What the changes say
- Middle East conflict is now explicitly tied to energy, supply-chain, inflation and trade-restriction risks.
- Pillar Two’s 15% global minimum tax is newly highlighted alongside tax-audit uncertainty.
- Digital commerce, fragmented media and accelerating consumer changes receive greater emphasis in competition and innovation risks.
- Disease-outbreak risk was removed, while third-party data-security language was removed from the third-party reliance risk.
What changed since the prior 10-K
New
- NewMACROECONOMIC CONDITIONS AND RELATED FINANCIAL RISKS
The conflict in the Middle East could also adversely impact our financial results and operations due to, for example, volatility in global energy markets, supply chain disruptions, inflationary pressures or trade restrictions
Middle East and other geopolitical conflicts could disrupt energy, supply chains and trade, increase inflation and reduce sales, earnings and cash flows.
- NewLEGAL & REGULATORY RISKS
The Procter & Gamble Company 9 with our practice to monitor all changes in tax laws. As the Pillar Two global minimum tax and other tax laws and related regulations are revised, enacted and implemented, a material impact to our financial condition, results of operations, cash flows or effective tax rate may occur
Pillar Two and changing tax laws could materially affect P&G’s tax rate, financial results and cash flows, while tax audits may produce different outcomes.
Dropped
- DroppedBUSINESS OPERATIONS RISKS
We must successfully manage the demand, supply and operational challenges associated with the effects of any future disease outbreak, including epidemics, pandemics or similar widespread public health concerns
- DroppedLEGAL & REGULATORY RISKS
The Procter & Gamble Company 9
Reworded
- 76% rewrittenBUSINESS OPERATIONS RISKS
The ability to achieve our business objectives depends on how well we can compete with our local and global competitors in new and existing markets and channels
Competition now includes an increasing number of rivals, digital tools and fragmented media; failure to respond quickly to digital commerce and new business models could hurt results.
- 55% rewrittenLEGAL & REGULATORY RISKS
Changes in applicable tax laws and regulations and resolutions of tax disputes could negatively affect our financial results
The tax risk now adds OECD Pillar Two’s 15% global minimum corporate tax framework to the discussion.
- 38% rewrittenBUSINESS OPERATIONS RISKS
A significant change in customer relationships or in customer demand for our products could have a significant impact on our business
Digital commerce replaces broader e-commerce wording, and changing customer practices driven by digital tools and media-platform investment are newly emphasized.
- 35% rewrittenMACROECONOMIC CONDITIONS AND RELATED FINANCIAL RISKS
Changing political and geopolitical conditions could adversely impact our business and financial results
The political-risk wording is streamlined while retaining uncertainty around sanctions, taxes, tariffs, trade controls and cross-border movement.
- 30% rewrittenBUSINESS STRATEGY & ORGANIZATIONAL RISKS
Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation, evolving digital marketing and selling platforms and changing consumer habits
Consumer expectations and purchasing habits are described as changing faster, while media is more fragmented and innovation must keep pace.
- 26% rewrittenBUSINESS OPERATIONS RISKS
We rely on third parties in many aspects of our business, which creates additional risk
The updated excerpt removes the specific risk that third parties may improperly secure company and personal data or disclose ingredients inaccurately.
- 23% rewrittenMACROECONOMIC CONDITIONS AND RELATED FINANCIAL RISKS
Disruptions in credit markets or to our banking partners or changes to our credit ratings may reduce our access to credit or overall liquidity
Banking partners are now explicitly exposed to reputational risks in addition to economic, societal and political risks.
- 22% rewrittenBUSINESS OPERATIONS RISKS
Our business results depend on our ability to manage disruptions in our global supply chain
The shown language is materially unchanged, continuing to identify sole-source arrangements, cyberattacks, AI misuse and raw-material shortages as supply-chain threats.
All 17 risk factors
Headings as the filing states them, in filing order.
MACROECONOMIC CONDITIONS AND RELATED FINANCIAL RISKS
- 01Our business is subject to numerous risks as a result of having significant operations and sales in international markets, including foreign currency fluctuations, currency exchange or pricing controls
- 02Uncertain economic or social conditions may adversely impact demand for our products or cause our customers and other business partners to suffer financial hardship, which could adversely impact our business
- 03Changing political and geopolitical conditions could adversely impact our business and financial results35% rewritten
- 04The conflict in the Middle East could also adversely impact our financial results and operations due to, for example, volatility in global energy markets, supply chain disruptions, inflationary pressures or trade restrictionsNew
- 05Disruptions in credit markets or to our banking partners or changes to our credit ratings may reduce our access to credit or overall liquidity23% rewritten
BUSINESS OPERATIONS RISKS
- 06Our business results depend on our ability to manage disruptions in our global supply chain22% rewritten
- 07Our businesses face cost fluctuations and pressures that could affect our results
- 08The ability to achieve our business objectives depends on how well we can compete with our local and global competitors in new and existing markets and channels76% rewritten
- 09A significant change in customer relationships or in customer demand for our products could have a significant impact on our business38% rewritten
- 10If the reputation of the Company or one or more of our brands erodes significantly, it could have a material impact on our financial results
- 11We rely on third parties in many aspects of our business, which creates additional risk26% rewritten
BUSINESS STRATEGY & ORGANIZATIONAL RISKS
- 12Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation, evolving digital marketing and selling platforms and changing consumer habits30% rewritten
- 13We must successfully manage ongoing acquisition, joint venture and divestiture activities
- 14Our business results depend on our ability to successfully manage productivity improvements and ongoing organizational change, including attracting, developing and retaining key talent as part of our overall succession planning
LEGAL & REGULATORY RISKS
- 15We must successfully manage compliance with current and expanding laws and regulations, as well as manage new and pending legal and regulatory matters in the U.S. and abroad
- 16Changes in applicable tax laws and regulations and resolutions of tax disputes could negatively affect our financial results55% rewritten
- 17The Procter & Gamble Company 9 with our practice to monitor all changes in tax laws. As the Pillar Two global minimum tax and other tax laws and related regulations are revised, enacted and implemented, a material impact to our financial condition, results of operations, cash flows or effective tax rate may occurNew
Other Procter & GAMBLE 10-Ks
- FY2025 10-K risk factors20 risks
Global operations expose P&G to currency controls, geopolitical disruption, supply-chain failures and volatile input costs.
Filed Aug 04, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.