Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when PG files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsP&G reports flat FY2026 core EPS ex-FX, guides FY2027 to 0-3% growth on $1B commodity headwind
Filed July 29, 2026 · Period ending July 29, 2026 · ~1 min read
Key Changes
-
high
FY2026 organic sales +1% (pricing +1%, volume flat); core EPS $6.89 (+1% reported, flat ex-FX at $6.80). Q4 organic sales flat, core EPS -3% (-5% ex-FX) as 130bp gross margin contraction offset 460bp productivity savings.
Exhibit 99.1 view on EDGAR → -
high
FY2027 guidance: organic sales +1-3%, core EPS +0-3%, embedding $1B after-tax commodity/energy/transport headwind plus $150M higher net interest and $150M lower non-op income. Free cash flow productivity guided to 85-90% vs 100% in FY2026.
Exhibit 99.1 view on EDGAR → -
medium
Exited Glad joint venture with Clorox in Jan 2026, selling minority stake for $476M and recognizing $261M after-tax gain (excluded from core earnings).
Exhibit 99.1 view on EDGAR → -
medium
Exhibit 99.1 view on EDGAR →
Summary
Procter & Gamble reported fiscal 2026 results that met its prior guidance but showed limited momentum: organic sales grew just 1% on pricing alone with flat volume, and core EPS was flat on a currency-neutral basis despite productivity gains.
The fourth quarter was weaker, with flat organic sales and a 5% currency-neutral core EPS decline as gross margin contracted 130 basis points—commodity and mix headwinds overwhelmed 460 basis points of productivity savings and pricing actions held flat. The FY2027 outlook signals continued pressure.
Management guides to 1-3% organic sales growth and 0-3% core EPS growth, embedding a $1 billion after-tax hit from higher commodity, energy, and transportation costs plus $300 million of incremental financial headwinds. Free cash flow productivity is expected to fall to 85-90% from 100% in FY2026, reflecting higher working capital needs and the commodity squeeze. The company is midway through a multi-year restructuring to streamline its portfolio and cost base, with the remaining charges due in FY2027. P&G returned $10.2 billion to shareholders in FY2026 via dividends and buybacks and exited the Glad joint venture for $476 million, booking a $261 million gain. For holders, the key watch is whether pricing power and productivity can offset the guided commodity headwind without further volume erosion.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
P&G disclosed Q4 and fiscal 2026 results via press release and conference call with accompanying slides.
Added in current filing · verify on EDGAR →
On July 29, 2026, The Procter & Gamble Company (the "Company") issued a press release announcing its fourth quarter and fiscal year 2026 results and hosted a conference call related to those results.
P&G announced its fourth quarter and full fiscal year 2026 financial results through a press release and conference call. The 8-K furnishes presentation slides referenced during the call, which are also available on the company's website. Specific financial metrics are not disclosed in the 8-K body itself.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Organic sales grew +1% vs prior year. Volume in-line, Pricing +1%. ... Core earnings per share were $6.89, +1% vs the prior year. On a currency-neutral basis, core EPS was $6.80, in line with the prior year.
P&G delivered organic sales growth of 1% for fiscal 2026, driven entirely by pricing with volume flat. Core EPS rose 1% to $6.89, but on a currency-neutral basis core EPS was flat at $6.80. The company achieved 100% adjusted free cash flow productivity and returned $10.2 billion to shareholders via dividends and share repurchases.
Added in current filing · view on EDGAR →
In June 2025, the Company announced a portfolio and productivity plan to streamline its portfolio and organization to improve its cost structure and competitiveness. The Company incurred over half of the costs under this plan in fiscal 2026, with the remainder expected to be incurred in fiscal 2027.
P&G is executing a multi-year portfolio and productivity restructuring announced in June 2025 to streamline operations and reduce costs. More than half of the restructuring charges were incurred in FY2026, with the balance expected in FY2027. These incremental charges are excluded from core earnings.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 30, 2026 · How we verify