The Procter & Gamble Company reported QQ1 2025 revenue of USD 21.737 billion with a gross margin of 52.06% and an operating margin of 26.67%, reflecting continued pricing discipline and productivity gains in a backdrop of modest top-line growth. Net income was USD 3.959 billion, translating to a net margin of 18.21% and earnings per share (EPS) of USD 1.65 (diluted USD 1.58). Year-over-year revenue declined by 0.6%, while quarter-on-quarter revenue advanced by 5.87%, underscoring a re-acceleration in demand toward the end of QQ1 after a softer prior-year comparison. Operating income rose modestly year-over-year by 0.5% but surged approximately 49% quarter-over-quarter, driven by operating leverage and ongoing cost discipline. Free cash flow stood at USD 3.309 billion, and net cash provided by operating activities was USD 4.302 billion, highlighting strong cash generation that supports a durable dividend policy and share repurchases. Balance sheet remains robust, with total assets of USD 126.5 billion and total stockholders’ equity of USD 51.84 billion; cash and equivalents of USD 12.16 billion and net debt of USD 23.998 billion, contributing to a solid liquidity position and a conservative leverage profile (debt-to-capital around 0.411). The company continues to benefit from a diversified, resilient portfolio across Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care, enabling defensive growth in a mixed macro environment. Given the cash generation profile and a history of steady dividends, the investment thesis remains centered on stable compounding of earnings, capital returns, and ongoing productivity programs, with upside potential from pricing, category expansion, and accelerated efficiency initiatives.