PROCTER & GAMBLE (PG) Company Report

CFO Andre Schulten reported fiscal 2026 H1 front-half organic sales growth of +2% ex-U.S., with U.S. markets impacted by prior-period dynamics, core EPS up 2%, and maintained full-year guidance while expecting sequential improvement in H2.
CEO Shailesh Jejurikar detailed four interventions—deeper consumer connection, transformed brand building, holistic retailer partnerships, and stronger core with “bigger more” innovations—citing Pampers Prestige in China, Downy Intense in Mexico, Pantene’s Brazil turnaround, the Tide Original Liquid upgrade, and the Tide Evo launch.
P&G expects to exit fiscal 2026 in the lower half of its long-term growth algorithm, supported by these interventions and continued investment in superior propositions.
Ongoing organizational restructuring aims to clarify accountability, reduce horizontal complexity, and adapt to media fragmentation, inflation, and evolving retail channels.

Feb 19, 2026, 2:00 PM

Transcript

Procter & Gamble updates FY 2026 guidance at CAGNY 2026

Guidance Update

Organic sales growth moderated to 1% in 1H FY 26, following 2% in FY 25, with enterprise markets up 3% and focus markets flat.
Core EPS rose 2% in 1H FY 26 to $3.87 per share, compared to $3.81 in the prior year period.
FY 2026 guidance set for organic sales growth of 0%–4%, core EPS growth of 0%–4%, and adjusted free cash flow productivity of 85%–90%.
Long-term targets aim to grow organic sales ahead of the market, achieve mid-to-high single-digit core EPS growth, and deliver >90% free cash flow productivity.

Feb 19, 2026, 2:00 PM

Presentation

Procter & Gamble outlines growth interventions and digital transformation at CAGNY 2026

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

In H1 FY 2026, organic sales grew 2% and core EPS increased 2%, with management maintaining full-year guidance and expecting sequential improvement in H2 2026.
Focused consumer-first innovations—including Pampers Prestige leveraging silk in China and Downy Intense high-perfume fabric enhancers in Mexico—have driven double-digit growth and share gains in Latin America, while Tide Evo’s national rollout is on track.
Investing in digital and AI capabilities, P&G has built a petabyte-scale data lake and programmatic media tools, deployed AI-driven asset generation for rapid concept-to-market, and launched an AI molecular discovery suite that reduces new molecule identification from 6–8 years to as little as 6 months.
Supply Chain 3.0 integrates purchase signals into autonomous production and inventory planning to ensure consistent product availability.
Management remains confident in returning to the lower half of its long-term growth algorithm by the end of FY 2026 and into FY 2027.

Feb 19, 2026, 2:00 PM

Transcript

P&G outlines fiscal 2026 growth interventions at CAGNY

Guidance Update

Product Launch

Revenue Acceleration/Inflection

P&G reported front-half FY 2026 organic sales growth of 2% outside the U.S., with enterprise markets up 3% and core EPS +2%, and reaffirmed full-year guidance for organic sales, core EPS, and adjusted free cash flow.
Management detailed interventions to counter media fragmentation, inflation, and retail shifts by deepening consumer connections, integrating brand and retailer partnerships, and delivering “stronger core, bigger more” innovations—e.g., Pampers Prestige in China and an upgraded Tide Original Liquid achieving double-digit growth in three months.
P&G is scaling its digital transformation via a unified data lake and AI platforms across R&D, supply chain, and marketing to accelerate product development, cutting molecular discovery timelines from 6–8 years to 6 months.
Organizational changes include streamlined accountabilities and reduced horizontal processes to boost agility and productivity; Latin America has seen high-single-digit growth from these interventions, with the U.S. rollout underway.

Feb 19, 2026, 2:00 PM

Transcript

Procter & Gamble reports Q2 FY 2026 results

Earnings

Guidance Update

Q2 FY 2026 organic sales growth was 0%, comprised of +1% pricing offset by –1% volume, with 7 of 10 categories holding or growing share.
Core EPS of $1.88 was flat year-over-year; currency-neutral core EPS was $1.85, down 2%.
Adjusted free cash flow productivity for the quarter was 88%.
FY 2026 guidance maintained: organic sales growth 0%–4%, net sales growth 1%–5%, core EPS growth 0%–4%, all-in EPS growth 1%–6%.

Jan 22, 2026, 4:53 PM

8-K

Procter & Gamble reports Q2 fiscal 2026 results

Earnings

Guidance Update

Organic sales up nearly 3% (volume down 1 pt, pricing up 1 pt, mix flat); core EPS of $1.88, in line with prior year ($1.85 currency-neutral)
Regional performance: U.S. organic sales down 2% (base effects), Europe +1%, Greater China +3%, Latin America +8%; global market share down 20 bps
Category trends: Hair care +mid-single digits; skin/personal, personal health, home and oral care +low-single digits; baby care and family care down low-single digits (family care −10% due to prior year dynamics)
Margins & productivity: Core gross margin −50 bps, operating margin −70 bps; productivity improvements of 270 bps partially reinvested in innovation and demand creation
Fiscal 2026 guidance maintained: organic sales in line to +4%, core EPS growth inline to +4% ($6.83–$7.09), adjusted free cash flow productivity of 85–90%, and ~$15 B planned return of cash to shareholders

Jan 22, 2026, 1:30 PM

Transcript

P&G reports Q2 2026 results and maintains full-year guidance

Earnings

Guidance Update

Share Buyback

Organic sales grew nearly 3%, with volume down 1 point, pricing up 1 point and mix flat; core EPS was $1.88, in line with prior year, and core gross margin declined 50 bps vs. prior year.
Outside the U.S., organic sales accelerated: Latin America +8%, Europe +3% and Greater China +3%; U.S. organic sales declined 2% due to base-period inventory impacts.
Returned $4.8 B to shareholders this quarter—$2.5 B in dividends and $2.3 B in share repurchases—and delivered 88% adjusted free cash flow productivity.
Maintained fiscal 2026 guidance: organic sales in line to +4%, core EPS of $6.83–$7.09 (0–4% growth) and free cash flow productivity of 85%–90%.

Jan 22, 2026, 1:30 PM

Transcript

P&G reports Q2 FY 2026 results

Earnings

Guidance Update

Q2 FY 2026 organic sales were flat year-over-year (+0% organic growth), with pricing up 1% offset by a 1% volume decline; global value share declined 20 bps.
Core EPS $1.88, in-line with the prior year; currency-neutral core EPS was $1.85, down 2%.
Beauty segment organic sales rose 4%, Health Care +3%, while Baby, Feminine & Family Care saw a 4% decline; other segments were broadly flat.
FY 2026 guidance maintained: organic sales growth 0%–4%, core EPS growth 0%–4%, all-in EPS growth 1%–6%.

Jan 22, 2026, 1:30 PM

Presentation

Procter & Gamble reports Q2 2026 results

Earnings

Guidance Update

Share Buyback

Organic sales grew 3%, with volume down 1 pt, pricing up 1 pt, and mix flat. Seven of ten product categories and all regions outside the U.S. held or grew share.
Core EPS was $1.88 (currency-neutral $1.85), in line with prior year. Gross margin declined 50 bps and operating margin down 70 bps, partially offset by 270 bps of productivity improvement.
Fiscal 2026 guidance unchanged: organic sales in line to +4%, core EPS growth in line to +4% (range $683–$709 per share), and adjusted free cash flow productivity of 85–90%.
Capital allocation includes $10 billion in dividends and $5 billion in share repurchases (total $15 billion). Guidance assumes a $200 million FX tailwind and $500 million pretax tariff headwind.

Jan 22, 2026, 1:30 PM

Transcript

Procter & Gamble reports fiscal Q2 2026 results

Earnings

Guidance Update

Dividends

P&G reported Q2 2026 net sales of $22.2 billion (+1% vs prior year) with organic sales flat year-over-year.
Diluted EPS of $1.78 declined 5% due to restructuring charges; core EPS of $1.88 was unchanged vs prior year.
Generated $5.0 billion in operating cash flow and $4.3 billion in net earnings, achieving 88% adjusted free cash flow productivity.
Returned $4.8 billion to shareholders via $2.5 billion of dividends and $2.3 billion of share repurchases.
Maintained fiscal 2026 guidance for all-in sales growth of 1–5%, organic sales growth of 0–4%, and core EPS growth of 0–4%.

Jan 22, 2026, 12:02 PM

8-K

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