Procter & Gamble (PG) 10-K risk factor changes: FY2026 vs FY2025

We are a global company, with operations in [removed: about 70] [added: approximately 65] countries and products sold in about 180 countries and territories around the world.

Fluctuations in exchange rates for foreign currencies have and could [removed: continue to] reduce the U.S. dollar value of sales, earnings and cash flows we receive from non-U.S. markets, increase our supply costs (as measured in U.S. dollars) in those markets, negatively impact our competitiveness in those markets or otherwise adversely impact our business results or financial condition.

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

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

Moreover, discriminatory or conflicting fiscal or trade policies in different countries, including changes to tariffs and existing trade policies and agreements, [added: have and] could adversely affect our results.

These disruptions have included and may [removed: 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; 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 have created and could [removed: 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, variability and unpredictability in trade [removed: 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.

Our business, operations or employees have been and could continue to be adversely affected (including by the need to de-consolidate or even exit certain businesses in particular countries) by geopolitical conflicts, political volatility, trade controls, labor market [removed: disruptions] [added: disruptions, epidemics] or other crises or vulnerabilities in individual countries or regions.

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

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

More broadly, there could be additional negative impacts to our net sales, earnings and cash flows should [removed: the situation worsen,] [added: these situations worsen or other geopolitical conflicts arise,] including, among other potential impacts, economic recessions in certain neighboring countries or globally due to inflationary pressures, energy and supply chain cost increases or the geographic proximity of the [removed: war] [added: conflicts] relative to the rest of [removed: Europe.][added: other markets.]

A disruption in the credit markets or a downgrade of our current credit rating could increase our future borrowing costs and impair our ability to access capital and credit markets on terms commercially acceptable to us, which could adversely affect our [removed: liquidity and capital resources or significantly increase our cost of capital.]

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

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 and data systems or those of our suppliers, cybersecurity incidents including but not limited to ransomware attacks, misuse of artificial intelligence [added: (AI)] 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 [added: (including epidemics, pandemics] or [added: similar widespread public health concerns) or] other external factors over which we have no control, have at times interrupted and [removed: could, in the future,] [added: could] interrupt product supply and, if not effectively managed and remedied, [removed: could] have an adverse impact on our business, financial condition, results of operations or cash flows.

Across all of our categories, we compete against a wide [removed: variety] [added: variety, and increasing number,] of global and local competitors.

In addition, evolving sales channels and business models may [added: continue to] affect customer and consumer preferences as well as market dynamics, which, for example, may be seen in the growing consumer preference for shopping online, [added: growth in digital tools, fragmentation of media,] ease of competitive entry into certain categories and growth in hard discounter channels.

Failure to [added: anticipate and] successfully respond to competitive [removed: factors and emerging] [added: factors,] retail [removed: trends] and [removed: effectively compete in] [added: consumer trends, new and] growing sales channels and [added: new] business models, particularly [removed: e-commerce and mobile or social commerce applications,] [added: digital commerce, at the pace in which they are evolving] could [removed: negatively impact] [added: adversely affect] our [added: business] results [removed: of operations or cash flows.][added: and operations.]

We sell most of our products via retail customers, which include mass merchandisers, [removed: e-commerce] [added: digital commerce] (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels.

Our success depends on our ability to successfully manage relationships with our retail [removed: trade] customers, which includes our ability to offer trade terms that are mutually acceptable and are aligned with our pricing and profitability [removed: targets.][added: targets in an environment of changing customer practices driven by digital tools and investment in media platforms.]

[removed: Continued concentration among our retail customers could create significant cost and margin pressure on our business, and our business performance could suffer if] [added: If] we cannot reach agreement with a key customer on trade terms and [removed: principles.][added: principles, our business performance could suffer.]

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.

litigation, defects or impurities in our products, product misuse, changing consumer perceptions of certain ingredients, negative perceptions of packaging (such as [removed: plastic] [added: plastics] and other petroleum-based materials), lack of recyclability or other environmental attributes, concerns about actual or alleged labor, equality and inclusion or social practices, [added: cyber incidents,] privacy failures or data [removed: breaches,] [added: losses, implementation or deployment of a controversial technology, negative views of ongoing operations in certain countries,] allegations of product [removed: tampering] [added: tampering, negative perceptions of] or [added: controversies related to employees or] the distribution and sale of counterfeit products.

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

[removed: Further, failure] [added: Failure] of these third parties to meet their obligations to the Company, including the transparency and accuracy of the disclosures of ingredients in materials or processes, [removed: and the] proper security of Company data and personal data, [added: and the provision of information to timely address operational disruptions] or [added: cyber incidents, or] substantial disruptions in the relationships between the Company and these third parties could adversely impact our operations and financial results.

We rely extensively on information and operational technology (IT/OT) systems, networks and services, including internet and intranet sites, data hosting and processing facilities and technologies, physical security systems and other hardware, [added: AI,] software and technical applications and platforms.

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 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, [added: trade secrets,] 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.

[removed: Numerous] [added: Increasing] and evolving information security threats, including advanced persistent cybersecurity [removed: threats,] [added: threats and the use of AI to autonomously find and exploit weaknesses, obtain information, craft social engineering content and execute large-scale attacks with increased speed and minimal human effort,] pose a risk to the security of our services, systems, networks and supply chain, as well as the confidentiality, availability and integrity of our data and of our critical business operations.

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

Our IT/OT databases and systems and our third-party providers’ databases and systems have been, and will likely continue to be, subject to advanced computer viruses or other malicious codes, ransomware, unauthorized access attempts, denial of service attacks, [removed: phishing,] [added: phishing (including the use of adversarial AI techniques),] social engineering, [removed: hacking] [added: credential stuffing, automated vulnerability discovery, data encryption or exfiltration, deep fakes, hacking, supply chain software compromise] and other cyber-attacks.

Such attacks may originate from outside parties, hackers, criminal organizations or other threat actors, including [removed: nation states.]

A breach of our data security systems or [added: digital customer products, such as connected devices, or] failure of our IT/OT databases and systems and those of our third-parties may have a material adverse impact on our business operations and financial results.

[added: 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 incidents, misuse or malicious use of [removed: artificial intelligence] [added: AI] 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.

Periodically, we and/or our suppliers also upgrade IT/OT systems or adopt new technologies, including [removed: those enabled by machine learning or artificial intelligence.][added: but not limited to AI, in our operations.]

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

We are a consumer products company that relies on continued global demand for our brands and [removed: products.][added: products, and consumer expectations and purchasing habits are evolving at an accelerating pace.]

The success of such innovation depends on our ability to correctly anticipate customer and consumer acceptance and [removed: trends,] [added: trends at the pace at which they are evolving,] to obtain, maintain and enforce necessary intellectual property protections and to avoid infringing upon the intellectual property rights of others and to continue to deliver efficient and effective marketing across evolving [added: and more fragmented] media and mobile platforms with dynamic and increasingly more restrictive privacy requirements.

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

Specifically, our financial results have [removed: been,] [added: been] and [removed: in the future] could [removed: be,] [added: be] adversely impacted by the dilutive impacts from the loss of earnings associated with divested brands or dissolution of joint ventures.

Our results of operations and cash flows have [removed: been,] [added: been] and [removed: in the future] could [removed: also be,] [added: be] impacted by acquisitions or joint venture activities, if: 1) changes in the cash flows or other market-based assumptions cause the value of acquired assets to fall below book value, or 2) we are not able to deliver the expected cost and growth synergies associated with such acquisitions and joint ventures, including as a result of integration and collaboration challenges, which could also result in an impairment of goodwill and intangible assets.

The conflict in the Middle East could also adversely impact our financial results and operations due to, for example, volatility in global energy markets, supply chain disruptions, inflationary pressures or trade restrictions.

liquidity and capital resources or significantly increase our cost of capital.

In addition, continued concentration among our retail customers, an increase in buying alliances or other changes in the negotiation strategies of our customers could create significant cost and margin pressure on our business or business disruptions.

In some situations, the actions or inactions of third parties could be imputed to the Company or otherwise lead to inquiries, investigations, claims, proceedings or information requests by government agencies or private parties.

nation states.

These technologies may have limitations, including biases, errors, insufficient or erroneous data.

It also includes continuing to attract, develop and retain employees that adapt to new ways of working and new technologies in a rapidly changing environment.

The implementation of the Pillar Two global minimum top-up tax did not have a material impact to our financial condition, results of operations, cash flows or effective tax rate for the fiscal year ended 2026.

with our practice to monitor all changes in tax laws.

Beginning in March 2022, the Company reduced its product portfolio, discontinued new capital investments and suspended media, advertising and promotional activity in Russia.

facilitate collection, payment and supply chain finance programs.

As a result, we experience ongoing competitive pressures in the environments in which we operate, which may result in challenges in maintaining sales and profit margins.

To address these challenges, we must be able to successfully respond to competitive factors and emerging retail trends, including pricing, promotional incentives, product delivery windows and trade terms.

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

We must successfully manage the demand, supply and operational challenges associated with the effects of any future disease outbreak, including epidemics, pandemics or similar widespread public health concerns.

Our business may be negatively impacted by the fear of exposure to or actual effects of a disease outbreak, epidemic, pandemic or similar widespread public health concern.

These impacts may include, but are not limited to:

- Significant reductions in demand or significant volatility in demand for one or more of our products, which may be caused by, among other things: the temporary inability of consumers to purchase our products due to illness, quarantine or other travel restrictions or financial hardship, shifts in demand away from one or more of our more discretionary or higher priced products to lower priced products or stockpiling or similar pantry-loading activity.

If prolonged, such impacts can further increase the difficulty of business or operations planning and may adversely impact our results of operations and cash flows; or

- Significant changes in the political conditions in markets in which we manufacture, sell or distribute our products, including quarantines, import/export restrictions, 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.

Despite efforts to manage and remedy these impacts, their ultimate impact also depends on factors beyond our knowledge or control, including the duration and severity of any such outbreak as well as third-party actions taken to contain its spread and mitigate its public health effects.

[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, 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.][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, conflicts or acts of war, 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, cyber incidents, 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 demand, supply and operational challenges; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving and more fragmented 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: 2025] [added: 2026] Results

Our products are sold in about 180 countries and territories primarily through mass merchandisers, [removed: e-commerce] [added: digital commerce] (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels.

We have on-the-ground operations in [removed: about 70] [added: approximately 65] countries.

| Beauty | | | [removed: 18%] [added: 19%] | | | [removed: 16%] [added: 17%] | | | Hair Care (*Conditioners, Shampoos, Styling Aids, Treatments*) | | | Head & Shoulders, Herbal Essences, Pantene, Rejoice | | |

| Personal Care [removed: (2)] *(Antiperspirants and Deodorants, Personal Cleansing)* | | | Native, Old Spice, Safeguard, Secret | | | | | | | | | | | |

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

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

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

(1)Percent of Net sales and Net earnings for the fiscal year ended June 30, [removed: 2025] [added: 2026] (excluding results held in Corporate).

In personal care, we have the number two market share position with about 20% global market share, primarily behind our Old Spice, [removed: Safeguard and] [added: Native,] Secret [added: and Safeguard] brands.

Grooming: We are the global market leader in the grooming market, where we hold more than [removed: 45%] [added: 50%] share.

We hold [removed: over 25%] [added: nearly 30%] of the male electric shavers market.

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

We compete in the menstrual care sub-category primarily behind our Always and [added: Tampax brands with nearly 35% global market share.]

[removed: Our family care business is predominantly a] North American business comprised primarily of the Bounty paper towel and Charmin toilet paper brands.

North America market shares are [removed: over] [added: nearly] 40% for Bounty and over 25% for Charmin.

[removed: The] [added: Beyond the short-term interventions, the] Company expects the delivery of the following long-term growth algorithm will result in total shareholder returns in the top third of the competitive, fast-moving consumer goods peer group:

Consistent with our historical policies for ongoing restructuring-type activities, resulting charges [removed: were] [added: are] funded by and included within Corporate for segment reporting.

Restructuring charges above the normal ongoing level of restructuring costs [removed: were] [added: are] reported as non-core charges.

The Company [removed: expects to incur] [added: incurred over] half of the costs under this plan [removed: by the end of] [added: in] fiscal 2026, with the remainder [removed: incurred] [added: expected] in fiscal 2027.

The restructuring activities [removed: will be] [added: are being] executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services.

Under the terms of the agreement, Clorox [removed: will purchase] [added: purchased] the Company’s minority interest in the venture at fair market value [removed: as of the agreement termination in January 2026.][added: for $476 million.]

SUMMARY OF [removed: 2025] [added: 2026] RESULTS

| Amounts in millions, except per share amounts | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | Change vs. Prior Year | | |

| Net sales | | | $ | [removed: 84,284] [added: 87,032] | | | | | $ | [removed: 84,039] [added: 84,284] | | | | | [removed: —] [added: 3] | | % |

| Operating income | | | [removed: 20,451] [added: 19,748] | | | | | | [removed: 18,545] [added: 20,451] | | | | | | [removed: 10] [added: (3)] | | % |

| Net earnings | | | [removed: 16,065] [added: 16,144] | | | | | | [removed: 14,974] [added: 16,065] | | | | | | [removed: 7] [added: —] | | % |

| Net earnings attributable to Procter & Gamble | | | [removed: 15,974] [added: 16,046] | | | | | | [removed: 14,879] [added: 15,974] | | | | | | [removed: 7] [added: —] | | % |

| Diluted net earnings per common share | | | [removed: 6.51] [added: 6.62] | | | | | | [removed: 6.02] [added: 6.51] | | | | | | [removed: 8] [added: 2] | | % |

| Core earnings per share | | | [removed: 6.83] [added: 6.89] | | | | | | [removed: 6.59] [added: 6.83] | | | | | | [removed: 4] [added: 1] | | % |

| Cash flow from operating activities | | | [removed: 17,817] [added: 19,556] | | | | | | [removed: 19,846] [added: 17,817] | | | | | | [removed: (10)] [added: 10] | | % |

- Net sales increased [removed: $245 million] [added: 3%] to [removed: $84.3] [added: $87.0] billion versus the prior year.

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

[removed: Net Sales] [added: Organic sales] declined low single digits in [removed: Beauty.][added: Baby, Feminine & Family Care.]

Organic sales, which exclude the impact of acquisitions and divestitures and foreign exchange, increased [removed: 2%.][added: 1%.]

Organic sales [added: also] increased low single digits [removed: in all Sector Business Units.][added: as a]

- Net earnings increased [removed: $1.1 billion, or 7%,] [added: $79 million] to $16.1 billion [removed: due to] [added: as] the [removed: increase] [added: decrease] in operating [removed: income, partially] [added: income was] offset by higher [added: non-operating] restructuring charges in the [removed: current] [added: prior] year, [removed: which includes $801 million after tax related] [added: primarily driven by the non-cash charge for accumulated foreign currency translation losses due] to the substantial liquidation of operations in Argentina.

- Net earnings attributable to Procter & Gamble increased [removed: $1.1 billion, or 7%,] [added: $72 million] to $16.0 billion.

- Diluted EPS increased [removed: 8%] [added: 2%] to [removed: $6.51] [added: $6.62] due to [removed: the] [added: an] increase in net [removed: earnings.][added: earnings and a reduction in shares outstanding.]

Our family care business is predominantly a

The Company’s strategic framework has been delivering strong results over an extended period of time.

As we observe changes in the markets in which we operate, we will adapt the execution of our core strategy.

These market changes include evolving ways in which consumers are engaging with our brands across social media platforms, streaming services or AI based search.

We observe changes in retail landscapes around the world, where retailers are selling across multiple platforms (digital and physical outlets) and building their own media platforms.

Consumers are changing how they perceive value across their basket of goods as cumulative inflation impacts their shopping behavior.

Lastly, technologies, including AI, offer new capabilities to innovate, produce and market our products and brands.

We are embracing these changes, and to benefit from them, the Company can and will adjust the execution of its strategy.

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

In January 2026, the Glad joint venture agreement between the Company and The Clorox Company (Clorox) expired.

This transaction was accounted for as a dissolution of the Glad joint venture business and the Company recorded an after-tax gain of $261 million.

U.S. Tariffs

On February 20, 2026, the U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were invalid.

The Company previously paid approximately $200 million in IEEPA tariffs that may be recoverable.

During the three-month period ended June 30, 2026, the Company recognized recovery of half of this amount in its Consolidated Financial Statements.

Thorne Acquisition

On August 4, 2026, the Company entered into an agreement to acquire Thorne, a premium wellness and supplement brand in the vitamins, minerals and supplements category for $3.8 billion.

We anticipate the transaction to close in the second quarter of fiscal year 2027, with the timing subject to regulatory approval and customary closing conditions.

Organic sales increased mid-single digits in Beauty and low single digits in Health Care, Grooming and Fabric & Home Care.

- Operating income decreased $703 million, or 3%, to $19.7 billion as the net sales increase was more than offset by a decrease in operating margin.

◦ Adjusted free cash flow productivity, which is defined as adjusted free cash flow as a percentage of net earnings excluding the gain from the dissolution of the Glad joint venture business, was 100%.

Increased pricing in response to certain inflationary or cost increases may also

Net sales increased high single digits in Beauty, mid-single digits in Grooming and Health Care and low single digits in Fabric & Home Care and Baby, Feminine & Family Care.

Organic sales increased mid-single digits in Beauty and low single digits in Health Care, Grooming and Fabric & Home Care.

Organic sales declined low single digits in Baby, Feminine & Family Care.

- 10 basis points of other items and rounding.

Total SG&A increased 6% to $23.9 billion and increased 60 basis points to 27.5% as a percentage of net sales due primarily to an increase in marketing spending as a percentage of net sales.

- Overhead costs as a percentage of net sales were unchanged as wage inflation headwinds and restructuring spending were offset by productivity savings.

Operating income decreased $703 million, or 3%, to $19.7 billion as the increase in net sales was more than offset by the decrease in gross margin and increase in SG&A spending.

The operating margin decreased 160 basis points to 22.7% due primarily to the decrease in gross margin and increase in marketing spending.

Diluted EPS increased $0.11, or 2%, to $6.62 due to an increase in net earnings and a reduction in shares outstanding.

Beauty net sales increased 7% to $16.0 billion, driven by a unit volume increase of 4%, favorable foreign exchange of 2% and positive impact of higher pricing of 1%.

- Hair Care net sales increased high single digits driven by positive impacts of a unit volume increase, favorable foreign exchange and innovation-based pricing (primarily in North America and Latin America), partially offset by unfavorable geographic mix.

The volume decrease was driven by Greater China (due to competitive activity).

SG&A as a percentage of net sales increased due to an increase in marketing spending, partially offset by a decrease in overhead spending.

| ($ millions) | | | 2026 | | | | | | 2025 | | | | | | Change vs. 2025 | | |

offset by a unit volume increase in Latin America (due to increased distribution).

Net earnings decreased 3% to $1.5 billion due to a 160 basis-point decline in net earnings margin, partially offset by an increase in net sales.

| ($ millions) | | | 2026 | | | | | | 2025 | | | | | | Change vs. 2025 | | |

Health Care net sales increased 4% to $12.5 billion driven by favorable foreign exchange of 3%, higher pricing of 2% and favorable product mix of 1%, partially offset by a 2% decrease in unit volume.

(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.

Tampax brands with over 35% global market share.

Additionally, to further strengthen our integrated strategy, we have declared four focus areas.

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 to ensure we continue to attract, retain and develop the best talent to better serve our increasingly diverse consumer base.

We believe this strategy is right for the long-term health of the Company and our objective of delivering total shareholder return in the top one-third of our peer group.

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

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.

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

- 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.

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.

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.

Diluted EPS increased $0.49, or 8%, to $6.51 due primarily to the increase in net earnings.

- Hair Care net sales decreased low single digits.

- Skin Care net sales decreased high single digits.

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).

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%.

Net earnings increased 7% to $1.6 billion due to a 150 basis-point improvement in net earnings margin.

SG&A as a percentage of net sales decreased due to higher foreign exchange transactional charges in the prior year period.

Health Care net sales increased 2% to $12.0 billion driven by favorable geographic mix of 3% (due to growth in North America and Europe, both of which have higher than segment-average selling prices) and higher pricing of 1%, partially offset by

unfavorable foreign exchange of 1% and a 1% decrease in unit volume.

Net earnings increased 8% to $2.4 billion due to the increase in net sales and a 120 basis-point increase in net earnings margin.

Unit volume was unchanged.

- Fabric Care net sales were unchanged as favorable premium product mix impacts was offset by unfavorable foreign exchange.

- Home Care net sales increased low single digits.

Positive impacts of favorable premium product mix and a unit volume increase were partially offset by negative impacts of unfavorable foreign exchange.

Net earnings increased 3% to $5.8 billion due to a 40 basis-point improvement in net earnings margin.

Gross margin decreased 10 basis points as positive impacts from increased productivity savings were more than offset by negative impacts from unfavorable geographic and product mix and higher commodity costs.

- Baby Care net sales decreased mid-single digits.

Negative impacts of a decrease in unit volume, unfavorable foreign exchange and divestitures were partially offset by favorable geographic and product mix (due to a higher proportion of premium-priced diapers).

Unit volume decreased across all regions (due to increased competitive activity, market contraction and distribution losses) except unit volume increased in Greater China (due to share gains).

Organic sales decreased low single digits driven by declines across all regions except for a double digit increase in Greater China and unchanged organic sales in Latin America.

Organic sales increased mid-single digits.

Net earnings was unchanged at $4.0 billion.

Corporate net earnings increased $903 million to a loss of $527 million due primarily to the non-cash impairment charge of $1.3 billion ($1.0 billion after tax) on the Gillette intangible asset in the prior year, partially offset by incremental restructuring charges in the current year, comprised primarily of the non-cash charge of $752 million for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina.

In fiscal 2025, the Company incurred before tax restructuring costs of $1.1 billion, which include the non-cash charge of $752 million for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina.

complement our portfolio of businesses, brands and geographies.

[removed: 32] [added: 34] The Procter & Gamble Company

The Company utilizes various distribution channels, including retail stores, [removed: e-commerce] [added: digital commerce] platforms and direct-to-consumer platforms to deliver our products.

Our customers include mass merchandisers, [removed: e-commerce] [added: digital commerce] (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels.

Sales to Walmart Inc. and its affiliates represent approximately 16% of our total sales in [added: 2026,] 2025 and [removed: 2024 and 15% in 2023.][added: 2024.]

Our top ten customers accounted for [added: approximately] 43% of our total net sales in [removed: 2025, 42% in 2024] [added: 2026] and [removed: 40%] [added: 2025 and 42%] in [removed: 2023.][added: 2024.]

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: 2026] [added: 2027] as compared to prior periods.

As of June 30, [removed: 2025,] [added: 2026,] the Company had approximately [removed: 109,000] [added: 104,000] employees, [removed: an increase] [added: a decrease] of [removed: 2%] [added: 4%] versus the prior year due to [removed: business growth.][added: the ongoing restructuring program.]

42% of our global employees are women and [removed: 32%] [added: 33%] of our U.S. employees identify as multicultural.

As a global consumer products company, P&G serves consumers around the world with operations in approximately [removed: 70] [added: 65] countries.

Sustainability related disclosures included in this Annual Report, our Proxy Statement and our sustainability reports are informed by standards and guidelines such as the Global Reporting Initiative [removed: (GRI) and] [added: (GRI),] the Task Force on Climate-related Financial Disclosures [removed: (TCFD).][added: (TCFD) and the Task Force on Nature-related Financial Disclosures (TNFD).]

The “materiality” thresholds in those standards and guidelines may differ from the concept of “materiality” for purposes of the federal securities laws and disclosures required by the [removed: Commission’s] [added: SEC's] rules in this Annual Report.

See Note 3 for further details on the restructuring program.

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

For the Fiscal Year Ended June 30, [removed: 2025][added: 2026]

The aggregate market value of the voting stock held by non-affiliates amounted to [removed: $393] [added: $333] billion on December 31, [removed: 2024.][added: 2025.]

There were [removed: 2,342,371,488] [added: 2,324,433,060] shares of Common Stock outstanding as of July 31, [removed: 2025.][added: 2026.]

Portions of the Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders, which will be filed within one hundred and twenty days of the fiscal year ended June 30, [removed: 2025 (2025] [added: 2026 (2026] Proxy Statement), are incorporated by reference into Part III of this report to the extent described herein.

| PART I | | | Item 1. | | | [removed: [Business](#i2119da4e31884d0b92a66363db607186_13)] [added: [Business](#id5fb3b029ef54d508bf67f2d752788e9_13)] | | | | | | [removed: [1](#i2119da4e31884d0b92a66363db607186_13)] [added: [1](#id5fb3b029ef54d508bf67f2d752788e9_13)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i2119da4e31884d0b92a66363db607186_16)] [added: Factors](#id5fb3b029ef54d508bf67f2d752788e9_16)] | | | | | | [removed: [3](#i2119da4e31884d0b92a66363db607186_16)] [added: [3](#id5fb3b029ef54d508bf67f2d752788e9_16)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i2119da4e31884d0b92a66363db607186_19)] [added: Comments](#id5fb3b029ef54d508bf67f2d752788e9_19)] | | | | | | [removed: [9](#i2119da4e31884d0b92a66363db607186_19)] [added: [9](#id5fb3b029ef54d508bf67f2d752788e9_19)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i2119da4e31884d0b92a66363db607186_22)] [added: [Cybersecurity](#id5fb3b029ef54d508bf67f2d752788e9_22)] | | | | | | [removed: [9](#i2119da4e31884d0b92a66363db607186_22)] [added: [9](#id5fb3b029ef54d508bf67f2d752788e9_22)] | | |

| | | | Item 2. | | | [removed: [Properties](#i2119da4e31884d0b92a66363db607186_25)] [added: [Properties](#id5fb3b029ef54d508bf67f2d752788e9_25)] | | | | | | [removed: [10](#i2119da4e31884d0b92a66363db607186_25)] [added: [10](#id5fb3b029ef54d508bf67f2d752788e9_25)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i2119da4e31884d0b92a66363db607186_28)] [added: Proceedings](#id5fb3b029ef54d508bf67f2d752788e9_28)] | | | | | | [removed: [10](#i2119da4e31884d0b92a66363db607186_28)] [added: [10](#id5fb3b029ef54d508bf67f2d752788e9_28)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosure](#i2119da4e31884d0b92a66363db607186_31)] [added: Disclosure](#id5fb3b029ef54d508bf67f2d752788e9_31)] | | | | | | [removed: [10](#i2119da4e31884d0b92a66363db607186_31)] [added: [10](#id5fb3b029ef54d508bf67f2d752788e9_31)] | | |

| | | | | | | [Information about our Executive [removed: Officers](#i2119da4e31884d0b92a66363db607186_34)] [added: Officers](#id5fb3b029ef54d508bf67f2d752788e9_34)] | | | | | | [removed: [11](#i2119da4e31884d0b92a66363db607186_34)] [added: [11](#id5fb3b029ef54d508bf67f2d752788e9_34)] | | |

| PART II | | | Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i2119da4e31884d0b92a66363db607186_40)] [added: Securities](#id5fb3b029ef54d508bf67f2d752788e9_40)] | | | | | | [removed: [12](#i2119da4e31884d0b92a66363db607186_40)] [added: [12](#id5fb3b029ef54d508bf67f2d752788e9_40)] | | |

| | | | Item 6. | | | [Intentionally [removed: Omitted](#i2119da4e31884d0b92a66363db607186_43)] [added: Omitted](#id5fb3b029ef54d508bf67f2d752788e9_43)] | | | | | | [removed: [13](#i2119da4e31884d0b92a66363db607186_43)] [added: [13](#id5fb3b029ef54d508bf67f2d752788e9_43)] | | |

| | | | Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i2119da4e31884d0b92a66363db607186_46)] [added: Operations](#id5fb3b029ef54d508bf67f2d752788e9_46)] | | | | | | [removed: [13](#i2119da4e31884d0b92a66363db607186_46)] [added: [13](#id5fb3b029ef54d508bf67f2d752788e9_46)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i2119da4e31884d0b92a66363db607186_76)] [added: Risk](#id5fb3b029ef54d508bf67f2d752788e9_76)] | | | | | | [removed: [31](#i2119da4e31884d0b92a66363db607186_76)] [added: [32](#id5fb3b029ef54d508bf67f2d752788e9_76)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i2119da4e31884d0b92a66363db607186_79)] [added: Data](#id5fb3b029ef54d508bf67f2d752788e9_79)] | | | | | | [removed: [32](#i2119da4e31884d0b92a66363db607186_79)] [added: [33](#id5fb3b029ef54d508bf67f2d752788e9_79)] | | |

| | | | | | | [Management's Report and Reports of Independent Registered Public Accounting [removed: Firm](#i2119da4e31884d0b92a66363db607186_82)] [added: Firm](#id5fb3b029ef54d508bf67f2d752788e9_82)] | | | | | | [removed: [32](#i2119da4e31884d0b92a66363db607186_82)] [added: [33](#id5fb3b029ef54d508bf67f2d752788e9_82)] | | |

| | | | | | | [Consolidated Statements of [removed: Earnings](#i2119da4e31884d0b92a66363db607186_85)] [added: Earnings](#id5fb3b029ef54d508bf67f2d752788e9_85)] | | | | | | [removed: [36](#i2119da4e31884d0b92a66363db607186_85)] [added: [37](#id5fb3b029ef54d508bf67f2d752788e9_85)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i2119da4e31884d0b92a66363db607186_88)] [added: Income](#id5fb3b029ef54d508bf67f2d752788e9_88)] | | | | | | [removed: [36](#i2119da4e31884d0b92a66363db607186_88)] [added: [37](#id5fb3b029ef54d508bf67f2d752788e9_88)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i2119da4e31884d0b92a66363db607186_91)] [added: Sheets](#id5fb3b029ef54d508bf67f2d752788e9_91)] | | | | | | [removed: [37](#i2119da4e31884d0b92a66363db607186_91)] [added: [38](#id5fb3b029ef54d508bf67f2d752788e9_91)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#i2119da4e31884d0b92a66363db607186_94)] [added: Equity](#id5fb3b029ef54d508bf67f2d752788e9_94)] | | | | | | [removed: [38](#i2119da4e31884d0b92a66363db607186_94)] [added: [39](#id5fb3b029ef54d508bf67f2d752788e9_94)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i2119da4e31884d0b92a66363db607186_97)] [added: Flows](#id5fb3b029ef54d508bf67f2d752788e9_97)] | | | | | | [removed: [39](#i2119da4e31884d0b92a66363db607186_97)] [added: [40](#id5fb3b029ef54d508bf67f2d752788e9_97)] | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i2119da4e31884d0b92a66363db607186_100)] [added: Statements](#id5fb3b029ef54d508bf67f2d752788e9_100)] | | | | | | [removed: [40](#i2119da4e31884d0b92a66363db607186_100)] [added: [41](#id5fb3b029ef54d508bf67f2d752788e9_100)] | | |

| | | | | | | [Note 1: Summary of Significant Accounting [removed: Policies](#i2119da4e31884d0b92a66363db607186_103)] [added: Policies](#id5fb3b029ef54d508bf67f2d752788e9_103)] | | | | | | [removed: [40](#i2119da4e31884d0b92a66363db607186_103)] [added: [41](#id5fb3b029ef54d508bf67f2d752788e9_103)] | | |

| | | | | | | [Note 2: Segment [removed: Information](#i2119da4e31884d0b92a66363db607186_106)] [added: Information](#id5fb3b029ef54d508bf67f2d752788e9_106)] | | | | | | [removed: [42](#i2119da4e31884d0b92a66363db607186_106)] [added: [43](#id5fb3b029ef54d508bf67f2d752788e9_106)] | | |

| | | | | | | [Note 3: Supplemental Financial [removed: Information](#i2119da4e31884d0b92a66363db607186_109)] [added: Information](#id5fb3b029ef54d508bf67f2d752788e9_109)] | | | | | | [removed: [44](#i2119da4e31884d0b92a66363db607186_109)] [added: [45](#id5fb3b029ef54d508bf67f2d752788e9_109)] | | |

| | | | | | | [Note 4: Goodwill and Intangible [removed: Assets](#i2119da4e31884d0b92a66363db607186_112)] [added: Assets](#id5fb3b029ef54d508bf67f2d752788e9_112)] | | | | | | [removed: [46](#i2119da4e31884d0b92a66363db607186_112)] [added: [47](#id5fb3b029ef54d508bf67f2d752788e9_112)] | | |

| | | | | | | [Note 5: Income [removed: Taxes](#i2119da4e31884d0b92a66363db607186_115)] [added: Taxes](#id5fb3b029ef54d508bf67f2d752788e9_115)] | | | | | | [removed: [48](#i2119da4e31884d0b92a66363db607186_115)] [added: [49](#id5fb3b029ef54d508bf67f2d752788e9_115)] | | |

| | | | | | | [Note 6: Earnings Per [removed: Share](#i2119da4e31884d0b92a66363db607186_118)] [added: Share](#id5fb3b029ef54d508bf67f2d752788e9_118)] | | | | | | [removed: [50](#i2119da4e31884d0b92a66363db607186_118)] [added: [51](#id5fb3b029ef54d508bf67f2d752788e9_118)] | | |

| | | | | | | [Note 7: Share-based [removed: Compensation](#i2119da4e31884d0b92a66363db607186_121)] [added: Compensation](#id5fb3b029ef54d508bf67f2d752788e9_121)] | | | | | | [removed: [51](#i2119da4e31884d0b92a66363db607186_121)] [added: [52](#id5fb3b029ef54d508bf67f2d752788e9_121)] | | |

| | | | | | | [Note 8: Postretirement Benefits and Employee Stock Ownership [removed: Plan](#i2119da4e31884d0b92a66363db607186_124)] [added: Plan](#id5fb3b029ef54d508bf67f2d752788e9_124)] | | | | | | [removed: [53](#i2119da4e31884d0b92a66363db607186_124)] [added: [54](#id5fb3b029ef54d508bf67f2d752788e9_124)] | | |

| | | | | | | [Note 9: Risk Management Activities and Fair Value [removed: Measurements](#i2119da4e31884d0b92a66363db607186_127)] [added: Measurements](#id5fb3b029ef54d508bf67f2d752788e9_127)] | | | | | | [removed: [58](#i2119da4e31884d0b92a66363db607186_127)] [added: [59](#id5fb3b029ef54d508bf67f2d752788e9_127)] | | |

| | | | | | | [Note 10: Short-term and Long-term [removed: Debt](#i2119da4e31884d0b92a66363db607186_130)] [added: Debt](#id5fb3b029ef54d508bf67f2d752788e9_130)] | | | | | | [removed: [61](#i2119da4e31884d0b92a66363db607186_130)] [added: [62](#id5fb3b029ef54d508bf67f2d752788e9_130)] | | |

| | | | | | | [Note 11: Accumulated Other Comprehensive [removed: Income/(Loss)](#i2119da4e31884d0b92a66363db607186_133)] [added: Income/(Loss)](#id5fb3b029ef54d508bf67f2d752788e9_133)] | | | | | | [removed: [63](#i2119da4e31884d0b92a66363db607186_133)] [added: [64](#id5fb3b029ef54d508bf67f2d752788e9_133)] | | |

| | | | | | | [Note 12: [removed: Leases](#i2119da4e31884d0b92a66363db607186_136)] [added: Leases](#id5fb3b029ef54d508bf67f2d752788e9_136)] | | | | | | [removed: [63](#i2119da4e31884d0b92a66363db607186_136)] [added: [64](#id5fb3b029ef54d508bf67f2d752788e9_136)] | | |

| | | | | | | [Note 13: Commitments and [removed: Contingencies](#i2119da4e31884d0b92a66363db607186_139)] [added: Contingencies](#id5fb3b029ef54d508bf67f2d752788e9_139)] | | | | | | [removed: [64](#i2119da4e31884d0b92a66363db607186_139)] [added: [65](#id5fb3b029ef54d508bf67f2d752788e9_139)] | | |

| | | | | | | [Note 14: Supplier Finance [removed: Programs](#i2119da4e31884d0b92a66363db607186_142)] [added: Programs](#id5fb3b029ef54d508bf67f2d752788e9_142)] | | | | | | [removed: [65](#i2119da4e31884d0b92a66363db607186_142)] [added: [66](#id5fb3b029ef54d508bf67f2d752788e9_142)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i2119da4e31884d0b92a66363db607186_148)] [added: Disclosure](#id5fb3b029ef54d508bf67f2d752788e9_145)] | | | | | | [removed: [65](#i2119da4e31884d0b92a66363db607186_148)] [added: [67](#id5fb3b029ef54d508bf67f2d752788e9_145)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i2119da4e31884d0b92a66363db607186_151)] [added: Procedures](#id5fb3b029ef54d508bf67f2d752788e9_148)] | | | | | | [removed: [65](#i2119da4e31884d0b92a66363db607186_151)] [added: [67](#id5fb3b029ef54d508bf67f2d752788e9_148)] | | |

| 2.900% Notes due 2033 | | | PG33B | | | New York Stock Exchange | | |

| 3.650% Notes due 2045 | | | PG45 | | | New York Stock Exchange | | |

| | | | | | | [Note 15: Subsequent Event](#id5fb3b029ef54d508bf67f2d752788e9_1850) | | | | | | [67](#id5fb3b029ef54d508bf67f2d752788e9_1850) | | |

| | | | | | | [Signatures](#id5fb3b029ef54d508bf67f2d752788e9_193) | | | | | | [72](#id5fb3b029ef54d508bf67f2d752788e9_193) | | |

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

To support the ongoing identification and management of cybersecurity issues, the Company provides information security employee training, conducts global and targeted phishing simulation [removed: campaigns and] [added: campaigns,] conducts tabletop [removed: exercises.][added: exercises and performs penetration testing, vulnerability and maturity assessments.]

Further, the Company engages third-party consultants and services for cyber intelligence, [removed: insights] [added: insights, incident response support] and assessments of its cybersecurity risk posture and governance.

The Company’s CISO has over [removed: 15] [added: 20] years of experience [added: at the Company with significant experience] in [removed: cybersecurity, information security and information] [added: supply chain operations,] risk [removed: management, including several years each in security engineering] [added: management] and [removed: in operations, as well as running incident response organizations.][added: governance and information security.]

A central team within the Company leads enterprise-wide incident investigations and response, assisting and consulting on [removed: cyber security] [added: cybersecurity] incidents impacting individual Organizational Units.

Incidents are communicated to the CISO and other members of management, including the Company’s Ethics & Compliance Committee, as well as the Audit Committee of the Board, [removed: based on] [added: in accordance with] documented escalation criteria.

As a part of the incident response process, the severity of cybersecurity incidents are assessed based on the nature, scope, timing and potential impact of the incident on the Company's business, operations and financial condition.

In addition, we own and operate [removed: 75] [added: 72] manufacturing sites in [removed: 32] [added: 31] other countries.

Beauty products are manufactured at [removed: 21] [added: 20] of these locations; Grooming products at 17; Health Care products at [removed: 20;] [added: 19;] Fabric & Home Care products at 34; and Baby, Feminine & Family Care products at [removed: 36.][added: 32.]

The names, ages and positions held by the Executive Officers of the Company on August 4, [removed: 2025,] [added: 2026,] are:

| [removed: Jon R. Moeller] [added: Shailesh G. Jejurikar] | | | | | | Chairman of the Board, President and Chief Executive Officer | | | | | | [removed: 61] [added: 59] | | | | | | [removed: 2009] [added: 2018] (1) | | |

| Andre Schulten | | | | | | Chief Financial Officer | | | | | | [removed: 54] [added: 55] | | | | | | 2021 [removed: (3)] [added: (( )] | | |

| [removed: Gary A. Coombe] [added: Juliana Azevedo] | | | | | | Chief Executive Officer - Grooming | | | | | | [removed: 61] [added: 50] | | | | | | [removed: 2014 (( )] [added: 2026 (3)] | | |

| [removed: Jennifer L. Davis] [added: Paul Gama] | | | | | | Chief Executive Officer - Health Care | | | | | | [removed: 54] [added: 60] | | | | | | [removed: 2022 (4)] [added: 2026 (5)] | | |

| [removed: Ma. Fatima D. Francisco] [added: Hesham Tohamy Abd El Hak] | | | | | | Chief Executive Officer - [removed: Baby, Feminine] [added: Baby] and [removed: Family] [added: Feminine] Care | | | | | | [removed: 57] [added: 51] | | | | | | [removed: 2018 (5)] [added: 2026 (2)] | | |

| [removed: R. Alexandra Keith] [added: Sundar G. Raman] | | | | | | Chief Executive Officer - [removed: Beauty] [added: Fabric] and [added: Home Care and] Executive Sponsor for Corporate Sustainability | | | | | | [removed: 57] [added: 51] | | | | | | [removed: 2017 (6)] [added: 2021 (( )] | | |

[removed: | Sundar Raman | | | | | |] [added: (1)Mr. Jejurikar previously served as] Chief [added: Operating Officer (2021 - 2025) and Chief] Executive Officer - Fabric and Home Care [removed: | | | | | | 50 | | | | | | 2021 (7) | | |][added: (2019 - 2021).]

| Victor Aguilar | | | | | | Chief Research, Development and Innovation Officer | | | | | | [removed: 58] [added: 59] | | | | | | 2020 [removed: (8)] [added: (( )] | | |

| Marc S. Pritchard | | | | | | Chief Brand Officer | | | | | | [removed: 65] [added: 66] | | | | | | 2008 (( ) | | |

| Balaji Purushothaman | | | | | | Chief Human Resources Officer | | | | | | [removed: 56] [added: 57] | | | | | | 2023 [removed: (9)] [added: (6)] | | |

| Susan Street Whaley | | | | | | Chief Legal Officer and Secretary | | | | | | [removed: 51] [added: 52] | | | | | | 2022 [removed: (10)] [added: (7)] | | |

[removed: (3)Mr. Schulten] [added: (2)Mr. Abd El Hak] previously served as [removed: Senior Vice] President - Baby [added: Care (January 1, 2026 - June 1, 2026), President - Feminine Care (2022 - 2025) and Senior Vice President, Feminine] Care, North America [added: Brand Franchise Leader] (2018 - [removed: 2021).][added: 2022).]

[removed: (9)Mr.] [added: (6)Mr.] Purushothaman previously served as Senior Vice President - Human Resources, Global Total Rewards, Employee and Labor Relations and Corporate Services (2020 - [removed: 2022) and as Senior Vice President - Human Resources, Beauty, Grooming and Family Care (2015 - 2020).][added: 2022).]

[removed: (10)Ms.] [added: (7)Ms.] Whaley previously served as Senior Vice President and General Counsel - North America, Practice Groups and Sector Business Units (2019 - 2022).

| Freddy Bharucha | | | | | | Chief Executive Officer - Beauty | | | | | | 54 | | | | | | 2025 (4) | | |

(3)Ms. Azevedo previously served as President - Home Care and P&G Professional, Executive Sponsor, Gender Equality (2024 - 2026), President - Latin America (2022 - 2024) and Senior Vice President, Brazil (2018 - 2022).

(4)Mr. Bharucha previously served as President - Personal Care and North America Beauty Ecosystem (2023 - 2025), Senior Vice President - Personal Care, North America, Brand Franchise Leader, Old Spice and Global Commercial Leader, Antiperspirants and Deodorants (2018 - 2023).

(5)Mr. Gama previously served as President - Personal Health Care (2020 - 2026).

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

| Shailesh Jejurikar | | | | | | Chief Operating Officer | | | | | | 58 | | | | | | 2018 (2) | | |

(1)Mr. Moeller previously served as President and Chief Executive Officer (2021 - 2022), Vice Chairman, Chief Operating Officer and Chief Financial Officer (2019 - 2021), Vice Chairman and Chief Financial Officer (2017 - 2019) and as Chief Financial Officer (2009 - 2017).

(2)Mr. Jejurikar previously served as Chief Executive Officer - Fabric and Home Care (2019 - 2021).

(4)Ms. Davis previously served as President - Feminine Care (2019 - 2022).

(5)Ms. Francisco previously served as Chief Executive Officer - Baby and Feminine Care (2019 - 2021).

(6)Ms. Keith previously served as Chief Executive Officer - Beauty (2017 - 2022).

(7)Mr. Raman previously served as President - Home Care and P&G Professional (2020 - 2021) and President - Fabric Care, North America and P&G Professional (2019 - 2020).

(8)Mr. Aguilar previously served as Senior Vice President - Research & Development, Corporate Function Research & Development (2020).

(3)In accordance with the repurchase program announced on July [removed: 30, 2024,] [added: 29, 2025,] the Company reaffirmed in its earnings release on April 24, [removed: 2025,] [added: 2026,] that it expected to reduce outstanding shares through direct share repurchases at a value of [removed: $6 to $7] [added: approximately $5] billion in fiscal year [removed: 2025,] [added: 2026,] 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: $6.5] [added: $5] billion.

The share repurchase plan ended on June 30, [removed: 2025.][added: 2026.]

P&G has been paying a dividend for [removed: 135] [added: 136] consecutive years since its incorporation in 1890 and has increased its dividend for [removed: 69] [added: 70] consecutive years since 1956.

[removed: ][added: ]

| Dividends per share | | | $ | | | 0.01 | | | $ | | | 0.03 | | | $ | | | 0.06 | | | $ | | | 0.16 | | | $ | | | [removed: 0.35] [added: 0.40] | | | $ | | | [removed: 1.03] [added: 1.15] | | | $ | | | [removed: 2.59] [added: 2.66] | | | $ | | | [removed: 4.08] [added: 4.26] | | |

As of June 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2020,] [added: 2021,] and that all dividends were reinvested.

][added: 7.15.26.jpg](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/pg-20260630_g2.jpg)]

| Company Name/Index | | | [removed: 2020 | | |] 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | [added: 2026 | | |]

| 4/1/2026 - 4/30/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | |

| 5/1/2026 - 5/31/2026 | | | | | | 3,116,914 | | | | | | $144.37 | | | | | | 3,116,914 | | | | | | (3) | | |

| 6/1/2026 - 6/30/2026 | | | | | | 2,816,725 | | | | | | 150.88 | | | | | | 2,816,725 | | | | | | (3) | | |

| Total | | | | | | 5,933,639 | | | | | | $147.46 | | | | | | 5,933,639 | | | | | | (3) | | |

| (in dollars; split-adjusted) | | | 1956 | | | | | | 1966 | | | | | | 1976 | | | | | | 1986 | | | | | | 1996 | | | | | | 2006 | | | | | | 2016 | | | | | | 2026 | | | | | |

| P&G | | | $ | 100 | | $ | 109 | | $ | 118 | | $ | 132 | | $ | 130 | | $ | 123 | |

| S&P 500 | | | 100 | | | 89 | | | 107 | | | 133 | | | 153 | | | 188 | | |

| S&P 500 Consumer Staples | | | 100 | | | 107 | | | 114 | | | 123 | | | 138 | | | 145 | | |

| 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 | | | | | |

| 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 | | |

Management assessed the effectiveness of the Company's internal control over financial reporting as of June 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] as stated in their report which is included herein.

[added: 66] The Procter & Gamble Company [removed: 33]

We have audited the accompanying Consolidated Balance Sheets of The Procter & Gamble Company and subsidiaries (the "Company") as of June 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related Consolidated Statements of Earnings, Comprehensive Income, Shareholders' Equity, and Cash Flows, for each of the three years in the period ended June 30, [removed: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the three years in the period ended June 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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 4, [removed: 2025,] [added: 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

This requires management to make significant estimates and assumptions related to [removed: forecasts] [added: the forecast] of future net [removed: sales and earnings,] [added: sales,] including [added: the] growth [removed: rates] [added: rate] beyond a 10-year time period, royalty rate and discount rate.

The Company performed their annual impairment assessment of the Gillette Brand as of October 1, [removed: 2024.][added: 2025.]

As of June 30, [removed: 2025,] [added: 2026,] the carrying value of the Gillette Brand was $12.8 billion.

A high degree of auditor judgment and an increased extent of effort was required when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the [removed: forecasts] [added: forecast] of future net sales [removed: and earnings] as well as the selection of royalty rate and discount rate, including the need to involve our fair value specialists.

Our audit procedures related to [removed: forecasts] [added: the forecast] of future net sales and [removed: earnings and] the selection of the royalty rate and discount rate for the Gillette Brand included the following, among others:

- We tested the effectiveness of controls over the Gillette Brand, including those over the determination of fair value, such as controls related to management’s development of [removed: forecasts] [added: the forecast] of future net [removed: sales and earnings,] [added: sales,] and the selection of [added: the] royalty rate and discount rate.

[removed: 34] The Procter & Gamble Company [added: 67]

- We evaluated [removed: management’s] [added: management's] ability to accurately forecast net sales [removed: and earnings] by comparing actual results to [removed: management’s historical forecasts.]

- We evaluated the reasonableness of management’s forecast of net sales [removed: and earnings] by comparing the [removed: forecasts] [added: forecast] to:

- With the assistance of our fair value specialists, we evaluated the net sales [removed: and earnings] growth [removed: rates,] [added: rate,] royalty rate, and discount rate by:

- Testing the source information underlying the determination of [added: the] net sales [removed: and earnings] growth [removed: rates,] [added: rate,] royalty rate, and discount rate and the mathematical accuracy of the calculations.

We have audited the internal control over financial reporting of The Procter & Gamble Company and subsidiaries (the "Company") as of June 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] of the Company and our report dated August 4, [removed: 2025,] [added: 2026,] expressed an unqualified opinion on those financial statements.

| Amounts in millions except per share amounts; fiscal years ended June 30 | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| NET SALES | | | $ | [removed: 84,284] [added: 87,032] | | | | | $ | [removed: 84,039] [added: 84,284] | | | | | $ | [removed: 82,006] [added: 84,039] | |

| Cost of products sold | | | [removed: 41,164] [added: 43,362] | | | | | | [removed: 40,848] [added: 41,164] | | | | | | [removed: 42,760] [added: 40,848] | | |

| Selling, general and administrative expense | | | [removed: 22,669] [added: 23,922] | | | | | | [removed: 23,305] [added: 22,669] | | | | | | [removed: 21,112] [added: 23,305] | | |

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

| OPERATING INCOME | | | [removed: 20,451] [added: 19,748] | | | | | | [removed: 18,545] [added: 20,451] | | | | | | [removed: 18,134] [added: 18,545] | | |

| Interest expense | | | [removed: (907)] [added: (877)] | | | | | | [removed: (925)] [added: (907)] | | | | | | [removed: (756)] [added: (925)] | | |

| Interest income | | | [removed: 469] [added: 430] | | | | | | [removed: 473] [added: 469] | | | | | | [removed: 307] [added: 473] | | |

| Other non-operating [removed: income,] [added: income/(expense),] net | | | [removed: 154] [added: 1,076] | | | | | | [removed: 668] [added: 154] | | | | | | 668 | | |

| EARNINGS BEFORE INCOME TAXES | | | [removed: 20,167] [added: 20,377] | | | | | | [removed: 18,761] [added: 20,167] | | | | | | [removed: 18,353] [added: 18,761] | | |

| Income taxes | | | [removed: 4,102] [added: 4,233] | | | | | | [removed: 3,787] [added: 4,102] | | | | | | [removed: 3,615] [added: 3,787] | | |

| [removed: NET EARNINGS] [added: Net earnings] | | | [removed: 16,065] | | | | | | [removed: 14,974] | | | | | | [removed: 14,738] | | | [added: | | | | | | 15,974 | | | 91 | | | 16,065 | | |]

| Less: Net earnings attributable to noncontrolling interests | | | [removed: 91] [added: 98] | | | | | | [removed: 95] [added: 91] | | | | | | [removed: 85] [added: 95] | | |

| NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | | | $ | [removed: 15,974] [added: 16,046] | | | | | $ | [removed: 14,879] [added: 15,974] | | | | | $ | [removed: 14,653] [added: 14,879] | |

| Basic | | | $ | [removed: 6.67] [added: 6.75] | | | | | $ | [removed: 6.18] [added: 6.67] | | | | | $ | [removed: 6.07] [added: 6.18] | |

| Diluted | | | $ | [removed: 6.51] [added: 6.62] | | | | | $ | [removed: 6.02] [added: 6.51] | | | | | $ | [removed: 5.90] [added: 6.02] | |

| Amounts in millions; fiscal years ended June 30 | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| NET EARNINGS | | | [removed: $] [added: 16,144] | [removed: 16,065] | | | | | [removed: $] [added: 16,065] | [removed: 14,974] | | | | | [removed: $] [added: 14,974] | [removed: 14,738] | |

| Foreign currency translation (net of tax (benefit)/expense of [removed: $(442), $66] [added: $129, $(442)] and [removed: $(197),] [added: $66,] respectively) | | | [removed: 1,143] [added: 96] | | | | | | [removed: (226)] [added: 1,143] | | | | | | [removed: (71)] [added: (226)] | | |

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

| */s/ Shailesh Jejurikar* | | |

| (Shailesh Jejurikar) | | |

| August 4, 2026 | | |

management's historical forecasts.

- Historical net sales.

| August 4, 2026 | | |

| August 4, 2026 | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | | | | 16,046 | | | 98 | | | 16,144 | | |

| Common | | | | | | | | | | | | | | | | | | | | | | | | (9,966) | | | | | | (9,966) | | |

| Preferred | | | | | | | | | | | | | | | | | | | | | | | | (292) | | | | | | (292) | | |

| Employee stock plans | | | 12,566 | | | | | | | | | 764 | | | | | | | | | 705 | | | | | | | | | 1,470 | | |

| BALANCE JUNE 30, 2026 | | | 2,323,859 | | | $4,009 | | | $756 | | | $69,533 | | | ($596) | | | ($12,465) | | | ($143,008) | | | $135,852 | | | $230 | | | $54,311 | | |

| Amounts in millions; fiscal years ended June 30 | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

Other financial instruments, including cash equivalents, certain investments and

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software”.

This guidance amends the accounting for and disclosure of internal-use software costs.

In December 2025, the FASB issued ASU No. 2025-10, “Accounting for Government Grants Received by Business Entities”.

This amendment provides guidance on the recognition, measurement and presentation of government grants.

This amendment is effective for our fiscal year ending June 30, 2030, and the interim periods within that fiscal year.

We are currently assessing the impact of this guidance on our Consolidated Financial Statements.

allocate resources in the budgeting and forecasting process.

| Net sales | | | | | | $ | 16,023 | | | | | $ | 6,918 | | | | | $ | 12,456 | | | | | $ | 30,314 | | | | | $ | 20,401 | | | | | $ | 919 | | | | | $ | 87,032 | |

| Cost of products sold | | | | | | (6,397) | | | | | | (2,845) | | | | | | (5,208) | | | | | | (16,428) | | | | | | (11,089) | | | | | | (1,395) | | | | | | (43,362) | | |

| Selling, general and administrative expense | | | | | | (6,152) | | | | | | (2,111) | | | | | | (4,087) | | | | | | (6,597) | | | | | | (4,167) | | | | | | (808) | | | | | | (23,922) | | |

| Earnings/(loss) before income taxes | | | | | | 3,473 | | | | | | 1,966 | | | | | | 3,163 | | | | | | 7,290 | | | | | | 5,145 | | | | | | (660) | | | | | | 20,377 | | |

| Net earnings/(loss) | | | | | | $ | 2,672 | | | | | $ | 1,529 | | | | | $ | 2,404 | | | | | $ | 5,632 | | | | | $ | 3,930 | | | | | $ | (23) | | | | | $ | 16,144 | |

| Depreciation and amortization | | | | | | $ | 410 | | | | | $ | 320 | | | | | $ | 439 | | | | | $ | 756 | | | | | $ | 835 | | | | | $ | 400 | | | | | $ | 3,160 | |

| Capital expenditures | | | | | | $ | 415 | | | | | $ | 540 | | | | | $ | 592 | | | | | $ | 1,250 | | | | | $ | 1,520 | | | | | $ | 93 | | | | | $ | 4,409 | |

Corporate includes non-operating income comprised primarily of a $343 gain due to the dissolution of the Glad joint venture business.

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 two years.

The Company incurred over half of the costs under this plan in fiscal 2026, with the remainder expected to be 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.

In addition, the plan includes brand and market exits as well as the optimization of the supply chain and other manufacturing processes.

Costs incurred under the plan will consist primarily of costs to separate employees and asset-related costs to exit facilities.

The Company will also incur other types of costs outlined below as a direct result of the plan.

| Cost incurred | | | 608 | | | 231 | | | 391 | | | 1,230 | | |

| Cost paid/settled | | | (500) | | | (231) | | | (353) | | | (1,084) | | |

| RESERVE JUNE 30, 2026 | | | $ | 229 | | $ | — | | $ | 107 | | $ | 336 | |

| */s/ Jon R. Moeller* | | |

| (Jon R. Moeller) | | |

| August 4, 2025 | | |

- Historical net sales and earnings.

| BALANCE JUNE 30, 2022 | | | 2,393,877 | | | $4,009 | | | $843 | | | $65,795 | | | ($916) | | | ($12,189) | | | ($123,382) | | | $112,429 | | | $265 | | | $46,854 | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | | | | 14,653 | | | 85 | | | 14,738 | | |

| Common | | | | | | | | | | | | | | | | | | | | | | | | (8,742) | | | | | | (8,742) | | |

| Preferred | | | | | | | | | | | | | | | | | | | | | | | | (282) | | | | | | (282) | | |

| Employee stock plans | | | 17,424 | | | | | | | | | 758 | | | | | | | | | 978 | | | | | | | | | 1,736 | | |

| Cash payments for income taxes | | | 4,554 | | | | | | 4,363 | | | | | | 4,278 | | |

This guidance requires disclosure of incremental segment information on an annual and interim basis.

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

| Net sales | | | | | | $ | 15,008 | | | | | $ | 6,419 | | | | | $ | 11,226 | | | | | $ | 28,371 | | | | | $ | 20,217 | | | | | $ | 765 | | | | | $ | 82,006 | |

| Cost of products sold | | | | | | (5,849) | | | | | | (2,698) | | | | | | (4,855) | | | | | | (16,342) | | | | | | (11,857) | | | | | | (1,159) | | | | | | (42,760) | | |

| Selling, general and administrative expense | | | | | | (5,157) | | | | | | (1,925) | | | | | | (3,615) | | | | | | (5,772) | | | | | | (3,749) | | | | | | (894) | | | | | | (21,112) | | |

| Earnings/(Loss) before income taxes | | | | | | 4,009 | | | | | | 1,806 | | | | | | 2,759 | | | | | | 6,303 | | | | | | 4,623 | | | | | | (1,147) | | | | | | 18,353 | | |

| Net earnings/(loss) | | | | | | $ | 3,178 | | | | | $ | 1,461 | | | | | $ | 2,125 | | | | | $ | 4,828 | | | | | $ | 3,545 | | | | | $ | (399) | | | | | $ | 14,738 | |

| Depreciation and amortization | | | | | | $ | 376 | | | | | $ | 335 | | | | | $ | 352 | | | | | $ | 675 | | | | | $ | 804 | | | | | $ | 172 | | | | | $ | 2,714 | |

| Capital expenditures | | | | | | $ | 287 | | | | | $ | 300 | | | | | $ | 466 | | | | | $ | 979 | | | | | $ | 994 | | | | | $ | 36 | | | | | $ | 3,062 | |

| 2017 U.S. Tax Act transitional tax payable | | | — | | | | | | 592 | | |

non-operating income, net.

| RESERVE JUNE 30, 2023 | | | $ | 155 | | $ | — | | $ | 19 | | $ | 174 | |

| Cost incurred | | | 202 | | | 101 | | | 355 | | | 659 | | |

| Cost paid/settled | | | (224) | | | (101) | | | (342) | | | (667) | | |

| BALANCE AT JUNE 30, 2023 - NET (1) | | | $ | 13,888 | | $ | 12,703 | | $ | 7,718 | | $ | 1,821 | | $ | 4,529 | | $ | 40,659 | |

| Estimated amortization expense | | | $ | 308 | | $ | 298 | | $ | 255 | | $ | 205 | | $ | 179 | |

| International and other | | | 141 | | | | | | (111) | | | | | | (229) | | |

| Country mix impacts of foreign operations | | | (0.4) | | % | | | | 0.1 | | % | | | | (0.5) | | % |

| Changes in uncertain tax positions | | | 0.1 | | % | | | | 0.1 | | % | | | | 0.1 | | % |

| EFFECTIVE INCOME TAX RATE | | | 20.3 | | % | | | | 20.2 | | % | | | | 19.7 | | % |

Country mix impacts of foreign operations includes the effects of foreign subsidiaries' earnings taxed at rates other than the U.S. statutory rate, the U.S. tax impacts of non-U.S. earnings repatriation and any net impacts of intercompany transactions.

Excess tax benefits from the exercise of stock options reflect the excess of actual tax benefits received on employee exercises of stock options and other share-based payments (which generally equals the income taxable to the employee) over the amount of tax benefits that were calculated and recognized based on the grant date fair values of such instruments.

Changes in uncertain tax positions represent changes in our net liability related to prior year tax positions.

We evaluate our tax positions and establish liabilities for

Based on information currently available, we anticipate that over the next 12-month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued liabilities of approximately $114, including interest and penalties.

| OUTSTANDING AT JULY 1, 2024 | | | 107,362 | | | $ | 111.59 | | | | | | | |

| Granted | | | 8,347 | | | 173.33 | | | | | | | | |

| Exercised | | | (18,806) | | | 90.05 | | | | | | | | |

| Forfeited/expired | | | (282) | | | 150.86 | | | | | | | | |

| Exercisable | | | 70,717 | | | $ | 110.32 | | 3.9 | | | $ | 3,466 | |

Amounts in millions of dollars except per share amounts or as otherwise specified.

66 The Procter & Gamble Company

[removed: Moeller,] [added: The Company’s Chairman of the Board, President] and [added: Chief Executive Officer, Shailesh Jejurikar, and] the Company’s Chief Financial Officer, Andre Schulten, performed an evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (Exchange Act)) as of the end of the period covered by this report.

[removed: Moeller] [added: Jejurikar] and Schulten have concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (2) accumulated and communicated to our management, including Messrs.

[removed: Moeller] [added: Jejurikar] and Schulten, to allow their timely decisions regarding required disclosure.

The Company’s Chairman of the Board, President and Chief Executive Officer, Jon R.

During the fiscal year ended June 30, [removed: 2025,] [added: 2026,] 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 Board of Directors has determined that the following members of the Audit Committee are independent and are Audit Committee financial experts as defined by SEC rules: Mr. Brett [removed: Biggs,] [added: Biggs and] Ms. Christine McCarthy [removed: (Chair) and Ms. Patricia Woertz.][added: (Chair).]

The information required by this item is incorporated by reference to the following sections of the [removed: 2025] [added: 2026] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2025: the subsection of the Proxy Summary section entitled Code of Ethics;] [added: 2026:] the section entitled Election of Directors; the [removed: subsection] [added: subsections] of the Corporate Governance section entitled [added: Oversight of our Company - Code of Ethics and] Board Meetings and Committees of the Board; [added: the subsection of the Beneficial Ownership section entitled Delinquent Section 16(a) Reports] 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: 2025] [added: 2026] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2025:] [added: 2026:] the subsections of the Corporate Governance section entitled Board Meetings and Committees of the Board, Compensation Committee Interlocks and Insider [removed: Participation,] [added: 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.

The Procter & Gamble Company 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: 2025.][added: 2026.]

[removed: The table includes the following] plans: The Procter & Gamble 1992 Stock Plan; The Procter & Gamble 2001 Stock and Incentive Compensation Plan; The Procter & Gamble 2003 Non-Employee Directors' Stock Plan; The Procter & Gamble 2009 Stock and Incentive Compensation Plan; The Procter & Gamble 2014 Stock and Incentive Compensation Plan; [removed: and] The Procter & Gamble 2019 Stock and Incentive Compensation [added: Plan; and The Procter & Gamble 2025 Stock and Incentive Compensation] Plan.

| Stock Options/Stock Appreciation Rights | | | [removed: 96,633,659] [added: 94,554,254] | | | | | | [removed: $120.9524] [added: $127.0740] | | | | | | (1) | | |

| Restricted Stock Units (RSUs)/Performance Stock Units (PSUs) | | | [removed: 6,677,267] [added: 6,699,124] | | | | | | N/A | | | | | | (1) | | |

(1)Of the plans listed above, only The Procter & Gamble [removed: 2019] [added: 2025] Stock and Incentive Compensation Plan (the [removed: “2019 Plan”)] [added: "2025 Plan")] allows for future grants of securities.

Total shares available for future issuance under this plan is [removed: 58] [added: 213] million.

Additional information required by this item is incorporated by reference to the following section of the [removed: 2025] [added: 2026] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2025:] [added: 2026:] the subsection of the Beneficial Ownership section entitled Security Ownership of Management and Certain Beneficial Owners.

The table includes the following

The Procter & Gamble Company 69

| TOTAL | | | 101,253,378 | | | | | | $127.0740 | | | (2) | | | | | |

The maximum number of shares that may be granted under this plan is 213 million shares (inclusive of unissued shares that were carried over from the Procter & Gamble Company 2019 Stock and Incentive Compensation Plan), plus any shares of Common Stock subject to outstanding awards under the 2019 Plan that are forfeited, cancelled or otherwise terminated without the issuance of shares of Common Stock as set forth in the 2025 Plan.

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

The maximum number of shares that may be granted under this plan is 187 million shares.

The information required by this item is incorporated by reference to the following sections of the [removed: 2025] [added: 2026] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2025:] [added: 2026:] 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: 2025] [added: 2026] Proxy Statement filed pursuant to Regulation 14A, which will be filed no later than 120 days after June 30, [removed: 2025:] [added: 2026:] 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: 2025, 2024] [added: 2026, 2025] and [removed: 2023][added: 2024]

- Consolidated Statements of Comprehensive Income - for fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023][added: 2024]

- Consolidated Balance Sheets - as of June 30, [removed: 2025] [added: 2026] and [removed: 2024][added: 2025]

- Consolidated Statements of Shareholders' Equity - for fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023][added: 2024]

- Consolidated Statements of Cash Flows - for fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023][added: 2024]

[removed: 68] The Procter & Gamble Company [added: 71]

| [(4-4)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm) - | | | | | | [Description of the [removed: 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%] [added: Company’s 1.200%] Notes due [removed: 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] [added: 2028 and] 1.875% Notes due [removed: 2038](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm). +] [added: 2038 (Incorporated by reference to Exhibit (4-4) of the Company’s Annual report on Form 10-K for the year ended June 30, 2025)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x4.htm).] | | |

| [(4-6)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x6.htm) - | | | | | | [Description of the [removed: Company’s](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x6.htm) [1.250%] [added: Company’s 1.250%] Notes due [removed: 2029](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x6.htm). +] [added: 2029 (Incorporated by reference to Exhibit (4-6) of the Company’s Annual report on Form 10-K for the year ended June 30, 2025)](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 [removed: 2029](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x7.htm). +] [added: 2029 (Incorporated by reference to Exhibit (4-7) of the Company’s Annual report on Form 10-K for the year ended June 30, 2025)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit4x7.htm).] | | |

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

| [removed: [(10-2)](https://www.sec.gov/Archives/edgar/data/80424/000008042413000012/ond12exhibit10-1.htm)] [added: [(10-2)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-1.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)](https://www.sec.gov/Archives/edgar/data/80424/000008042413000012/ond12exhibit10-1.htm).*] [added: 2013)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-1.htm).*] | | |

| [removed: [(10-5)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x5.htm) -] [added: [(10-22)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x22.htm) [\-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x22.htm)] | | | | | | [removed: [Summary of the Company’s Retirement] [added: [Retirement] Plan Restoration [removed: Program](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x5.htm).* +] [added: Program Summary.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x22.htm) *+] | | |

| [removed: [(10-7)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000097/fy2021q1jas10-qexhibit6.htm)] [added: [(10-20)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000245/fy2526q1jas10-qexhibit101.htm)] - | | | | | | [removed: [Summary of the Company’s Long-Term] [added: [The Procter & Gamble 2025 Stock and] Incentive [removed: Program] [added: Compensation Plan -] (Incorporated by reference to Exhibit [removed: (10-3)] [added: (10-1)] of the Company's Form 10-Q for the quarter ended September 30, [removed: 2020)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000097/fy2021q1jas10-qexhibit6.htm).*] [added: 2025).](https://www.sec.gov/Archives/edgar/data/80424/000008042425000245/fy2526q1jas10-qexhibit101.htm) *] | | |

| [removed: [(10-8)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x4.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm)[14](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm)] - | | | | | | [removed: [Long-Term Incentive Program related correspondence] [added: [The Procter & Gamble 2009 Stock] and [added: Incentive Compensation Plan - Additional] terms and conditions [added: and related correspondence] (Incorporated by reference to Exhibit [removed: (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)[)] [added: (10-2)] of the [removed: Company's] [added: Company] Form 10-Q for the quarter ended [removed: September 30, 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).*] [added: December 31, 2013)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm).*] | | |

| [removed: [(10-9)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000038/fy1920q3jfm10-qexhibit.htm)] [added: [(10-5)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x22.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, 2020)](https://www.sec.gov/Archives/edgar/data/80424/000008042420000038/fy1920q3jfm10-qexhibit.htm).* | | |

| [removed: [(10-10)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm)[7](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm)] - | | | | | | [removed: [Summary] [added: [Company's Form] of [removed: the Company's Short Term Achievement Reward Program] [added: Separation Letter and Release] (Incorporated by reference to Exhibit (10-1) of the Company's Form 10-Q for the quarter ended [removed: September 30, 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x1.htm).*] [added: March 31, 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm).*] | | |

[added: 72] The Procter & Gamble Company [removed: 69]

| [removed: [(10-12)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000037/fy2425q3jfm10-qexhibit101.htm)] [added: [(10-6)](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/80424/000008042425000037/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] [added: Release. (Incorporated 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)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm)[15](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm)] - | | | | | | [removed: [Company's Form of Separation Letter and Release] [added: [The Procter & Gamble 2013 Non-Employee Directors' Stock Plan] (Incorporated by reference to Exhibit [removed: (10-1)] [added: (10-3)] of the Company's Form 10-Q for the quarter ended [removed: March] [added: December] 31, [removed: 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000046/fy2223q3jfm10-qexhibit10x1.htm).*] [added: 2013).](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm) *] | | |

| [removed: [(10-14)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[8](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)] - | | | | | | [Summary of personal benefits available to certain [removed: officers](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm).*+] [added: officers](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm) [](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[(Incorporated by reference to Exhibit (10-1](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[4](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[) in the Company's Form 10-](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[K](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm) [for the year ended June 30, 2025](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)[).](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x14.htm)*] | | |

| [removed: [(10-15)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm)[9](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm)] - | | | | | | [The Gillette Company Deferred Compensation Plan (Incorporated by reference to Exhibit (10-18) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x18.htm).* | | |

| [removed: [(10-16)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm)] [added: [(10-1](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm)[0](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm)] - | | | | | | [Senior Executive Officer Recoupment [removed: Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm).] [added: Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x16.htm)[.](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)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm)] [added: [(10-1](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm)[1](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm)] - | | | | | | [The Gillette Company Deferred Compensation Plan (for salary deferrals prior to January 1, 2005) as amended through August 21, 2006 (Incorporated by reference to Exhibit (10-20) of the Company's Annual Report on Form 10-K for the year ended June 30, 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x20.htm).* | | |

| [removed: [(10-18)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm)] [added: [(10-1](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm)[2](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm)[)](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, 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x21.htm).* | | |

| [removed: [(10-19)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm)] [added: [(10-1](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm)[3](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm)[)](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, 2018)](https://www.sec.gov/Archives/edgar/data/80424/000008042418000055/fy171810-kexhibit10x21.htm).* | | |

| [removed: [(10-20)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm)[17](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm)] - | | | | | | [The Procter & Gamble [removed: 2009] [added: 2014] Stock and Incentive Compensation Plan - Additional terms and conditions [removed: and related correspondence] (Incorporated by reference to Exhibit [removed: (10-2)] [added: (10-26)] of the [removed: Company] [added: Company's Annual Report on] Form [removed: 10-Q] [added: 10-K] for the [removed: quarter] [added: year] ended [removed: December 31, 2013)](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-2.htm).*] [added: June 30, 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm).*] | | |

| [removed: [(10-21)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000113/fy2425q1jas10-qexhibit10x2.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)[19](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)] - | | | | | | [The Procter & Gamble [removed: Performance] [added: 2019] Stock [removed: Program Summary] [added: and Incentive Compensation Plan - Additional terms and conditions.] (Incorporated by reference to Exhibit [removed: (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)[)] [added: (10-28)] of the Company's [added: Annual Report on] Form [removed: 10-Q] [added: 10-K] for the [removed: quarter] [added: year] ended [removed: September] [added: June] 30, [removed: 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).*] [added: 2024)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm).*] | | |

| [removed: [(10-24)](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit10x25.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit10x25.htm)[16](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit10x25.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit10x25.htm)] - | | | | | | [The Procter & Gamble 2014 Stock and Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 14, 2014 (Incorporated by reference to Exhibit (10-25) of the Company's Annual Report on Form 10-K for the year ended June 30, 2016)](https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit10x25.htm).* | | |

| [removed: [(10-25)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x25.htm)] [added: [(19-2)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm)] - | | | | | | [removed: [Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2019 Stock and Incentive Compensation Plan and The Procter & Gamble 2014 Stock and Incentive Compensation Plan](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x25.htm).] [added: [P&G Share Repurchase Policy.](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm)] [(Incorporated by reference to Exhibit [removed: (10-25)] [added: (19-2)] of the Company's Annual Report on Form 10-K for the year ended [removed: on] June 30, [removed: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x25.htm)*] [added: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm)] | | |

| [removed: [(10-26)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm)] [added: [(10-](https://www.sec.gov/Archives/edgar/data/80424/000008042419000077/pg2019stockincentivecompplan.htm)[18](https://www.sec.gov/Archives/edgar/data/80424/000008042419000077/pg2019stockincentivecompplan.htm)[)](https://www.sec.gov/Archives/edgar/data/80424/000008042419000077/pg2019stockincentivecompplan.htm)] - | | | | | | [The Procter & Gamble [removed: 2014] [added: 2019] Stock and Incentive Compensation [removed: Plan - Additional terms and conditions] [added: Plan, which was originally adopted by shareholders at the annual meeting on October 8, 2019] (Incorporated by reference to Exhibit [removed: (10-26)] [added: (10-1)] of the [removed: Company's Annual] [added: Company’s Current] Report on Form [removed: 10-K for the year ended June 30, 2017)](https://www.sec.gov/Archives/edgar/data/80424/000008042417000047/fy161710-kexhibit10x26.htm).*] [added: 8-K filed October 11, 2019)](https://www.sec.gov/Archives/edgar/data/80424/000008042419000077/pg2019stockincentivecompplan.htm).*] | | |

| [removed: [(10-28)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)] [added: Exhibit [(19-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)] - | | | | | | [removed: [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).] [added: [P&G Global Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm).] [(Incorporated by reference to Exhibit [removed: (10-2](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)[8](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)[)] [added: (19-1)] of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit10x28.htm)*] [added: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)] | | |

| Exhibit [removed: [(19-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)] [added: [(97)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm)] - | | | | | | [P&G [removed: 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] [added: Dodd-Frank Recoupment Policy. (Incorporated] by reference to Exhibit [removed: (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)[)] [added: (97)] of the Company's Annual Report on Form 10-K for the year ended June 30, [removed: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x1.htm)] [added: 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm)] | | |

| Exhibit [removed: [(21)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit21.htm)] [added: [(21)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit21.htm)] - | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit21.htm).] [added: Registrant](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit21.htm).] + | | |

| Exhibit [removed: [(23)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit23.htm)] [added: [(23)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit23.htm)] - | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit23.htm).] [added: Firm](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit23.htm).] + | | |

| Exhibit [removed: [(31)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit31.htm)] [added: [(31)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit31.htm)] - | | | | | | [Rule 13a-14(a)/15d-14(a) [removed: Certifications](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit31.htm).] [added: Certifications](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit31.htm).] + | | |

| Exhibit [removed: [(32)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit32.htm)] [added: [(32)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit32.htm)] - | | | | | | [Section 1350 [removed: Certifications](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit32.htm).] [added: Certifications](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit32.htm).] + | | |

| Exhibit [removed: [(99-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit99x1.htm)] [added: [(99-1)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit99x1.htm)] - | | | | | | [Summary of Directors and Officers Insurance [removed: Program](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit99x1.htm).] [added: Program](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit99x1.htm).] + | | |

| [(4-13) -](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit4x13.htm) | | | | | | [Description of the Company’s 2.900% EUR Notes due 2033 and 3.650% EUR Notes due 2045.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit4x13.htm)+ | | |

| [(10-21)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x21.htm) [](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x21.htm)[\-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x21.htm) | | | | | | [Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2025 Stock and Incentive Compensation Plan, 2019 Stock and Incentive Compensation Plan and The Procter & Gamble 2014 Stock and Incentive Compensation Plan.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x21.htm) *+ | | |

| [(10-23)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x23.htm) - | | | | | | [Short Term Achievement Reward Program.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x23.htm) *+ | | |

| [(10-24)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x24.htm) - | | | | | | [Performance Stock Program Summary.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x24.htm) *+ | | |

| [(10-25)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x25.htm) - | | | | | | [Long-Term Incentive Program Summary.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x25.htm) *+ | | |

| [(10-26)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x26.htm) - | | | | | | [Form of STAR Stock Option Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x26.htm) *+ | | |

| [(10-27)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x27.htm) [-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x27.htm) | | | | | | [Form of Director Annual RSU Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x27.htm) *+ | | |

| [(10-28)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x28.htm) [-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x28.htm) | | | | | | [Form of Director Annual RSU Award Agreement (Deferred).](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x28.htm) *+ | | |

| [(10-29)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x29.htm) [-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x29.htm) | | | | | | [Form of Director RSU Award Agreement (Quarterly Fees).](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x29.htm) *+ | | |

| [(10-30)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x30.htm) - | | | | | | [Form of PSU Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x30.htm) *+ | | |

| [(10-31)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x31.htm) [-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x31.htm) | | | | | | [Form of Deferred PSU Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x31.htm) *+ | | |

| [(10-32)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x32.htm) [-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x32.htm) | | | | | | [Form of LTIP RSU Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x32.htm) *+ | | |

| [(10-33)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x33.htm) - | | | | | | [Form of LTIP Stock Option Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x33.htm) *+ | | |

| [(10-34)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x34.htm) - | | | | | | [Form of Special RSU Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x34.htm) *+ | | |

| [(10-35)](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x35.htm) [-](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x35.htm) | | | | | | [Form of Retirement Restoration Plan RSU Award Agreement.](https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/fy252610-kexhibit10x35.htm) *+ | | |

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| [(10-6)](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x6.htm) - | | | | | | [Retirement Plan Restoration Program - Related Correspondence and Terms and Conditions.](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/fy242510-kexhibit10x6.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, 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-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, 2023)](https://www.sec.gov/Archives/edgar/data/80424/000008042423000103/fy2324q1jas10-qexhibit10x4.htm).* | | |

| [(10-23](https://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).](https://www.sec.gov/Archives/edgar/data/80424/000008042414000012/ond13exhibit10-3.htm) * | | |

| [(10-27)](https://www.sec.gov/Archives/edgar/data/80424/000008042419000077/pg2019stockincentivecompplan.htm) - | | | | | | [The Procter & Gamble 2019 Stock and Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 8, 2019 (Incorporated by reference to Exhibit (10-1) of the Company’s Current Report on Form 8-K filed October 11, 2019)](https://www.sec.gov/Archives/edgar/data/80424/000008042419000077/pg2019stockincentivecompplan.htm).* | | |

| [(19-2)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm) - | | | | | | [P&G Share Repurchase Policy.](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm) [(Incorporated by reference to Exh](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm)[ib](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit19x2.htm)[it (19-2) 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-kexhibit19x2.htm) | | |

| Exhibit [(97)](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm) - | | | | | | [P&G Dodd-Frank Recoupment Policy.](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm) [(Incorporated by re](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm)[ference to Exhibit (97) of the Company's Annual Report on Form 10-K for the year ended](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm) [June 30, 2024).](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm)[](https://www.sec.gov/Archives/edgar/data/80424/000008042424000083/fy232410-kexhibit97.htm) | | |

| | | | | | | [removed: (Jon R. Moeller)] [added: (Shailesh Jejurikar)] Chairman of the Board, President and Chief Executive Officer | | |

| /s/ [removed: JON R. MOELLER (Jon R. Moeller)] [added: SHAILESH JEJURIKAR (Shailesh Jejurikar)] | | | | | | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ ANDRE SCHULTEN (Andre Schulten) | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ MATTHEW W. JANZARUK (Matthew W. Janzaruk) | | | | | | Senior Vice President - Chief Accounting Officer (Principal Accounting Officer) | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ B. MARC ALLEN (B. Marc Allen) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ CRAIG ARNOLD (Craig Arnold) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ BRETT BIGGS (Brett Biggs) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ SHEILA BONINI (Sheila Bonini) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ AMY L. CHANG (Amy L. Chang) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ JOSEPH JIMENEZ (Joseph Jimenez) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ CHRISTOPHER J. KEMPCZINSKI (Christopher J. Kempczinski) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ DEBRA L. LEE (Debra L. Lee) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ CHRISTINE M. MCCARTHY (Christine M. McCarthy) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ ASHLEY MCEVOY (Ashley McEvoy) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ ROBERT J. PORTMAN (Robert J. Portman) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| /s/ RAJESH SUBRAMANIAM (Rajesh Subramaniam) | | | | | | Director | | | | | | August [removed: 04, 2025] [added: 4, 2026] | | |

| | | | By | | | /s/ SHAILESH JEJURIKAR | | |

| | | | | | | August 4, 2026 | | |

The Procter & Gamble Company 71

| | | | By | | | /s/ JON R. MOELLER | | |

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

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

| /s/ TERRY J. LUNDGREN (Terry J. Lundgren) | | | | | | Director | | | | | | August 04, 2025 | | |

| /s/ PATRICIA A. WOERTZ (Patricia A. Woertz) | | | | | | Director | | | | | | August 04, 2025 | | |