PG · The Procter & Gamble Company

The Procter & Gamble Company delivered Q3 FY 2026 results showing sequential improvement with 3% organic sales growth driven by 2% volume and 1% pricing, despite a challenging macro environment. All 10 product categories and 7 regions posted organic sales growth, underscoring broad-based strength. Core EPS rose 3% to $1.59, though currency-neutral growth was flat at $1.54. Global value share held steady, with 26 of top 50 category/country combinations maintaining or gaining share. Segment performance varied: Beauty led with 7% organic sales on 5% volume, while Grooming grew 1% via pricing despite volume decline; Health Care, Fabric & Home Care, and Baby/Feminine/Family Care each grew 2-3%. Margin expansion reflected productivity savings, with core gross and operating margins improving significantly ex-FX. Management highlighted integrated growth strategy, constructive disruption, and productivity fueling investments. FY 2026 guidance remains unchanged, projecting 0-4% organic sales and core EPS growth, incorporating a 1-point FX tailwind, $0.4bn tariff headwind, and $0.15bn commodity impact. Cash flow productivity at 82% adjusted free cash flow supports ~$10bn dividends and $5bn share repurchases, with capex at 4-5% of sales. Potential headwinds like market deceleration or tariffs are noted but excluded from guidance.