Tariff Impacts

Q4 2025

$100 million to $160 million or $0.03–$0.05 per share "

N/A

no current guidance

Core EPS (quarterly)

Q4 2025

$1.37 to $1.47 per share "

N/A

no current guidance

Adjusted Free Cash Flow Productivity

FY 2025

90% "

N/A

no current guidance

Cash Return to Shareholders

FY 2025

$16–$17 billion total "

N/A

no current guidance

Organic Sales Growth

FY 2025

Approximately 2% "

N/A

no current guidance

Core EPS (annual)

FY 2025

$6.72–$6.82 per share "

N/A

no current guidance

Commodity Costs

FY 2025

$200 million after tax "

N/A

no current guidance

Foreign Exchange Rates

FY 2025

$200 million headwind after tax "

N/A

no current guidance

Non-operating Income and Expense

FY 2025

$0.04 headwind to core EPS "

N/A

no current guidance

Organic Sales Growth

FY 2026

N/A

Flat to up 4% with a 30–50 bps headwind "

no prior guidance

Market Growth

FY 2026

N/A

Flat to 3% local currency growth "

no prior guidance

Core EPS Growth

FY 2026

N/A

Flat to up 4%, ranging from $6.83 to $7.09 per share with a center of $6.96 "

no prior guidance

Commodity Cost Headwind

FY 2026

N/A

Approximately $200 million after tax "

no prior guidance

Foreign Exchange Tailwind

FY 2026

N/A

Approximately $300 million after tax "

no prior guidance

Tariff Costs

FY 2026

N/A

$1 billion before tax with a breakdown of $200 million (China), $200 million (Canada) and $600 million (rest) "

no prior guidance

Adjusted Free Cash Flow Productivity

FY 2026

N/A

85% to 90% "

no prior guidance

Capital Spending

FY 2026

N/A

Increase as capacity is added and cash costs from the restructuring program incurred "

no prior guidance

Cash Return to Shareholders

FY 2026

N/A

Approximately $15 billion total ($10 billion in dividends and $5 billion in repurchases) "

no prior guidance

Core Effective Tax Rate

FY 2026

N/A

20% to 21% "

no prior guidance

Interest Expense

FY 2026

N/A

Forecasted to be modestly higher than last fiscal year "

no prior guidance

Restructuring Savings

FY 2026

N/A

Expected to begin materializing in the second half of fiscal 2026 "

no prior guidance

Innovation

Emphasized across Q3, Q2, and Q1 – with multiple new products and breakthroughs (e.g. Crest 3D White, Oral‐B I-10/IO models, Tide evo, Olay Melts) driving category growth " " "

Q4 highlighted a robust pipeline with major launches such as Tide EVO, a strong Pacesetters Rising Stars lineup, and an integrated innovation strategy "

Recurring focus with consistently positive sentiment; deeper penetration and detailed execution in Q4 indicate sustained commitment " "

Cost Efficiency, Restructuring and Productivity Improvements

Topics consistently addressed in Q3, Q2 and Q1 via productivity improvements (170–260 basis points), cost savings targets, and early restructuring measures " " "

Q4 described significant productivity savings (e.g. $2.7B in productivity, $1.5B COGS gross savings target) and a formal two‐year restructuring program (including workforce cuts and portfolio simplification) " " "

A long‐standing priority now enhanced by rigorous restructuring efforts and larger scale initiatives in Q4, reflecting a more aggressive drive for efficiency " "

Consumer Demand Trends and Market Volatility

Previous calls (Q3, Q2, Q1) noted stable core demand with regional volatility, modest growth in essentials and some softness in non‐core areas " " "

Q4 reported a noticeable deceleration in consumption in key markets (US and Europe) with consumers opting for value via promotions and smaller packs, yet fundamentals remain stable for essentials " "

Consistently discussed; however, sentiment has become more cautious in Q4 amid heightened macroeconomic uncertainties " " "

Tariff Uncertainty and Foreign Exchange Headwinds

Earlier periods (especially Q3, Q2, and Q1) primarily focused on FX headwinds with only moderate discussion of tariffs in Q3; Q2 and Q1 emphasized currency impacts " " "

Q4 provided a detailed breakdown of tariff impacts (up to $1B cost impact, later adjusted) along with FX headwinds and mitigating strategies " "

While FX has been recurring, the focus on tariff uncertainty emerges more strongly in Q4, signaling an evolving external risk dimension " "

Market Share Dynamics and Competitive Positioning

Q3 and Q1 highlighted steady or growing market share with competitive positioning achieved through innovation and value propositions; Q2 also noted broad market share gains across regions " " "

Q4 reported a slight global share decline (–20 basis points) offset by category‐ and region‐specific strength, while noting competitive pricing pressures and consumer trade-down risk " "

The theme remains consistent; however, there is a more nuanced focus on innovation to counter competitive pressures and trade‐down dynamics in Q4 " "

Shareholder Returns and Dividend Growth Commitment

Consistent dialogue in Q3, Q2, and Q1 on returning significant cash through dividends and share repurchases, with a track record of dividend hikes (5% increases, long dividend history) " " "

Q4 reiterated strong shareholder returns with $16B returned (dividends and repurchases) and a 5% dividend increase, meeting annual guidance " "

A recurring and stable commitment, with sustained positive sentiment reinforced by strong fiscal performance across periods " "

Leadership Transition and Strategic Execution

Previous periods (Q3, Q2, Q1) discussed strategic execution (innovation, productivity, portfolio decisions) but did not mention any leadership changes " "

Q4 introduced a significant leadership transition with John Moeller transitioning to Executive Chairman and the appointment of a new CEO, alongside detailed strategic restructuring and execution plans " " "

New and high‐impact topic emerging in Q4 with potential long‑term influence on company execution and culture " "

Supply Chain and Operational Efficiency

Prior discussions in Q3 (emphasizing supply chain proximity and integration), Q2 (handling system outages and retailer collaboration) and Q1 (integration and stable inventories) underscored operational resilience " " "

Q4 focused on portfolio simplification driving supply chain adjustments (rightsizing production, improving agility) and organizational redesign to boost efficiency "

A consistently important area with evolving strategies—now emphasizing restructuring and digital/organizational improvements to enhance efficiency " "

Category-Specific Performance Divergence

Q3 detailed varied organic growth across categories; Q2 noted divergence with Family Care strong and Baby Care subdued; Q1 discussed different growth trajectories across categories (e.g. Beauty vs. Baby Care) " " "

Q4 reported divergence across 10 categories with many showing low single-digit growth, and emphasized the need for innovation to regain superiority in lagging areas (e.g. Baby Care, Olay core jars) " " "

A recurring topic showing consistent divergence, with growing focus in Q4 on addressing underperforming segments through innovation and restructuring " "