P&G (PG) Q1 2027 Earnings
Core EPS of $2.00 excludes $0.03 per share of incremental restructuring charges related to the portfolio and productivity plan announced in June 2025
How Did PG Stock React to Q1 2027 Earnings?
Did PG Beat Earnings? Q1 2027 Results
Yes. P&G reported Q1 2027 earnings of $2.00 a share on Oct 22, 2026, beating the $1.89 consensus estimate by 5.8%. Revenue was $23.3B against a $22.8B estimate.
Procter & Gamble delivered a clean beat to open fiscal 2027, posting adjusted core EPS of $2.00 against a consensus estimate of $1.89, a 5.77% beat that extended the company's streak of topping Wall Street's earnings expectations to six consecutive quarters. Net sales climbed 4.0% year-over-year to $23.28 billion, ahead of the $22.82 billion analysts had anticipated, with organic sales matching that 4% pace and running above P&G's own full-year guidance range. The upside was broad-based, with all five business segments delivering positive organic growth; Beauty, Grooming, and Fabric & Home Care each grew 5% organically, while Health Care and Baby, Feminine & Family Care added 3%. Margin pressure remained the central challenge, as commodity costs and product reinvestments weighed on gross margins, though productivity savings and SG&A leverage provided partial relief. Looking ahead, P&G maintained its organic sales growth guidance of 1-3% and core EPS range of $6.89 to $7.11 for fiscal 2027, updating its all-in sales growth outlook to 2-4% to reflect the Thorne acquisition completed in October 2026.
- Organic volume growth of 2% and favorable mix of 1% drove organic sales growth of 4%
- Innovation-based pricing across multiple segments including Grooming and Health Care
- Gross productivity savings of 250 basis points at the core operating margin level
- SG&A productivity savings of 130 basis points and 100 basis points of net sales growth leverage
- Volume increases in North America, Europe, and Greater China across key categories
- Favorable premium product mix in Beauty, Health Care, and Baby Care
“Our solid sales, earnings and cash results in the first quarter reflect sharpened execution of our integrated strategy. While we expect there will continue to be geopolitical and economic challenges, this strong start keeps us on track to deliver within our guidance ranges for organic sales growth, core EPS growth and free cash flow productivity for the fiscal year. We remain committed to our strategy to delight consumers with superior products at a superior value by putting the consumer first in everything we do. We are confident in the near term and excited about the future.”
P&G CEO, on the earnings call
What Is P&G's Outlook?
P&G updated fiscal 2027 all-in sales growth guidance to 2–4% (from prior range) to reflect the Thorne acquisition as of October 1, 2026. Organic sales growth guidance maintained at 1–3%, including a 30–50 basis point headwind from brand, product form, and go-to-market discontinuations. Diluted EPS growth maintained at 1–5% versus fiscal 2026 EPS of $6.62. Core EPS growth maintained at in-line to +3% versus fiscal 2026 core EPS of $6.89, equating to $6.89–$7.11 per share with a $7.00 midpoint. The company expects ~$1.4 billion after-tax commodity cost headwinds, $300 million after-tax from higher net interest expense, $150 million after-tax from lower non-operating income, and $50 million after-tax from unfavorable FX — combined $0.79 per share or 11% drag on core EPS growth. Core effective tax rate expected at 20–21%. Capital spending estimated at 4.5–5.5% of net sales. Free cash flow productivity expected at 85–90%. Plans to pay over $10 billion in dividends and repurchase approximately $5 billion of common shares in fiscal 2027.
PG YoY Financials
| Metric | Q1 2027 | Q1 2026 | Year over year |
|---|---|---|---|
| Revenue | $23.3B | $22.4B | +4.0% |
| Gross Profit | $11.6B | $11.5B | +0.9% |
| Operating Income | $5.9B | $5.9B | +1.4% |
| Net Income | $4.8B | $4.7B | +0.2% |
PG Revenue by Segment
When Does P&G Report Next?
Figures from SEC filings and company reports. Not investment advice.