PG · CIK 80424
What The Procter & Gamble Company told the SEC could break it.
For P&G, the sharpest concentration is in who sells its products. Walmart and its affiliates were about 16% of net sales in 2025 — its only customer over 10% — and its ten largest customers together made up 43%, so its retail channel is heavily concentrated. On the cost and supply side, it consumes fuel, natural gas and chemical commodities whose price swings (including from tariffs) it can't always pass through, and it buys almost all its raw and packaging materials from third parties, some single-source, with certain sole-manufacturing-plant arrangements; geographically, it absorbed an $801 million after-tax charge to substantially liquidate its Argentina operations and continues to flag its small (about 1% of sales) Russia exposure.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Walmart ~16% of net sales; top-10 customers 43%high
Walmart and its affiliates accounted for ~16% of P&G's consolidated net sales in 2025 (its only >10% customer), and the top-ten customers together made up 43% of net sales — significant retail-channel concentration.
“Our top ten customers accounted for 43% of our total net sales in 2025, 42% in 2024 and 40% in 2023.”
SEC filing →As of 2025
Commodity & input dependence
- fuel, natural gas, chemicals and derivative commodities in manufacturing/transportmedium
P&G consumes fuel, natural gas and derivative products as important commodities in manufacturing and transport, subject to price volatility (including from new or increased tariffs) that it may not pass through to customers; higher commodity costs cut 30 bps from FY2025 gross margin.
“fuel, natural gas and derivative products are important commodities consumed in our manufacturing processes and in the transportation of input materials and finished products. The prices we pay for materia”
SEC filing →As of 2025
Geographic concentration
- Argentina substantial liquidation ($801M after-tax charge); Russia 1% of salesmedium
P&G recorded an $801 million after-tax restructuring charge tied to the substantial liquidation of its Argentina operations (accumulated FX translation losses), and discloses ongoing Russia-Ukraine war exposure with its Russia business at ~1% of consolidated net sales.
“higher restructuring charges in the current year, which includes $801 million after tax related to the substantial liquidation of operations in Argentina.”
Sole-source dependency
- single-source raw/packaging material suppliers; sole manufacturing plant arrangementsmedium
Almost all raw and packaging materials are bought from third parties, some single-source, and P&G relies on certain sole-supplier or sole-manufacturing-plant arrangements whose loss or disruption could materially affect operations.
“Almost all of the raw and packaging materials used by the Company are purchased from third parties, some of whom are single-source suppliers.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our largest customer, Walmart Inc. and its affiliates, accounted for consolidated net sales of approximately 16 % in 2025 and 2024 and 15 % in 2023. No other customer represents more than 10% of our consolidated net sales.”
Cited →“We have a global license for the Technology from P&G, which was amended during 2025 to permanently waive the possible clawback of our exclusivity for plants located in North America.”
Cited →
Its suppliers
“Our largest customers of our dispensing and specialty closures business include Beiersdorf AG, British American Tobacco AB, Campbell, The Coca-Cola Company, Colgate-Palmolive Company, Coty, Inc., Dairy Farmers of America, Estée Lauder Companies, The Kraft Heinz Company, or Kraft Heinz, L'Oréal S.A., LVMH Moët Hennessy Louis Vuitton, Mizkan Holdings Co., Ltd., Molson Coors Brewing Company, Natura & Co., Nestlé, O Boticário, PepsiCo Inc., The Procter & Gamble Company, Puig, S.”
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