“We expect adjusted free-cash flow productivity of 90% for the year, and we have plans to pay around $10 billion in dividends and to repurchase $6 billion, $7 billion in common stock combined returning $16 billion to $17 billion of cash to shareowners for the fiscal year.”

In context

“8 per share for fiscal 2025. Since last earnings, foreign-exchange rates have moved sharply against us, we are now expecting a headwind of approximately $300 million after tax, which equates to a headwind of $0.12 per share for fiscal 2025. We continue to expect lower non-operating income benefits this fiscal year and a somewhat higher tax-rate versus the prior year. Combined, these additional headwinds amount to $0.10 to $0.12 to core EPS on-top of the commodities and FX headwinds I mentioned. With projected softer market growth and stronger foreign-exchange headwinds, we currently have good visibility towards the lower-end of the top and bottom-line guidance ranges. However, we will continue to push all levers in our control to offset these headwinds that are largely not in our control. We expect adjusted free-cash flow productivity of 90% for the year, and we have plans to pay around $10 billion in dividends and to repurchase $6 billion, $7 billion in common stock combined returning $16 billion to $17 billion of cash to shareowners for the fiscal year. This outlook is based on current market growth 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. Now I'll hand it over to Jon for closing thoughts. Jon Moeller: We're very pleased with the results P&G people have delivered in a very challenging and volatile environment, a good first-half of the year and a stronger outlook for the second half. We remain focused on excellent execution of our integrated dynamic market constructive strategy aimed at delivering balanced top and bottom-line growth and value-creation, starting with a commitment to deliver a reasonably superior propositions to consumers”