P&G reveals results for Q4 and fiscal year 2024
Despite challenges, the company achieved organic sales growth, an increase in adjusted earnings per share (EPS), and returned significant cash flow to shareholders

Procter & Gamble (P&G) announced its financial results for the fourth quarter and fiscal year 2024, highlighting a strong performance despite economic and geopolitical challenges.
“Fiscal year 2024 was another year of strong results for P&G,” said Jon Moeller, President and CEO of the company. “The team met or exceeded our going-in plans for organic sales growth, core earnings per share (EPS) growth, cash generation and cash returned to shareowners in a challenging economic and geopolitical environment. As we look forward to fiscal 2025, we expect to deliver strong organic sales growth, EPS growth and free cash flow productivity – each in-line with our long-term growth algorithm. We remain committed to our integrated strategy – a focused product portfolio of daily use categories where performance drives brand choice, superiority (of product performance, packaging, brand communication, retail execution and consumer and customer value), productivity, constructive disruption and an agile and accountable organization – all aimed at delivering sustainable, balanced growth and value creation,” he concluded.
For the fiscal year 2024, P&G reported net sales of US$84 billion, marking a 2% increase year-over-year. Organic sales, which exclude currency effects and structural changes, grew by 4%. Price increases contributed 4 percentage points to this growth, while volume and shipment mix remained steady.
Diluted EPS reached US$6.02, up 2% from the previous year, although it was partially affected by a non-cash adjustment to the value of the Gillette brand and higher restructuring costs. Core EPS increased by 12% to US$6.59, and adjusted EPS for currency fluctuations grew by 16%.
The company generated US$19.8 billion in operating cash flow and US$15 billion in net income. They returned over US$14 billion to shareholders, including US$9.3 billion in dividends and US$5 billion in share buybacks, marking its 68th consecutive year of dividend increases.
FOURTH QUARTER RESULTS
In the fourth quarter, P&G’s net sales were US$20.5 billion, unchanged from the previous year. Growth was driven by a 1% increase in volume and another 1% from higher prices, offset by two percentage points of unfavorable currency impacts. Organic sales growth stood at 2%.
Diluted EPS fell to US$1.27, a 7% decrease, primarily due to restructuring expenses related to the exit from challenging markets. Core EPS increased by 2% to US$1.40, with adjusted EPS for currency rising by 6%.
Operating cash flow for the quarter was US$5.8 billion, with net income at US$3.1 billion and a free cash flow productivity rate of 148%. The gross margin increased by 120 basis points.
In December 2023, P&G announced a restructuring in specific markets, including Argentina and Nigeria, due to adverse economic conditions. The company expects additional expenses of US$1 to $1.5 billion after taxes for currency losses and restructuring. The sale of its Argentina business was completed in July 2024, with an anticipated additional expense of US$750 million for currency losses in the first quarter of 2025.
PROJECTIONS FOR 2025
Looking ahead to fiscal year 2025, P&G projects total sales growth between 2% and 4%, with a negative currency impact estimated at around 1 percentage point. Organic sales growth is expected to be between 3% and 5%. The company anticipates diluted EPS growth of 10% to 12% and core EPS growth of 5% to 7%.
The outlook includes a net negative impact of approximately US$500 million due to commodity costs and unfavorable currency fluctuations. The company expects an adjusted free cash flow of 90%, with dividends of about US$10 billion and share buybacks between US$6 billion and US$7 billion.