PROCTER & GAMBLE (PG) Company Report

CFO Andre Schulten warned of a sharp deterioration in U.S. consumer demand—particularly in October and likely November—pressuring both sales volume and value amid a volatile economic environment.
Shares fell to $142.51, the lowest intraday level since December 15, 2023, and were down 3.34% at their intraday low, the biggest single-day percentage drop since April 24, 2025.
The stock has suffered its worst year-to-date performance since 2008, with a decline exceeding 14%.
Management maintains these challenges are within full-year guidance, and many analysts still see double-digit upside over the next 12 months.

Dec 2, 2025, 4:57 PM

Morningstar

Procter & Gamble presents at Morgan Stanley Global Consumer & Retail Conference 2025

Demand Weakening

Product Launch

New Projects/Investments

US demand remains volatile with categories down significantly in October; guidance assumes consumption run-rates hold through H2, yielding low-single-digit organic sales growth supported by innovation.
Ongoing innovation ramp, initiated 2½ years ago to restore volume growth, emphasizes deeper consumer insights and high-quality launches (e.g., Tide Liquid’s largest formula upgrade in 20 years, Tide Boost).
China momentum: Q1 organic growth of +5% following a complete go-to-market overhaul; 60% of net sales now deemed “superior,” with further acceleration as remaining brands are elevated.
Productivity & simplification: annual gross savings of $2.0–2.2 billion, streamlined org structures, divestitures of smaller markets and SKU rationalizations to reallocate resources to high-value growth areas.
Deployment of AI/technology (“Supply Chain 3.0”) across manufacturing, logistics and marketing—including unattended plants, dark warehouses, AI-driven quality control and demand forecasting—to drive next-generation productivity and agility.

Dec 2, 2025, 1:45 PM

Transcript

Procter & Gamble outlines strategic priorities at Morgan Stanley conference

Demand Weakening

Layoffs

New Projects/Investments

P&G expects U.S. organic sales to hold current run rates and deliver low single-digit growth in H2, offsetting Q2 category declines amid consumer volatility, all within its full-year guidance range.
A two-year innovation ramp-up, anchored in deep consumer insights, is driving premium launches—highlighted by the Tide Boost formula upgrade—to restore volume and share across key portfolios.
The global restructuring program will simplify the organization, reduce headcount and SKU complexity, and redeploy savings into growth investments, supporting a two- to three-year EPS algorithm.
“Supply Chain 3.0” and AI deployments—including automated manufacturing, AI-driven quality control, demand forecasting and media optimization—are underway, backed by heavy data-infrastructure investment.
In China, a go-to-market overhaul and e-commerce focus fueled 5% growth in the latest fiscal quarter, with further acceleration expected as innovation and retail partnerships expand.

Dec 2, 2025, 1:45 PM

Transcript

P&G discusses growth, restructuring and AI at Morgan Stanley Global Consumer & Retail Conference 2025

Guidance Update

Management Change

M&A

P&G expects volatile U.S. category trends with October volume and value declines, but forecasts low-single-digit organic sales growth in the U.S. in H2 2025, backed by innovation such as Tide Boost, following a strong base period in H1.
The newly announced restructuring program aims to simplify the organizational structure—reducing functional layers and focusing teams of 3–4 on consumer and retail execution—and redeploy savings into growth investments, while maintaining ~$2 billion of annual gross productivity gains.
P&G is accelerating its AI and technology roadmap (“Supply Chain 3.0”), deploying unattended manufacturing and warehousing, AI-driven quality control, logistics optimization, and automated demand and financial forecasting to drive both productivity and top-line return.
Ahead of the CEO transition to Shailesh Jejurikar, leadership is emphasizing urgency, deeper consumer-insight-driven innovation, portfolio discipline, and talent assessment to strengthen the core and accelerate execution.
P&G remains focused on bolt-on M&A in health care and beauty—seeking performance-based brands with superior propositions—while ensuring organic growth alone can sustain its medium-term targets.

Dec 2, 2025, 1:45 PM

Transcript

Procter & Gamble closes €1.0B and $1.25B debt offerings

Debt Issuance

On November 3, 2025, Procter & Gamble closed an €500 million 2.900% Notes due November 3, 2033 and €500 million 3.650% Notes due November 3, 2045 under its Form S-3 registration.
On the same date, the company also issued $750 million 4.100% Notes due November 3, 2032 and $500 million 4.350% Notes due November 3, 2035.
Legal opinions for these offerings were filed as Exhibits (5)(a)–(5)(d) to the Form 8-K.

Nov 3, 2025, 9:23 PM

8-K

Procter & Gamble reports Q1 FY 2026 results

Earnings

Organic sales grew 2%, with volume flat as pricing and mix each contributed one point to growth.
Core EPS was $1.99, up 3% year-over-year (currency-neutral core EPS +3%).
Total productivity savings of 230 bps offset a 50 bps contraction in core gross margin; core operating margin was flat.
Beauty segment delivered +6% organic sales and +5% net earnings; Grooming saw +3% organic sales and +9% net earnings (constant currency).
Global aggregate value share declined 30 bps, with 24 of the top 50 category/country combinations holding or growing share.

Oct 24, 2025, 2:10 PM

8-K

Procter & Gamble reports Q1 fiscal 2026 results

Earnings

Guidance Update

Share Buyback

Delivered 2% organic sales growth in Q1, with volume flat and pricing/mix each contributing 1%; marks 40th consecutive quarter of organic growth.
Broad-based performance: 8 of 10 categories grew or held organic sales; Greater China +5%, Latin America +7%; global market share down 30 bps; core EPS of $1.99, up 3%.
Generated strong cash flow: 102% free cash flow productivity and returned $3.8 billion to shareholders via $2.55 billion in dividends and $1.25 billion in share repurchases.
Maintained FY 2026 guidance for organic sales growth of in-line to +4% and core EPS of $6.83–$7.09; Q2 expected to be the softest quarter with stronger growth in the back half; guidance reflects $500 million in tariffs and a 30–50 bps restructuring headwind.

Oct 24, 2025, 12:30 PM

Transcript

Procter & Gamble reports Q1 FY2026 results

Earnings

Guidance Update

Layoffs

Organic sales grew 2%, driven by pricing and mix up 1% each and flat volume, marking the 40th consecutive quarter of organic growth and on track for the 10th consecutive year of core EPS growth.
Core EPS of $1.99, up 3% versus prior year; core gross margin down 50 bps and core operating margin flat year-over-year.
Returned $3.8 billion of cash to shareholders in Q1—$2.55 billion in dividends and $1.25 billion in share repurchases—and maintained FY2026 guidance for organic sales growth in line to +4% and core EPS of $6.83–$7.09.
Announced restructuring to fund superiority investments, targeting up to $1.5 billion in cost-of-goods-sold savings and reducing up to 7,000 non-manufacturing roles (≈15% of workforce) over fiscal 2026–2027.
Rolled out major innovations including Tide’s largest liquid upgrade in 20 years, expansion of Tide Evo, comprehensive Pampers enhancements, and new premium body wash launches in China contributing to 8% skin & personal care growth.

Oct 24, 2025, 12:30 PM

Transcript

P&G reports Q1 FY2026 results

Earnings

Guidance Update

Q1 FY 2026 organic sales grew 2% driven by pricing (+1 point) and mix (+1 point) with flat volume; core EPS was $1.99, up 3%, with currency-neutral core EPS also up 3%.
Fabric & Home Care saw flat organic sales, –2% volume and –3% net earnings; Baby, Feminine & Family Care delivered flat organic sales and +4% net earnings.
Adjusted free cash flow productivity reached 102% for the quarter.
FY 2026 guidance: organic sales growth 0–4%, core EPS growth 0–4%, and all-in EPS growth 3–9%.

Oct 24, 2025, 12:30 PM

Presentation

Procter & Gamble reports Q1 2026 results

Earnings

Guidance Update

Layoffs

Procter & Gamble delivered 2% organic sales growth (volume flat; pricing and mix each +1%) and core EPS of $1.99, up 3% year-over-year.
Returned $3.8 bn of cash to shareowners in Q1: €2.55 bn in dividends and €1.25 bn in share repurchases; adjusted free cash flow productivity was 102%.
Maintained full-year guidance for organic sales growth in line to +4% and core EPS growth in line to +4% (DKK 6.83–7.90 per share).
Initiated a restructuring to reduce up to 7,000 non-manufacturing roles (≈15% of non-manufacturing workforce) over FY26–27 to fund innovation and expand productivity programs.

Oct 24, 2025, 12:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for PROCTER & GAMBLE.

Q1 2026

Oct 24, 2025

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Q4 2025

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PROCTER & GAMBLE (PG)

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Executives

Jon Moeller

Alexandra Keith

Andre Schulten

Jennifer Davis

Shailesh Jejurikar

Sundar Raman

Susan Street Whaley

Board Members

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Ashley McEvoy

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