PROCTER & GAMBLE Co

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

(Amendment No. )

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Proxy Statement

Notice of Annual Meeting of Shareholders to be held on

October 13, 2026, at 9:00 a.m.

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

August 28, 2026

Fellow Procter & Gamble Shareholders:

It is my pleasure to invite you to this year’s annual meeting of shareholders. The meeting will take place on Tuesday, October 13, 2026, at 9:00 a.m. Eastern Time. The meeting will be held virtually via a live audio webcast atwww.virtualshareholdermeeting.com/PG2026. At the meeting, our shareholders will be asked to:

Shareholders of record as of the close of business on August 14, 2026 (the “record date”) are entitled to vote at the annual meeting and any postponement or adjournment thereof. Please see pages 97-101 for additional information regarding accessing the meeting and how to vote your shares. You do not need to attend the virtual meeting in order to vote your shares.

Your vote is important. Please vote your proxy promptly to ensure your shares are properly represented, even if you plan to join the annual meeting. You can vote online, by telephone, or by requesting a printed copy of the proxy materials and using the enclosed proxy card.

We appreciate your continued confidence in our Company and look forward to your joining us on October 13, 2026.

Susan Street Whaley Chief Legal Officer and Secretary

REVIEW THE PROXY STATEMENT AND VOTE IN ONE OF FOUR WAYS:

The Company’s principal executive offices are located at 1 Procter & Gamble Plaza, Cincinnati, Ohio 45202. These proxy materials are first being made available to our shareholders on August 28, 2026.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be held on October 13, 2026: This Notice of Annual Meeting, the Proxy Statement, and the 2026 Annual Report are available at www.proxyvote.com.

Letter from our Chairman of the Board, President and Chief Executive Officer

August 28, 2026

Fellow Procter & Gamble Shareholders: Thank you for your continued engagement with our Company. I am pleased to serve as your Chairman and CEO and to share my perspective on our strategy and plans for the future. We remain committed to the integrated growth strategy as the roadmap for growth and value creation. This strategy is focused on a portfolio of categories where performance matters; irresistible superiority across product, package, brand communication, retail execution, and value; productivity to fund innovation and demand creation as well as mitigate cost headwinds; constructive disruption to stay ahead of, and to create, emerging trends and opportunities in our fast-changing industry; and an organization that is fully engaged, enabled, and excited to serve consumers and win in the marketplace.

Our competitive advantage comes from outstanding, integrated execution of these strategic pillars and anticipating what capabilities are needed next. While the core strategy remains constant, there are changes in the world around us and many opportunities to pursue and risks to mitigate. As highlighted in our 2026 Annual Report, there are three important changes to highlight: media fragmentation, a changing retail landscape, and inflation. This changing landscape creates opportunities for P&G to lead another evolution of brand communication, build stronger partnerships with our retail partners, and better serve consumers across every price tier while continuing to deliver the performance, quality, and value consumers expect from P&G brands.

To adjust for and benefit from these shifts in the external landscape, we are making four interventions to strengthen how we execute our strategy to win with consumers and accelerate growth:

•

Consumer First: We are building a deeper, more complete connection with consumers, putting the consumer first in everything we do. In today's world, having a deep understanding of consumers matters more than ever to drive sustainable growth and value creation.

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Transform Brand Building: We are adapting how we build awareness of our advertising messages, drive consumer engagement, and reduce the time and steps from awareness to purchase. The evolution in our brand building is essential for truly putting the consumer first in this fragmented media landscape.

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Holistic Partnerships with Retailers: We are building holistic partnerships with retailers across the entire value chain. This is critical as the convergence of retail and media continues to grow, especially in areas like digital commerce.

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Stronger Core & Bigger More: We are ensuring our portfolio of established brands—the core of our business—is healthy and growing through impactful innovations that elevate brand superiority. By 'bigger more,' we mean that when we create a new product to address new consumer needs, it needs to be big and innovative enough to justify necessary investments.

While the interventions we are making are important in the near term, we are also working to leap ahead and invent the consumer-packaged-goods company of the future by leveraging:

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Portfolio of Leading Brands with Deep Consumer Connections: P&G has some of the most well-known and iconic brands in the world. These are brands with large consumer bases and strong equities. We know how to build brands rooted in deep connections with consumers.

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Unique Set of Innovation Capabilities: Substrate technologies, formulaic chemistry, devices, and biology. We already have years of experience integrating these capabilities to launch new platform technologies and innovations, and we see many more ways to bring combinations of these technologies to life in new consumer products.

•

Tremendous Supply Chain Capability: The advances we have made across our supply chain are driving a more complete system connection from purchase signal back through inventory systems to our production planning and material ordering—to help ensure consumers find the product they want each time they shop.

•

Advanced Data Lake and Platforms: We have a structured data lake stocked with petabytes of relevant data. We have built data platforms, AI capabilities, programmatic shelf tools, and media creation and evaluation systems.

Your Board remains actively engaged, providing thoughtful guidance as we continue to advance our strategic choices in a dynamic business environment. As described throughout this proxy statement, the Board maintains regular dialogue with senior management to review strategic priorities, assess opportunities for growth, and oversee the risks and challenges facing the business. Through a steadfast commitment to disciplined oversight and strong governance, the Board works to ensure that our decisions advance long-term shareholder interests and position the Company for continued success.

We believe a strong Board must not only address the needs of today but also help shape the future. Our Directors bring a broad range of skills, experiences, and perspectives that strengthen Board deliberations and decision-making. This diversity of thought enables the Board to provide effective oversight, challenge assumptions, and support management in navigating an evolving marketplace. Together, the Board and management remain focused on serving our shareholders and delighting the billions of consumers who rely on our products every day.

My fellow Directors and I are optimistic about the opportunities ahead. P&G embodies a unique combination of strengths that position us to invent the consumer-packaged-goods company of the future. As we work to fully integrate these strengths—our leading brands, deep consumer understanding, innovation expertise, industry-leading supply chain, and advanced digital capabilities—we believe we can create a new S-curve of growth and value creation centered on consumers.

Thank you for your continued trust and investment in P&G as we work to delight consumers with superior brands, drive interventions to improve near-term results, build the technical and operational capabilities to create the CPG company of the future, and continue to create long-term value for shareowners.

SHAILESH G. JEJURIKAR

Chairman of the Board,

President and Chief Executive Officer