PROCTER & GAMBLE Co (PG)

The Procter & Gamble Company is a global consumer goods company that manufactures, markets and distributes a diversified portfolio of daily-use branded products, selling in approximately 180 countries and territories. Incorporated in Ohio in 1905 (originally established in New Jersey in 1890), the company traces its roots to a business founded in Cincinnati in 1837 by William Procter and James Gamble. P&G's business model centers on delivering balanced top- and bottom-line growth through innovation in product performance, packaging, brand communication, retail execution and value, supported by investment in research and development and consumer insights.

The company distributes products through varied channels including mass merchandisers, e-commerce and social commerce platforms, grocery and drug stores, membership clubs, specialty beauty retailers, and direct-to-consumer sales; Walmart Inc. and affiliates represent approximately 16% of total sales in fiscal 2025 and 2024, with the top ten customers accounting for 43% of net sales in 2025. Raw and packaging materials are sourced largely from third parties, including some single-source suppliers, with fuel, natural gas and derivative products serving as key commodities in manufacturing and transportation, exposing the company to price fluctuations and tariff risks. P&G holds numerous patents and trademarks critical to product formulation, manufacturing processes and brand marketing, and operates in highly competitive markets against both branded competitors and private-label products, generally maintaining leadership or significant market share positions.

The company is subject to extensive government regulation across jurisdictions, including oversight from the FDA, EPA, OSHA, FTC and CPSC in the U.S., as well as anti-corruption, antitrust, environmental, data protection and labor laws globally, and maintains compliance programs to manage these obligations without expecting material effects on capital expenditures or earnings in fiscal 2026. As of June 30, 2025, the company employed approximately 109,000 people, up 2% year-over-year, with 49% in manufacturing roles, 28% based in the U.S., 42% women globally, and 32% of U.S. employees identifying as multicultural; the company emphasizes talent development, competitive compensation and benefits, and an inclusive workplace culture. P&G has also integrated environmental sustainability into its strategy, announcing a 2040 net zero ambition in 2021 and pursuing goals related to renewable electricity, reduced virgin plastic use, recyclable packaging, responsible sourcing, water efficiency and restoration, while acknowledging that some ambitions currently lack scalable infrastructure or cost-effective solutions for full achievement.