The Procter & Gamble Company

NYSE-PG

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	4,781	3,626	3,793	4,659	3,987	3,144
Net Earnings
Depreciation & Amortization	761	723	690	706	728	761
Depreciation and Amortization
Share-Based Compensation Expense	121	112	123	136	105	129
Share-Based Compensation Expense
Other Adjustments	50	-61	-43	30	978	-202
Loss on Early Extinguishment of Debt
Deferred Income Taxes
Loss on Sale of Assets
Venezuela Deconsolidation Charge
Goodwill and Indefinite-Lived Intangible Impairment Charges
Changes in Trade Receivables	-305	124	183	-128	-134	-74
Change in Accounts Receivable
Changes in Inventories	-303	85	-239	18	-188	-23
Change in Inventories
Changes in Accounts Payable	648	1,124	-780	-1,247	90	822
Change in Accounts Payable and Accrued and Other Liabilities
Change in Accounts Payable
Changes in Other Operating Activities	-344	-746	-294	651	-1,264	1,197
Change in Other Operating Assets and Liabilities
Other
Cash from Operating Activities	5,408	4,985	3,705	4,825	4,302	5,754
Total Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-1,200	-996	-859	-925	-993	-783
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	8	43	17	2	45	269
Proceeds from Asset Sales
Purchases of Investments	—	—	—	—	—	—
Purchases of Investment Securities
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Sales and Maturities of Investment Securities
Payments for Business Acquisitions	-5	-2.5	-5	-3	-6	-10.5
Acquisitions, Net of Cash Acquired
Other Investing Activities	-338	-108	120	1	-154	-4
Cash Related to Deconsolidated Venezuela Operations
Pre-Divestiture Addition of Restricted Cash Related to the Beauty Brands Divestiture
Cash Transferred at Closing Related to the Beauty Brands Divestiture
Restricted Cash Related to the Beauty Brands Business
Release of Restricted Cash Upon Closing of the Beauty Brands Divestiture
Cash Transferred in Batteries Divestiture
Change in Other Investments
Other Investing Activity
Cash from Investing Activities	-1,535	-1,063	-726	-921	-1,108	-518
Total Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	1,123	2,115	1,057.5	1,815	4,090	567
Additions to Short-Term Debt with Original Maturities of More Than Three Months
Repayments of Short-Term Debt	-1,800	-2,731	-3,210	-285.5	-571	-166
Reductions in Short-Term Debt
Reductions in Short-Term Debt with Original Maturities of More Than Three Months
Reductions in Other Short-Term Debt
Net Issuance / (Repayments) of Short-Term Debt	-677	-616	-2,152.5	1,529.5	3,519	401
Issuance of Long-Term Debt	—	1,242	621	995	—	1,599
Additions to Long-Term Debt
Repayments of Long-Term Debt	-3	-499	-249.5	-1,408	-70	—
Reductions in Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-3	743	371.5	-413	-70	1,599
Issuance of Common Shares	134	106	616	240	745	940
Impact of Stock Options and Other
Repurchases of Common Shares	-1,250	-700	-1,351	-2,510	-1,939	-1,516
Treasury Stock Purchases
Net Issuance / (Repurchases) of Common Shares	-1,116	-594	-735	-2,270	-1,194	-576
Common Share Dividends Paid	-2,549	-2,553	-2,433	-2,441	-2,445	-2,449
Dividends to Shareholders
Other Financing Activities	2,108	-595	2,162	-2,261	-444	-1,474
Net Additions to Other Short-Term Debt
Shares Exchanged in Batteries Divestiture
Treasury Stock from Cash Infused in Batteries Divestiture
Cash from Financing Activities	-2,239	-3,616	-4,215	-5,571	-634	-2,499
Total Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	4,208	3,989	2,846	3,900	3,309	4,971
NOPAT	4,640	3,492.9	3,709.2	4,575.1	4,497.8	3,156.2
Levered Free Cash Flow	3,632	3,932	506	4,949.5	5,781	7,111
Unlevered Free Cash Flow	4,202	3,682.9	2,227.2	3,778.1	2,870.8	5,130.2
Net Change in Cash	1,634	306	-1,236	-1,667	2,560	2,737