economy

January 22, 2026

P&G's weak quarter is a clearing event that sets the stage for a better year ahead

We weren't expecting a strong report, given that roughly two-thirds of the quarter were impacted by the government shutdown.

P&G's weak quarter is a clearing event that sets the stage for a better year ahead

TL;DR

  • Q2 sales: $22.21 billion (1% YoY increase), slightly below $22.23 billion estimate.
  • Adjusted EPS: $1.88 (unchanged YoY), beating the $1.86 estimate.
  • Company views the quarter as a "clearing event" and expects stronger growth ahead.
  • Full-year guidance reaffirmed, including sales growth of 1% to 5% YoY.
  • Fiscal 2026 diluted EPS growth outlook revised down to 1%-6% from 3%-9%.
  • Pricing power and a diversified product portfolio helped offset volume declines.
  • International markets like Latin America and Great China showed strong organic sales growth.
  • Returned $4.8 billion to shareholders in Q2 via dividends and share repurchases.

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