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Procter & Gamble cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$4.4B in Q1 FY27 · $15.3B over twelve months

Operating cash flow$5.8B
Capital spending−$1.4B
Free cash flow+$4.4B
Cash / net income1.2×
Cash conversion cycle-41 days

Analysis

In Q1 FY27, Procter & Gamble generated $5.8B of operating cash flow and spent $1.4B on capital projects, leaving free cash flow of $4.4B. That is $193M more than in Q1 FY26 ($4.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $19.9B; the largest uses were dividends ($10.3B), buybacks ($5.0B), capital spending ($4.6B); besides operations, cash came from other financing ($3.6B), net borrowing (+) / repaid (−) ($667M); the cash balance rose by $4.2B.

Operating cash flow was $5.8B against net income of $4.8B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$1.1B, depreciation & amortization +$810M, receivables −$589M.

Its cash conversion cycle was -41 days (receivables 25 + inventory 66 − payables 131): suppliers fund its working capital.

Free cash flow

Procter & Gamble: free cash flow by quarterProcter & Gamble: free cash flow by quarter$3.9BQ2 FY25$2.8BQ3 FY25$4.0BQ4 FY25$4.2BQ1 FY26$3.8BQ2 FY26$3.0BQ3 FY26$4.1BQ4 FY26$4.4BQ1 FY27
Operating cash flow less capital spending.
Procter & Gamble: operating cash flow against capital spendingProcter & Gamble: operating cash flow against capital spendingOperating cash flowCapital spending$4.8B$925MQ2 FY25$3.7B$859MQ3 FY25$5.0B$996MQ4 FY25$5.4B$1.2BQ1 FY26$5.0B$1.2BQ2 FY26$4.0B$1.0BQ3 FY26$5.1B$1.0BQ4 FY26$5.8B$1.4BQ1 FY27
Latest (Q1 FY27): Operating cash flow $5.8B, Capital spending $1.4B.

Capital allocation, year by year

Procter & Gamble: where the cash came from (up) and went (down), by fiscal yearProcter & Gamble: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $16.7BFY22: Net borrowing $1.9BFY22: Shares issued $1.9BFY22: Asset sales $110MFY22: Capital spending −$3.2BFY22: Acquisitions −$1.4BFY22: Buybacks −$10.0BFY22: Dividends −$8.8B$20.7BFY22FY23: Operating cash flow $16.8BFY23: Net borrowing $2.9BFY23: Shares issued $1.2BFY23: Asset sales $46.0MFY23: Capital spending −$3.1BFY23: Acquisitions −$765MFY23: Buybacks −$7.4BFY23: Dividends −$9.0B$21.0BFY23FY24: Operating cash flow $19.8BFY24: Net borrowing −$2.4BFY24: Shares issued $1.9BFY24: Asset sales $346MFY24: Capital spending −$3.3BFY24: Acquisitions −$21.0MFY24: Buybacks −$5.0BFY24: Dividends −$9.3B$22.1BFY24FY25: Operating cash flow $17.8BFY25: Net borrowing $630MFY25: Shares issued $1.7BFY25: Asset sales $107MFY25: Capital spending −$3.8BFY25: Acquisitions −$11.0MFY25: Buybacks −$6.5BFY25: Dividends −$9.9B$20.2BFY25FY26: Operating cash flow $19.6BFY26: Net borrowing −$107MFY26: Shares issued $920MFY26: Asset sales $508MFY26: Capital spending −$4.4BFY26: Acquisitions −$85.0MFY26: Buybacks −$5.0BFY26: Dividends −$10.2B$21.0BFY26
Over these 5 years operating cash flow totalled $90.8B; the largest uses were dividends ($47.2B) and buybacks ($33.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.4B
Debt$38.9B
Net debt$23.6B
Due within a year$6.5B

Procter & Gamble funds itself: free cash flow was $15.3B over the last twelve months, and $15.4B of cash and investments stands against $38.9B of debt ($6.5B due within a year, 2.4× covered by cash).

Procter & Gamble: debt maturities by year (FY26)Procter & Gamble: debt maturities by year (FY26)$6.5BYear 1$2.1BYear 2$2.0BYear 3$3.9BYear 4$2.3BYear 5
Principal due in each year as disclosed in the annual report, against $15.4B of cash and investments now.

Where the cash came from and went

Procter & Gamble: sources (+) and uses (−) of cash, Q1 FY27Procter & Gamble: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$5.8BCash drawn (+) / kept (−)−$5.4BNet borrowing (+) / repaid (−)$4.9BDividends−$2.6BCapital spending−$1.4BBuybacks−$1.2BOther financing$143MOther investing−$121MExchange rates−$29.0MAsset & business sales$27.0MNot reconciled$1.0M
Procter & Gamble: sources (+) and uses (−) of cash, TTM to Q1 FY27Procter & Gamble: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$19.9BDividends−$10.3BBuybacks−$5.0BCapital spending−$4.6BCash drawn (+) / kept (−)−$4.2BOther financing$3.6BNet borrowing (+) / repaid (−)$667MAsset & business sales$527MOther investing−$421MExchange rates−$95.0MAcquisitions−$80.0M

From profit to cash

Procter & Gamble: net income to operating cash flow, Q1 FY27Procter & Gamble: net income to operating cash flow, Q1 FY27Net income$4.8BDepreciation & amortization$810MStock-based pay$98.0MDeferred taxes$115MGains on disposals−$20.0MOther non-cash−$204MReceivables−$589MInventory−$349MPayables$1.1BOperating cash flow$5.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY272566131-41
Q4 FY262767131-37
Q3 FY262766127-34
Q2 FY262667131-38
Q1 FY262665130-39
Q4 FY252764127-36
Q3 FY252867135-40
Q2 FY252663132-42

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$5.8B−$1.4B—−$1.2B−$2.6B$4.9B−$5.4B$4.4B
Q4 FY26$5.1B−$1.0B—−$875M−$2.6B−$2.9B$2.4B$4.1B
Q3 FY26$4.0B−$1.0B−$80.0M−$625M−$2.5B$665M−$1.5B$3.0B
Q2 FY26$5.0B−$1.2B—−$2.3B−$2.5B−$2.0B$346M$3.8B
Q1 FY26$5.4B−$1.2B−$5.0M−$1.2B−$2.5B$1.4B−$1.6B$4.2B
Q4 FY25$5.0B−$996M—−$700M−$2.6B−$468M−$440M$4.0B
Q3 FY25$3.7B−$859M−$5.0M−$1.4B−$2.4B−$1.0B$1.1B$2.8B
Q2 FY25$4.8B−$925M—−$2.5B−$2.4B−$1.9B$1.9B$3.9B

Procter & Gamble: income statement and cash flow

Procter & Gamble, Q1 FY27: revenue $23.3B (+4% year over year), operating margin 25.5%. The chart follows the revenue to costs, profit and cash.

Procter & Gamble: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.