Cover and table of contents

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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K

(Mark one)

[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 TRUE

For the Fiscal Year Ended June 30, 2026

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 False

For the transition period from to

Commission File No. 1-434

THE PROCTER & GAMBLE COMPANY
One Procter & Gamble Plaza, Cincinnati, Ohio 45202
Telephone (513) 983-1100
IRS Employer Identification No. 31-0411980
State of Incorporation: Ohio

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, without Par ValuePGNew York Stock Exchange
0.110% Notes due 2026PG26DNew York Stock Exchange
3.250% EUR Notes due 2026PG26FNew York Stock Exchange
4.875% EUR Notes due May 2027PG27ANew York Stock Exchange
1.200% Notes due 2028PG28New York Stock Exchange
3.150% EUR Notes due 2028PG28BNew York Stock Exchange
1.250% Notes due 2029PG29BNew York Stock Exchange
1.800% Notes due 2029PG29ANew York Stock Exchange
6.250% GBP Notes due January 2030PG30New York Stock Exchange
0.350% Notes due 2030PG30CNew York Stock Exchange
0.230% Notes due 2031PG31ANew York Stock Exchange
3.250% EUR Notes due 2031PG31BNew York Stock Exchange
5.250% GBP Notes due January 2033PG33New York Stock Exchange
2.900% Notes due 2033PG33BNew York Stock Exchange
3.200% EUR Notes due 2034PG34CNew York Stock Exchange
1.875% Notes due 2038PG38New York Stock Exchange
0.900% Notes due 2041PG41New York Stock Exchange
3.650% Notes due 2045PG45New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filerþAccelerated filer¨Emerging growth company¨
Non-accelerated filer¨Smaller reporting company¨FALSEFALSE

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes þ No o TRUE

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ False

The aggregate market value of the voting stock held by non-affiliates amounted to $333 billion on December 31, 2025.

There were 2,324,433,060 shares of Common Stock outstanding as of July 31, 2026.

Documents Incorporated by Reference

Portions of the Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be filed within one hundred and twenty days of the fiscal year ended June 30, 2026 (2026 Proxy Statement), are incorporated by reference into Part III of this report to the extent described herein.

FORM 10-K TABLE OF CONTENTSPage
PART IItem 1.Business1
Item 1A.Risk Factors3
Item 1B.Unresolved Staff Comments9
Item 1C.Cybersecurity9
Item 2.Properties10
Item 3.Legal Proceedings10
Item 4.Mine Safety Disclosure10
Information about our Executive Officers11
PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities12
Item 6.Intentionally Omitted13
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations13
Item 7A.Quantitative and Qualitative Disclosures about Market Risk32
Item 8.Financial Statements and Supplementary Data33
Management's Report and Reports of Independent Registered Public Accounting Firm33
Consolidated Statements of Earnings37
Consolidated Statements of Comprehensive Income37
Consolidated Balance Sheets38
Consolidated Statements of Shareholders' Equity39
Consolidated Statements of Cash Flows40
Notes to Consolidated Financial Statements41
Note 1: Summary of Significant Accounting Policies41
Note 2: Segment Information43
Note 3: Supplemental Financial Information45
Note 4: Goodwill and Intangible Assets47
Note 5: Income Taxes49
Note 6: Earnings Per Share51
Note 7: Share-based Compensation52
Note 8: Postretirement Benefits and Employee Stock Ownership Plan54
Note 9: Risk Management Activities and Fair Value Measurements59
Note 10: Short-term and Long-term Debt62
Note 11: Accumulated Other Comprehensive Income/(Loss)64
Note 12: Leases64
Note 13: Commitments and Contingencies65
Note 14: Supplier Finance Programs66
Note 15: Subsequent Event67
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure67
Item 9A.Controls and Procedures67
Item 9B.Other Information67
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections67
PART IIIItem 10.Directors, Executive Officers and Corporate Governance67
Item 11.Executive Compensation67
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters67
Item 13.Certain Relationships and Related Transactions and Director Independence68
Item 14.Principal Accountant Fees and Services68
PART IVItem 15.Exhibits and Financial Statement Schedules68
Item 16.Form 10-K Summary71
Signatures72

The Procter & Gamble Company 1

PART I

Next: Item 1. Business.