The Procter & Gamble Company Earnings Recaps
Q4 2026
Jul 31, 2026
Shares of Procter & Gamble declined 3.3% following earnings as investors reacted negatively to lower core EPS and margin compression driven by cost pressures and trade dynamics, despite stable organic sales growth.
Key takeaways
- Core EPS declined 3% year-over-year to $1.43 in Q4, with a 5% decrease on a currency-neutral basis.
- Core operating margin contracted 130 basis points in the quarter, despite a 460 basis point productivity improvement.
- Organic sales were essentially flat in Q4, with modest 1% growth adjusted for restructuring impacts and 2% growth excluding inventory timing effects.
- U.S. organic sales fell 1% amid trade-related sell-in and sell-out mismatches and retailer inventory reductions following shifts like the Amazon Prime Day timing.
- Gross margin remained roughly flat year-over-year, but significant input cost spikes in energy, transportation, and materials weighed on profitability.
Q2 2026
Jan 22, 2026
Procter & Gamble reported a challenging second quarter with organic sales growth primarily driven by international markets, but expects stronger performance in the latter half of the fiscal year due to strategic innovations and productivity improvements.
Key takeaways
- Organic sales were flat year-over-year, with volume down 1% and pricing up 1%; 7 of 10 product categories maintained or increased sales.
- Noteworthy growth from Greater China, with mid-teens sales increase in Pampers and significant share gains in the premium segment.
- Core earnings per share matched the prior year at $1.88, with a robust $4.8 billion returned to shareholders through dividends and share repurchases.
- Core gross margin decreased by 50 basis points; productivity improvements launched, contributing 270 basis points of enhancement.
- Anticipated stronger second-half performance supported by enhanced consumer insights and innovation-driven marketing strategies across key markets.
Q4 2025
Aug 2, 2025
Procter & Gamble demonstrated solid resilience in fiscal year 2025, achieving a 2% organic sales growth and a 4% increase in core EPS amid challenging market conditions. Strategic leadership transitions position the company for continued growth.
Key takeaways
- Organic sales grew 2% for FY25, driven evenly by volume and price/mix contributions, with nine of ten product categories experiencing growth.
- Core EPS increased to $6.83, reflecting efficient cost management and a focus on productivity improvements despite a 40 basis point decline in core gross margin.
- The company returned $16 billion to shareholders, including nearly $10 billion in dividends and $6.5 billion through share repurchases, remaining consistent with prior guidance.