PG · Forward model · Corporate · Bull case
What has to happen in Corporate
Model as of
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Corporate
Basis quarter$292M
Final quarter$353M
Implied CAGR+4%
Final revenue mix1%
Not a business. Corporate carries incidental businesses managed at the corporate level, divested-brand gains and losses, unallocated employee benefit and restructuring costs, asset impairments, interest expense and the reconciliation from segment blended statutory tax rates to the group effective rate. It is included as a revenue-bearing vertical only so that vertical revenue reconciles exactly to reported net sales.
Last four quarters
2025 Q3
$242M
Reported
2025 Q4
$160M
Reported
2026 Q1
$225M
Reported
2026 Q2
$292M
Reported
Incidental businesses managed at the corporate level
Sequential growth
+0.2%/qtr
decaying toward +0.2%
Pinned at 0.25%/qtr, an assumption. The fitted 4.65% is a small-number artefact worth $391m of phantom FY2027 sales.
Corporate
Latest: $353M (2031Q2E)
| Period | Value |
|---|---|
| 2021Q3 | $138M |
| 2021Q4 | $152M |
| 2022Q1 | $215M |
| 2022Q2 | $239M |
| 2022Q3 | $253M |
| 2022Q4 | $175M |
| 2023Q1 | $173M |
| 2023Q2 | $164M |
| 2023Q3 | $144M |
| 2023Q4 | $126M |
| 2024Q1 | $128M |
| 2024Q2 | $203M |
| 2024Q3 | $163M |
| 2024Q4 | $159M |
| 2025Q1 | $198M |
| 2025Q2 | $274M |
| 2025Q3 | $242M |
| 2025Q4 | $160M |
| 2026Q1 | $225M |
| 2026Q2 | $292M |
| 2026Q3E | $295M |
| 2026Q4E | $298M |
| 2027Q1E | $300M |
| 2027Q2E | $303M |
| 2027Q3E | $306M |
| 2027Q4E | $309M |
| 2028Q1E | $312M |
| 2028Q2E | $315M |
| 2028Q3E | $318M |
| 2028Q4E | $321M |
| 2029Q1E | $324M |
| 2029Q2E | $327M |
| 2029Q3E | $330M |
| 2029Q4E | $333M |
| 2030Q1E | $337M |
| 2030Q2E | $340M |
| 2030Q3E | $343M |
| 2030Q4E | $346M |
| 2031Q1E | $350M |
| 2031Q2E | $353M |
Assumptions & reasoning
- Corporate is carried as a sixth revenue-bearing vertical because P&G reports $919m of Corporate net sales that have to be in the revenue reconciliation; excluding it would leave a 1.06% hole against reported consolidated net sales. It is not a business: it holds incidental businesses managed at the corporate level, divested-brand gains and losses, unallocated employee benefit and restructuring costs, asset impairments and interest.
- Because this vertical already is the unallocated overhead, corporate.overheadPctRevenue is set to zero. Adding a second overhead line on top would count the same cost twice. The -96.74% EBITDA margin is (Corporate operating loss $(1,289)m + Corporate depreciation and amortisation $400m) / Corporate net sales $919m - a $889m cost on $919m of revenue, which is why the percentage is meaningless as a margin and correct as an arithmetic carrier.
- The terminal margin of -15.23% is the one assumed margin change in the model. It removes the $749m of incremental restructuring P&G adjusted out of fiscal 2026 core earnings, because the Focused Portfolio, Supply Chain and Productivity Plan announced in June 2025 runs two years and P&G guides only $0.13 to $0.17 per share of non-core restructuring left in fiscal 2027. The ongoing $250-500m annual restructuring baseline stays in the line. The 0.35 glide closes 82% of that gap inside four quarters.
- The trailing deseasonalised rate for this line is 4.65% a quarter, which is an artefact of a small residual that swings between $126m and $292m with no repeating pattern. Extrapolating it would add $391m of phantom revenue in fiscal 2027 and about $2.4bn by 2031, so growth is pinned at 0.25% a quarter as an explicit assumption.