](#i7bd8f3ba7968484689c049bd46f89f7a_187) | | |

The Company employs multiple tools and processes for assessing, [removed: identifying,] [added: identifying] and managing material risks from cybersecurity threats.

[removed: In addition,] [added: When] cybersecurity risks are [removed: integrated into] [added: identified through] the [removed: Company’s broader] Enterprise Risk Management program [removed: and, when identified,] [added: or otherwise, they] are reported to relevant business and governance leaders within the Company for appropriate action.

In support of this general oversight, the full Board [removed: reviews] [added: reviews,] at least [removed: annually] [added: annually,] the most significant enterprise risks facing the Company, including cybersecurity risks, as identified in the Company’s Enterprise Risk Management program.

This review, which includes key members of senior management, covers [removed: any] key risks from information security that have been identified and corresponding action plans.

In addition, cybersecurity risks are integrated into the Company’s broader Enterprise Risk Management program.

In addition, we own and operate [removed: 78] [added: 75] manufacturing sites in [removed: 33] [added: 32] other countries.

Beauty products are manufactured at [removed: 22] [added: 21] of these locations; Grooming products at 17; Health Care products at 20; Fabric & Home Care products at [removed: 35;] [added: 34;] and Baby, Feminine & Family Care products at [removed: 37.][added: 36.]

The names, ages and positions held by the Executive Officers of the Company on August [removed: 5, 2024,] [added: 4, 2025,] are:

| Jon R. Moeller | | | | | | Chairman of the Board, President and Chief Executive Officer | | | | | | [removed: 60] [added: 61] | | | | | | 2009 (1) | | |

| Shailesh Jejurikar | | | | | | Chief Operating Officer | | | | | | [removed: 57] [added: 58] | | | | | | 2018 (2) | | |

| Andre Schulten | | | | | | Chief Financial Officer | | | | | | [removed: 53] [added: 54] | | | | | | 2021 (3) | | |

| Gary A. Coombe | | | | | | Chief Executive Officer - Grooming | | | | | | [removed: 60] [added: 61] | | | | | | 2014 (( ) | | |

| Jennifer L. Davis | | | | | | Chief Executive Officer - Health Care | | | | | | [removed: 53] [added: 54] | | | | | | 2022 (4) | | |

| Ma. Fatima D. Francisco | | | | | | Chief Executive Officer - Baby, Feminine and Family Care | | | | | | [removed: 56] [added: 57] | | | | | | 2018 (5) | | |

| R. Alexandra Keith | | | | | | Chief Executive Officer - Beauty and Executive Sponsor for Corporate Sustainability | | | | | | [removed: 56] [added: 57] | | | | | | 2017 (6) | | |

| Sundar Raman | | | | | | Chief Executive Officer - Fabric and Home Care | | | | | | [removed: 49] [added: 50] | | | | | | 2021 (7) | | |

| Victor Aguilar | | | | | | Chief Research, Development and Innovation Officer | | | | | | [removed: 57] [added: 58] | | | | | | 2020 (8) | | |

| Marc S. Pritchard | | | | | | Chief Brand Officer | | | | | | [removed: 64] [added: 65] | | | | | | 2008 (( ) | | |

| Balaji Purushothaman | | | | | | Chief Human Resources Officer | | | | | | [removed: 55] [added: 56] | | | | | | 2023 (9) | | |

| Susan Street Whaley | | | | | | Chief Legal Officer and Secretary | | | | | | [removed: 50] [added: 51] | | | | | | 2022 (10) | | |

(2)Mr. Jejurikar previously served as Chief Executive Officer - Fabric and Home Care (2019 - [removed: 2021) and President - Global Fabric, Home Care and P&G Professional (2018 - 2019).][added: 2021).]

(4)Ms. Davis previously served as President - Feminine Care (2019 - [removed: 2022) and President - Global Feminine Care (2018 - 2019).][added: 2022).]

(5)Ms. Francisco previously served as Chief Executive Officer - Baby and Feminine Care (2019 - [removed: 2021) and President - Global Baby Care and Baby & Feminine Care Sector (2018 - 2019).][added: 2021).]

(7)Mr. Raman previously served as President - Home Care and P&G Professional (2020 - [removed: 2021),] [added: 2021) and] President - Fabric Care, North America and P&G Professional (2019 - [removed: 2020), and Vice President - Fabric Care, North America (2015 - 2019).][added: 2020).]

(8)Mr. Aguilar previously served as Senior Vice President - Research & Development, Corporate Function Research & Development [removed: (2020), Senior Vice President - Research & Development, Corporate Function Research & Development and Global Fabric Care (2019), and Senior Vice President - Research & Development Global Fabric Care; and Sector Leader, Research & Development Global Fabric and Home Care (2014 - 2019).][added: (2020).]

(9)Mr. Purushothaman previously served as Senior Vice President - Human Resources, Global Total Rewards, Employee and Labor Relations and Corporate Services (2020 - 2022) and as Senior Vice President - Human Resources, Beauty, [removed: Grooming,] [added: Grooming] and Family Care (2015 - 2020).

(10)Ms. Whaley previously served as Senior Vice President and General Counsel - North America, Practice Groups and Sector Business Units (2019 - [removed: 2022), and Vice President and General Counsel - North America, Global Go-To-Market and Practice Groups, and Global Business Units (2016 - 2019).][added: 2022).]

(3)In accordance with the repurchase program announced on July [removed: 28, 2023,] [added: 30, 2024,] the Company reaffirmed in its earnings release on April [removed: 19, 2024,] [added: 24, 2025,] that it expected to reduce outstanding shares through direct share repurchases at a value of [removed: $5 to] $6 [added: to $7] billion in fiscal year [removed: 2024,] [added: 2025,] notwithstanding any purchases under the Company's compensation and benefit plans.

The total value of the shares purchased under the share repurchase plan was [removed: $5] [added: $6.5] billion.

The share repurchase plan ended on June 30, [removed: 2024.][added: 2025.]

P&G has been paying a dividend for [removed: 134] [added: 135] consecutive years since its incorporation in 1890 and has increased its dividend for [removed: 68] [added: 69] consecutive years since 1956.

[removed: ][added: ]

As of June 30, [removed: 2024,] [added: 2025,] there were approximately 6 million common stock shareowners, including shareowners of record, participants in P&G stock ownership plans and beneficial owners with accounts at banks and brokerage firms.

The following graph compares the cumulative total return of P&G’s common stock for the five-year period ended June 30, [removed: 2024,] [added: 2025,] against the cumulative total return of the S&P 500 Stock Index (broad market comparison) and the S&P 500 Consumer Staples Index (line of business comparison).

The graph and table assume $100 was invested on June 30, [removed: 2019,] [added: 2020,] and that all dividends were reinvested.

[removed: ][added: ]

| Company Name/Index | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

| 4/1/2025 - 4/30/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | |

| 5/1/2025 - 5/31/2025 | | | | | | 4,317,165 | | | | | | $162.14 | | | | | | 4,317,165 | | | | | | (3) | | |

| 6/1/2025 - 6/30/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | |

| Total | | | | | | 4,317,165 | | | | | | $162.14 | | | | | | 4,317,165 | | | | | | (3) | | |

| (in dollars; split-adjusted) | | | 1956 | | | | | | 1965 | | | | | | 1975 | | | | | | 1985 | | | | | | 1995 | | | | | | 2005 | | | | | | 2015 | | | | | | 2025 | | | | | |

| Dividends per share | | | $ | | | 0.01 | | | $ | | | 0.03 | | | $ | | | 0.06 | | | $ | | | 0.16 | | | $ | | | 0.35 | | | $ | | | 1.03 | | | $ | | | 2.59 | | | $ | | | 4.08 | | |

| P&G | | | $ | 100 | | $ | 116 | | $ | 126 | | $ | 137 | | $ | 152 | | $ | 151 | |

| S&P 500 | | | 100 | | | 141 | | | 126 | | | 151 | | | 187 | | | 216 | | |

| S&P 500 Consumer Staples | | | 100 | | | 123 | | | 131 | | | 140 | | | 152 | | | 170 | | |

| 4/1/2024 - 4/30/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | |

| 5/1/2024 - 5/31/2024 | | | | | | 4,518,335 | | | | | | $165.99 | | | | | | 4,518,335 | | | | | | (3) | | |

| 6/1/2024 - 6/30/2024 | | | | | | 4,491,564 | | | | | | 166.96 | | | | | | 4,491,564 | | | | | | (3) | | |

| Total | | | | | | 9,009,899 | | | | | | $166.48 | | | | | | 9,009,899 | | | | | | (3) | | |

| (in dollars; split-adjusted) | | | 1956 | | | | | | 1964 | | | | | | 1974 | | | | | | 1984 | | | | | | 1994 | | | | | | 2004 | | | | | | 2014 | | | | | | 2024 | | | | | |

| Dividends per share | | | $ | | | 0.01 | | | $ | | | 0.03 | | | $ | | | 0.06 | | | $ | | | 0.15 | | | $ | | | 0.31 | | | $ | | | 0.93 | | | $ | | | 2.45 | | | $ | | | 3.83 | | |

| P&G | | | $ | 100 | | $ | 112 | | $ | 129 | | $ | 141 | | $ | 153 | | $ | 170 | |

| S&P 500 | | | 100 | | | 108 | | | 151 | | | 135 | | | 162 | | | 202 | | |

| S&P 500 Consumer Staples | | | 100 | | | 104 | | | 128 | | | 136 | | | 145 | | | 157 | | |

Management assessed the effectiveness of the Company's internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] using criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and concluded that the Company maintained effective internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on these criteria.

Deloitte & Touche LLP, an independent registered public accounting firm, has audited the effectiveness of the Company's internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] as stated in their report which is included herein.

We have audited the accompanying Consolidated Balance Sheets of The Procter & Gamble Company and subsidiaries (the "Company") as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related Consolidated Statements of Earnings, Comprehensive Income, [removed: Shareholders’ Equity] [added: Shareholders' Equity,] and Cash Flows, for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August [removed: 5, 2024,] [added: 4, 2025,] expressed an unqualified opinion on the Company's internal control over financial reporting.

The Company performed their annual impairment assessment of the Gillette Brand as of October 1, [removed: 2023.][added: 2024.]

As of June 30, [removed: 2024,] [added: 2025,] the carrying value of the Gillette Brand was $12.8 billion.

We have audited the internal control over financial reporting of The Procter & Gamble Company and subsidiaries (the "Company") as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, [removed: 2024,] [added: 2025,] of the Company and our report dated August [removed: 5, 2024,] [added: 4, 2025,] expressed an unqualified opinion on those financial statements.

| Amounts in millions except per share amounts; fiscal years ended June 30 | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| NET SALES | | | $ | [removed: 84,039] [added: 84,284] | | | | | $ | [removed: 82,006] [added: 84,039] | | | | | $ | [removed: 80,187] [added: 82,006] | |

| Cost of products sold | | | [removed: 40,848] [added: 41,164] | | | | | | [removed: 42,760] [added: 40,848] | | | | | | [removed: 42,157] [added: 42,760] | | |

| Selling, general and administrative expense | | | [removed: 23,305] [added: 22,669] | | | | | | [removed: 21,112] [added: 23,305] | | | | | | [removed: 20,217] [added: 21,112] | | |

| Indefinite-lived intangible asset impairment charge | | | [removed: 1,341] [added: —] | | | | | | [removed: —] [added: 1,341] | | | | | | — | | |

| OPERATING INCOME | | | [removed: 18,545] [added: 20,451] | | | | | | [removed: 18,134] [added: 18,545] | | | | | | [removed: 17,813] [added: 18,134] | | |

| Interest expense | | | [removed: (925)] [added: (907)] | | | | | | [removed: (756)] [added: (925)] | | | | | | [removed: (439)] [added: (756)] | | |

| Interest income | | | [removed: 473] [added: 469] | | | | | | [removed: 307] [added: 473] | | | | | | [removed: 51] [added: 307] | | |

| Other non-operating income, net | | | [removed: 668] [added: 154] | | | | | | 668 | | | | | | [removed: 570] [added: 668] | | |

| EARNINGS BEFORE INCOME TAXES | | | [removed: 18,761] [added: 20,167] | | | | | | [removed: 18,353] [added: 18,761] | | | | | | [removed: 17,995] [added: 18,353] | | |

| Income taxes | | | [removed: 3,787] [added: 4,102] | | | | | | [removed: 3,615] [added: 3,787] | | | | | | [removed: 3,202] [added: 3,615] | | |

| NET EARNINGS | | | [removed: 14,974] [added: 16,065] | | | | | | [removed: 14,738] [added: 14,974] | | | | | | [removed: 14,793] [added: 14,738] | | |

| Less: Net earnings attributable to noncontrolling interests | | | [removed: 95] [added: 91] | | | | | | [removed: 85] [added: 95] | | | | | | [removed: 51] [added: 85] | | |

| NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | | | $ | [removed: 14,879] [added: 15,974] | | | | | $ | [removed: 14,653] [added: 14,879] | | | | | $ | [removed: 14,742] [added: 14,653] | |

| Basic | | | $ | [removed: 6.18] [added: 6.67] | | | | | $ | [removed: 6.07] [added: 6.18] | | | | | $ | [removed: 6.00] [added: 6.07] | |

| Diluted | | | $ | [removed: 6.02] [added: 6.51] | | | | | $ | [removed: 5.90] [added: 6.02] | | | | | $ | [removed: 5.81] [added: 5.90] | |

| Amounts in millions; fiscal years ended June 30 | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| NET EARNINGS | | | $ | [removed: 14,974] [added: 16,065] | | | | | $ | [removed: 14,738] [added: 14,974] | | | | | $ | [removed: 14,793] [added: 14,738] | |

| Foreign currency translation (net of tax (benefit)/expense of [removed: $66, $(197)] [added: $(442), $66] and [removed: $515,] [added: $(197),] respectively) | | | [removed: (226)] [added: 1,143] | | | | | | [removed: (71)] [added: (226)] | | | | | | [removed: (1,450)] [added: (71)] | | |

| Unrealized gains/(losses) on investment securities (net of tax (benefit)/expense of $(1), [removed: $(2)] [added: $(1)] and [removed: $1,] [added: $(2),] respectively) | | | [removed: (3)] [added: —] | | | | | | [removed: (7)] [added: (3)] | | | | | | [removed: 5] [added: (7)] | | |

| Unrealized [removed: gains] [added: gains/(losses)] on defined benefit postretirement plans (net of tax [removed: expense] [added: (benefit)/expense] of [removed: $230, $9] [added: $(407), $230] and [removed: $1,022,] [added: $9,] respectively) | | | [removed: 546] [added: (1,390)] | | | | | | [removed: 40] [added: 546] | | | | | | [removed: 2,992] [added: 40] | | |

| TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | | | [removed: 317] [added: (248)] | | | | | | [removed: (38)] [added: 317] | | | | | | [removed: 1,547] [added: (38)] | | |

| TOTAL COMPREHENSIVE INCOME | | | [removed: 15,291] [added: 15,817] | | | | | | [removed: 14,700] [added: 15,291] | | | | | | [removed: 16,340] [added: 14,700] | | |

| Less: Comprehensive income attributable to noncontrolling interests | | | [removed: 92] [added: 87] | | | | | | [removed: 78] [added: 92] | | | | | | [removed: 43] [added: 78] | | |

| TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE | | | $ | [removed: 15,199] [added: 15,730] | | | | | $ | [removed: 14,622] [added: 15,199] | | | | | $ | [removed: 16,297] [added: 14,622] | |

| Amounts in millions except stated values; as of June 30 | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 9,482] [added: 9,556] | | | | | $ | [removed: 8,246] [added: 9,482] | |

| Accounts receivable | | | [removed: 6,118] [added: 6,185] | | | | | | [removed: 5,471] [added: 6,118] | | |

| Materials and supplies | | | [removed: 1,617] [added: 2,022] | | | | | | [removed: 1,863] [added: 1,617] | | |

| Work in process | | | [removed: 929] [added: 1,012] | | | | | | [removed: 956] [added: 929] | | |

| August 4, 2025 | | |

Because the estimated fair value exceeded the carrying value, no impairment was recorded.

| August 4, 2025 | | |

| August 4, 2025 | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | | | | 15,974 | | | 91 | | | 16,065 | | |

| Common | | | | | | | | | | | | | | | | | | | | | | | | (9,606) | | | | | | (9,606) | | |

| Preferred | | | | | | | | | | | | | | | | | | | | | | | | (291) | | | | | | (291) | | |

| Employee stock plans | | | 20,940 | | | | | | | | | 1,084 | | | | | | | | | 1,175 | | | | | | | | | 2,259 | | |

| BALANCE JUNE 30, 2025 | | | 2,341,994 | | | $4,009 | | | $777 | | | $68,770 | | | ($672) | | | ($12,143) | | | ($138,702) | | | $129,973 | | | $272 | | | $52,284 | | |

| Amounts in millions; fiscal years ended June 30 | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Change in accounts payable | | | (542) | | | | | | 878 | | | | | | (447) | | |

| Other | | | (1,653) | | | | | | 491 | | | | | | 217 | | |

(1)Certain prior period amounts within Operating Activities have been reclassified for consistency with the current period presentation.

These reclassifications had no effect on the previously reported Total Operating Activities.

On July 1, 2024, we adopted the Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures".

This standard was applied retrospectively to all periods presented in the financial statements and resulted in additional disclosures.

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures".

The guidance will require additional disclosures in the Income Taxes footnote but will not have a material impact on our Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses”.

This guidance requires disclosures about significant expense categories, including but not limited to, inventory purchases, employee compensation, depreciation, amortization and selling expenses.

This amendment is effective for our fiscal year ending June 30, 2028 and our interim periods within the fiscal year ending June 30, 2029.

The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer.

As the Company allocates taxes to individual segments, the CODM uses Earnings before income taxes and Net earnings to assess segment performance and allocate resources in the budgeting and forecasting process.

The CODM does not use assets by segment to evaluate performance or allocate resources.

Therefore, we do not disclose assets by segment.

| Personal Care (1) | | | 6% | | | | | | 5% | | | | | | 5% | | |

(1)Effective July 1, 2024, the Beauty reportable business segment separated Skin and Personal Care into individual operating segments, Skin Care and Personal Care.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Fiscal Year Ended June 30, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | Beauty | | | | | | Grooming | | | | | | Health Care | | | | | | Fabric & Home Care | | | | | | Baby, Feminine & Family Care | | | | | | Corporate | | | | | | Total Company | | |

| Net sales | | | | | | $ | 14,964 | | | | | $ | 6,662 | | | | | $ | 11,998 | | | | | $ | 29,617 | | | | | $ | 20,248 | | | | | $ | 794 | | | | | $ | 84,284 | |

| Cost of products sold | | | | | | (5,822) | | | | | | (2,675) | | | | | | (4,974) | | | | | | (15,650) | | | | | | (10,926) | | | | | | (1,118) | | | | | | (41,164) | | |

| Selling, general and administrative expense | | | | | | (5,687) | | | | | | (2,036) | | | | | | (3,886) | | | | | | (6,509) | | | | | | (4,108) | | | | | | (443) | | | | | | (22,669) | | |

| Other segment items (1) | | | | | | (1) | | | | | | — | | | | | | 10 | | | | | | 1 | | | | | | — | | | | | | (294) | | | | | | (284) | | |

| Earnings/(Loss) before income taxes | | | | | | 3,454 | | | | | | 1,952 | | | | | | 3,149 | | | | | | 7,459 | | | | | | 5,214 | | | | | | (1,061) | | | | | | 20,167 | | |

| Net earnings/(loss) | | | | | | $ | 2,715 | | | | | $ | 1,577 | | | | | $ | 2,440 | | | | | $ | 5,848 | | | | | $ | 4,013 | | | | | $ | (527) | | | | | $ | 16,065 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Depreciation and amortization | | | | | | $ | 399 | | | | | $ | 313 | | | | | $ | 397 | | | | | $ | 723 | | | | | $ | 814 | | | | | $ | 200 | | | | | $ | 2,847 | |

| August 5, 2024 | | |

During the fiscal year ended June 30, 2024, the Company determined that the fair value of the Gillette indefinite-lived intangible asset was less than its carrying amount.

As a result, the Company recorded an impairment charge of $1.3 billion ($1.0 billion after tax) to reduce the carrying amount to be equivalent to the estimated fair value as of December 31, 2023.

| BALANCE JUNE 30, 2021 | | | 2,429,706 | | | $4,009 | | | $870 | | | $64,848 | | | ($1,006) | | | ($13,744) | | | ($114,973) | | | $106,374 | | | $276 | | | $46,654 | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | | | | 14,742 | | | 51 | | | 14,793 | | |

| Common | | | | | | | | | | | | | | | | | | | | | | | | (8,514) | | | | | | (8,514) | | |

| Preferred | | | | | | | | | | | | | | | | | | | | | | | | (281) | | | | | | (281) | | |

| Employee stock plans | | | 28,042 | | | | | | | | | 945 | | | | | | | | | 1,571 | | | | | | | | | 2,516 | | |

| Change in accounts payable and accrued and other liabilities | | | 1,814 | | | | | | 313 | | | | | | 1,429 | | |

| Change in other operating assets and liabilities | | | (1,414) | | | | | | (1,107) | | | | | | (635) | | |

| Other | | | 969 | | | | | | 564 | | | | | | 229 | | |

We are currently assessing the impact of this guidance on our disclosures.

Total assets for the reportable segments include those assets managed by the reportable segment, primarily inventory, fixed assets and intangible assets.

Other assets, primarily cash, accounts receivable, investment securities and goodwill, are included in Corporate.

| % of Net sales by operating segment (1) | | | | | | | | | | | | | | | | | |

(1)% of Net sales by operating segment excludes sales recorded in Corporate.

(2)Effective July 1, 2022, the Grooming Sector Business Unit completed the full integration of its Shave Care and Appliances categories to cohesively serve consumers' grooming needs.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Global Segment Results | | | | | | | | | Net Sales | | | | | | Earnings/(Loss) Before Income Taxes | | | | | | Net Earnings/(Loss) | | | | | | Depreciation and Amortization | | | | | | Total Assets | | | | | | Capital Expenditures | | |

| BEAUTY | | | 2024 | | | | | | $ | 15,220 | | | | | $ | 3,805 | | | | | $ | 2,963 | | | | | $ | 399 | | | | | $ | 6,103 | | | | | $ | 280 | |

| | | | 2023 | | | | | | 15,008 | | | | | | 4,009 | | | | | | 3,178 | | | | | | 376 | | | | | | 6,196 | | | | | | 287 | | |

| | | | 2022 | | | | | | 14,740 | | | | | | 3,946 | | | | | | 3,160 | | | | | | 348 | | | | | | 6,055 | | | | | | 331 | | |

| GROOMING | | | 2024 | | | | | | 6,654 | | | | | | 1,845 | | | | | | 1,477 | | | | | | 335 | | | | | | 19,082 | | | | | | 337 | | |

| | | | 2023 | | | | | | 6,419 | | | | | | 1,806 | | | | | | 1,461 | | | | | | 335 | | | | | | 20,601 | | | | | | 300 | | |

| | | | 2022 | | | | | | 6,587 | | | | | | 1,835 | | | | | | 1,490 | | | | | | 361 | | | | | | 20,482 | | | | | | 260 | | |

| HEALTH CARE | | | 2024 | | | | | | 11,793 | | | | | | 2,941 | | | | | | 2,258 | | | | | | 381 | | | | | | 8,416 | | | | | | 524 | | |

| | | | 2023 | | | | | | 11,226 | | | | | | 2,759 | | | | | | 2,125 | | | | | | 352 | | | | | | 8,480 | | | | | | 466 | | |

| | | | 2022 | | | | | | 10,824 | | | | | | 2,618 | | | | | | 2,006 | | | | | | 376 | | | | | | 7,888 | | | | | | 410 | | |

| FABRIC & HOME CARE | | | 2024 | | | | | | 29,495 | | | | | | 7,339 | | | | | | 5,687 | | | | | | 710 | | | | | | 8,907 | | | | | | 1,076 | | |

| | | | 2023 | | | | | | 28,371 | | | | | | 6,303 | | | | | | 4,828 | | | | | | 675 | | | | | | 8,669 | | | | | | 979 | | |

| | | | 2022 | | | | | | 27,556 | | | | | | 5,729 | | | | | | 4,386 | | | | | | 672 | | | | | | 8,567 | | | | | | 988 | | |

| BABY, FEMININE & FAMILY CARE | | | 2024 | | | | | | 20,277 | | | | | | 5,253 | | | | | | 4,020 | | | | | | 824 | | | | | | 8,497 | | | | | | 979 | | |

| | | | 2023 | | | | | | 20,217 | | | | | | 4,623 | | | | | | 3,545 | | | | | | 804 | | | | | | 8,517 | | | | | | 994 | | |

| | | | 2022 | | | | | | 19,736 | | | | | | 4,267 | | | | | | 3,266 | | | | | | 826 | | | | | | 8,443 | | | | | | 932 | | |

| CORPORATE | | | 2024 | | | | | | 601 | | | | | | (2,422) | | | | | | (1,430) | | | | | | 247 | | | | | | 71,365 | | | | | | 126 | | |

| | | | 2023 | | | | | | 765 | | | | | | (1,147) | | | | | | (399) | | | | | | 172 | | | | | | 68,366 | | | | | | 36 | | |

| | | | 2022 | | | | | | 744 | | | | | | (400) | | | | | | 485 | | | | | | 224 | | | | | | 65,773 | | | | | | 235 | | |

| TOTAL COMPANY | | | 2024 | | | | | | $ | 84,039 | | | | | $ | 18,761 | | | | | $ | 14,974 | | | | | $ | 2,896 | | | | | $ | 122,370 | | | | | $ | 3,322 | |

| | | | 2023 | | | | | | 82,006 | | | | | | 18,353 | | | | | | 14,738 | | | | | | 2,714 | | | | | | 120,829 | | | | | | 3,062 | | |

[added: 66] The Procter & Gamble Company [removed: 65]

During the fiscal year ended June 30, [removed: 2024,] [added: 2025,] none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.

The information required by this item is incorporated by reference to the following sections of the [removed: 2024] [added: 2025] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2024:] [added: 2025:] the [added: subsection of the Proxy Summary] section entitled [added: Code of Ethics; the section entitled] Election of Directors; the subsection of the Corporate Governance section entitled Board Meetings and Committees of the Board; [removed: the subsection of the Corporate Governance section entitled Code of Ethics;] and the subsection of the Other Matters section entitled Shareholder Recommendations or Nominations of Director Candidates.

The information required by this item is incorporated by reference to the following sections of the [removed: 2024] [added: 2025] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2024:] [added: 2025:] the subsections of the Corporate Governance section entitled Board Meetings and Committees of the Board, Compensation Committee Interlocks and Insider Participation, and Risk Oversight - Compensation-Related Risk; and the portion beginning with the section entitled Director Compensation up to but not including the section entitled Pay Versus Performance.

[removed: 66] The Procter & Gamble Company [added: 67]

The following table gives information about the Company's common stock that may be issued upon the exercise of options, warrants and rights under all of the Company's equity compensation plans as of June 30, [removed: 2024.][added: 2025.]

| Restricted Stock Units (RSUs)/Performance Stock Units (PSUs) | | | [removed: 6,696,628] [added: 6,677,267] | | | | | | N/A | | | | | | (1) | | |

Total shares available for future issuance under this plan is [removed: 77] [added: 58] million.

(2)Weighted average exercise price of outstanding options [added: and stock appreciation rights] only.

Additional information required by this item is incorporated by reference to the following section of the [removed: 2024] [added: 2025] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2024:] [added: 2025:] the subsection of the Beneficial Ownership section entitled Security Ownership of Management and Certain Beneficial Owners.

| Stock Options/Stock Appreciation Rights | | | 96,633,659 | | | | | | $120.9524 | | | | | | (1) | | |

| TOTAL | | | 103,310,926 | | | | | | $120.9524 | | | (2) | | | | | |

| Stock Options/Stock Appreciation Rights | | | 107,379,563 | | | | | | $111.5700 | | | | | | (1) | | |

| TOTAL | | | 114,076,191 | | | | | | $111.5700 | | | (2) | | | | | |

The information required by this item is incorporated by reference to the following sections of the [removed: 2024] [added: 2025] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2024:] [added: 2025:] the subsections of the Corporate Governance section entitled Director Independence and Review and Approval of Transactions with Related Persons.

The information required by this item is incorporated by reference to the following section of the [removed: 2024] [added: 2025] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2024:] [added: 2025:] Report of the Audit Committee, which ends with the subsection entitled Services Provided by Deloitte.

- Consolidated Statements of Earnings - for fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

- Consolidated Statements of Comprehensive Income - for fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

- Consolidated Balance Sheets - as of June 30, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

- Consolidated Statements of Shareholders' Equity - for fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

- Consolidated Statements of Cash Flows - for fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

[added: 70] The Procter & Gamble Company [removed: 67]

| Exhibit [removed: [(3-1)](http://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit3x1.htm)] [added: [(3-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit3x1.htm)] - | | | | | | [Amended Articles of Incorporation (as amended by shareholders at the annual meeting on October 11, 2011 and consolidated by the Board of Directors on April 8, 2016) (Incorporated by reference to Exhibit (3-1) of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2016)](http://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit3x1.htm).] [added: 2016)](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit3x1.htm).] | | |

| [removed: [(3-2)](http://www.sec.gov/Archives/edgar/data/80424/000008042422000109/pgregulations.htm)] [added: [(3-2)](https://www.sec.gov/Archives/edgar/data/80424/000008042422000109/pgregulations.htm)] - | | | | | | [Regulations (as approved by the Board of Directors on December 13, 2022, pursuant to authority granted by shareholders at the annual meeting on October 13, 2009) (Incorporated by reference to Exhibit (3-2) of the Company's Current Report on Form 8-K filed December 13, [removed: 2022)](http://www.sec.gov/Archives/edgar/data/80424/000008042422000109/pgregulations.htm).] [added: 2022)](https://www.sec.gov/Archives/edgar/data/80424/000008042422000109/pgregulations.htm).] | | |

| Exhibit [removed: [(4-1)](http://www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kexhibit4x1.htm)] [added: [(4-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kexhibit4x1.htm)] - | | | | | | [Indenture, dated as of September 3, 2009, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit (4-1) of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2015)](http://www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kexhibit4x1.htm).] [added: 2015)](https://www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kexhibit4x1.htm).] | | |

| [removed: [(4-3)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x3.htm)] [added: [(4-3)](https://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x3.htm)] - | | | | | | [Description of the Company’s Common Stock (Incorporated by reference to Exhibit (4-3) of the Company’s Annual report on Form 10-K for the year ended June 30, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x3.htm).] [added: 2019)](https://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x3.htm).] | | |

| [removed: [(4-4)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x4.htm)] [added: [(4-12)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm)] - | | | | | | [Description of the [removed: Company’s 0.625% Notes due 2024, 1.200%] [added: Company's 3.150%] Notes due [removed: 2028,] [added: 2028] and [removed: 1.875%] [added: 3.200%] Notes due [removed: 2038 (Incorporated] [added: 2034](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm). [(Incorporated] by reference to [removed: Exhibit (4-4)] [added: Exhibit](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm) [(](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm)[4-12)] of the [removed: Company’s] [added: Company's] Annual [removed: report] [added: Report] on Form 10-K for the year ended [removed: June] [added: Ju](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm)[n](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm)[e] 30, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x4.htm).] [added: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm)] | | |

| [removed: [(4-5)](http://www.sec.gov/Archives/edgar/data/80424/000008042421000100/fy202110-kexhibit4x5.htm)] [added: [(4-5)](https://www.sec.gov/Archives/edgar/data/80424/000008042421000100/fy202110-kexhibit4x5.htm)] - | | | | | | [Description of the Company’s 4.875% EUR notes due May 2027, 6.250% GBP notes due January 2030, and 5.250% GBP notes due January 2033 (Incorporated by reference to Exhibit (4-5) of the Company’s Annual report on Form 10-K for the year ended June 30, [removed: 2021)](http://www.sec.gov/Archives/edgar/data/80424/000008042421000100/fy202110-kexhibit4x5.htm).] [added: 2021)](https://www.sec.gov/Archives/edgar/data/80424/000008042421000100/fy202110-kexhibit4x5.htm).] | | |

| [removed: [(4-6)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x6.htm)] [added: [(4-11)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm)] - | | | | | | [Description of the [removed: Company’s 0.500%] [added: Company's 3.250%] Notes due [removed: 2024] [added: 2026] and [removed: 1.250%] [added: 3.250%] Notes due [removed: 2029] [added: 2031] (Incorporated by reference to Exhibit [removed: (4-6)] [added: (4-11)] of the [removed: Company’s] [added: Company's] Annual [removed: report] [added: Report] on Form 10-K for the year ended June 30, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x6.htm).] [added: 2023).](https://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm)] | | |

| [removed: [(4-7)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x7.htm)] [added: [(4-9)](https://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x10.htm)] - | | | | | | [Description of the [removed: Company’s 1.375%] [added: Company's 0.350% EUR] Notes due [removed: 2025] [added: 2030] and [removed: 1.800%] [added: 0.900% EUR] Notes due [removed: 2029] [added: 2041] (Incorporated by reference to Exhibit [removed: (4-7)] [added: (4-10)] of the [removed: Company’s] [added: Company's] Annual [removed: report] [added: Report] on Form 10-K for the year ended June 30, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/80424/000008042419000050/fy181910-kexhibit4x7.htm).] [added: 2022)](https://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x10.htm).] | | |

| [removed: [(4-9)](http://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x10.htm)] [added: [(4-10)](https://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x11.htm)] - | | | | | | [Description of the Company's [removed: 0.350% EUR] [added: 0.110% Yen] Notes due [removed: 2030] [added: 2026] and [removed: 0.900% EUR] [added: 0.230% Yen] Notes due [removed: 2041] [added: 2031] (Incorporated by reference to Exhibit [removed: (4-10)] [added: (4-11)] of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2022)](http://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x10.htm).] [added: 2022)](https://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x11.htm).] | | |

| [removed: [(4-10)](http://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x11.htm)] [added: [(10-15)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm)] - | | | | | | [removed: [Description of the Company's 0.110% Yen Notes due 2026 and 0.230% Yen Notes due 2031] [added: [The Gillette Company Deferred Compensation Plan] (Incorporated by reference to Exhibit [removed: (4-11)] [added: (10-18)] of the [removed: Company's] [added: Company’s] Annual Report on Form 10-K for the year ended June 30, [removed: 2022)](http://www.sec.gov/Archives/edgar/data/80424/000008042422000064/fy212210-kexhibit4x11.htm).] [added: 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm).*] | | |

| [removed: [(4-11)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm)] [added: Exhibit [(19-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)] - | | | | | | [removed: [Description of the Company's 3.250% Notes due 2026 and 3.250% Notes due 2031](http://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm) [](http://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm)[(Incorporated] [added: [P&G Global Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm). [](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)[(Incorporated] by reference to Exhibit [removed: (4-11)] [added: (19](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)[\-1](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)[)] of [removed: th](http://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm)[e] [added: the] Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2023).](http://www.sec.gov/Archives/edgar/data/80424/000008042423000073/fy222310-kexhibit4x11.htm)] [added: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)] | | |

| [removed: [(4-12)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm)] [added: [(4-4)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm)] - | | | | | | [Description of the [removed: Company's 3.150%] [added: Company’s](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm) [](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm)[1.200%] Notes due [removed: 2028 and 3.200%] [added: 2028](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm) [](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm)[and 1.875%] Notes due [removed: 2034](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit4x12.htm).] [added: 2038](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm).] + | | |

| Exhibit [removed: [(10-1)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x1.htm)] [added: [(10-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x1.htm)] - | | | | | | [The Procter & Gamble 2001 Stock and Incentive Compensation Plan (as amended), which was originally adopted by shareholders at the annual meeting on October 9, 2001 (Incorporated by reference to Exhibit (10-1) of the Company’s Annual Report on Form 10-K for the year ended June 30, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x1.htm).*] [added: 2018)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x1.htm).*] | | |

| [removed: [(10-2)](http://www.sec.gov/Archives/edgar/data/80424/000008042413000012/ond12exhibit10-1.htm)] [added: [(10-2)](https://www.sec.gov/Archives/edgar/data/80424/000008042413000012/ond12exhibit10-1.htm)] - | | | | | | [The Procter & Gamble 2001 Stock and Incentive Compensation Plan related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-1) of the Company's Form 10-Q for the quarter ended December 31, [removed: 2013)](http://www.sec.gov/Archives/edgar/data/80424/000008042413000012/ond12exhibit10-1.htm).*] [added: 2013)](https://www.sec.gov/Archives/edgar/data/80424/000008042413000012/ond12exhibit10-1.htm).*] | | |

| [removed: [(10-3)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x2.htm)] [added: [(10-3)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x2.htm)] - | | | | | | [The Procter & Gamble 1992 Stock Plan (as amended December 11, 2001), which was originally adopted by the shareholders at the annual meeting on October 12, 1992 (Incorporated by reference to Exhibit (10-2) of the Company’s Annual Report on Form 10-K for the year ended June 30, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x2.htm).*] [added: 2018)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x2.htm).*] | | |

| [removed: [(10-4)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x3.htm)] [added: [(10-4)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x3.htm)] - | | | | | | [The Procter & Gamble Executive Group Life Insurance Policy (Incorporated by reference to Exhibit (10-3) of the Company’s Annual Report on Form 10-K for the year ended June 30, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x3.htm).*] [added: 2018)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x3.htm).*] | | |

| [removed: [(10-5)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x5.htm)] [added: [(10-5)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x5.htm)] - | | | | | | [Summary of the Company’s Retirement Plan Restoration [removed: Program](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x5.htm).*] [added: Program](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x5.htm).*] + | | |

| [removed: [(10-6)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x6.htm)] [added: [(10-6)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x6.htm)] - | | | | | | [Retirement Plan Restoration Program - Related Correspondence and Terms and [removed: Conditions](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x6.htm)[.](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x6.htm)] [added: Conditions.](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x6.htm)] * + | | |

| [removed: [(10-7)](http://www.sec.gov/Archives/edgar/data/80424/000008042420000097/fy2021q1jas10-qexhibit6.htm)] [added: [(10-7)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000097/fy2021q1jas10-qexhibit6.htm)] - | | | | | | [Summary of the Company’s Long-Term Incentive Program (Incorporated by reference to Exhibit (10-3) of the Company's Form 10-Q for the quarter ended September 30, [removed: 2020)](http://www.sec.gov/Archives/edgar/data/80424/000008042420000097/fy2021q1jas10-qexhibit6.htm).*] [added: 2020)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000097/fy2021q1jas10-qexhibit6.htm).*] | | |

| [removed: [(10-8)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x5.htm)] [added: [(10-8)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm)] - | | | | | | [Long-Term Incentive Program related correspondence and terms and conditions (Incorporated by reference to Exhibit [removed: (10-](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x5.htm)[5](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x5.htm)[)] [added: (10-](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm)[4](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm)[)] of the Company's Form 10-Q for the quarter ended September 30, [removed: 202](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x5.htm)[3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x5.htm)[)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x5.htm).*] [added: 202](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm)[4](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm).*] | | |

| [removed: [(10-9)](http://www.sec.gov/Archives/edgar/data/80424/000008042420000038/fy1920q3jfm10-qexhibit.htm)] [added: [(10-9)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000038/fy1920q3jfm10-qexhibit.htm)] - | | | | | | [The Procter & Gamble Company Executive Deferred Compensation Plan (Incorporated by reference to Exhibit (10-2) of the Company's Form 10-Q for the quarter ended March 31, [removed: 2020)](http://www.sec.gov/Archives/edgar/data/80424/000008042420000038/fy1920q3jfm10-qexhibit.htm).*] [added: 2020)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000038/fy1920q3jfm10-qexhibit.htm).*] | | |

| [(10-10)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm) - | | | | | | [Summary of the Company's Short Term Achievement Reward Program (Incorporated by reference to Exhibit (10-1) of the Company's Form 10-Q for the quarter [removed: ended](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm) [September](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm) [3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm)[0](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm)[, 202](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm)[3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm)[)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm).*] [added: ended September 30, 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm).*] | | |

| [(10-11)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x2.htm) - | | | | | | [Short Term Achievement Reward Program – related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-2) of the Company's Form 10-Q for the quarter ended September 30, [removed: 202](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x2.htm)[3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x2.htm)[)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x2.htm).*] [added: 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x2.htm).*] | | |

| [removed: [(10-12)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x12.htm)] [added: [(10-12)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm)] - | | | | | | [Company's Form of Separation Agreement & [removed: Release](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x12.htm).* +] [added: Release](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm)[.](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm) [(Incorp](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm)[o](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm)[rated](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm) [by reference to Exhibit (10-1) in the Company's Form 10-Q for the quarter ended March 31, 2025).](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm) *] | | |

| [removed: [(10-13)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm)] [added: [(10-13)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm)] - | | | | | | [Company's Form of Separation Letter and Release (Incorporated by reference to Exhibit (10-1) of the Company's Form 10-Q for the quarter ended March 31, [removed: 2023)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm).*] [added: 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm).*] | | |

| [removed: [(10-14)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm)] [added: [(10-23](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm))] - | | | | | | [removed: [Summary of personal benefits available to certain officers and non-employee directors] [added: [The Procter & Gamble 2013 Non-Employee Directors' Stock Plan] (Incorporated by reference to Exhibit [removed: (10-](http://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm)[1](http://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm)[)] [added: (10-3)] of the Company's Form 10-Q for the quarter [removed: ended](http://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm) [March] [added: ended December] 31, [removed: 20](http://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm)[24](http://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm)[)](http://www.sec.gov/Archives/edgar/data/80424/000008042424000051/fy2324q3jfm10-qexhibit101.htm).*] [added: 2013).](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm) *] | | |

| [removed: [(10-15)](http://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm)] [added: [(10-17)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm)] - | | | | | | [The Gillette Company Deferred Compensation Plan [added: (for salary deferrals prior to January 1, 2005) as amended through August 21, 2006] (Incorporated by reference to Exhibit [removed: (10-18)] [added: (10-20)] of the [removed: Company’s] [added: Company's] Annual Report on Form 10-K for the year ended June 30, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm).*] [added: 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm).*] | | |

| [(10-16)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm) - | | | | | | [Senior [removed: Executive](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm) [Officer](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm) [Recoupment Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm).*+] [added: Executive Officer Recoupment Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm). [(Incorporated by reference to Exhibit (10-16) of the Company's Annual Report on Form 10-K for the year ended June 30, 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm)*] | | |

| [removed: [(10-17)](http://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm)] [added: [(10-26)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm)] - | | | | | | [The [removed: Gillette Company Deferred] [added: Procter & Gamble 2014 Stock and Incentive] Compensation Plan [removed: (for salary deferrals prior to January 1, 2005) as amended through August 21, 2006] [added: - Additional terms and conditions] (Incorporated by reference to Exhibit [removed: (10-20)] [added: (10-26)] of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm).*] [added: 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm).*] | | |

| [removed: [(10-18)](http://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm)] [added: [(10-18)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm)] - | | | | | | [The Procter & Gamble 2009 Stock and Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 13, 2009 (Incorporated by reference to Exhibit (10-21) of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm).*] [added: 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm).*] | | |

| [removed: [(10-19)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm)] [added: [(10-19)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm)] - | | | | | | [Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2009 Stock and Incentive Compensation Plan, The Procter & Gamble 2001 Stock and Incentive Compensation Plan, The Procter & Gamble 1992 Stock Plan, The Procter & Gamble 1992 Stock Plan (Belgium Version), The Gillette Company 2004 Long-Term Incentive Plan and the Gillette Company 1971 Stock Option Plan (Incorporated by reference to Exhibit (10-21) of the Company’s Annual Report on Form 10-K for the year ended June 30, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm).*] [added: 2018)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm).*] | | |

| [removed: [(10-20)](http://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm)] [added: [(10-20)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm)] - | | | | | | [The Procter & Gamble 2009 Stock and Incentive Compensation Plan - Additional terms and conditions and related correspondence (Incorporated by reference to Exhibit (10-2) of the Company Form 10-Q for the quarter ended December 31, [removed: 2013)](http://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm).*] [added: 2013)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm).*] | | |

| [removed: [(10-21)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x3.htm)] [added: [(10-21)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm)] - | | | | | | [The Procter & Gamble Performance Stock Program Summary (Incorporated by reference to Exhibit [removed: (10-](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x3.htm)[3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x3.htm)[)] [added: (10-](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm)[2](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm)[)] of the Company's Form 10-Q for the quarter ended September 30, [removed: 202](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x3.htm)[3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x3.htm)[)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x3.htm).*] [added: 202](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm)[4](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm).*] | | |

| [(10-22)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x4.htm) - | | | | | | [Performance Stock Program related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-4) of the Company’s Form 10-Q for the quarter ended September 30, [removed: 202](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x4.htm)[3](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x4.htm)[)](http://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x4.htm).*] [added: 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x4.htm).*] | | |

| [(4-6)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x6.htm) - | | | | | | [Description of the Company’s](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x6.htm) [1.250% Notes due 2029](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x6.htm). + | | |

| [(4-7)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x7.htm) - | | | | | | [Description of the Company’s 1.800% Notes due 2029](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x7.htm). + | | |

| [(10-14)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm) - | | | | | | [Summary of personal benefits available to certain officers](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm).*+ | | |

| [(10-23)](http://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm) - | | | | | | [The Procter & Gamble 2013 Non-Employee Directors' Stock Plan (Incorporated by reference to Exhibit (10-3) of the Company's Form 10-Q for the quarter ended December 31, 2013)](http://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm). * | | |

| [(10-28)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm) - | | | | | | [The Procter & Gamble 2019 Stock and Incentive Compensation Plan - Additional terms and conditions](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm).* + | | |

| Exhibit [(19-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm) - | | | | | | [P&G Global Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm). + | | |

[removed: 70] The Procter & Gamble Company [added: 71]

| /s/ JON R. MOELLER (Jon R. Moeller) | | | | | | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ ANDRE SCHULTEN (Andre Schulten) | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ MATTHEW W. JANZARUK (Matthew W. Janzaruk) | | | | | | Senior Vice President - Chief Accounting Officer (Principal Accounting Officer) | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ B. MARC ALLEN (B. Marc Allen) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ BRETT BIGGS (Brett Biggs) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ SHEILA BONINI (Sheila Bonini) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ AMY L. CHANG (Amy L. Chang) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ JOSEPH JIMENEZ (Joseph Jimenez) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ CHRISTOPHER J. KEMPCZINSKI (Christopher J. Kempczinski) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ DEBRA L. LEE (Debra L. Lee) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ TERRY J. LUNDGREN (Terry J. Lundgren) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ CHRISTINE M. MCCARTHY (Christine M. McCarthy) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ ASHLEY MCEVOY (Ashley McEvoy) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ ROBERT J. PORTMAN (Robert J. Portman) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ RAJESH SUBRAMANIAM (Rajesh Subramaniam) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| /s/ PATRICIA A. WOERTZ (Patricia A. Woertz) | | | | | | Director | | | | | | August [removed: 05, 2024] [added: 04, 2025] | | |

| | | | | | | August 04, 2025 | | |

| /s/ CRAIG ARNOLD (Craig Arnold) | | | | | | Director | | | | | | August 04, 2025 | | |

| | | | | | | | | | | | | | | |

| | | | | | | August 05, 2024 | | |