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Share Name | Share Symbol | Market | Type |
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Procter and Gamble Co | NYSE:PG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-8.54 | -5.03% | 161.3895 | 162.38 | 158.04 | 161.39 | 15,729,118 | 00:56:21 |
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number) |
(I.R.S. Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended tramsition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
ITEM 9.01 FINANCIAL STATEMENTS AND
EXHIBITS
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Exhibit Number
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Description
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99.1
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Informational Slides Provided by The Procter & Gamble Company dated July 30, 2024.
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104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE PROCTER & GAMBLE COMPANY
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BY: /s/ Sandra T. Lane |
Sandra T. Lane |
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Assistant Secretary |
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July 30, 2024 |
Exhibit Number
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Description
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1.
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Organic sales growth — page 2
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2.
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Core EPS and Currency-neutral Core EPS — page 3
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3.
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Core gross margin and Currency-neutral Core gross margin — page 5
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4.
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Core operating margin and Currency-neutral Core operating margin — page 5
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5.
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Adjusted free cash flow and Adjusted free cash flow productivity — page 6
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•
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Incremental restructuring: The
Company has historically had an ongoing level of restructuring activities of approximately $250 - $500 million before tax. Starting in 2012 through fiscal 2020, the Company had a strategic productivity and cost savings initiative that
resulted in incremental restructuring charges. On December 5, 2023, the Company announced a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria. The
adjustment to Core earnings includes the restructuring charges that exceed the normal, recurring level of restructuring charges.
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•
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Intangible asset impairment: In
the fiscal year ended June 30, 2024, the Company recognized a non-cash, after-tax impairment charge of $1.0 billion ($1.3 billion before tax) to adjust the carrying value of the Gillette intangible asset acquired as part of the Company's
2005 acquisition of The Gillette Company. In fiscal 2019, the Company recognized a one-time, non-cash, after-tax charge of $8.0 billion to adjust the carrying value of the Shave Care reporting unit. This was comprised of a before- and
after-tax impairment charge of $6.8 billion related to goodwill and an after-tax impairment charge of $1.2 billion to reduce the carrying value of the Gillette indefinite-lived intangible asset.
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•
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Charges for early debt extinguishment:
During fiscals 2021 and 2018, the Company recorded after-tax charges due to the early extinguishment of certain long-term debt. These charges represent the difference between the reacquisition price and the par value of the debt
extinguished.
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•
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Gain on Dissolution of the PGT Healthcare
Partnership: The Company dissolved our PGT Healthcare partnership, a venture between the Company and Teva Pharmaceuticals Industries, Ltd (Teva) in the OTC consumer healthcare business, during fiscal 2019. The transaction
was accounted for as a sale of the Teva portion of the PGT business; the Company recognized an after-tax gain on the dissolution.
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•
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Anti-Dilutive Impacts: The Shave
Care impairment charges in 2019 caused certain equity instruments that are normally dilutive (and hence normally assumed converted or exercised for the purposes of determining diluted net earnings per common share) to be anti-dilutive.
Accordingly for U.S. GAAP diluted net earnings per common share, the instruments were not assumed to be converted or exercised. Specifically, certain of our outstanding preferred shares and share-based equity awards were not included in
the diluted weighted average common shares outstanding. As a result of the non-GAAP Shave Care impairment adjustment, these instruments were dilutive for non-GAAP earnings per share.
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•
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Transitional Impacts of the U.S. Tax Act:
The U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Act”) in December 2017. This resulted in a net charge for the fiscal year 2018. The adjustment to core earnings
includes only this transitional impact. It does not include the ongoing impacts of the lower U.S. statutory rate on pre-tax earnings.
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Three Months Ended
June 30, 2024 |
Net Sales Growth
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Foreign Exchange Impact
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Acquisition &
Divestiture Impact/Other* |
Organic Sales Growth
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Beauty
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(1)%
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3%
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1%
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3%
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Grooming
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—%
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7%
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—%
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7%
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Health Care
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3%
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1%
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—%
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4%
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Fabric Care & Home Care
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—%
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1%
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1%
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2%
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Baby, Feminine & Family Care
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(3)%
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2%
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—%
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(1)%
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Total Company
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—%
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2%
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—%
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2%
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Fiscal Year Ended
June 30, 2024
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Net Sales Growth
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Foreign Exchange Impact
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Acquisition &
Divestiture Impact/Other* |
Organic Sales Growth
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Total Company
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2%
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2%
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—%
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4%
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Total Company
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Net Sales Growth
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Foreign Exchange Impact
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Acquisition/ Divestiture Impact/Other*
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Organic Sales Growth
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Q1 FY 2023
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1%
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6%
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—%
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7%
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Q2 FY 2023
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(1)%
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6%
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—%
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5%
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Q3 FY 2023
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4%
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4%
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(1)%
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7%
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Q4 FY 2023
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5%
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4%
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(1)%
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8%
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Q1 FY 2024
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6%
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1%
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—%
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7%
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Q2 FY 2024
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3%
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1%
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—%
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4%
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Q3 FY 2024
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1%
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2%
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—%
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3%
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Total Company
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Net Sales Growth
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Foreign Exchange Impact
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Acquisition/ Divestiture Impact/Other*
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Organic Sales Growth
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FY 2023
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2%
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5%
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—%
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7%
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FY 2022
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5%
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2%
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—%
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7%
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FY 2021
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7%
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(1)%
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—%
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6%
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FY 2020
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5%
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2%
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(1)%
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6%
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FY 2019
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1%
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4%
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—%
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5%
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Total Company
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Net Sales Growth
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Combined Foreign Exchange &
Acquisition/Divestiture Impact/Other*
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Organic Sales Growth
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FY 2025 (Estimate)
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+2% to +4%
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+1%
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+3% to +5%
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Three Months Ended June 30
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2024
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2023
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Diluted EPS
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$1.27
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$1.37
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Incremental restructuring
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0.13
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—
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Intangible asset impairment
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—
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—
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Core EPS
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$1.40
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$1.37
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Percentage change vs. prior period Core EPS
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2%
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Currency impact to earnings
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0.05
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Currency-Neutral Core EPS
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$1.45
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Percentage change vs. prior period Core EPS
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6%
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Fiscal Year Ended
June 30 |
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2024
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2023
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Diluted Net EPS
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$6.02
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$5.90
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Incremental restructuring
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0.15
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—
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Intangible asset impairment
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0.42
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—
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Core EPS
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$6.59
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$5.90
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Percentage change vs. prior period Core EPS
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12%
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Currency Impact to Earnings
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0.23
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Currency-Neutral Core EPS
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$6.82
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Percentage change vs. prior period Core EPS
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16%
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2024
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2023
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2022
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2021
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2020
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2019
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2018
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Diluted Net Earnings Per Common Share from Continuing Operations, attributable to P&G
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$6.02
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$5.90
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$5.81
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$5.50
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$4.96
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$1.43
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$3.67
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Incremental Restructuring
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0.15
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0.16
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0.13
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0.23
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Intangible Impairment
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0.42
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3.03
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Early Debt Extinguishment Charges
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0.16
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0.09
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Gain on PGT Dissolution
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(0.13)
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Anti-dilutive Impacts
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0.06
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Transitional Impact of U.S. Tax Act
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0.23
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Core EPS
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$6.59
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$5.90
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$5.81
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$5.66
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$5.12
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$4.52
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$4.22
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Core EPS growth vs prior year
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12%
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2%
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3%
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11%
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13%
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7%
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Currency Impact to Earnings
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0.23
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0.55
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0.11
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0.04
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0.15
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0.35
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Currency-Neutral Core EPS
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$6.82
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$6.45
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$5.92
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$5.70
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$5.27
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$4.87
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$4.17
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Percentage change vs. prior period Core EPS
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16%
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11%
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5%
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11%
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17%
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15%
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Q1
FY23
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Q1
FY22
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Q2
FY23
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Q2
FY22
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Q3
FY23
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Q3
FY22
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Q4
FY23
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Q4
FY22
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Q1
FY24
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Q1
FY23
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Q2
FY24
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Q2
FY23
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Q3
FY24
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Q3
FY23
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Diluted EPS
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$1.57
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$1.61
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$1.59
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$1.66
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$1.37
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$1.33
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$1.37
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$1.21
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$1.83
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$1.57
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$1.40
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$1.59
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$1.52
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$1.37
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Incremental restructuring
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—
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—
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—
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—
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—
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—
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—
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—
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—
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—
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0.02
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—
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—
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—
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Intangible asset impairment
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—
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—
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—
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—
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—
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—
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—
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—
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—
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—
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0.42
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—
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—
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—
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Core EPS
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$1.57
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$1.61
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$1.59
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$1.66
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$1.37
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$1.33
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$1.37
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$1.21
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$1.83
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$1.57
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$1.84
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$1.59
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$1.52
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$1.37
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Percentage change vs. prior period Core EPS
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(2)%
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(4)%
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3%
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13%
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17%
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16%
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11%
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Currency Impact to Earnings
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0.16
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0.16
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0.13
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0.11
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0.07
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0.03
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0.09
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Currency-Neutral Core EPS
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$1.73
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$1.75
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$1.50
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$1.48
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$1.90
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$1.87
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$1.61
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Percentage change vs. prior period Core EPS
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7%
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5%
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13%
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22%
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21%
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18%
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18%
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Total Company
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Diluted EPS Growth
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Impact of Incremental Non-Core Items
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Core EPS Growth
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Impact of FX
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Currency-neutral EPS Growth
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FY 2025 (Estimate)
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+10% to +12%
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-5%
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+5% to +7%
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1%
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+6% to +8%
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Three Months Ended June 30
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2024
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2023
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Gross Margin
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49.6%
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48.4%
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Incremental restructuring
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0.2%
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—
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Core Gross Margin
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49.8%
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48.4%
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Basis point change vs. prior year Core gross margin
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140
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Currency Impact to Margin
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0.4%
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Currency-Neutral Core Gross Margin
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50.2%
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Basis point change vs prior year Core gross margin
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180
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Fiscal Year Ended June 30
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2024
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2023
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Gross Margin
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51.4%
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47.9%
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Incremental restructuring
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0.1%
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—
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Core Gross Margin
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51.5%
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47.9%
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Basis point change vs. prior year Core gross margin
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360
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Currency Impact to Margin
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0.6%
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Currency-Neutral Core Gross Margin
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52.1%
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Basis point change vs prior year Core gross margin
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420
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Three Months Ended June 30
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2024
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2023
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Operating Margin
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18.9%
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20.3%
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Incremental restructuring
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0.4%
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—
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Core Operating Margin
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19.3%
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20.3%
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Basis point change vs. prior year Core operating margin
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-100
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Currency Impact to Margin
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0.4%
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Currency-Neutral Core Operating Margin
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19.7%
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Basis point change vs. prior year Core operating margin
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-60
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Fiscal Year Ended June 30
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2024
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2023
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Operating Margin
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22.1%
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22.1%
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Incremental restructuring
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0.1%
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—
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Intangible asset impairment charge
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1.6%
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—
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Core Operating Margin
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23.8%
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22.1%
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Basis point change vs. prior year Core operating margin
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170
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Currency Impact Margin
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0.8%
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Currency-Neutral Core Operating Margin
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24.6%
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Basis point change vs. prior year Core operating margin
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250
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Three Months Ended June 30, 2024
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Operating Cash Flow
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Capital Spending
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Adjusted Free Cash Flow
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Net Earnings
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Adjustments to Net Earnings(1)
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Net Earnings
as Adjusted
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Adjusted Free Cash Flow Productivity
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$5,754
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$(783)
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$4,971
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$3,144
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$216
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$3,360
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148%
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Fiscal Year Ended June 30, 2024
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Operating Cash Flow
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Capital Spending
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U.S. Tax Act Payments
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Adjusted Free Cash Flow
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Net Earnings
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Adjustments to Net Earnings(1)
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Net Earnings as Adjusted
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Adjusted Free Cash Flow Productivity
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$19,846
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$(3,322)
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$422
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$16,947
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$14,974
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$1,242
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$16,216
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105%
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