Belief in P&G’s People
and Strategy
Our team continues to execute our strategy with excellence, enabling strong results over each of the past six fiscal years—pre-COVID, during COVID, through a historic inflationary and pricing cycle and through geopolitical tensions.
During these six years, we delivered organic sales growth of 5%, 6%, 6%, 7%, 7% and 4%. We delivered strong earnings growth and gross and operating margin expansion, very strong cash generation, and returned over $96 billion of cash to shareowners. All of this achieved in the face of significant challenges and volatility.
All credit goes to P&G people, who continually prove they are capable of incredible things and whose efforts have put us in the best possible place as we start this new fiscal year.
While our eyes are wide open to the challenges and volatility ahead, I see opportunity everywhere. Opportunity to drive market growth, to further raise the superiority bar across all five vectors, to increase the sustainability of our offerings, to further improve both innovation and execution, to increase reach and household penetration, to transform the whole of our supply chain, to become faster and more agile, more digitally enabled, more productive and more effective in everything we do.
We believe in our integrated strategy and our ability to execute it with excellence—a portfolio focused on daily-use products where performance matters; superiority across product, package, communication, retail execution and value; productivity in everything we do; a willingness to lead disruption constructively; a lean, agile and accountable organization; and strengthening the execution of this strategy through increased focus on supply, sustainability, digital acumen and a superior employee value equation. Each component necessary. Each component integrated with the others. Combined, a strategy that can perform in any environment.
We remain focused squarely on consumers—our North Star—and understanding and serving them, an undertaking fully embraced by P&G’s highly committed, creative and determined people. When we do this well, consumers are delighted, and we create value for customers, employees, society and shareowners alike.
JON R. MOELLER
Chairman of the Board, President
and Chief Executive Officer
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.