SG&A·Benchmarking Benchmark PG SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 22 US-GAAP Tobacco peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 22 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2028 analyst estimates

On the record · verbatim from the earnings calls

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The Procter & Gamble Company SG&A versus peers

The Procter & Gamble Company (PG) runs normalized SG&A at 13.5% of revenue, against a median of 19.0% across 21 Tobacco peers, and 15 of the 21 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

The Procter & Gamble Company reports revenue of $84,284 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 10.9% of revenue (17 of 22 companies disclose it); R&D 2.5% of revenue (12 of 22 companies disclose it); Stock-based comp 0.6% of revenue (20 of 22 companies disclose it).

Over 10 years (FY2016 to FY2025), The Procter & Gamble Company's total shareholder return was +140% against +139% for the peer composite; SG&A contributed +0.8 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/PG.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.