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Company Research2 Apr 2024
The Consumer Goods Sector: Housing the World's Most Known Brands
Explore the giants of the consumer goods sector, where iconic brands familiar in daily life are predominantly owned by a few key industry players.
Procter & Gamble (PG) investor relations material
Procter & Gamble Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary24 Oct, 2025
Executive summary
Net sales for Q1 FY2026 reached $22.4 billion, up 3% year-over-year, with organic sales up 2% driven by pricing and favorable mix, and volume flat.
Core EPS rose 3% to $1.99, with diluted EPS up 21% to $1.95, primarily due to lower restructuring charges in the prior year.
Operating cash flow was $5.4 billion, with adjusted free cash flow productivity at 102%.
Returned $3.8 billion to shareholders in Q1 via dividends and share repurchases.
Growth was broad-based, with 8 of 10 product categories growing or holding organic sales; 24 of top 50 category-country combinations held or grew share.
Financial highlights
Gross margin declined 70 basis points to 51.4%; core gross margin fell 50 basis points to 51.5%.
Operating margin decreased 50 basis points to 26.2%; core operating margin was flat at 26.7%.
Net earnings attributable to shareholders rose 20% to $4.75 billion.
Adjusted free cash flow productivity was 102%.
Effective tax rate improved to 20.8% from 22.4% year-over-year.
Outlook and guidance
Fiscal 2026 all-in sales growth expected at 1% to 5%, with organic sales growth in-line to up 4%.
Core EPS growth projected in-line to up 4% ($6.83–$7.09 per share); diluted EPS growth at 3% to 9%.
Adjusted free cash flow productivity forecasted at 85–90%; capital spending to be 4%–5% of sales.
Plans to pay ~$10 billion in dividends and repurchase ~$5 billion in shares for FY2026.
Commodity and tariff headwinds expected to total $500 million after tax; favorable FX impact of $300 million after tax.
Detail gross margin pressure points
What is driving neutral organic volume?
What offsets FY26 $0.19 EPS headwinds?
Detail investment areas from restructuring fuel.
Address specific share loss hotspots and P&G's response.
What underpins China's growth, and is it durable?
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Next Procter & Gamble earnings date
Q2 202622 Jan, 2026
Next Procter & Gamble earnings date
Q2 202622 Jan, 2026
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Frequently asked questions
Consumer Goods Giant
Procter & Gamble (P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio. Founded in 1837 by William Procter and James Gamble, the company began its journey as a small soap and candle-making business. Today, P&G has grown into one of the world's leading and most diversified consumer products companies. Some of its most recognized brands globally include Tide, Pampers, Gillette, Olay, and Oral-B.
Cincy Roots
Founded in 1837, P&G has its roots deeply embedded in Cincinnati, Ohio. It was in this bustling river city that two immigrants, William Procter, an English candlemaker, and James Gamble, an Irish soapmaker, formed their partnership. The newly formed company quickly saw success and expansion, but P&G's headquarters remained in Cincinnati, cementing its historical ties to the city. This longstanding relationship has seen P&G play a vital role in the city's economic and social fabric, with its legacy intertwined with the history and growth of Cincinnati itself.
One of the Industry Leaders
P&G is a multinational consumer goods corporation that specializes in producing a wide range of daily-use products across several categories. These categories include cleaning agents, personal care, health care, beauty, and baby care, among others. In the global market together with companies such as Unilever and Colgate-Palmolive, P&G holds a position as one of the leaders in the consumer goods sector. Its expansive brand portfolio, large-scale operations, and consistent product innovation have allowed it to garner a broad consumer base and substantial market share in various segments. The company's strategy has historically revolved around understanding consumer needs and delivering high-quality products, backed by significant research and development.
Acquiring Well-Known Brands
Procter & Gamble has since the very beginning believed in growing and diversifying its product portfolio, and one effective way it has achieved this is through strategic acquisitions.. One of its more notable acquisitions is Gillette, which not only gave P&G a stronger foothold in the male grooming market but also brought along iconic brands like Duracell and Oral-B. Another standout is SK-II, a luxury skincare brand that P&G owns, showcasing its versatility in catering to both mass-market and luxury segments.
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