0000080424-26-000093
SEC filing宝洁FY26营收利润双增，Q4盈利承压，FY27指引温和增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales (Q4) | $21,203M | $20,889M | +2% |
| Net Sales (FY) | $87,032M | $84,284M | +3% |
| Gross Margin (Q4) | 48.5% | 49.1% | (60) bps |
| Gross Margin (FY) | 50.2% | 51.2% | (100) bps |
| Operating Income (Q4) | $3,949M | $4,355M | (9)% |
| Operating Income (FY) | $19,748M | $20,451M | (3)% |
| Net Earnings (Q4) | $3,081M | $3,626M | (15)% |
| Net Earnings (FY) | $16,144M | $16,065M | —% |
| Diluted EPS (Q4, GAAP) | $1.26 | $1.48 | (15)% |
| Diluted EPS (FY, GAAP) | $6.62 | $6.51 | +2% |
| Core EPS (Q4, Non-GAAP) | $1.43 | $1.48 | (3)% |
| Core EPS (FY, Non-GAAP) | $6.89 | $6.83 | +1% |
| Organic Sales Growth (Q4) | —% | — | — |
| Organic Sales Growth (FY) | +1% | — | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2027 | Net Sales Growth | +1% to +3% | All-in |
| FY2027 | Organic Sales Growth | +1% to +3% | Non-GAAP |
| FY2027 | Diluted EPS Growth | +1% to +5% | GAAP |
| FY2027 | Core EPS Growth | in-line to +3% | Non-GAAP |
| FY2027 | Core EPS | $6.89 to $7.11 (mid-point $7.00) | Non-GAAP |
| FY2027 | Adjusted Free Cash Flow Productivity | 85% to 90% | Non-GAAP |
简评
宝洁FY26全年净销售额$87.0B，同比+3%，主要由有利汇率(+2%)和提价(+1%)驱动，销量与组合持平；有机销售仅+1%，显示核心业务增长动能偏弱。Q4净销售额$21.2B，同比+2%，但有机销售持平，销量、价格、组合均无贡献，增长完全依赖汇率和四舍五入。盈利端Q4明显承压：GAAP摊薄EPS $1.26，同比-15%，主因SG&A占比上升160bps（含营销再投资）和毛利率下滑60bps；Core EPS $1.43，同比-3%，剔除重组费用后核心营业利润率仍下降130bps。全年GAAP EPS $6.62，同比+2%，Core EPS $6.89，同比+1%，货币中性核心EPS持平，反映实际经营改善有限。
分部表现分化：Beauty Q4有机销售+4%表现最佳，由Hair Care和Personal Care中个位数增长驱动；Health Care有机销售-1%，Oral Care中个位数下滑拖累；Baby, Feminine & Family Care有机销售-2%，Family Care中个位数下滑。管理层强调"基础建设之年"，CEO Shailesh Jejurikar表示FY27将"加倍投入战略、以消费者为先"，并预期"逐学期加速增长"。FY27指引温和：全口径和有机销售均增长1%-3%，核心EPS增长0%-3%（$6.89-$7.11），但面临$0.56/股逆风（成本上涨$1B税后、利息支出$150M、非经营收入减少$150M、汇率不利$50M），指引隐含对提价和生产率计划的依赖。资本返还方面，FY26返还股东超$15B（股息$10.2B+回购$5.0B），连续70年增加股息，FY27计划股息约$10B、回购约$5B，支撑股东回报预期。