Dear Colgate Shareholders

Welcome from Noel Wallace, Chairman, President and CEO

We are very pleased to have continued our strong, top-line growth momentum in 2022, as this was our fourth consecutive year delivering organic sales growth at or above our 3% to 5% long-term targeted range. Net sales increased 3.0%, and organic sales (excludes foreign exchange, acquisitions and divestments) grew 7.0%* with growth in all four of our categories and across emerging and developed markets, despite a very difficult operating environment.

We maintained our strong balance sheet and the Board of Directors authorized an increase in the quarterly cash dividend. This was our 60th consecutive year of dividend increases and our 128th consecutive year paying a dividend.

As a caring, innovative growth company we are united behind our purpose: Reimagining A Healthier Future for all people, their pets and our planet. Our priorities remain focused on continuing our organic sales growth momentum, further strengthening and scaling our improved capabilities, increasing productivity and efficiencies to drive margin expansion, investing in our brands and our people and making progress on our sustainability and social impact goals.

2022 At A Glance

Cash Returned to Shareholders

We are executing the right strategy and driving growth across our portfolio.

Colgate people everywhere are focused on driving sustainable, profitable growth and our strong, broad-based organic sales growth over the past four years is evidence that our strategy is working. This strategy is tightly focused around four attractive core categories—oral care, pet nutrition, personal care and home care—with many products that are backed by science and strong professional endorsements.

  • We have a focused portfolio of leading brands in growing categories competing across multiple price tiers, which positions us well in today’s difficult macroeconomic environment.
  • Consumers use the vast majority of our products every day, when they shower, when they clean their homes, when they feed their pets and, of course, when they brush their teeth.
  • We are elevating our professional engagement model to be an even stronger strategic differentiator to drive advocacy behind our science and consumer loyalty. We recently established a new global team to enhance our engagement with dentists, veterinarians, dermatologists and other professionals, and drive synergies and best practices across our oral care, pet nutrition and skin health businesses.

Key to our growth strategy is accelerating science-led, core and premium innovation with a focus on more breakthrough and transformational products.

  • Consumers want products with real benefits and are willing to pay a premium for them. Science-based innovation has long been the backbone of our company. By playing to our strengths we believe we will continue to win with consumers across our categories. At Hill’s, for example, we used cutting-edge wearable technology and our expertise in clinical research to develop Hill’s Prescription Diet Derm Complete, a breakthrough nutrition that helps manage food and environmental sensitivities in dogs.
  • Reinvigorating our larger core businesses with upgraded formulas, new packaging and compelling new messaging across platforms is allowing us to premiumize those businesses, gain market share and drive growth. The relaunches of Colgate Total toothpaste across Asia Pacific, StaSoft fabric conditioner in South Africa and Hill’s Prescription Diet pet food in the U.S. drove organic sales growth in each of those markets in 2022.

Science-Led Innovation Driving Our Growth

In addition to accelerating innovation, our growth strategy centers around pursuing higher-growth adjacent categories and segments, and expanding in faster-growing channels and markets.

  • We are advancing the whitening segment with science-led innovations. In the U.S., Colgate Optic White Pro Series toothpaste with 5% hydrogen peroxide, our highest level yet, is driving significant market share gains and, in India, our new Colgate Visible White O2 toothpaste with active oxygen technology is establishing the whitening category in that country.
  • Our sales in eCommerce, one of the fastest-growing channels in which we compete, grew double-digits in 2022 and now represent 14% of our global sales; and, our online market shares are higher than our general market shares in nearly all of our top eCommerce markets.

We are leveraging our improved capabilities across the company to drive growth.

Our digital transformation is an ever-evolving journey as technology and consumer expectations keep advancing. We are making significant investments in this area to improve our capabilities and skill sets and are sharing expertise across the organization. While still early in our journey, we are making great progress. According to a survey performed by a leading management consulting firm, over the past two years, Colgate has moved faster and more consistently across all of their measures of digital and data-driven marketing compared to industry peers.

  • We are scaling enterprise-wide digital tools and using scorecards to measure our progress so we can drive continuous improvement and, ultimately, improve our return on investment on everything we do from a marketing investment perspective.
  • Our teams participate in global digital summits to share best practices across categories and geographies.
  • We are using advanced data analytics to improve our digital media buying and content creation to optimize our return on investment across digital touchpoints.
  • Revenue Growth Management (RGM) has become a real muscle for the organization, helping us be more efficient with our promotional spending. Underpinning this effort, we have built a dynamic RGM analytics application that is constantly being tested and iterated to ensure we are developing a truly game-changing capability.

In today’s challenging cost environment, our relentless focus on productivity has been more important than ever. Our 2022 Global Productivity Initiative is generating significant savings and we continue to accelerate our ongoing funding-the-growth cost-saving initiatives in the areas of automation, factory performance, transportation and next generation systems for demand planning. We expect even greater savings from both of these initiatives in 2023 versus 2022, which will help fund investment while driving earnings per share growth.

We are investing in our brands, our businesses and our people.

To drive sustainable, profitable growth we know we have to keep an eye to the future by continuing to invest across all areas of our business. While advertising was down slightly on a dollar basis in 2022 due to negative foreign exchange, our advertising spend in local currency increased behind robust innovation activity. We expect advertising to increase in 2023 in both dollars and as a percent to sales.

  • We are shifting investment to more compelling, equity-building messaging across our portfolio. One of our most powerful campaigns positions Colgate as the Champion of Optimism, inspiring people to “Smile Strong.” Importantly, this type of messaging drives growth not just for toothpaste but for the entire Colgate brand. Likewise, our “Science Did That” campaign is driving significant growth across our Hill’s portfolio.
  • We are working with our customers to provide affordable options. In most of our categories we sell products with a range of sizes and price points so our retail partners can offer products that consumers can afford, despite the difficult macroeconomic environment.

Capital spending is also an important part of our growth strategy. Capital spending increased in 2022 as we expanded capacity in fast-growing segments of our business and invested in new technologies and in our efforts to achieve our sustainability goals.

  • Leveraging our balance sheet and global supply chain capabilities, in 2022, we acquired two pet food businesses with three manufacturing facilities in the United States and one in Europe, enabling us to meet increasing global demand for Hill’s pet food much more quickly, and at a significantly lower level of investment than building that additional capacity ourselves.

When I reflect on all we have accomplished this year, I am truly inspired by the power of Colgate people to execute against our business strategies despite the many challenges we faced. Providing them with the skills and resources to succeed is of the utmost importance as we navigate today’s dynamic operating environment and set ourselves up to achieve our goals in the future.

  • Over the past two years, 16,000 Colgate people completed digital training and 14,000 completed data literacy training.

We are also expending substantial resources to evolve our culture, including educating, measuring and transparently reporting on our progress in creating an inclusive and diverse organization. We truly believe a diverse and inclusive culture strengthens our business results.

  • 100% of our managers receive unconscious bias and allyship training to understand and remove biases both in themselves and in others, and to learn how they can be inclusive leaders and champion diverse and underrepresented people.
  • You can learn more about our Global Diversity, Equity & Inclusion (DE&I) Strategy and our progress in this area in our DE&I Report available on our website.

We are reimagining a healthier, more sustainable future for all.

With the Colgate brand in more homes than any other, we feel a strong responsibility to make the world a better place. Sustainability is incorporated into all aspects of our business and 2022 was another year of key accomplishments in this area.

  • We have ambitious goals to accelerate action on climate change and are proud that we were the first large multinational company in our sector to have our Net Zero targets approved by the Science Based Targets initiative, the global gold standard for evaluating and approving climate targets.
  • Since introducing our first-of-its-kind recyclable toothpaste tube in 2019, as of December 31, 2022, we have transitioned over 40% of our toothpaste SKUs globally to recyclable tubes and continue to share the technology with third parties to encourage recyclability of all tubes in practice and at scale.
  • You can read more about our 2025 Sustainability & Social Impact Strategy and our progress against our sustainability targets here and on our website.

Looking ahead

We are beginning 2023 with optimism, confidence and purpose. Aligned behind a proven strategy with strong growth momentum, we are well positioned to deliver sustainable, profitable growth in 2023 and beyond. As we move ahead together, I would like to thank all Colgate people for their extraordinary commitment to achieving our goals, and express appreciation for the support of our consumers, customers, suppliers, shareholders and Board of Directors.


Noel Wallace
Chairman, President and Chief Executive Officer

Colgate and NASA Sign Space Act Agreement

Colgate is a caring, innovative growth company that is reimagining a healthier future for all. To advance our purpose, Colgate has signed an agreement with the National Aeronautics and Space Administration (NASA) to explore innovative solutions to advance oral health, personal care and skin health for both astronauts in space and people around the globe. The agreement also enables Colgate to utilize the International Space Station as an experimental testing ground, empowering us to discover new insights and accelerate innovations that will promote health and wellbeing for all people on Earth.

Play Video

* For a reconciliation of organic sales growth to net sales growth, see our Annual Report on Form 10-K.

Science-Led Innovation Driving Our Growth

Advances in the U.S. Whitening Segment

  • Our highest level of hydrogen peroxide in a whitening toothpaste
  • LED ComfortFit teeth whitening kit removes 10 years of stains in just 3 days
  • Continuing market share momentum for the Optic White franchise

Play Video

Hill’s Prescription Diet Derm Complete

  • Breakthrough nutrition to manage food and environmental sensitivities
  • Specially formulated to support skin health
  • Driving market share gains in the U.S. and Europe

Play Video

Protex Pro Providing ­New Skin Health Benefits

  • Hydrates, moisturizes and reinforces skin’s defenses
  • Driving premiumization and market share gains for Protex in Latin America

Play Video

Our Leading Brands

Play Video

Oral Care
43% of Net Sales
Pet Nutrition
21% of Net Sales
Personal Care
19% of Net Sales
Home Care
17% of Net Sales

About Colgate-Palmolive

Colgate-Palmolive Company is a caring, innovative growth company that is reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, we sell our products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. We are recognized for our leadership and innovation in promoting sustainability and community wellbeing, including our achievements in decreasing plastic waste and promoting recyclability, saving water, conserving natural resources and improving children’s oral health through the Colgate Bright Smiles, Bright Futures program, which has reached more than 1.6 billion children since 1991. For more information about Colgate’s global business and how we are building a future to smile about, visit our website.

2025 Sustainability &
Social Impact Strategy

We are pleased to report excellent progress in 2022 on our 2025 Sustainability & Social Impact Strategy. Our continued commitment to building environmental and social consciousness into every decision earned us recognition in 2022 on the Dow Jones Sustainability Indices for the sixth consecutive year and as a U.S. EPA ENERGY STAR® Partner of the Year for the 12th consecutive year. We were also named to both the CDP Water A List and CDP Climate A List. In addition to the highlights below, more about our 2025 Sustainability & Social Impact Strategy progress is available in the Sustainability section of our website.

Social Impact

We are committed to helping to ensure the wellbeing of all people and their pets, building a culture of inclusivity and creating meaningful opportunities for all people to succeed inside and outside Colgate.

Colgate Bright Smiles, Bright Futures is our flagship oral health and wellbeing initiative. Since the program was established in 1991, we have reached over 1.6B children and their families in places that are convenient for them in more than 100 countries.
We are making good progress in the advancement of women and Blacks in the organization with representation at the senior leadership level increasing in 2022 to 36% for women and 11% for Blacks.

Millions Of Homes

We are empowering people to develop healthier habits by choosing sustainable products that improve their lives and homes from oral and personal care to home care and pet nutrition.

Since 2002, Hill’s Food, Shelter & Love program has provided more than $305M in pet food to more than 1,000 pet shelters and helped more than 13 million pets find their new homes across North America.
Since introducing our first-of-its-kind recyclable toothpaste tube in 2019, as of December 31, 2022, we have transitioned over 40% of our toothpaste SKUs globally to recyclable tubes; and in India, in 2022, we launched Colgate RecyClean, our first 100% recycled plastic handle toothbrush with plant-based bristles.

Preserving Our

We are accelerating action on climate change and reducing our environmental footprint, including by working with our partners and operations to eliminate waste, decrease plastic usage, save water and conserve natural resources.

We are taking steps in our efforts to combat climate change by committing to achieve Net Zero carbon emissions across our operations and our supply chain by 2040. In 2022, our Net Zero targets were approved by the Science Based Targets initiative.
We were the 1st large multinational company in our sector to receive approval.
As of December 31, 2022, we have achieved 32 TRUE Zero Waste certifications in 19 countries across five continents, more than any other company.

Our Leadership

Board of Directors

John P. Bilbrey

Independent Director
Former Chairman, President and Chief Executive Officer of The Hershey Company
Elected director in 2015.
Age 66

John T. Cahill

Independent Director
Vice Chairman of The Kraft Heinz Company
Elected director in 2005.
Age 65

Lisa M. Edwards

Independent Director
Executive Chair of Diligent Institute
Elected director in 2019.
Age 55

C. Martin Harris

Independent Director
Associate Vice President of the Health Enterprise and Chief Business Officer of the Dell Medical School at The University of Texas at Austin
Elected director in 2016.
Age 66

Martina Hund-Mejean

Independent Director
Former Chief Financial Officer of Mastercard Inc.
Elected director in 2020.
Age 62

Kimberly A. Nelson

Independent Director
Former Senior Vice President, External Relations of General Mills, Inc.
Elected director in 2021.
Age 60

Lorrie M. Norrington

Independent Lead Director
Operating Partner of Lead Edge Capital LLC
Elected director in 2015.
Age 63

Michael B. Polk

Independent Director
Advisory Director to Berkshire Partners LLC, Chief Executive Officer of Implus LLC
Elected director in 2014.
Age 62

Stephen I. Sadove

Independent Director
Founding Partner, JW Levin Management Partners LLC
Elected director in 2007.
Age 71

Noel Wallace

Chairman, President and Chief Executive Officer of Colgate-Palmolive Company
Elected director in 2019
and Chairman in 2020.
Age 58

Welcome, Steve Cahillane

Independent Director
Chairman, President and Chief Executive Officer of Kellogg Company
Elected director in 2023.
Age 57

Executive Team

Noel Wallace

Chairman, President and Chief Executive Officer

Jennifer M. Daniels

Chief Legal Officer and Secretary

Stanley J. Sutula III

Chief Financial Officer

Prabha Parameswaran

Group President, Growth and Strategy

Panagiotis Tsourapas

Group President, Europe and Developing Markets

Click here for biographical information for our directors and leadership team.

Reconciliation Of Non-GAAP
Financial Measures

The following is provided to supplement certain financial measures discussed in this report both as reported (GAAP) and excluding the impact of certain items (non-GAAP) as shown below. Investors and analysts use these financial measures in assessing the Company’s business performance, and management believes that presenting these financial measures on a non-GAAP basis provides them with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends. These non-GAAP financial measures also enhance the ability to compare period-to-period financial results. The Company uses these financial measures internally in its budgeting process, to evaluate segment and overall operating performance and as factors in determining compensation. While the Company believes that these financial measures are useful in evaluating the Company’s underlying business performance and trends, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. This report also discusses organic sales growth, which is net sales growth excluding the impact of foreign exchange, acquisitions and divestments. For a reconciliation of organic sales growth to net sales growth, see the Company’s Annual Report on Form 10-K.


(Dollars in Millions Except Per Share Amounts) Operating
As Reported (GAAP) $2,893 $1,785 $2.13
Goodwill and Intangible Assets Impairment Charges 721 620 0.74
2022 Global Productivity Initiative 95 87 0.10
Gain on Sale of Land in Asia Pacific (47) (15) (0.02)
Acquisition-Related Costs 19 16 0.02
Excluding Items (Non-GAAP) $3,681 $2,493 $2.97


(Dollars in Millions Except Per Share Amounts) Operating
As Reported (GAAP) $3,332 $2,166 $2.55
Goodwill and Intangible Assets Impairment Charges 571 518 0.61
Loss on Early Extinguishment of Debt - 55 0.07
Value-Added Tax Matter in Brazil (26) (20) (0.02)
Excluding Items (Non-GAAP) $3,877 $2,719 $3.21


(Dollars in Millions Except Per Share Amounts) Operating
As Reported (GAAP) $3,885 $2,695 $3.14
Global Growth and Efficiency Program (16) (13) (0.02)
Subsidiary and Operating Structure Initiatives - (71) (0.08)
Acquisition-Related Costs 6 4 -
Loss on Early Extinguishment of Debt - 18 0.02
Excluding Items (Non-GAAP) $3,875 $2,633 $3.06

Shareholder Information

Corporate Office

Colgate-Palmolive Company
300 Park Avenue
New York, NY 10022
(212) 310-2000

Stock Exchange

The common stock of Colgate-Palmolive Company is listed and traded on the New York Stock Exchange under the symbol CL.

Transfer Agent and Registrar

Our transfer agent, Computershare, can assist you with a variety of shareholder services including change of address, stock transfers, questions about dividend checks, direct deposit of dividends and Colgate’s Direct Stock Purchase Plan.

Direct Stock Purchase Plan

A Direct Stock Purchase Plan is available through Computershare. The Plan includes dividend reinvestment options, offers optional cash investments by check or automatic monthly payments, as well as many other features. If you would like to learn more about the Plan or to enroll, please contact Computershare:

P.O. Box 43078
Providence, RI 02940-3078
1-800-756-8700 or (781) 575-3301


Hearing impaired:
TDD 1-800-231-5469

Annual Meeting

Colgate’s shareholders are invited to attend our annual meeting, which will be held exclusively online via live webcast. It will be held at 10:00 a.m. ET on Friday, May 12, 2023 and can be accessed at

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Communications to the Board of Directors

Colgate shareholders and other interested parties are encouraged to communicate directly with the Company’s independent directors as a group, individual independent directors and committee chairs by sending an email to or by writing to Directors, c/o Office of the Chief Legal Officer, Colgate-Palmolive Company, 300 Park Avenue, 11th Floor, New York, NY 10022. Such communications are handled in accordance with the procedures described in the Governance section of our website.

Forward-Looking Statements

This 2022 Annual Report may contain forward-looking statements. These statements are made on the basis of our views and assumptions as of this time, and we undertake no obligation to update these statements. We caution investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. Investors should consult the Company’s filings with the Securities and Exchange Commission (SEC) (including the information set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022) for information about certain factors that could cause such differences.

SEC and NYSE Certifications

The certifications of Colgate’s Chief Executive Officer and Chief Financial Officer, required under Section 302 of the Sarbanes-Oxley Act of 2002, have been filed as exhibits to Colgate’s Annual Report on Form 10-K for the year ended December 31, 2022. In addition, in 2022, Colgate’s Chief Executive Officer submitted the annual certification to the NYSE regarding Colgate’s compliance with the NYSE corporate governance listing standards.

Reports and Polices

Annual reports, press releases, SEC filings and other publications are available on our website. Also available on our website is additional information on our Sustainability & Social Impact and Diversity, Equity & Inclusion strategies and recent achievements, our Code of Conduct, and Colgate’s sustainability policies on, among other things, Ingredient Safety, No Deforestation, Palm Oil, Responsible Soy, Environment, Health & Safety, and Product Research and Animal Welfare.

Investor Relations

1-855-322-3551 or (212) 310-2575

Institutional Investors:

Call John Faucher at (212) 310-3653

Consumer Affairs

For Oral, Personal and Home Care

For Hill’s Pet Nutrition

Corporate Communications

(212) 310-2717

Media Inquiries

(212) 310-2670


More information about Colgate and our products is available on our website.

© 2023 Colgate-Palmolive Company
Design by Robert Webster Inc. (RWI),
Website by Impressive Click