Net Sales
(up 2%)


Organic Sales


Core EPS


Cash Flow


Adjusted Free
Cash Flow

Dear Shareowners,

Your Company delivered another strong year in fiscal 2023 with robust top-line growth across categories and regions, strong earnings per share growth in the face of significant cost headwinds and continued strong cash return—in a very difficult operating environment—an outcome of continued excellent execution of our integrated strategies by P&G people.

Organic sales for the fiscal year grew 7%. Core earnings per share grew 2%. Currency-neutral core earnings per share were up 11%. Adjusted free cash flow productivity was 95%.

This was our second consecutive year of 7% organic sales growth and fifth consecutive year of 5% or better organic growth—starting in fiscal 2019: 5%, 6%, 6%, 7%, 7%.

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

Focus markets grew 5% for the year.

We delivered strong results in our largest and most profitable market, the United States, with organic sales growing 6%. This is on top of a strong 8% growth comparison in the base period. Sales in the U.S. are up 32% on a four-year stack basis (across fiscal years 2020, 2021, 2022 and 2023).

Enterprise markets were up 15%, led by Latin America with 24% organic sales growth.

E-commerce sales increased 7%, now representing 17% of total Company sales.

Seven of 10 product categories grew share globally over the past year. Twenty-nine of our top 50 category/country combinations held or grew share for the year.

On the bottom line, our core earnings per share growth of 2% overcame a 24 percentage-point headwind from higher materials costs and foreign exchange.

We increased our dividend by 3% and returned over $16 billion of value to shareowners with $9 billion in dividends and over $7 billion in share repurchase. Over the past 10 years, we have returned $145 billion to shareowners through dividends and share repurchase.

P&G has paid a dividend for 133 consecutive years, raising our dividend for 67 consecutive years. Only seven U.S. publicly traded companies have paid a dividend more consecutive years than P&G, and only three U.S. companies have raised their dividend more consecutive years.

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

Please see Measures Not Defined by U.S. GAAP in the  Downloads section, or page 70 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.