“On the top line, please keep in mind that the July to September period has the most difficult comp for the year, and many of the market-level challenges we’ve noted will not fully annualize or improve materially in our estimate until the second half of the year.”

In context

“itures, and we expect a somewhat higher tax rate in the new fiscal year. Combined, these are an additional $0.10 to $0.12 headwind to core EPS. We expect adjusted free cash flow productivity of 90% for the year. This includes an increase in capital spending as we add capacity in several categories. We expect to pay around $10 billion in dividends and to repurchase $6 billion to $7 billion of common stock, combined a plan to return $16 billion to $17 billion of cash to share owners this fiscal year. While we are clear eyed on the challenges in the market and the work needed to continue to drive the business, fiscal ’25 guidance for top line, bottom line and cash are each consistent with our long term algorithm. A few items for you to consider as you build your quarter-to-quarter estimates. On the top line, please keep in mind that the July to September period has the most difficult comp for the year, and many of the market-level challenges we’ve noted will not fully annualize or improve materially in our estimate until the second half of the year. On the bottom line, the foreign exchange and commodity headwinds skew a bit toward the front half of the year, and the back half comps include the benefit of the tax items and minor brand divestitures I mentioned earlier. This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruptions, major supply chain disruptions, or store closures are not anticipated within the guidance ranges. With that, I’ll hand it back to Jon for his closing thoughts. Jon Moeller: We’re very pleased with the strong results P&G people have delivered over the last year and inclusive of prior years in a very challenging and volatile environment. The earnings power and value creation”