P&G Announces Results for the Second Quarter of Fiscal Year 2026

Today P&G reported results for the second quarter of fiscal 2026. As anticipated, Q2 was impacted by significant headwinds in the U.S. from underlying market trends and a strong prior year base period. The Company's performance keeps it on track to deliver within its fiscal year guidance ranges for organic sales, core earnings per share, and cash. The Company continues to prioritize full investment in the business and is confident the interventions and the investments we are making now will improve our near-term performance. Read our press release here.

“Our results in the second quarter keep us on track to deliver within our fiscal year guidance ranges for organic sales growth, core EPS growth and adjusted free cash flow productivity in a challenging consumer and geopolitical environment,” said Shailesh Jejurikar, President and Chief Executive Officer. “We have confidence in our plans to deliver stronger results in the second-half of the fiscal year. We remain committed to our integrated growth strategy and are excited by the opportunity ahead to reinvent P&G and create the CPG company of the future, delivering long-term balanced top- and bottom-line growth and value creation.”

For the quarter:

• Net sales grew 1%; Organic sales were unchanged versus the prior year
• 7 out of 10 product categories held or grew organic sales
• 5 out of 7 regions grew organic sales, with Latin America up 8% and Europe Enterprise region up 6%.
• Core earnings per share were $1.88, in-line with the prior year.
• Adjusted free cash flow productivity was 88%. The Company returned $4.8 billion of cash to shareholders through a combination of dividends and share repurchases.

In summary, second quarter results were steady in what continues to be a challenging environment. The Company maintained its outlook for fiscal year organic sales growth, core EPS growth, and cash return, expressing confidence in its plans to deliver stronger results in the second half of the fiscal year.

We remain committed to the integrated growth strategy that is the foundation for balanced growth and value creation:

• A focused portfolio of products in daily use categories where performance drives brand choice.
• Irresistible superiority across the five vectors of product, package, brand communication, retail execution and value –– to delight consumers and grow markets.
• Productivity improvement in all areas of our operations to fund investments in innovation, brand building and market growth, to mitigate cost and currency challenges, and to expand margins and generate cash.
• Constructive disruption of ourselves and our industry – a willingness to change, adapt and create new trends, technologies and capabilities that will shape the future of our industry.
• An empowered, agile and accountable organization that is inclusive and diverse – enabling us to better serve an increasingly diverse set of consumers.

For a deeper dive into the results announced today read our press release. Slides and the webcast replay of earnings results are available at pginvestor.com.