What The Procter & Gamble Company told the SEC could break it.

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.”

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”

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.”

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.”