UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
| ý | ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, 2025
OR
| o | TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from __________ to __________.
Commission file number: 1-644
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: | ||||
| COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN | ||
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: | ||||
| 300 PARK AVENUE, NEW YORK, NY 10022 | ||
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS
| Page | |||||
| Report of Independent Registered Public Accounting Firm | |||||
| Financial Statements: | |||||
Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024 | |||||
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2025 | |||||
| Notes to Financial Statements | |||||
| Signatures | |||||
Supplemental schedules were omitted as they are not applicable or not required based on the disclosure requirements of the Employee Retirement Income Security Act of 1974, as amended and applicable regulations issued by the Department of Labor.
Exhibit:
| 23.1 | Consent of Grant Thornton LLP | ||||
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Administrator and Plan Participants
Colgate-Palmolive Puerto Rico Savings and Investment Plan
Opinion on the financial statements
We have audited the accompanying statements of net assets available for benefits of Colgate-Palmolive Puerto Rico Savings and Investment Plan (the “Plan”) as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ GRANT THORNTON LLP
We have served as the Plan’s auditor since 2011.
Philadelphia, Pennsylvania
June 24, 2026
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2025 AND 2024
| 2025 | 2024 | |||||||||||||
| Assets | ||||||||||||||
| Investments: | ||||||||||||||
| Plan’s interest in the Colgate-Palmolive Savings & Investment Plans Master Trust | $ | $ | ||||||||||||
| Receivables: | ||||||||||||||
| Company contributions | ||||||||||||||
| Participant contributions | ||||||||||||||
| Total receivables | ||||||||||||||
| Total assets | ||||||||||||||
| Net assets available for benefits | $ | $ | ||||||||||||
The accompanying notes are an integral part of these financial statements.
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2025
| Additions | |||||
| Investment income: | |||||
| Change in Plan’s interest in the Colgate-Palmolive Savings & Investment Plans Master Trust | $ | ||||
| Contributions: | |||||
| Company | |||||
| Participant | |||||
| Total contributions | |||||
| Total additions | |||||
| Deductions | |||||
| Distributions to participants | ( | ||||
Total deductions | ( | ||||
| Increase in net assets available for benefits | |||||
| Net assets available for benefits – beginning of year | |||||
| Net assets available for benefits – end of year | $ | ||||
The accompanying notes are an integral part of these financial statements.
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
The following description of the Colgate-Palmolive Puerto Rico Savings and Investment Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.
The Plan was created on February 1, 1994 to provide retirement benefits for eligible employees and is sponsored by Colgate-Palmolive Company Distr. LLC (the “Plan Sponsor” or the “Company”), a wholly-owned subsidiary of Colgate-Palmolive Company. Banco Popular de Puerto Rico is the trustee of the Plan. The recordkeeper of the Plan is Alight Solutions LLC. The Plan’s investments are contained within the Colgate-Palmolive Savings & Investment Plans Master Trust (the “Master Trust”) and the custodian of the Plan is the Bank of New York Mellon.
The Plan is a defined contribution retirement plan and is administered by the Colgate-Palmolive Company Employee Relations Committee (the “Committee”). The Plan is subject to the reporting and disclosure requirements, participation and vesting standards and fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and to the Puerto Rico Internal Revenue Code of 2011, as amended (“Puerto Rico IRC”).
Effective January 1, 2024, employees are eligible to participate in the Plan upon hire, regardless of their scheduled or completed hours. Prior to that, employees eligible to participate in the Plan were required to meet certain minimum hourly service requirements and be at least 21 years old.
As of December 31, 2025, the Plan maintained the following funds (all through the Master Trust):
Name of Fund | Description of the type of investment | ||||
| Short Term Fixed Income Fund | Guaranteed investment contracts and cash reserve funds | ||||
| Employee Directed Common Stock Fund | Colgate-Palmolive Company Common Stock and cash reserve funds | ||||
| American Funds EUPAC Fund | Primarily invests in stocks of companies in Europe and the Pacific Basin | ||||
| Baird Core Plus Bond Fund | Primarily invests its assets in a diversified portfolio of U.S. government, corporate, mortgage and asset-backed securities | ||||
| Neuberger Berman Genesis Fund; R6 | Primarily invests in stocks of companies with total market value of less than $ | ||||
| BlackRock LifePath Funds | Funds whose investment mix across a range of asset classes becomes more conservative as the target or maturity date approaches | ||||
| State Street US Bond Index Securities Lending Series Fund Class XIV | Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Bloomberg U.S. Aggregate Bond Index over the long term | ||||
| State Street Global All Cap Ex-U.S. Index Securities Lending Series Fund | Fund seeks an investment return that approximates as closely practicable, before expenses, the performance of the MSCI ACWI ex USA IMI Index over the long term | ||||
| State Street S&P 500 Index Fund CL II | Fund seeks an investment return that approximates as closely practicable, before expenses, the performance of the S&P 500 Index over the long term | ||||
| State Street Russell Small/Mid Cap Index Fund CL II | Fund seeks an investment return that approximates as closely practicable, before expenses, the performance of the Russell Small Cap Completeness Index over the long term | ||||
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
Savings Program
Participant Contributions
Employees can generally contribute to the Plan between 1 % and 100 % of their eligible compensation. Participants may generally begin, resume or suspend contributions, change their contribution rate and the allocation of their contributions between pre-tax and after-tax earnings on a daily basis. Participants are always fully vested in their contributions and related investment earnings. Under the Puerto Rico IRC the maximum allowable participant pre-tax contribution was $15,000 for 2025. Participants who are expected to reach or are over the age of 50 during the Plan year and have made the maximum pre-tax contributions are eligible to make additional catch-up contributions. The maximum allowable catch-up contribution under the Puerto Rico IRC was $1,500 for 2025, on a pre-tax basis.
Participants are also able to contribute to the Plan rollover distributions from other qualified benefit plans.
Employees participating in the Plan may direct the investment of their contributions into various investment options offered by the Plan and may change their investment direction on a daily basis. Participants may, on a daily basis, diversify/transfer their participant account balances among any of the investment funds in the Plan.
Company Matching Contributions
The Company matches participant pre-tax contributions at a rate of 50 % or 75 % of the participant’s pre-tax contributions, up to a maximum of 6 % of participant eligible compensation depending on years of service. Company matching contributions are invested in the same manner as participant elections for investment of their participant contributions. Contributions made are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan. Participants are 50 % vested in their matching contribution accounts after two years of service and fully vested after three years of service or, if while active, they reach age 55, become permanently disabled, or die, or in the event of Plan termination. Effective April 1, 2024, employer contributions, including Company matching contributions are not available to interns.
Company Retirement Contributions Program
Eligible employees generally receive Basic Retirement Contributions (“BRCs”) and Additional Basic Retirement Contributions (“ABRCs”). BRCs are based on eligible compensation and number of years of service with the Company. Employees with less than 10 years of service will receive 4 % of eligible compensation and employees with 10 or more years of service will receive 5 % of eligible compensation. ABRCs in the amount of 1 % of eligible compensation are made for employees hired prior to November 1, 2012. Effective April 1, 2024, employer contributions, including BRCs, are not available to interns.
Company retirement contributions are allocated to the Plan’s investment funds in the same manner as employee elections
for investment of their own contributions. Participants are 25 % vested after 2 but less than 3 years of service, 50 % vested after 3 years but less than 4 years of service, 75 % vested after 4 but less than 5 years of service, and 100 % after 5 years, or, if while active, they reach 55, become permanently disabled, or die, or in the event of Plan termination.
Participant Accounts
An account is maintained for each participant, credited with the types of contributions described above as well as allocation of fund earnings or losses, and expenses. Depending on fund elections, certain participant investment accounts are also charged with monthly investment service fees. The benefit to which a participant is entitled upon termination of employment is the vested portion of the amount accumulated in the participant’s account.
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
Distributions
Participating employees can receive a distribution from the Plan due to retirement, permanent disability, termination or death. Unvested balances will be forfeited in the event of termination. In-service withdrawals are available as specified by the Plan.
Forfeitures
After the earlier of the distribution of the terminated participant’s vested account balances or the fifth anniversary of the participant’s termination, nonvested account balances are considered forfeited and can be used to reduce Company contributions that are otherwise due under the Plan, with any remaining balances first used to restore account balances in accordance with the terms of the Plan and then used for any permissible purpose, including but not limited to payment of reasonable Plan expenses not otherwise paid by the Company (in its capacity as a settlor) or satisfied through other means. There were no 4,113 of forfeitures to reduce Company contributions.
Plan Termination
Although it has not expressed any intention to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and/or terminate the Plan subject to the provisions set forth in ERISA. In the event of termination of the Plan, the Committee shall compute and distribute the value of the accounts of the participants.
2. Summary of Significant Accounting Policies
Basis of Accounting
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Interest in Master Trust
Investment Valuation and Income Recognition
Investments maintained by the Master Trust, other than investments in collective trust funds and synthetic guaranteed investment contracts (“GICs”), are stated at fair value based on quoted market prices or as otherwise determined by the Bank of New York Mellon, the Master Trust custodian. Collective trust funds are stated at fair value using the net asset value (“NAV”) per unit in each fund. The NAV is based on the fair value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. The liabilities, which are primarily investment management fees due, are included as part of the Plan’s interest in the Master Trust in the Statements of Net Assets Available for Benefits.
The plan maintains fully benefit-responsive synthetic GICs with insurance companies, banks and other financial institutions held as investments within the Master Trust at contract value. The synthetic GICs represent investments that have fixed income securities paired with benefit-responsive wrap contracts. Wrap contracts are issued by high-quality financial institutions with primarily the following objectives: to provide a fixed rate of interest for a specified period of time and to enable the fund to pay participant-initiated withdrawals at book value.
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
In certain circumstances, the amount withdrawn from the synthetic GICs would be payable at fair value rather than at contract value. These events include termination of the Plan, a material adverse change to the provisions of the Plan, if the Plan elects to withdraw from a contract in order to switch to a different investment provider, or if the terms of a successor plan (in the event of the spin-off or sale of a division) do not meet the contract issuer’s underwriting criteria for issuance of a similar contract.
The contract issuers could terminate the contract upon short notice at the fair value of the underlying investments in certain circumstances, including the Plan’s loss of its qualified status, uncorrected material breaches of responsibilities, or material and adverse changes to the provisions of the Plan. Such circumstances, resulting in the payment of benefits at market value rather than contract value, are not considered probable of occurring in the foreseeable future.
As of December 31, 2025 and 2024, there were no reserves against the wrap contracts' carrying values for credit risks of the issuers.
Purchases and sales are recorded on a trade-date basis. Net appreciation or depreciation in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year. Dividend income is recorded on the ex-dividend date. The Plan’s interest in the net investment income (loss) of the Master Trust includes the Plan’s share of gains and losses on investments bought and sold as well as held during the year by the Master Trust and its share of interest and dividends earned by the Master Trust and is included in the Statements of Changes in Net Assets Available for Benefits.
Benefit Payments Recognition
Benefits paid directly to participants are recorded when paid.
Contributions
Contributions from Plan participants and the matching contributions from the Employer are recorded in the year in which the employee contributions are withheld from compensation.
Administration
The Plan is administered by the Committee for the benefit of the Plan participants and their beneficiaries. Administrative expenses are paid by the Company. Expenses that are paid directly by the Company are excluded from these financial statements.
3. Tax Status
The Plan Sponsor adopted an individually designed plan for which the Plan Sponsor received a favorable opinion letter, dated May 2, 2016, from the Treasury Department of Puerto Rico. Accordingly, the Plan is exempt from United States income taxes under Section 1022(i)(1) of ERISA and from Puerto Rico income taxes under Sections 1081(a) and (d) of the Puerto Rico IRC.
U.S. GAAP requires the Plan administrator to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Puerto Rico Treasury Department. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
4. Plan ’s Interest in Master Trust
The Plan’s investments are part of the Master Trust and the custodian of the Plan is the Bank of New York Mellon. The Plan’s custodian and recordkeeper maintain a separate account for the associated Plan assets and liabilities held within the Master Trust.
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
As of December 31, 2025 and 2024, the Master Trust held investments in Colgate-Palmolive Company Common Stock, mutual funds, cash reserve funds, a separately managed account, synthetic GICs and collective trust funds. Refer to Note 1, Description of the Plan, for additional discussion on the types of investments held within the Master Trust.
The value of the Plan’s interest in the Master Trust is based on the beginning value of the Plan’s interest in the Master Trust plus actual contributions and allocated net investment income (loss) less actual distributions and allocated administrative expenses.
At both December 31, 2025 and 2024, the Plan's interest in the net assets of the Master Trust was 0.6 The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s interest in the Master Trust as of December 31, 2025:
Net Assets as of December 31, 2025 | ||||||||||||||
| Master Trust | Plan’s Interest in Master Trust | |||||||||||||
| Investments in the Master Trust | ||||||||||||||
| Colgate-Palmolive Company Common Stock | $ | $ | ||||||||||||
| Mutual funds | ||||||||||||||
| Cash reserve funds | ||||||||||||||
| Separately managed account | ||||||||||||||
| Investments in the fair value hierarchy | ||||||||||||||
| Investments measured at net asset value | ||||||||||||||
| Investments at contract value | ||||||||||||||
| Total investments | ||||||||||||||
| Receivables | ||||||||||||||
| Total assets | ||||||||||||||
| Payables | ||||||||||||||
| Total | $ | $ | ||||||||||||
The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s interest in the Master Trust as of December 31, 2024:
Net Assets as of December 31, 2024 | ||||||||||||||
| Master Trust | Plan’s Interest in Master Trust | |||||||||||||
| Investments in the Master Trust | ||||||||||||||
| Colgate-Palmolive Company Common Stock | $ | $ | ||||||||||||
| Mutual funds | ||||||||||||||
| Cash reserve funds | ||||||||||||||
| Separately managed account | ||||||||||||||
| Investments in the fair value hierarchy | ||||||||||||||
| Investments measured at net asset value | ||||||||||||||
| Investments at contract value | ||||||||||||||
| Total investments | ||||||||||||||
| Receivables | ||||||||||||||
| Total assets | ||||||||||||||
| Payables | ||||||||||||||
| Total | $ | $ | ||||||||||||
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COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
The following table presents net investment income (loss) for the Master Trust for the year ended December 31, 2025:
| Master Trust net investment income (loss): | For The Year Ended December 31, 2025 | ||||
| Interest | $ | ||||
| Dividends | |||||
| Appreciation in the fair value of investments, net | |||||
| Master Trust net investment income (loss): | $ | ||||
The Plan’s interest in Colgate-Palmolive Savings & Investment Plans Master Trust's net investment income for the year ended December 31, 2025 was $823,679 .
5. Investments and Fair Value Measurements
Fair Value Measurements
The Plan uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates.
Assets and liabilities carried at fair value are classified as follows:
| Level 1: | Based upon quoted market prices in active markets for identical assets or liabilities. | |||||||
| Level 2: | Based upon observable market-based inputs or unobservable inputs that are corroborated by market data. | |||||||
| Level 3: | Based upon unobservable inputs reflecting the reporting entity’s own assumptions. | |||||||
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.
The valuation methodologies used for the Plan assets are as follows:
Colgate-Palmolive Company Common Stock: Valued at the closing price reported on the active market on which the individual securities are traded.
Mutual funds: Valued at the NAV of units held by the Plan at year end based upon quoted market prices. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the fund’s net asset value per unit as of the redemption date.
Cash reserve funds: Valued at cost, which approximates fair value. The funds have no restrictions from redemption.
Collective trust funds: Valued using the NAV per unit of each fund as a practical expedient for fair value. The NAV practical expedient is based on the value of the underlying investments owned by each trust, minus its liabilities, divided by the number of shares outstanding. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the fund’s NAV practical expedient per unit as of the redemption date.
11
COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
The following table presents the level of valuation input, as applicable, for those investments measured at fair value at December 31, 2025:
| Level 1 | Total | |||||||||||||
| Colgate-Palmolive Company Common Stock | $ | $ | ||||||||||||
| Mutual funds | ||||||||||||||
| Cash reserve funds | ||||||||||||||
| Investments in the fair value hierarchy | ||||||||||||||
Investments measured at net asset value(1) | ||||||||||||||
| Investments at fair value | $ | $ | ||||||||||||
(1) Consists of Collective trust funds.
The following table presents the level of valuation input, as applicable, for those investments measured at fair value at December 31, 2024:
| Level 1 | Total | |||||||||||||
| Colgate-Palmolive Company Common Stock | $ | $ | ||||||||||||
| Mutual funds | ||||||||||||||
| Cash reserve funds | ||||||||||||||
| Investments in the fair value hierarchy | ||||||||||||||
Investments measured at net asset value(1) | ||||||||||||||
| Investments at fair value | $ | $ | ||||||||||||
6. Risks and Uncertainties
The Plan invests in various investment securities which are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of these securities may occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
7. Related Party and Party-in-Interest Transactions
SIGNATURES
12
The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
| COLGATE-PALMOLIVE PUERTO RICO | |||||||||||
| SAVINGS AND INVESTMENT PLAN | |||||||||||
| (Name of Plan) | |||||||||||
| Date: | June 24, 2026 | /s/ Stanley J. Sutula III | |||||||||
| Stanley J. Sutula III | |||||||||||
| Chief Financial Officer | |||||||||||
| Colgate-Palmolive Company | |||||||||||
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