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P&G

P&G (PG) Q4 2026 Earnings

Reported Jul 29, 2026 at 7:03 AM ET · SEC Source

Q4 26 EPS

$1.43

BEAT +1.63%

Est. $1.41

Q4 26 Revenue

$21.20B

MISS 0.82%

Est. $21.38B

vs S&P Since Q4 26

-7.6%

TRAILING MARKET

PG -1.6% vs S&P +6.0%

Full Year 2026 Results

FY 26 EPS

$6.89

BEAT +0.11%

Est. $6.88

FY 26 Revenue

$87.03B

MISS 0.07%

Est. $87.10B

Market Reaction

Did PG Beat Earnings? Q4 2026 Results

Procter & Gamble delivered a mixed but ultimately earnings-positive quarter in Q4 fiscal 2026, notching its fifth consecutive EPS beat even as revenue fell short of expectations. Core EPS of $1.43 edged past the $1.41 consensus by 1.63%, while net sa… Read more Procter & Gamble delivered a mixed but ultimately earnings-positive quarter in Q4 fiscal 2026, notching its fifth consecutive EPS beat even as revenue fell short of expectations. Core EPS of $1.43 edged past the $1.41 consensus by 1.63%, while net sales of $21.20 billion rose 1.5% year over year but came in $180 million below the $21.38 billion analysts had anticipated. The shortfall on the top line reflected flat organic sales growth, with volume, pricing, and mix each contributing nothing to the result, a sign that P&G's pricing power remains constrained in the current environment. The bottom line held up despite meaningful cost pressure, as a 160 basis point surge in SG&A, driven by heavy marketing reinvestment, weighed on margins alongside a 60 basis point gross margin contraction. Looking ahead, the company guided fiscal 2027 organic sales growth of 1-3% and core EPS of in-line to up 3% versus $6.89, with roughly $1.00 billion in commodity and cost headwinds representing an 8% drag on earnings growth.

Key Takeaways

  • • Beauty segment led organic growth at 4%, driven by Hair Care and Personal Care volume growth
  • • Gross productivity savings of 460 basis points in Q4
  • • Favorable foreign exchange contributed 1% to net sales growth
  • • Heavy marketing reinvestment of 410 basis points in SG&A
  • • Unfavorable product mix of 120 basis points weighed on core gross margin
  • • Family Care organic sales declined mid-single digits from volume decline and merchandising investments
  • • Net tariff benefit of 40 basis points from recognized recoveries offset by higher costs

PG Forward Guidance & Outlook

For fiscal year 2027, P&G expects all-in sales growth of 1-3% and organic sales growth of 1-3% (including a 30-50 basis point headwind from brand/product form/go-to-market discontinuations). Diluted EPS growth is expected in the range of 1-5% versus fiscal 2026 GAAP EPS of $6.62. Core EPS growth is expected in the range of in-line to 3% versus fiscal 2026 core EPS of $6.89, with a midpoint estimate of $7.00 per share. The company estimates after-tax headwinds of approximately $1 billion from higher raw materials, energy, and transportation costs, $150 million from higher net interest expense, $150 million from lower non-operating income, and $50 million from unfavorable foreign exchange, totaling $0.56 per share or an 8% drag on core EPS growth. Core effective tax rate is expected at approximately 20%. Capital spending is estimated at 4.5-5.5% of net sales. Adjusted free cash flow productivity is expected at 85-90%. The company plans approximately $10 billion in dividends and $5 billion in share repurchases.

24/7 Wall St

PG YoY Financials

Q4 2026 vs Q4 2025, source: SEC Filings

24/7 Wall St

PG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 25 Q4 26

“Fiscal 2026 was a year of foundation building while continuing to grow sales and profit and return high levels of cash to shareowners despite a very challenging geopolitical and economic environment.”

— Shailesh Jejurikar, Q4 2026 Earnings Press Release

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