P&G reports flat Q4 organic sales, margin pressure; guides FY2027 core EPS flat to +3%

Filed July 29, 2026 · Period ending July 29, 2026 · ~2 min read

Key Changes

• high

  Q4 net sales $21.2B (+2% y/y) driven entirely by FX; organic sales flat as volume/pricing/mix neutral. Core EPS $1.43 (-3% y/y, -5% currency-neutral) on 60 bps gross margin decline and 130 bps SG&A deleverage from marketing reinvestment and mix headwinds.

  Exhibit 99.1 view on EDGAR →
• high

  FY2027 guidance: 1-3% organic sales growth (30-50 bps headwind from brand/product discontinuations), core EPS $6.89-$7.11 (flat to +3%, midpoint $7.00). Faces $0.56/share drag (8% on core EPS) from commodity/energy/transport costs, higher interest, and FX.

  Exhibit 99.1 view on EDGAR →
• high

  FY2026 full-year net sales $87.0B (+3% y/y), organic sales +1% from pricing only, volume/mix flat. Core EPS $6.89 (+1% y/y). Generated $19.6B operating cash flow, returned $15.2B to shareholders ($10.2B dividends, $5.0B buybacks).

  Exhibit 99.1 view on EDGAR →