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Dear Shareowners,

Fiscal 2022 was another very strong year as the execution of our integrated strategies continued to yield strong sales, earnings and cash results in an incredibly difficult operating environment.

Your Company delivered broad-based and strong top-line growth across our categories and regions, earnings growth in the face of significant cost headwinds, and continued strong cash return to you, P&G’s shareowners.

For the fiscal year, organic sales grew 7%, core earnings per share grew 3%, currency-neutral core earnings per share were up 5%, and adjusted free cash flow productivity was 93%.

Organic sales growth of 7% continues our strong top-line momentum, which is up 13% on a two-year stack (across fiscal years 2021 and 2022) and up 19% on a three-year stack (across fiscal years 2020, 2021 and 2022).

Growth this fiscal year was broad-based across business units, with all 10 of our categories growing organic sales. Personal Health Care grew 20%. Fabric Care and Feminine Care grew double digits. Baby Care was up high single digits. Oral Care and Grooming were up mid-single digits. Hair Care, Home Care, Skin & Personal Care and Family Care each grew low single digits.

Focus markets grew 5% and Enterprise markets were up 10%.

We delivered strong results in our largest and most profitable market, the United States, with organic sales growing 8%.

E-commerce sales increased 11%, representing 14% of total Company sales.

Organic Sales Growth


Organic Sales

Core EPS Growth


Core EPS

Adjusted Free Cash Flow Productivity


Adjusted Free Cash
Flow Productivity

Global aggregate market share increased 50 basis points, and 38 of our top 50 category/country combinations held or grew share for the year. Importantly, this share growth is broad based. Nine of 10 product categories grew share globally over the past year.

Our bottom-line results include over $3 billion of earnings headwinds from commodities, freight and foreign exchange. Despite this, we delivered core EPS growth within our initial guidance range for the year.

We returned nearly $19 billion of value to shareowners through $8.8 billion in dividends and $10 billion in share repurchase. In April, we announced a 5% increase in our dividend. This is the 66th consecutive annual dividend increase, and the 132nd consecutive year in which P&G has paid a dividend. Only seven U.S. publicly traded companies have paid a dividend in more consecutive years than P&G, and only three are recognized to have increased their dividend in more consecutive years than P&G.

In summary, we met or exceeded each of our going-in target ranges for the fiscal year—organic sales growth, core EPS growth, free cash flow productivity and cash returned to shareowners. This is strong performance in very difficult operating conditions.

Please see Measures Not Defined by U.S. GAAP in the Downloads section, or page 74 of the print Annual Report, for definitions of non-GAAP measures and reconciliations to the most closely related GAAP measure.

VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are generally identified by the words “believe,” “expect,” “anticipate,” “intend,” “opportunity,” “plan,” “project,” “will,” “should,” “could,” “would,” “likely” and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A – Risk Factors of the Form 10-K included in this Annual Report. Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise publicly any forward-looking statements, except as required by law.