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Head & Shoulders

2026-11-07 · P&G 2025 annual report (10-K); FY2026 Q2 results
CategoryAnti-Dandruff
Founded1961
HeadquartersCincinnati, USA
ListingNot separately listed; parent P&G is listed on the NYSE (PG)
Latest revenueGroup FY2025 net sales USD 84.3bn, net earnings USD 16.0bn
Hero SKUsAnti-Dandruff Shampoo

Brand History

Head & Shoulders launched in the United States in 1961 as the first shampoo brand to make anti-dandruff a category claim in its own right. Built on zinc pyrithione and demonstration-led advertising showing flakes reduced after one wash, it scaled through P&G's global distribution and entered China with the group.

In China the brand has long owned the anti-dandruff mind, extending from core shampoo into men's, silky-smooth and scalp-care sub-lines at RMB 30-90. After the EU banned ZPT in 2022, P&G reformulated globally around alternatives such as piroctone olamine and used the change to refresh the product story. P&G's FY2025 net sales were USD 84.3bn with net earnings of USD 16.0bn; Beauty was 18% of sales, hair care was flat, and China was among the drags.

Hero Products

Anti-Dandruff ShampooThe core SKU, built on strong cleansing and immediate flake reduction.
Silky SmoothCombines anti-dandruff with smoothness for dry, frizzy hair.
Men's RangeStronger oil control and freshness with separate packaging and scent.
Scalp CareAn upgraded line for itch, oiliness and sensitivity.

Three-Year Financials

YearRevenue (USD bn)YoYNet profit (USD bn)
202382.0+2.3%14.7
202484.0+2.5%14.9
202584.3+0.4%16.0
Scope:Group level (P&G, USD; fiscal year ends 30 June)
Brand-level:P&G does not disclose Head & Shoulders revenue. Beauty was 18% of FY2025 net sales; hair care organic sales were flat, with growth in Latin America and Europe offset by volume declines in North America and mainland China.
Source:P&G 2025 annual report (10-K); FY2026 Q2 results

Company Coverage

EDITOR'S NOTE

Editor's note: Head & Shoulders is the textbook category definer — it turned an efficacy word into a brand name. In China, though, anti-dandruff is being reframed as scalp care, with domestic brands slicing the market into oil, itch, sensitivity and mites. The challenge is not the formula but making a 60-year-old single claim feel necessary again.

ShampooAnti-Dandruff