Overview
- P&G reported revenue of $22.39 billion and adjusted earnings of $1.99 per share, topping Wall Street estimates as organic sales grew 2%.
- Beauty and grooming led performance, with beauty volumes up 4% and pricing gains offsetting weaker trends in categories like fabric, home and baby care.
- The company reaffirmed full-year sales and earnings guidance while lowering its fiscal 2026 tariff impact estimate to roughly $400 million after tax.
- Overall volumes were flat, but Greater China posted about 5% organic growth, helped by premium offerings such as Bum Bum diapers and innovations like Tide Evo and Olay body wash.
- Operating margin declined about 50 basis points on higher costs and heavier discounting, as P&G prioritizes product innovation over broad promotions, and leadership transition and plans to cut roughly 7,000 non-manufacturing roles continue.