PROCTER & GAMBLE Co
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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FY2025 · Filed Aug 4, 2025
PG$168.66+0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
The Procter & Gamble Company 39
| Amounts in millions; fiscal years ended June 30 | 2025 | 2024 | 2023 |
|---|---|---|---|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | $9,482 | $8,246 | $7,214 |
| OPERATING ACTIVITIES (1) | |||
| Net earnings | 16,065 | 14,974 | 14,738 |
| Depreciation and amortization | 2,847 | 2,896 | 2,714 |
| Share-based compensation expense | 476 | 562 | 545 |
| Deferred income taxes | 149 | (244) | (453) |
| Loss/(gain) on sale of assets | 755 | (215) | (40) |
| Indefinite-lived intangible asset impairment charge | — | 1,341 | — |
| Change in accounts receivable | 45 | (766) | (307) |
| Change in inventories | (324) | (70) | (119) |
| Change in accounts payable | (542) | 878 | (447) |
| Other | (1,653) | 491 | 217 |
| TOTAL OPERATING ACTIVITIES | 17,817 | 19,846 | 16,848 |
| INVESTING ACTIVITIES | |||
| Capital expenditures | (3,773) | (3,322) | (3,062) |
| Proceeds from asset sales | 107 | 346 | 46 |
| Acquisitions, net of cash acquired | (11) | (21) | (765) |
| Other investing activity | (141) | (507) | 281 |
| TOTAL INVESTING ACTIVITIES | (3,818) | (3,504) | (3,500) |
| FINANCING ACTIVITIES | |||
| Dividends to shareholders | (9,872) | (9,312) | (8,999) |
| Additions to short-term debt with original maturities of more than three months | 8,020 | 3,528 | 17,168 |
| Reductions in short-term debt with original maturities of more than three months | (6,512) | (7,689) | (13,031) |
| Net additions/(reductions) to other short-term debt | (1,138) | 857 | (3,319) |
| Additions to long-term debt | 2,237 | 3,197 | 3,997 |
| Reductions in long-term debt | (1,977) | (2,335) | (1,878) |
| Treasury stock purchases | (6,500) | (5,006) | (7,353) |
| Impact of stock options and other | 1,707 | 1,905 | 1,269 |
| TOTAL FINANCING ACTIVITIES | (14,036) | (14,855) | (12,146) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 112 | (251) | (170) |
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 75 | 1,235 | 1,032 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $9,556 | $9,482 | $8,246 |
| SUPPLEMENTAL DISCLOSURE | |||
| Cash payments for interest | $896 | $878 | $721 |
| Cash payments for income taxes | 4,554 | 4,363 | 4,278 |
(1)Certain prior period amounts within Operating Activities have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the previously reported Total Operating Activities.
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