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Dec 31, 2025
Procter & Gamble Q2 2026 Earnings Report
Procter & Gamble reported stable core EPS and modest sales growth in Q2 2026.
Key Takeaways
Procter & Gamble delivered $22.2B in revenue and $4.3B in net income for Q2 FY2026, with core EPS flat at $1.88. While organic sales were unchanged, strong cash generation allowed nearly $5B to be returned to shareholders.
Revenue grew 1% YoY to $22.2B.
Net income reached $4.3B, down 7% from prior year.
Core EPS remained flat at $1.88 despite restructuring costs.
88% free cash flow productivity with $4.8B returned to shareholders.
Revenue by Segment
Forward Guidance
P&G reaffirmed its FY2026 outlook for sales and core EPS growth, expecting stronger second-half performance despite macroeconomic challenges.
Positive Outlook
- Core EPS growth expected to be in-line to +4% YoY.
- All-in sales growth expected at +1% to +5%.
- Organic sales growth outlook maintained at 0% to +4%.
- FX expected to be a $200M after-tax tailwind.
- Commodity costs expected to be neutral for FY26.
Challenges Ahead
- Diluted EPS guidance lowered due to higher restructuring charges.
- Tariffs estimated to cost $400M after tax in FY26.
- Interest and tax rate expected to be a $250M headwind.
- Currency-neutral core EPS decreased by 2% in Q2.
- Sales volumes declined in key categories like Baby Care and Fabric Care.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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