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• Incremental restructuring : The Company has historically had an ongoing level of restructuring activities of approximately $250 - $500 million before tax. 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.
Read in the filing ↗ Also in 8-K of Apr 19, 2024, 8-K of Jul 30, 2024, 8-K of Oct 18, 2024, 8-K of Jan 22, 2025, 8-K of Apr 24, 2025, 8-K of Jul 29, 2025, 10-K of Aug 4, 2025, 8-K of Oct 24, 2025, 10-Q of Oct 24, 2025, 8-K of Jan 22, 2026, 10-Q of Jan 23, 2026, 8-K of Apr 24, 2026, 10-Q of Apr 24, 2026, 8-K of Oct 22, 2026, 10-Q of Oct 22, 2026, 8-K of Jul 29, 2026, 10-Q of Apr 24, 2025, 10-K of Aug 4, 2026
Consistent with our historical policies for ongoing restructuring-type activities, resulting charges were funded by and included within Corporate for segment reporting. Restructuring charges above the normal ongoing level of restructuring costs are reported as non-core charges. For more details on the restructuring program, refer to Note 11 to the Consolidated Financial Statements.
Read in the filing ↗ Also in 10-Q of Jan 23, 2026, 10-Q of Apr 24, 2026, 10-Q of Oct 22, 2026, 10-Q of Apr 24, 2025
2024, the Company completed this limited market portfolio restructuring with the substantial liquidation of its operations in Argentina. The adjustment to Core earnings includes the restructuring charges that exceed the normal, recurring level of restructuring charges.
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within Corporate for segment reporting. Restructuring charges above the normal ongoing level of restructuring costs are reported as non-core charges. For more details on the restructuring program, refer to Note 11 to the Consolidated Financial Statements.
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The restructuring activities are being executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services. These restructuring activities include a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027. Consistent with our historical policies for ongoing restructuring-type activities, resulting charges are funded by and included within Corporate for segment reporting. Restructuring charges above the normal ongoing level of restructuring costs are reported as non-core charges. For more details on the restructuring program, refer to Note 3 to the Consolidated Financial Statements.
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Consistent with our historical policies for ongoing restructuring-type activities, the restructuring charges are funded by and included within Corporate for management and segment reporting. However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments:
Read in the filing ↗ Also in 10-K of Aug 4, 2026
(1) Includes the impact of incremental non-core restructuring charges including the limited market portfolio restructuring with the substantial liquidation of its operations in Argentina incurred in fiscal 2025 and the incremental restructuring and gain from the dissolution of the Glad joint venture business in fiscal 2026.
Read in the filing ↗ Also in 8-K of Oct 24, 2025, 8-K of Jan 22, 2026
(1) Includes the impact of Gillette indefinite-lived intangible asset impairment charge and incremental non-core restructuring charges incurred in fiscal 2024 and the impact of incremental non-core restructuring charges including the limited market portfolio restructuring with the substantial liquidation of its operations in Argentina in fiscal 2025.
Read in the filing ↗ Also in 8-K of Jan 22, 2025, 8-K of Apr 24, 2025
30, 2024, the Company completed the limited market portfolio restructuring. The total incremental restructuring charges incurred under the program were $1.2 billion after tax.
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In the fiscal year ended June 30, 2024, the Company started a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. During the period ended September 30, 2024, the Company completed this limited market portfolio restructuring with the substantial liquidation of its operations in Argentina and recorded incremental restructuring charges of $801 million after tax, comprised primarily of non-cash charges for accumulated foreign currency translation losses previously included in Accumulated other comprehensive income/(loss). The total incremental restructuring charges incurred under the program beginning in the three-month period ended December 31, 2023, through the three-month period ended September 30, 2024, were $1.2 billion after tax. Consistent with our historical policies for ongoing restructuring-type activities, resulting charges were funded by and included within Corporate for segment reporting. Restructuring charges above the normal ongoing level of restructuring costs were reported as non-core charges. For more details on the restructuring program, refer to Note 3 to the Consolidated Financial Statements.
Read in the filing ↗ Also in 8-K of Oct 18, 2024, 10-Q of Apr 24, 2026, 10-K of Aug 4, 2026, 10-Q of Apr 24, 2025, 10-Q of Oct 24, 2025, 10-Q of Jan 23, 2026, 10-K of Aug 4, 2025, 10-K of Aug 4, 2026, 10-Q of Apr 24, 2025
The Company has historically had an ongoing restructuring program with annual spending in the range of $250 to $500 million before tax. In fiscal 2024, the Company announced an incremental limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, and during the period ended September 30, 2024, the Company completed the limited market portfolio restructuring. The total incremental restructuring charges incurred under the program were $1.2 billion after tax.
Read in the filing ↗ Also in 10-K of Aug 4, 2026
Other restructuring-type charges are incurred as a direct result of the restructuring plan. Such charges include accumulated foreign currency translation losses, asset removal and termination of contracts.
Read in the filing ↗ Also in 10-Q of Oct 24, 2025, 10-Q of Jan 23, 2026, 10-Q of Apr 24, 2026, 10-K of Aug 4, 2025
generally ranged from $ 250 to $ 500 annually. Consistent with our historical policies for restructuring-type activities, the restructuring program charges will be funded by and included within Corporate for management and segment reporting.
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The Company has historically incurred an ongoing annual level of restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Before tax costs incurred under the ongoing program have generally ranged from $ 250 to $ 500 annually. Consistent with our historical policies for restructuring-type activities, the restructuring program charges will be funded by and included within Corporate for management and segment reporting.
Read in the filing ↗ Also in 10-Q of Oct 24, 2025, 10-Q of Jan 23, 2026, 10-Q of Apr 24, 2026
In June 2025, the Company announced a two-year portfolio and productivity plan to streamline its portfolio and organization to improve its cost structure and competitiveness. In fiscal 2026, the Company incurred incremental restructuring charges of $903 million after tax under the program. Restructuring accruals of $336 million as of June 30, 2026, are classified as current liabilities. Approximately 67% of the before tax restructuring charges incurred in fiscal 2026 either have been or will be settled with cash. Consistent with our policies for restructuring-type activities, the resulting charges are funded by and included within Corporate for segment reporting.
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Savings generated from the Company's restructuring program are difficult to estimate, given the nature of the activities, the timing of the execution and the degree of reinvestment. In addition to our restructuring programs, we have additional ongoing savings efforts in our supply chain, marketing and overhead areas that yield additional benefits to our operating margins. Refer to Note 3 to the Consolidated Financial Statements for more details on the restructuring program.
Read in the filing ↗ Also in 10-K of Aug 4, 2026
In fiscal 2025, the Company incurred before tax restructuring costs of $1.1 billion, which include the non-cash charge of $752 million for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina. Restructuring accruals of $189 million as of June 30, 2025, are classified as current liabilities. Excluding the non-cash charges of foreign currency translation losses for Argentina, approximately 74% of the restructuring charges incurred in fiscal 2025 either have been or will be settled with cash. Consistent with our policies for restructuring-type activities, the resulting charges are funded by and included within Corporate for segment reporting.
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In fiscal year 2024, the Company started a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. In the July-September 2024 quarter of fiscal year 2025, the Company completed this limited market portfolio restructuring with the substantial liquidation of its operations in Argentina and recorded incremental restructuring charges of $0.8 billion after tax, comprised primarily of non-cash charges for accumulated foreign currency translation losses.
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The restructuring activities will be executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services. These restructuring activities include a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.
Read in the filing ↗ Also in 10-Q of Oct 24, 2025, 10-Q of Jan 23, 2026, 10-Q of Apr 24, 2026
The following table presents restructuring activity for the nine months ended March 31, 2025:
Read in the filing ↗ Also in 10-Q of Apr 24, 2026
The following table presents restructuring activity for the three months ended September 30, 2025:
Read in the filing ↗ Also in 10-Q of Oct 22, 2026
The following table presents restructuring activity for the six months ended December 31, 2025:
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The following table presents restructuring activity for the fiscal years ended June 30, 2025 and 2024:
Read in the filing ↗ Also in 10-K of Aug 4, 2026
(1) Includes the impact of incremental non-core restructuring charges including the portfolio and productivity plan.
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Reported operating margin for the quarter decreased 140 basis points due primarily to higher restructuring charges. Excluding 40 basis points of non-core restructuring charges, core operating margin for the quarter decreased 100 basis points versus the prior year, 60 basis points on a currency-neutral basis. Core operating margin included gross productivity savings of 250 basis points.
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For the six months ended December 31, 2025, Corporate net sales increased $80 million to $402 million. Corporate net earnings increased $606 million to a loss of $125 million due primarily to restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Argentina, in the prior year period, partially offset by current year restructuring charges.
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(1) Includes the Gillette intangible asset impairment charge and incremental non-core restructuring charges announced in December 2023.
Read in the filing ↗ Also in 8-K of Apr 19, 2024
In December 2023, the Company announced a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. In connection with this announcement, the Company said that it expects to record incremental restructuring charges of $1.0 to 1.5 billion after tax, including foreign currency translation losses to be recognized upon the substantial liquidation of operations in the affected markets. The Company estimates that the large majority of these charges to be non-cash and anticipates that these restructuring charges will be recognized in the fiscal years ending June 30, 2024 and 2025.
Read in the filing ↗ Also in 8-K of Jul 30, 2024
• Overhead costs as a percentage of net sales were unchanged as wage inflation headwinds and restructuring spending were offset by productivity savings.
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• Diluted EPS increased 1% to $1.97. Core EPS, which represents diluted EPS excluding charges for incremental restructuring, increased 1% to $2.00.
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In June 2025, the Company announced a portfolio and productivity plan to streamline its portfolio and organization to improve its cost structure and competitiveness. The Company expects to incur approximately $1.5 to $2.0 billion in before-tax restructuring costs over a two-year period. The Company expects to incur half of the costs under this plan by the end of fiscal 2026, with the remainder incurred in fiscal 2027. The restructuring activities will be executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services. These restructuring activities include a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.
Read in the filing ↗ Also in 10-Q of Apr 24, 2026
Reconciliation of Non-GAAP Measures Nine Months Ended March 31, 2025 Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
Read in the filing ↗ Also in 10-Q of Apr 24, 2026, 10-Q of Apr 24, 2025
Reconciliation of Non-GAAP Measures Fiscal Year Ended June 30, 2025 Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
Read in the filing ↗ Also in 10-K of Aug 4, 2026, 10-K of Aug 4, 2025
Reconciliation of Non-GAAP Measures Three Months Ended September 30, 2025 Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
Read in the filing ↗ Also in 10-Q of Oct 24, 2025, 10-Q of Oct 22, 2026, 10-Q of Oct 22, 2026
Reconciliation of Non-GAAP Measures Six Months Ended December 31, 2025 Amounts in millions except per share amounts As Reported (GAAP) Incremental Restructuring Core
Read in the filing ↗ Also in 10-Q of Jan 23, 2026
• Diluted EPS increased 21% to $1.95 due to the increase in net earnings. Core EPS, which excludes incremental restructuring charges, increased 3% to $1.99.
Read in the filing ↗ Also in 10-Q of Jan 23, 2026
costs over a two-year period. The Company incurred over half of the costs under this plan in fiscal 2026, with the remainder expected to be incurred in fiscal 2027. The restructuring activities are being executed across the Sector Business Units as well as the Enterprise Markets, Corporate Functions and Global Business Services. These restructuring activities include a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.
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