P&G Announces Fourth Quarter and Fiscal Year 2023 Results

Today P&G reported results for the fourth quarter and full 2023 fiscal year, and our integrated strategy continued to support strong results.

Multi-colored text highlights five areas of Procter and Gamble's earnings highlights, including product portfolio, superiority, productivity, constructive disruption and organization.

Execution of our integrated strategy continues to yield broad-based, strong sales growth across categories and regions, strong earnings in the face of significant cost headwinds and continued strong return of cash to P&G shareowners.

A quote from Procter and Gamble Chairman of the Board, President and CEO, Jon Moeller is centered in image with a collection of the company's products.

“The April-June quarter provided a very strong finish to fiscal year 2023 — top-line growth, bottom-line growth, and cash generation,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer. “The team met or exceeded our going-in plans for sales, earnings, and cash in a difficult operating environment and despite significant cost headwinds. As we look forward to fiscal 2024, we expect to deliver strong organic sales growth, EPS growth and free cash flow productivity — each in-line with our long-term growth algorithm, despite continued macroeconomic and geopolitical challenges. We remain committed to our strategy — a focus on daily use categories where performance drives brand choice, superiority (of product, package, communication, go-to-market execution and value), productivity, constructive disruption, and an agile and accountable organization structure and culture — all in pursuit of sustainable, balanced growth and value creation.”

Two graphs are placed side by side, with the headline that reads, "By the Numbers." Both graphs feature blue and yellow bubbles feature white text that outline data points for the 2023 fiscal year and fourth quarter earnings.
A blue text headline reads, "Fiscal Year 2023 Organic Sales." A collection of Product and Gamble products is surrounded by additional blue text featuring sales numbers.

Organic sales grew 7% for the second consecutive fiscal year, and growth was broad-based with all 10 of our product categories growing organic sales. Focus markets grew 5% for the year, and Enterprise markets were up 15%.

We held global aggregate market share, and 29 of our top 50 category/country combinations held or grew share for the year.

On the bottom line, core earnings per share was $5.90, up 2% for the year despite a 24 percentage point earnings growth headwind (or approximately $1.38 per share) from higher materials costs and foreign exchange. On a currency neutral basis, Core EPS was up 11%.

A quote from Procter and Gamble Chairman of the Board, President and CEO, Jon Moeller is placed next to an image of a young African American male pulling a cart filled with Procter and Gamble products.

Chairman, President and CEO Jon Moeller said it best by noting that “P&G serves people, with a strong desire to improve their lives and the lives of their families. We stand by people — our consumers — and support them in small but meaningful ways every day, with superior performing products at a superior value.”

For a deeper dive into the numbers announced today: https://news.pg.com/news-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx. Slides and the webcast replay of earnings results are available at www.pginvestor.com/event.

See https://www.pginvestor.com/event for P&G's full Q4 and FY 2023 earnings release issued July 28, 2023, the associated webcast presentation, definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially.