Procter & Gamble Stock Earnings Reports

Procter & Gamble delivered a solid start to fiscal 2026 with 40 consecutive quarters of organic sales growth and core EPS of $1.99 (up 3%). Organic sales grew ~2% (volume essentially flat; price and mix each +1%). Performance was broad-based: Skin & Personal Care led (high single digits); several other categories grew low single digits; Fabric Care and Family Care were down low single digits. Regionally, North America grew ~1%, Greater China improved (+5%) with strong momentum, and Latin America was strong (+7%). Global market share was down ~30 bps but 24 of 50 top category/country combos held or grew share. Core gross margin was down 50 bps but operating margin was stable with strong productivity gains (230 bps); adjusted free cash flow productivity was 102% in Q1. The company returned ~$3.8B to shareholders in the quarter and reiterated full-year guidance: organic sales in line to +4% and core EPS in line to +4% ($6.83–$7.09). Management emphasized doubling down on its integrated superiority strategy — heavier investment in innovation (notable launches: major Tide liquid upgrade, Tide evo expansion, Pampers improvements, Olay and Safeguard premium body washes), productivity initiatives (Supply Chain 3.0) and a restructuring to enable reinvestment. As part of the 2-year restructuring, P&G plans to reduce up to 7,000 non-manufacturing roles (~15%) to create smaller, digitally enabled teams, pursue portfolio rationalization in select markets, and target up to $1.5B COGS savings. Near-term headwinds include commodity, tariff, and interest/tax impacts partly offset by FX tailwinds; Q2 is expected to be the softest quarter (port strike lapping), with stronger growth in H2. Management remains confident in the long-term strategy and the plan to invest behind superiority to restore category growth and share momentum.