Procter & Gamble (PG) Q4 2026 earnings
Boxes of Tide Pods laundry detergent are displayed at a Costco Wholesale store on May 15, 2026 in San Diego, California.
Kevin Carter | Getty Images
Procter & Gamble on Wednesday reported mixed quarterly results, as underwhelming demand for its products resulted in weaker-than-expected sales.
Shares of the company fell roughly 3% in morning trading.
Here’s what Procter & Gamble reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.43 adjusted vs. $1.41 expected
- Revenue: $21.2 billion vs. $21.38 billion expected
P&G reported fiscal fourth-quarter net income attributable to the company of $3.04 billion, or $1.26 per share, down from $3.62 billion, or $1.48 per share, a year earlier.
Excluding restructuring costs, transaction gains and other items, the company earned $1.43 per share.
Net sales rose 2% to $21.2 billion. The company’s organic revenue, which excludes acquisitions, divestitures and currency fluctuations, was unchanged for the quarter, thanks to flat volume across P&G’s portfolio.
During P&G’s full fiscal 2026, the company has reported volume growth in just one quarter. Like many consumer companies, it has seen demand for its products weaken as shoppers have grown more value conscious, opting for value packs or stretching their products’ lifespan longer.
“For the fourth quarter, we saw improving global share trends versus prior period, but headline results were impacted by trade dynamics in the U.S. and the spike in input costs,” CFO Andre Schulten said on the company’s earnings conference call.
He later said that P&G plans to return to growing its sales through a mix of both price and higher volume.
“In a broader sense, we’ve had in the post-Covid period, 100% of growth driven by price,” Schulten said. “We will return … to a more balanced model.”
The company has been focusing on innovation and strengthening its core brands, like Tide, to win back shoppers.
Schulten said P&G plans to spend more on media, which has grown increasingly fragmented, making it more difficult to connect with consumers. The company is also navigating the changing world of digital commerce, which now includes shopping agents and artificial intelligence-powered search.
Which segments are selling
For the fiscal fourth quarter, P&G’s beauty division was the top performer, posting 3% volume growth. The segment includes Pantene shampoo and Olay and SK-II skincare products.
Fabric and home care was the only other reporting segment to see volume growth. The division, which includes Tide detergent and Swiffer, reported that its volume rose 1% in the quarter.
P&G’s baby, feminine and family care division as well as its grooming business both reported that volume fell 1%.
Health care was the worst performer for P&G this quarter. The division, which houses Oral-B and Vicks, saw its volume shrink 3%, fueled by declining sales of its oral care products.
Looking ahead to the next fiscal year, the company is not projecting…
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