Procter & Gamble (PG)
Market Price (10/24/2026): $161.0 | Market Cap: $373.2 BilInvestor Relations Sector: Consumer Staples | Industry: Personal Care Products
Procter & Gamble (PG)
Market Price (10/24/2026): $161.0Market Cap: $373.2 BilSector: Consumer StaplesIndustry: Personal Care Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.7% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 20 Bil, FCF LTM is 15 Bil Stock buyback supportStock Buyback 3Y Total is 16 Bil Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Sustainable Consumption, Health & Wellness Trends, Show more. | Trading close to highsDist 52W High is -2.1% Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -60% | Expensive valuation multiplesP/SPrice/Sales ratio is 4.3x Key risksPG key risks include [1] the vulnerability of its uniquely vast global supply chain, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.7% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 20 Bil, FCF LTM is 15 Bil |
| Stock buyback supportStock Buyback 3Y Total is 16 Bil |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Sustainable Consumption, Health & Wellness Trends, Show more. |
| Trading close to highsDist 52W High is -2.1% |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -60% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 4.3x |
| Key risksPG key risks include [1] the vulnerability of its uniquely vast global supply chain, Show more. |
Qualitative Assessment
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Procter & Gamble (PG) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2027 Earnings and Revenue Beat.
Procter & Gamble reported robust results for fiscal Q1 2027 (ended September 30, 2026), exceeding analyst expectations on both its top and bottom lines. The company delivered core earnings per share (EPS) of $2.00, surpassing the consensus estimate of $1.89. Net sales for the quarter reached $23.3 billion, also beating analyst forecasts of $22.82 billion. This strong financial performance, announced on October 22, 2026, significantly contributed to the stock's positive trend, with shares surging over 5% on the day of the announcement.
2. Accelerated Organic Sales Growth Across All Categories.
A key driver of the positive stock movement was P&G's strong and broad-based organic sales growth, which increased by 4% in fiscal Q1 2027. This represented a significant acceleration compared to the 0.5% organic sales growth reported in fiscal Q4 2026. The growth was driven by a 2.4 percentage point increase in volume, a 1.1 percentage point contribution from favorable product mix, and a 0.4 percentage point impact from pricing. All ten product categories and all six geographic regions posted organic sales growth, demonstrating strong underlying business momentum.
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Procter & Gamble (PG) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2027 Earnings and Revenue Beat.
Procter & Gamble reported robust results for fiscal Q1 2027 (ended September 30, 2026), exceeding analyst expectations on both its top and bottom lines. The company delivered core earnings per share (EPS) of $2.00, surpassing the consensus estimate of $1.89. Net sales for the quarter reached $23.3 billion, also beating analyst forecasts of $22.82 billion. This strong financial performance, announced on October 22, 2026, significantly contributed to the stock's positive trend, with shares surging over 5% on the day of the announcement.
2. Accelerated Organic Sales Growth Across All Categories.
A key driver of the positive stock movement was P&G's strong and broad-based organic sales growth, which increased by 4% in fiscal Q1 2027. This represented a significant acceleration compared to the 0.5% organic sales growth reported in fiscal Q4 2026. The growth was driven by a 2.4 percentage point increase in volume, a 1.1 percentage point contribution from favorable product mix, and a 0.4 percentage point impact from pricing. All ten product categories and all six geographic regions posted organic sales growth, demonstrating strong underlying business momentum.
3. Maintained Fiscal Year 2027 Guidance Despite Increased Cost Headwinds.
Despite facing rising input costs, Procter & Gamble maintained its fiscal year 2027 guidance for both organic sales growth and core EPS growth, which reassured investors. The company updated its full-year commodity cost headwind outlook to approximately $1.4 billion after tax, an increase of $400 million from its July estimate. However, P&G reiterated its forecast for fiscal 2027 organic sales growth to be in the range of 1% to 3% and core EPS growth to be in the range of in-line to 3%. This ability to absorb higher costs while maintaining its financial outlook signals effective cost management and productivity initiatives.
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Stock Movement Drivers
Fundamental Drivers
The 11.4% change in PG stock from 6/30/2026 to 10/23/2026 was primarily driven by a 15.2% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 144.60 | 161.02 | 11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 86,718 | 87,923 | 1.4% |
| Net Income Margin (%) | 19.2% | 18.2% | -4.9% |
| P/E Multiple | 20.3 | 23.3 | 15.2% |
| Shares Outstanding (Mil) | 2,328 | 2,324 | 0.2% |
| Cumulative Contribution | 11.4% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| PG | 11.4% | |
| Market (SPY) | 1.8% | -7.9% |
| Sector (XLP) | 6.2% | 80.5% |
Fundamental Drivers
The 13.9% change in PG stock from 3/31/2026 to 10/23/2026 was primarily driven by a 16.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 141.36 | 161.02 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 85,259 | 87,923 | 3.1% |
| Net Income Margin (%) | 19.3% | 18.2% | -5.5% |
| P/E Multiple | 20.1 | 23.3 | 16.4% |
| Shares Outstanding (Mil) | 2,335 | 2,324 | 0.5% |
| Cumulative Contribution | 13.9% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| PG | 13.9% | |
| Market (SPY) | 17.2% | -3.4% |
| Sector (XLP) | 8.4% | 74.6% |
Fundamental Drivers
The 8.6% change in PG stock from 9/30/2025 to 10/23/2026 was primarily driven by a 7.2% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 148.28 | 161.02 | 8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 84,284 | 87,923 | 4.3% |
| Net Income Margin (%) | 19.0% | 18.2% | -3.8% |
| P/E Multiple | 21.8 | 23.3 | 7.2% |
| Shares Outstanding (Mil) | 2,345 | 2,324 | 0.9% |
| Cumulative Contribution | 8.6% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| PG | 8.6% | |
| Market (SPY) | 15.0% | -5.7% |
| Sector (XLP) | 15.0% | 72.7% |
Fundamental Drivers
The 20.3% change in PG stock from 9/30/2023 to 10/23/2026 was primarily driven by a 8.2% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.90 | 161.02 | 20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 82,006 | 87,923 | 7.2% |
| Net Income Margin (%) | 17.9% | 18.2% | 2.0% |
| P/E Multiple | 21.6 | 23.3 | 8.2% |
| Shares Outstanding (Mil) | 2,362 | 2,324 | 1.7% |
| Cumulative Contribution | 20.3% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| PG | 20.3% | |
| Market (SPY) | 83.9% | 6.7% |
| Sector (XLP) | 38.2% | 74.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PG Return | 21% | -5% | -1% | 17% | -12% | 18% | 38% |
| Peers Return | 20% | -16% | -8% | 0% | -3% | 20% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| PG Win Rate | 67% | 33% | 50% | 75% | 25% | 70% | |
| Peers Win Rate | 58% | 40% | 48% | 60% | 37% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PG Max Drawdown | -12% | -24% | -11% | -9% | -20% | -16% | |
| Peers Max Drawdown | -12% | -31% | -26% | -23% | -30% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CL, CHD, PG, EL, KVUE. See PG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/23/2026 (YTD)
How Low Can It Go
| Event | PG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.3% | 32.4% |
| Time to Breakeven | 291 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.1% | -33.7% |
| % Gain to Breakeven | 28.4% | 50.9% |
| Time to Breakeven | 113 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -15.5% | -6.8% |
| % Gain to Breakeven | 18.4% | 7.3% |
| Time to Breakeven | 93 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.5% | -53.4% |
| % Gain to Breakeven | 62.6% | 114.4% |
| Time to Breakeven | 799 days | 1085 days |
In The Past
Procter & Gamble's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.3% | 32.4% |
| Time to Breakeven | 291 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.1% | -33.7% |
| % Gain to Breakeven | 28.4% | 50.9% |
| Time to Breakeven | 113 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.5% | -53.4% |
| % Gain to Breakeven | 62.6% | 114.4% |
| Time to Breakeven | 799 days | 1085 days |
In The Past
Procter & Gamble's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Procter & Gamble (PG)
The Procter & Gamble Company (PG) is a global leader in branded consumer packaged goods, providing a wide array of products that people use in their daily lives. Established in 1837, P&G operates on an international scale, serving consumers across numerous regions including North and Latin America, Europe, the Asia Pacific, Greater China, India, the Middle East, and Africa.
P&G's extensive product portfolio is organized into five key segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. Through these segments, the company offers a variety of essential goods such as shampoos, conditioners, skincare products, antiperspirants, deodorants, and personal cleansing items. Notable brands include Head & Shoulders, Pantene, Olay, Old Spice, Safeguard, and Secret, positioning P&G as a primary provider of household and personal care staples for a global consumer base.
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Here are 1-3 brief analogies for Procter & Gamble:
It's like **General Mills**, but for personal care and cleaning products instead of food.
Think of it as the **Coca-Cola** of shampoos, soaps, and detergents.
It's the **Disney** of everyday household and personal care brands.
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- Hair Care Products: This category includes conditioners, shampoos, styling aids, and treatments.
- Skin & Personal Care Products: These products encompass antiperspirants, deodorants, personal cleansing items, and skin care solutions.
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The Procter & Gamble Company (PG) primarily sells its branded consumer packaged goods to individual consumers worldwide through various retail channels.
Its major customers can be broadly categorized as:
- Individuals seeking personal hygiene and beauty solutions: This category includes consumers purchasing products for hair care (e.g., shampoos, conditioners, styling aids), skincare, body cleansing, antiperspirants, deodorants, and grooming. Examples include users of Head & Shoulders, Pantene, Olay, Old Spice, Secret, and SK-II brands.
- Households and families requiring home and family care products: This segment comprises consumers buying products for laundry, home cleaning, baby care (e.g., diapers), and feminine hygiene. These products address the daily needs of maintaining a household and caring for family members.
- Consumers focused on health and general wellness: This category includes individuals purchasing oral care products (e.g., toothpaste, toothbrushes, mouthwash) and other personal health items.
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Shailesh Jejurikar - President and Chief Executive Officer
Shailesh Jejurikar will officially assume the role of President and Chief Executive Officer of Procter & Gamble on January 1, 2026, succeeding Jon Moeller. He began his career at P&G in 1989 as an assistant brand manager in India. Throughout his tenure, he has held various leadership positions across key global markets, including serving as Chief Executive Officer of P&G's Fabric & Home Care, the company's largest division. Prior to his CEO appointment, he served as Chief Operating Officer since 2021, overseeing critical markets and leading core company functions such as IT, global business services, sales, market operations, purchasing, manufacturing, and distribution. Mr. Jejurikar is also a board member of Otis Elevator Co. He is recognized for his ability to drive growth and innovation and played a significant role in advancing P&G's sustainability agenda.
Andre Schulten - Chief Financial Officer
Andre Schulten serves as the Chief Financial Officer of Procter & Gamble, a role he has held since March 2021. A native of Germany, Mr. Schulten joined P&G Germany as a Cost Analyst and Manager of Finance & Accounting in 1996. His extensive experience at P&G spans Europe, North America, and Asia, where he has led organization, supply chain, and total business restructuring and growth strategy for P&G's Feminine Care and Baby Care businesses globally. Notably, he led the systems and IT integration following P&G's acquisition of Gillette. In 2018, he expanded his experience to lead and manage the North America Baby Care business, holding full profit and loss responsibility. Mr. Schulten joined Eaton's Board in October 2024.
Jon R. Moeller - Executive Chairman of the Board
Jon R. Moeller, who previously served as President and Chief Executive Officer from November 2021 to January 2026, will transition to the role of Executive Chairman of the Board effective January 1, 2026. He joined Procter & Gamble in 1988 as a cost analyst. Throughout his career at P&G, he has held various senior leadership roles including Vice President, Treasurer, and Chief Financial Officer for more than 12 years. During his time as CFO, he oversaw finance, accounting, tax, treasury, corporate strategy, business development, and investor relations functions. Mr. Moeller also managed P&G's global Duracell, Salon Professional, Retail Hair Color, and Prestige Fragrances businesses for a multi-year period as these businesses were transitioned for sale. He led major merger and acquisition operations, including the Merck KGaA acquisition and the divestitures of P&G's coffee, snacks, pharmaceuticals, battery, and prestige beauty businesses. He served on the board of directors for Monsanto for eight years and was Chairman of that Board's Audit Committee.
Gary Coombe - Chief Executive Officer – Grooming
Gary Coombe is the Chief Executive Officer for P&G's Grooming segment. He is a member of the diverse leadership team that is shaping P&G's future with extensive knowledge, experience, and expertise.
Marc S. Pritchard - Chief Brand Officer
Marc S. Pritchard serves as P&G's Chief Brand Officer. He plays a pivotal role in shaping the company's strategic direction and ensuring operational excellence across its diverse product portfolio, contributing to driving innovation and maintaining brand integrity.
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The key risks to Procter & Gamble's business are:
- Macroeconomic Headwinds: Procter & Gamble faces significant risks from global economic volatility, including inflation, rising commodity costs for raw materials, energy, and transportation, which can pressure profit margins. The company is also exposed to foreign currency fluctuations due to its extensive international operations, which can adversely affect financial results. Geopolitical instability, trade tensions, tariffs, and potential decreases in consumer spending further present considerable challenges, impacting sales and earnings growth.
- Intense Competition: The consumer products industry is highly competitive, with Procter & Gamble vying for market share against formidable global and local rivals such as Unilever, Johnson & Johnson, Nestlé, Colgate-Palmolive, and Kimberly-Clark. This intense competition necessitates continuous innovation, strategic pricing, and effective marketing and distribution to maintain its market position and attract consumer attention.
- Supply Chain Disruptions: Procter & Gamble relies on a global network of suppliers for its ingredients and has a complex manufacturing and distribution infrastructure, making it susceptible to various supply chain risks. These risks include natural catastrophes, continuity issues with critical suppliers, major IT failures, and transportation disruptions, which can lead to increased costs, production delays, or product unavailability in the market, potentially causing customers to switch to competitors.
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There are two clear emerging threats for Procter & Gamble:
- The proliferation and growing market share of Direct-to-Consumer (DTC) brands: These agile, digitally native brands leverage e-commerce, social media, and subscription models to reach consumers directly, bypassing traditional retail channels that P&G has historically dominated. Often focused on niche markets, sustainability, or specific ingredient profiles, they challenge P&G's established brands by offering alternative value propositions, innovative branding, and direct customer relationships. This trend fragments the consumer packaged goods market and intensifies competition for consumer loyalty.
- The increasing strength and sophistication of private label and retailer-owned brands: Major retailers are significantly investing in and promoting their own store brands across various product categories where P&G operates. These private label products often offer comparable quality to national brands at lower price points, directly competing for shelf space and consumer purchases. As retailers gain more control over their ecosystems (e.g., in-store promotion, online recommendations), their ability to push their own higher-margin brands presents a substantial threat to P&G's market share and pricing power.
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The addressable markets for Procter & Gamble's main products and services are as follows:
-
Beauty:
- Global Beauty and Personal Care Products Market: Valued at USD 601.39 billion in 2024 and is expected to reach USD 1,232.57 billion by 2034. Other estimates include USD 557.88 billion in 2024, projected to reach USD 818.42 billion by 2033, and USD 561.4 billion in 2024, projected to reach USD 826.96 billion by 2033.
- U.S. Beauty and Personal Care Products Market: Valued at USD 136.03 billion in 2024 and is expected to expand to USD 195.83 billion by 2033. The market was estimated at USD 109.56 billion in 2025 and is expected to reach USD 196.33 billion by 2033.
- U.S. Cosmetics Market: Estimated at USD 62.97 billion in 2023 and is expected to reach USD 95.05 billion by 2030.
-
Grooming:
- Global Grooming Products Market: Estimated to be valued at USD 58.4 billion in 2025 and is expected to reach USD 89.7 billion by 2032.
- Global Men's Grooming Products Market: Valued at USD 64.63 billion in 2025 and is projected to reach USD 90.63 billion by 2034. Another source estimates the market at USD 61.6 billion in 2025, expected to reach USD 108 billion in 2035.
- U.S. Male Grooming Products Market: Valued at USD 19,172 million (USD 19.17 billion) in 2025 and is projected to reach USD 28,781.48 million (USD 28.78 billion) by 2034. The market size is also expected to reach USD 97.39 billion by 2032.
-
Health Care (Consumer Healthcare):
- Global Consumer Healthcare Market: Valued at USD 302.36 billion in 2024 and is poised to grow to USD 584.57 billion by 2033. Other estimates include approximately USD 322.58 billion in 2024, expected to reach around USD 650.15 billion by 2034, and USD 349.88 billion in 2025, projected to reach USD 668.89 billion by 2034.
- U.S. Consumer Healthcare Market: Achieved sales of more than USD 100 billion in 2024. The market size was valued at USD 136.22 billion in 2025.
- Fabric & Home Care: null
-
Baby, Feminine & Family Care:
- Global Baby Care Products Market: Valued at USD 104.82 billion in 2024 and is projected to reach USD 171.17 billion by 2033. Another source states USD 98.8 billion in 2025, expected to climb to USD 214.6 billion by 2036.
- U.S. Baby Care Products Market: Valued at USD 19.24 billion in 2024 and is projected to reach USD 33.67 billion by 2033. The U.S. Baby Personal Care Products Market is projected to grow from USD 32.9 billion in 2024 to USD 63.52 billion by 2034.
- Global Feminine Hygiene Products Market: Valued at USD 46.85 billion in 2024 and is poised to grow to USD 79.15 billion by 2033. Other estimates include USD 48.96 billion in 2025, predicted to increase to USD 101.80 billion by 2035.
- U.S. Feminine Hygiene Products Market: Projected at USD 14,509.38 million (USD 14.51 billion) in 2025. The market size is projected to reach a valuation of USD 34.34 billion by 2033 from USD 15.56 billion in 2024.
- Family Care Products: null
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- Sustained Organic Sales Growth through Pricing and Mix: P&G consistently aims for organic sales growth, which includes strategic price increases and a favorable product mix, meaning consumers are shifting towards higher-value products. For example, in fiscal year 2025, organic sales grew by 2%. The company's guidance for fiscal 2026 projects organic sales growth in the range of flat to plus 4%. This growth is often supported by flat or slightly positive volume and positive pricing and mix contributions.
- Product Innovation and Superiority: A core driver for P&G is its commitment to "superiority across product, package, brand communication, retail execution and value". The company continually invests in innovation, launching new products and improving existing ones to drive category expansion and market share gains. Notable examples include the successful launch of the Swiffer PowerMop, which became the largest product launch in Swiffer's history, and the premium Olay line, which has driven significant growth in offline and online channels. The Oral-B iO Power Brush is another innovation cited for driving growth in the power brush segment.
- E-commerce Channel Expansion: The digital storefront continues to be a significant growth area for P&G. E-commerce sales increased by 12% in fiscal year 2025, now constituting 19% of the company's total sales, indicating a robust and expanding channel for future revenue.
- Growth in Strategic Markets and Categories: P&G focuses on expanding in key geographic markets and prioritizing high-growth product categories. For instance, Latin America achieved 4% organic sales growth in fiscal year 2025, and Greater China's organic sales advanced by 5% in the first quarter of fiscal year 2026. Categories like Family Care and Personal Health Care demonstrated mid-single-digit growth in fiscal year 2025, with Skin and Personal Care organic sales rising by high single digits in Q1 FY2026.
- Strategic Portfolio Optimization and Productivity Improvements: While impacting margins, P&G's continuous productivity improvements fuel investments in innovation and demand creation, thereby indirectly supporting revenue growth. Additionally, a new restructuring program initiated in fiscal year 2026, with benefits expected to materialize from fiscal year 2027, involves product and market exits to streamline the portfolio towards higher-growth and higher-return categories and regions.
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Share Repurchases
- Procter & Gamble returned $6.5 billion to shareholders through share repurchases in fiscal year 2025.
- In fiscal year 2024, the company's annual share repurchases amounted to $5.006 billion.
- P&G expects to repurchase approximately $5 billion of common shares in fiscal year 2026.
Share Issuance
- Information on significant share issuances (e.g., primary public offerings) by Procter & Gamble over the last 3-5 years is not available; changes in outstanding shares have primarily reflected repurchases. The number of outstanding shares declined by 0.71% in 2025 to 2.454 billion and by 0.48% in 2024 to 2.472 billion, indicating the impact of repurchases.
Outbound Investments
- Procter & Gamble acquired Wonderbelly, a "free-from" digestive wellness brand, in January 2026.
- In March 2024, P&G acquired Rolaids, an antacid manufacturer.
- P&G also acquired Mielle Organics, LLC, a haircare products manufacturer and retailer, in January 2023, and Tula Life, Inc., a probiotic skin care company, in January 2022.
Capital Expenditures
- Capital expenditures for Procter & Gamble were $3.773 billion in fiscal year 2025, an increase of 13.6% from the prior year.
- P&G estimates its capital spending for fiscal year 2026 to be in the range of 4% to 5% of net sales.
- The company continuously invests in research and development for product innovation, sustainability initiatives, and capacity expansion to support its portfolio of daily-use, essential offerings.
Peer Outperformance in Personal Care Products
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Consumer Staples Merchandise Retail | 12 | 17.5% | 50.2% | 64.4% | WMT 158% · PSMT 145% · COST 120% |
| Food Retail | 6 | -0.5% | 63.7% | 45.6% | CASY 275% · SFM 196% · KR 85% |
| Tobacco | 6 | -35.3% | 5.8% | 24.9% | PM 159% · MO 126% |
| Food Distributors | 9 | -0.4% | 35.3% | 18.2% | CHEF 238% · USFD 177% · ANDE 117% |
| Soft Drinks & Non-alcoholic Beverages | 13 | 2.0% | -5.0% | 14.3% | COKE 438% · COCO 305% · CCHGY 119% |
| Brewers | 3 | -5.6% | -21.3% | 9.4% | BUD 61% · TAP 9% · SAM -62% |
| Household Products | 19 | 13.3% | 1.5% | -12.3% | IPAR 70% · CL 40% · CHD 32% |
| Personal Care Products ← | 4 | 9.6% | 3.6% | -15.0% | ELF 274% · PG 30% · COTY -60% |
| Agricultural Products & Services | 11 | -17.8% | -2.4% | -28.4% | ADM 39% · BG 34% · INGR 14% |
| Packaged Foods & Meats | 48 | -26.0% | -28.4% | -37.1% | CALM 125% · TR 35% · SJM 27% |
| Distillers & Vintners | 5 | -37.9% | -53.9% | -75.4% | STZ -31% · BF-B -52% |
| Drug Retail | 3 | -36.4% | -52.1% | -94.9% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 105.19 |
| Mkt Cap | 39.4 |
| Rev LTM | 15,408 |
| Op Inc LTM | 2,941 |
| FCF LTM | 1,914 |
| FCF 3Y Avg | 1,773 |
| CFO LTM | 2,325 |
| CFO 3Y Avg | 2,256 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.5% |
| Rev Chg 3Y Avg | 1.8% |
| Rev Chg Q | 4.0% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 0.8% |
| Op Inc Chg 3Y Avg | 2.7% |
| Op Mgn LTM | 19.1% |
| Op Mgn 3Y Avg | 17.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 20.2% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 17.4% |
| FCF/Rev 3Y Avg | 15.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 39.4 |
| P/S | 3.6 |
| P/Op Inc | 18.9 |
| P/EBIT | 23.5 |
| P/E | 33.4 |
| P/CFO | 18.8 |
| Total Yield | 5.1% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.0% |
| 3M Rtn | 8.1% |
| 6M Rtn | 12.3% |
| 12M Rtn | 22.7% |
| 3Y Rtn | 16.3% |
| 1M Excs Rtn | 12.2% |
| 3M Excs Rtn | 4.1% |
| 6M Excs Rtn | 5.9% |
| 12M Excs Rtn | 6.7% |
| 3Y Excs Rtn | -59.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Fabric & Home Care | 30,314 | 29,617 | 29,495 | 28,371 | 27,556 |
| Baby, Feminine & Family Care | 20,401 | 20,248 | 20,277 | 20,217 | 19,736 |
| Beauty | 16,023 | 14,964 | 15,220 | 15,008 | 14,740 |
| Health Care | 12,456 | 11,998 | 11,793 | 11,226 | 10,824 |
| Grooming | 6,918 | 6,662 | 6,654 | 6,419 | 6,587 |
| Corporate | 919 | 794 | 601 | 765 | 744 |
| Total | 87,031 | 84,283 | 84,040 | 82,006 | 80,187 |
| $ Mil | 2002 | 2001 | 2000 | 1997 |
|---|---|---|---|---|
| Fabric & Home Care | 2,728 | 2,427 | 2,318 | |
| Baby, Feminine & Family Care | 1,961 | |||
| Beauty Care | 1,664 | 1,404 | 1,393 | |
| Health Care | 795 | 584 | 540 | 471 |
| Food & Beverage | 604 | 547 | 566 | |
| Paper | 1,735 | 1,817 | ||
| Laundry and cleaning | 2,101 | |||
| beauty care | 1,066 | |||
| food and beverage | 542 | |||
| paper | 1,333 | |||
| Total | 7,752 | 6,697 | 6,634 | 5,513 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Fabric & Home Care | 5,632 | 5,848 | 5,687 | 4,828 | 4,386 |
| Baby, Feminine & Family Care | 3,930 | 4,013 | 4,020 | 3,545 | 3,266 |
| Beauty | 2,672 | 2,715 | 2,963 | 3,178 | 3,160 |
| Health Care | 2,404 | 2,440 | 2,258 | 2,125 | 2,006 |
| Grooming | 1,529 | 1,577 | 1,477 | 1,461 | 1,490 |
| Corporate | -23 | -527 | -1,430 | -399 | 485 |
| Total | 16,144 | 16,066 | 14,975 | 14,738 | 14,793 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate | 71,365 | 68,366 | 65,773 | 68,076 | 70,481 |
| Grooming | 19,082 | 20,601 | 20,482 | 20,668 | 20,589 |
| Fabric & Home Care | 8,907 | 8,669 | 8,567 | 8,334 | 7,745 |
| Baby, Feminine & Family Care | 8,497 | 8,517 | 8,443 | 8,666 | 8,628 |
| Health Care | 8,416 | 8,480 | 7,888 | 7,976 | 7,726 |
| Beauty | 6,103 | 6,196 | 6,055 | 5,587 | 5,531 |
| Total | 122,370 | 120,829 | 117,208 | 119,307 | 120,700 |
Price Behavior
| Market Price | $161.02 | |
| Market Cap ($ Bil) | 374.2 | |
| First Trading Date | 01/02/1970 | |
| Distance from 52W High | -2.1% | |
| 50 Days | 200 Days | |
| DMA Price | $147.41 | $146.35 |
| DMA Trend | up | up |
| Distance from DMA | 9.2% | 10.0% |
| 3M | 1YR | |
| Volatility | 20.3% | 20.9% |
| Downside Capture | -35.92 | -9.47 |
| Upside Capture | 19.32 | 2.89 |
| Correlation (S&P 500) | -7.5% | -4.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.13 | 0.29 | 0.12 | 0.07 | -0.04 | 0.10 |
| Up Beta | -1.03 | 0.62 | -0.07 | 0.68 | 0.39 | 0.21 |
| Down Beta | -1.28 | -0.22 | 0.82 | -0.41 | -0.06 | 0.03 |
| Up Capture | 46% | 24% | 3% | 0% | -10% | 1% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 23 | 35 | 67 | 128 | 398 |
| Down Capture | 25% | 26% | 6% | -7% | -26% | 10% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 19 | 29 | 59 | 123 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PG | |
|---|---|---|---|---|
| PG | 9.7% | 20.9% | 0.33 | - |
| Sector ETF (XLP) | 13.0% | 15.2% | 0.59 | 73.2% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | -4.8% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 2.6% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -28.4% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 44.6% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | -17.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PG | |
|---|---|---|---|---|
| PG | 5.0% | 18.4% | 0.15 | - |
| Sector ETF (XLP) | 7.2% | 13.8% | 0.29 | 78.4% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 25.4% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 5.8% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | -8.3% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 39.9% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 2.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PG | |
|---|---|---|---|---|
| PG | 9.2% | 19.3% | 0.40 | - |
| Sector ETF (XLP) | 8.2% | 15.0% | 0.41 | 81.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 43.3% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 6.6% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 3.9% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 48.1% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 5.3% |
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Returns Analyses
Earnings Returns History
Updated 10/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 5.6% | ||
| 7/29/2026 | -1.9% | -0.6% | -2.6% |
| 4/24/2026 | 2.5% | 1.7% | -0.1% |
| 1/22/2026 | 0.9% | 0.7% | 10.9% |
| 10/24/2025 | 0.9% | -1.0% | -0.2% |
| 7/29/2025 | -0.3% | -4.0% | -0.7% |
| 4/24/2025 | -3.7% | -1.9% | -0.4% |
| 1/22/2025 | 0.9% | 1.5% | 4.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 12 | 12 |
| # Negative | 8 | 12 | 12 |
| Median Positive | 0.9% | 2.2% | 4.0% |
| Median Negative | -1.5% | -1.5% | -0.9% |
| Max Positive | 5.6% | 3.7% | 11.2% |
| Max Negative | -6.2% | -4.0% | -8.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 5.6% | ||
| 7/29/2026 | -1.9% | -0.6% | -2.6% |
| 4/24/2026 | 2.5% | 1.7% | -0.1% |
| 1/22/2026 | 0.9% | 0.7% | 10.9% |
| 10/24/2025 | 0.9% | -1.0% | -0.2% |
| 7/29/2025 | -0.3% | -4.0% | -0.7% |
| 4/24/2025 | -3.7% | -1.9% | -0.4% |
| 1/22/2025 | 0.9% | 1.5% | 4.0% |
| 10/18/2024 | 0.0% | -1.0% | -1.0% |
| 7/30/2024 | -4.8% | -1.1% | -0.4% |
| 4/19/2024 | 0.5% | 3.3% | 6.6% |
| 1/23/2024 | -1.2% | 2.3% | 4.3% |
| 10/18/2023 | 2.6% | 3.1% | 4.2% |
| 7/28/2023 | 2.8% | 3.2% | 0.9% |
| 4/21/2023 | 3.5% | 3.7% | 1.5% |
| 1/19/2023 | 0.4% | -0.9% | -1.7% |
| 10/19/2022 | 0.9% | 2.7% | 11.2% |
| 7/29/2022 | -6.2% | -2.3% | -3.9% |
| 4/20/2022 | 2.7% | 0.8% | -8.5% |
| 1/19/2022 | 0.5% | -1.8% | -0.8% |
| 10/19/2021 | -1.2% | -0.4% | 4.0% |
| 7/30/2021 | 2.0% | 2.2% | 2.0% |
| 4/20/2021 | 0.8% | -3.3% | 0.4% |
| 1/20/2021 | -0.1% | -2.1% | -3.1% |
| 10/20/2020 | 0.4% | 0.1% | 0.5% |
| SUMMARY STATS | |||
| # Positive | 17 | 12 | 12 |
| # Negative | 8 | 12 | 12 |
| Median Positive | 0.9% | 2.2% | 4.0% |
| Median Negative | -1.5% | -1.5% | -0.9% |
| Max Positive | 5.6% | 3.7% | 11.2% |
| Max Negative | -6.2% | -4.0% | -8.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-K |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 01/23/2026 | 10-Q |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-K |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/22/2025 | 10-Q |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-K |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 01/23/2024 | 10-Q |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 01/19/2023 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-K |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 01/23/2026 | 10-Q |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-K |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/22/2025 | 10-Q |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-K |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 01/23/2024 | 10-Q |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 01/19/2023 | 10-Q |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-K |
| 03/31/2022 | 04/20/2022 | 10-Q |
| 12/31/2021 | 01/19/2022 | 10-Q |
| 09/30/2021 | 10/19/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-K |
| 03/31/2021 | 04/20/2021 | 10-Q |
| 12/31/2020 | 01/20/2021 | 10-Q |
| 09/30/2020 | 10/20/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-K |
| 03/31/2020 | 04/20/2020 | 10-Q |
| 12/31/2019 | 01/23/2020 | 10-Q |
Recent Forward Guidance
Updated 10/23/2026Latest: Q1 2027 Earnings Reported 10/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Dividends | Reported | 10.00 Bil | 0.0% | Affirmed | Guidance: 10.00 Bil for 2027 | |||
| 2027 Net Sales Growth | Reported | 2.0% | 3.0% | 4.0% | 1.0% | Raised | Guidance: 2.0% for 2027 | |
| 2027 Organic Sales Growth | Reported | 1.0% | 2.0% | 3.0% | 0.0% | Affirmed | Guidance: 2.0% for 2027 | |
| 2027 Capital Spending % of Net Sales | Reported | 4.5% | 5.0% | 5.5% | ||||
| 2027 Core Effective Tax Rate | Reported | 20.0% | 20.5% | 21.0% | ||||
| 2027 Diluted EPS Growth | Reported | 1.0% | 3.0% | 5.0% | 0.0% | Affirmed | Guidance: 3.0% for 2027 | |
| 2027 Core EPS Growth | Reported | 0.0% | 1.5% | 3.0% | 0.0% | Affirmed | Guidance: 1.5% for 2027 | |
| 2027 Core EPS | Reported | 6.89 | 7 | 7.11 | 0.0% | Affirmed | Guidance: 7 for 2027 | |
| 2027 Free Cash Flow Productivity | Reported | 0.85 | 0.88 | 0.9 | 0.0% | Affirmed | Guidance: 0.88 for 2027 | |
| 2027 Share Repurchases | Reported | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2027 | |||
Prior: Q4 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Dividends | Reported | 10.00 Bil | 0.0% | Same New | Guidance: 10.00 Bil for 2026 | |||
| 2027 All-in Sales Growth | Reported | 1.0% | 2.0% | 3.0% | -33.3% | -1.0% | Lower New | Guidance: 3.0% for 2026 |
| 2027 Organic Sales Growth | Reported | 1.0% | 2.0% | 3.0% | 0.0% | 0.0% | Same New | Guidance: 2.0% for 2026 |
| 2027 Diluted EPS Growth | Reported | 1.0% | 3.0% | 5.0% | -14.3% | -0.5% | Lower New | Guidance: 3.5% for 2026 |
| 2027 Core EPS Growth | Reported | 0.0% | 1.5% | 3.0% | -25.0% | -0.5% | Lower New | Guidance: 2.0% for 2026 |
| 2027 Core EPS | Reported | 6.89 | 7 | 7.11 | 0.6% | Higher New | Guidance: 6.96 for 2026 | |
| 2027 Adjusted Free Cash Flow Productivity | Reported | 0.85 | 0.88 | 0.9 | 0.0% | 0.0% | Same New | Guidance: 0.88 for 2026 |
| 2027 Share Repurchases | Reported | 5.00 Bil | 0.0% | Same New | Guidance: 5.00 Bil for 2026 | |||
Q3 2026 Earnings Reported 4/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Spending | Reported | 0.04 | 0.05 | 0.05 | 0.0% | Affirmed | Guidance: 0.05 for 2026 | |
| 2026 Dividends | Reported | 10.00 Bil | 0.0% | Affirmed | Guidance: 10.00 Bil for 2026 | |||
| 2026 All-in Sales Growth | Reported | 1.0% | 3.0% | 5.0% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Organic Sales Growth | Reported | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core Effective Tax Rate | Reported | 20.0% | 20.5% | 21.0% | 0.0% | Affirmed | Guidance: 20.5% for 2026 | |
| 2026 Diluted EPS Growth | Reported | 1.0% | 3.5% | 6.0% | 0.0% | Affirmed | Guidance: 3.5% for 2026 | |
| 2026 Core EPS Growth | Reported | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core EPS | Reported | 6.83 | 6.96 | 7.09 | 0.0% | Affirmed | Guidance: 6.96 for 2026 | |
| 2026 Adjusted Free Cash Flow Productivity | Reported | 0.85 | 0.88 | 0.9 | 0.0% | Affirmed | Guidance: 0.88 for 2026 | |
| 2026 Share Repurchases | Reported | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2026 | |||
Q2 2026 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Spending | Reported | 0.04 | 0.05 | 0.05 | 0.0% | Affirmed | Guidance: 0.05 for 2026 | |
| 2026 Dividends | Reported | 10.00 Bil | 0.0% | Affirmed | Guidance: 10.00 Bil for 2026 | |||
| 2026 All-in Sales Growth | Reported | 1.0% | 3.0% | 5.0% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Organic Sales Growth | Reported | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core Effective Tax Rate | Reported | 20.0% | 20.5% | 21.0% | 0.0% | Affirmed | Guidance: 20.5% for 2026 | |
| 2026 Diluted EPS Growth | Reported | 1.0% | 3.5% | 6.0% | -2.5% | Lowered | Guidance: 6.0% for 2026 | |
| 2026 Core EPS Growth | Reported | 0.0% | 2.0% | 4.0% | 0.0% | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Core EPS | Reported | 6.83 | 6.96 | 7.09 | 0.0% | Affirmed | Guidance: 6.96 for 2026 | |
| 2026 Adjusted Free Cash Flow Productivity | Reported | 0.85 | 0.88 | 0.9 | 0.0% | Affirmed | Guidance: 0.88 for 2026 | |
| 2026 Share Repurchases | Reported | 5.00 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2026 | |||
Insider Activity
Updated 10/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schulten, Andre | Chief Financial Officer | Direct | Sell | 10062026 | 145.34 | 3,914 | 568,861 | 9,536,922 | Form |
| 2 | Gama, Paul | CEO- Health Care | Direct | Sell | 10062026 | 145.34 | 2,225 | 323,382 | 7,430,345 | Form |
| 3 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 10062026 | 145.34 | 2,369 | 344,310 | 4,466,294 | Form |
| 4 | Janzaruk, Matthew W | SVP - Chief Accounting Officer | Direct | Sell | 8242026 | 145.24 | 359 | 52,141 | 184,641 | Form |
| 5 | Raman, Sundar G | CEO-Fabric Home & Habitat Care | Direct | Sell | 8242026 | 143.02 | 3,435 | 491,274 | 6,828,468 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schulten, Andre | Chief Financial Officer | Direct | Sell | 10062026 | 145.34 | 3,914 | 568,861 | 9,536,922 | Form |
| 2 | Gama, Paul | CEO- Health Care | Direct | Sell | 10062026 | 145.34 | 2,225 | 323,382 | 7,430,345 | Form |
| 3 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 10062026 | 145.34 | 2,369 | 344,310 | 4,466,294 | Form |
| 4 | Janzaruk, Matthew W | SVP - Chief Accounting Officer | Direct | Sell | 8242026 | 145.24 | 359 | 52,141 | 184,641 | Form |
| 5 | Raman, Sundar G | CEO-Fabric Home & Habitat Care | Direct | Sell | 8242026 | 143.02 | 3,435 | 491,274 | 6,828,468 | Form |
| 6 | Abd, El Hak Hesham | CEO-Baby and Feminine Care | Direct | Sell | 8242026 | 143.79 | 1,936 | 278,377 | 1,613,026 | Form |
| 7 | Santos, De Azevedo Juliana Monteiro | CEO - Grooming | Direct | Sell | 8242026 | 143.79 | 2,368 | 340,495 | 3,393,622 | Form |
| 8 | Janzaruk, Matthew W | SVP - Chief Accounting Officer | Direct | Sell | 8242026 | 143.79 | 156 | 22,431 | 234,418 | Form |
| 9 | Schulten, Andre | Chief Financial Officer | Direct | Sell | 8242026 | 143.79 | 5,402 | 776,754 | 9,055,177 | Form |
| 10 | Bharucha, Freddy P | CEO - Beauty | Direct | Sell | 8242026 | 143.79 | 246 | 35,372 | 282,613 | Form |
| 11 | Purushothaman, Balaji | Chief Human Resources Officer | Direct | Sell | 8242026 | 143.79 | 2,019 | 290,312 | 2,225,408 | Form |
| 12 | Jejurikar, Shailesh | Chairman, President and CEO | Direct | Sell | 8242026 | 143.79 | 6,176 | 888,047 | 5,654,685 | Form |
| 13 | Gama, Paul | CEO- Health Care | Direct | Sell | 8242026 | 143.79 | 3,396 | 488,311 | 5,871,216 | Form |
| 14 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 8242026 | 143.79 | 2,238 | 321,802 | 3,880,744 | Form |
| 15 | Pritchard, Marc S | Chief Brand Officer | Direct | Sell | 8242026 | 143.79 | 4,030 | 579,474 | 26,888,809 | Form |
| 16 | Aguilar, Moses Victor Javier | Chf Rsch, Dev & Innov Officer | Direct | Sell | 8242026 | 143.79 | 3,053 | 438,991 | 7,119,200 | Form |
| 17 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 8202026 | 144.00 | 8,644 | 1,244,736 | 3,147,259 | Form |
| 18 | Francisco, Ma. Fatima | CEO - Baby, Fem & Family Care | Direct | Sell | 3022026 | 165.29 | 5,549 | 917,199 | 170,041 | Form |
| 19 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 2232026 | 159.46 | 1,809 | 288,454 | 4,817,941 | Form |
| 20 | Aguilar, Moses Victor Javier | Chf Rsch, Dev & Innov Officer | Direct | Sell | 2172026 | 162.28 | 15,169 | 2,461,609 | 7,259,625 | Form |
| 21 | Moeller, Jon R | Exec. Chairman of the Board | Direct | Sell | 2132026 | 162.45 | 162,232 | 26,354,361 | 51,883,644 | Form |
| 22 | Coombe, Gary A | CEO - Grooming | Direct | Sell | 2132026 | 162.33 | 36,093 | 5,859,002 | 5,680,566 | Form |
| 23 | Purushothaman, Balaji | Chief Human Resources Officer | Direct | Sell | 2132026 | 160.31 | 12,827 | 2,056,287 | 2,026,117 | Form |
| 24 | Moeller, Jon R | Exec. Chairman of the Board | Direct | Sell | 2132026 | 160.00 | 11,036 | 1,765,760 | 51,101,598 | Form |
| 25 | Francisco, Ma. Fatima | CEO - Baby, Fem & Family Care | Direct | Sell | 2042026 | 158.00 | 8,000 | 1,264,000 | 1,038,250 | Form |
| 26 | Pritchard, Marc S | Chief Brand Officer | Direct | Sell | 1262026 | 151.15 | 95,903 | 14,495,690 | 27,600,889 | Form |
| 27 | Schulten, Andre | Chief Financial Officer | Retirement Plan Trustee | Sell | 11122025 | 146.37 | 1 | 190 | 1,005,499 | Form |
| 28 | Janzaruk, Matthew W | SVP - Chief Accounting Officer | Direct | Sell | 10302025 | 149.57 | 725 | 108,438 | 146,415 | Form |
| 29 | Schulten, Andre | Chief Financial Officer | Direct | Sell | 10062025 | 152.23 | 4,252 | 647,289 | 8,219,298 | Form |
| 30 | Moeller, Jon R | Chairman, President and CEO | Direct | Sell | 10062025 | 152.23 | 11,684 | 1,778,675 | 48,703,828 | Form |
| 31 | Purushothaman, Balaji | Chief Human Resources Officer | Direct | Sell | 10062025 | 152.23 | 490 | 74,594 | 1,920,556 | Form |
| 32 | Keith, R. Alexandra | CEO - Beauty | Direct | Sell | 10062025 | 152.23 | 1,855 | 282,390 | 3,908,474 | Form |
| 33 | Keith, R. Alexandra | CEO - Beauty | Spouse | Sell | 10062025 | 152.23 | 399 | 60,740 | 684,541 | Form |
| 34 | Jejurikar, Shailesh | Chief Operating Officer | Direct | Sell | 10062025 | 152.23 | 3,986 | 606,796 | 7,139,573 | Form |
| 35 | Davis, Jennifer L | CEO - Health Care | Direct | Sell | 10062025 | 152.23 | 3,227 | 491,252 | 9,402,428 | Form |
| 36 | Coombe, Gary A | CEO - Grooming | Direct | Sell | 10062025 | 152.23 | 3,535 | 538,139 | 5,300,121 | Form |
| 37 | Whaley, Susan Street | Chief Legal Officer & Secy | Direct | Sell | 10062025 | 152.23 | 2,408 | 366,574 | 4,836,376 | Form |
Investor Activity (13F)
Updated Oct 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Vega Investment Solutions | $93.9 Mil | 22.4% | 175 | Hold | 13F |
| RIT Capital Partners PLC | $21.6 Mil | 5.8% | 12 | TRIM -30.0% | 13F |
| Fundsmith Investment Services LTD. | $254.3 Mil | 5.8% | 24 | Hold | 13F |
| Fundsmith LLP | $606.6 Mil | 4.7% | 34 | Hold | 13F |
| Hook Mill Capital Partners, LP | $49.7 Mil | 4.4% | 39 | ADD +31.3% | 13F |
| Hamlin Capital Management, LLC | $154.2 Mil | 3.7% | 30 | ADD +16.7% | 13F |
| HFR Wealth Management, LLC | $14.5 Mil | 3.6% | 49 | Hold | 13F |
| Saratoga Research & Investment Management | $52.0 Mil | 3.0% | 46 | ADD +65.1% | 13F |
| Triodos Investment Management BV | $36.8 Mil | 2.8% | 49 | Hold | 13F |
| Iyo Bank, Ltd. | $7.6 Mil | 2.7% | 35 | Hold | 13F |
| SRB Corp | $33.6 Mil | 2.1% | 44 | TRIM -12.3% | 13F |
| Ycg, LLC | $16.3 Mil | 1.5% | 42 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.4 Mil | 1.3% | 46 | New | 13F |
| Sanders Capital, LLC | $975.2 Mil | 1.2% | 44 | Hold | 13F |
| Fidelity National Financial, Inc. | $15.2 Mil | 0.6% | 21 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fidelity National Financial, Inc. | $15.2 Mil | 0.6% | 21 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.4 Mil | 1.3% | 46 | New | 13F |
| Saratoga Research & Investment Management | $52.0 Mil | 3.0% | 46 | ADD +65.1% | 13F |
| Hook Mill Capital Partners, LP | $49.7 Mil | 4.4% | 39 | ADD +31.3% | 13F |
| Hamlin Capital Management, LLC | $154.2 Mil | 3.7% | 30 | ADD +16.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sanders Capital, LLC | $975.2 Mil | 1.2% | 44 | Hold | 13F |
| Fundsmith LLP | $606.6 Mil | 4.7% | 34 | Hold | 13F |
| Fundsmith Investment Services LTD. | $254.3 Mil | 5.8% | 24 | Hold | 13F |
| Hamlin Capital Management, LLC | $154.2 Mil | 3.7% | 30 | ADD +16.7% | 13F |
| Vega Investment Solutions | $93.9 Mil | 22.4% | 175 | Hold | 13F |
| Saratoga Research & Investment Management | $52.0 Mil | 3.0% | 46 | ADD +65.1% | 13F |
| Hook Mill Capital Partners, LP | $49.7 Mil | 4.4% | 39 | ADD +31.3% | 13F |
| Triodos Investment Management BV | $36.8 Mil | 2.8% | 49 | Hold | 13F |
| SRB Corp | $33.6 Mil | 2.1% | 44 | TRIM -12.3% | 13F |
| RIT Capital Partners PLC | $21.6 Mil | 5.8% | 12 | TRIM -30.0% | 13F |
| Ycg, LLC | $16.3 Mil | 1.5% | 42 | Hold | 13F |
| Fidelity National Financial, Inc. | $15.2 Mil | 0.6% | 21 | New | 13F |
| HFR Wealth Management, LLC | $14.5 Mil | 3.6% | 49 | Hold | 13F |
| Iyo Bank, Ltd. | $7.6 Mil | 2.7% | 35 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $5.4 Mil | 1.3% | 46 | New | 13F |
PG Trade Sentinel
Constructive
CONVICTION RATIONALE
Procter & Gamble shows compelling evidence of a turnaround, with organic sales growth accelerating to 4.0%, led by a 2.4% volume increase. This suggests its strategic initiatives are gaining traction. However, the company faces a significant $1.4 billion after-tax cost headwind for fiscal 2027, creating a clear tension between improving demand and near-term profit pressure.
STOCK ARCHETYPE
Consumer Staples / Branded FranchiseRevenue = (Volume of units sold) x (Average price per unit) + Product/Geographic Mix Productivity savings across the cost structure (COGS and SG&A) and operating leverage from volume growth.
INVESTMENT THESIS
Evidence suggests yes, as Q1's 4.0% organic growth was broad-based and driven by a healthy 2.4% volume lift.
- Organic sales growth accelerated to 4.0% in Q1 FY27 from 1.5% in the prior quarter.
- Q1 growth was driven by a 2.4% increase in volume, a high-quality indicator of demand.
- 29 of the top 50 category-country combinations held or grew share, up from 23 last quarter.
PRIMARY RISK
The company faces a $1.4 billion after-tax cost headwind in fiscal 2027, with management expecting 'materially higher' pressure in Q2, potentially erasing benefits from volume growth.
- Management guided to a $1.4 billion after-tax cost headwind for fiscal 2027.
- Trailing-twelve-month operating margin already contracted by 1.5 percentage points to 22.6%.
- Management expects 'materially higher cost headwinds in Q2' of fiscal 2027.
- Inventory grew 8.1% in Q1, outpacing 4% revenue growth and signaling potential future pressure.
| KPI | Status | Rationale |
|---|---|---|
| Organic Sales Growth | 4.0% for Q1 FY2027 - Turning around | The 4.0% growth in the latest quarter marks a strong sequential acceleration from 1.5% in the prior quarter, suggesting that the company's strategic interventions to improve performance are gaining traction. While still below the 7.4% growth from two quarters ago, the recent momentum is a positive turn after a significant slowdown. |
| Market Share Performance | Global aggregate market share was flat year-over-year in Q1 FY2027, with 29 of the top 50 category-country combinations holding or growing share. - Turning around | After a dip in the prior quarter, the number of key business units holding or gaining share has recovered and reached a three-quarter high. This indicates that underlying competitive performance is improving, even as the aggregate global share remains flat. |
| Free Cash Flow Productivity | 93% (Q1 FY2027 (ended 9/30/2026)) | Market rewards The company's long-term growth algorithm targets adjusted free cash flow productivity of 90% or greater.. Measures the company's ability to convert net earnings into free cash flow, indicating cash generation efficiency. |
| Global Aggregate Market Share | flat vs prior year (Q1 FY2027) | Indicates the company's competitive standing across its global portfolio. Holding or growing share is a key objective. |
Volume Rebound vs. Cost Squeeze
BULL VIEW
The 2.4% volume lift in Q1 is the start of a durable trend, proving strategic changes are working and providing the scale to absorb rising costs without sacrificing profit growth.
CORE TENSION
Can the 4.0% organic sales growth acceleration offset the $1.4 billion after-tax cost headwind that already compressed TTM operating margins by 1.5 percentage points?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The market strongly rewarded the volume acceleration, suggesting it sees the top-line momentum as the more important, forward-looking signal.
BEAR VIEW
The $1.4 billion cost headwind is a certainty that will overwhelm a fragile, temporary volume rebound, leading to a significant earnings miss in the coming quarters.
| Timeline | Event & Metric To Watch |
|---|---|
Q2 | Heightened Cost Headwinds Watch: Management expects materially higher cost headwinds in the second quarter. |
1/20/2027 | Accelerated Cost Headwinds Watch: The magnitude of Q2 margin compression and any change to the full-year cost headwind guidance. |
1/20/2027 | Slowing Segment Momentum Watch: Updates on market share performance and organic growth rates for the Family Care and Beauty segments. |
1/20/2027 | Thorne Acquisition Integration Watch: Initial contribution from Thorne, any disclosed integration costs, and impact on segment margins or growth. |
1/20/2027 | Next Earnings Report Watch: The company is scheduled to report its next quarterly earnings. |
1/28/2027 | Weakening Consumer Demand Watch: Peer commentary on consumer spending and volume trends in the personal care and staples sectors. |
2/3/2027 | Peer Earnings Report Watch: Peer Estee Lauder Companies (EL) is scheduled to report earnings. |
2/15/2027 | Peer Earnings Report Watch: Peer Kenvue (KVUE) is scheduled to report earnings. |
November 19 | Company Investor Day Watch: The company will hold its Investor Day at its global headquarters. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-22 | Q1 FY27 Results Accelerate Details: The company reported first quarter fiscal year 2027 net sales and organic sales growth of 4.0%. The stock reacted positively, up 5.0% around the earnings call. | +5.6% $156.84 -> $165.59 |
2026-10-01 | Thorne Acquisition Completed Details: The company completed the acquisition of Thorne for $3.9 billion in an all-cash transaction on October 1, 2026. Thorne will be part of the Personal Health Care segment. | -0.3% $145.28 -> $144.91 |
2026-09-07 | Analyst Commentary Highlights Headwinds Details: An analyst note highlighted that PG posted weak FY26 results with 1% organic sales growth and forecasts only 1-3% organic sales growth for FY27 amid cost pressures. | -0.9% $146.92 -> $145.58 |
2026-08-04 | Thorne Acquisition Announced Details: The company entered into an agreement to acquire Thorne, a premium wellness and supplement brand, for $3.8 billion. | +1.3% $144.97 -> $146.80 |
2026-07-29 | Q4 FY26 Results Disappoint Details: For the fourth quarter, organic sales increased modestly, rounding down to in line versus prior year. The stock reacted -3.0% around the earnings call. | -3.3% $148.88 -> $143.96 |
2026-04-24 | Q3 FY26 Results Reported Details: The company reported third quarter fiscal year 2026 net sales of $21.2 billion, an increase of seven percent, and organic sales growth of three percent. | +2.6% $143.55 -> $147.30 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: PG trades at roughly 17% annualized realized (three-month) volatility versus about 11% for the S&P 500 (1.5x the market). A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
CL - Colgate-Palmolive
Focused Oral Care LeaderColgate-Palmolive offers more concentrated exposure to the oral care market, where P&G also competes, and has a structurally higher gross margin of 60.4% versus P&G's 49.8%.
EL - Estee Lauder Companies
Pure-Play Prestige BeautyEstee Lauder provides pure-play exposure to the high-end beauty market, demonstrating significantly higher pricing power with a gross margin of 75.5% compared to P&G's 49.8%.
A consumer staples behemoth leveraging its scale and innovation engine to defend market leadership and navigate cost inflation through a disciplined focus on productivity and 'superiority'.
Procter & Gamble is a portfolio of market-leading, daily-use brands where performance drives consumer choice. The core strategy is to deliver 'irresistible superiority' across all consumer touchpoints, funded by a robust productivity program. The company is currently executing targeted 'interventions' to reignite user and market share growth, particularly in the U.S., with early results showing an acceleration in top-line momentum. The key challenge is managing significant commodity cost headwinds without sacrificing volume to price increases.
Sustained organic volume growth, consistent market share gains across key category-country combinations, and margin expansion despite cost pressures would confirm the strategy is working.
Failure to grow or hold market share, continued volume declines, and an inability to offset cost inflation through productivity and innovation-led pricing would damage the thesis.
Quarter-to-quarter volatility from retailer inventory shifts, which management notes can create a disconnect between sell-in and sell-out.
Repricing Catalyst
Evidence that the company's targeted 'interventions' are successfully and sustainably turning around market share trends, particularly in the U.S., leading to consistent outperformance versus its categories.
Fabric & Home Care
$30.3B TTM (35% of Total)What It Is
Sells fabric care products like laundry detergents (Tide, Ariel), fabric enhancers (Downy), and home care products like dish soap (Dawn, Fairy), surface cleaners (Mr. Clean), and air fresheners (Febreze) to consumers through retailers.
Who Pays & How
Retailers pay P&G for inventory, which is then sold to consumers. Consumers choose these brands for their perceived superior performance in cleaning and home maintenance, with P&G holding a #1 or #2 market share position in many of these categories.
Competition
Baby, Feminine & Family Care
$20.4B TTM (23% of Total)What It Is
Sells baby care products like diapers and wipes (Pampers, Luvs), feminine care products (Always, Tampax), and family care products like paper towels and toilet paper (Bounty, Charmin) to consumers through retailers.
Who Pays & How
Retailers pay P&G for inventory. Consumers choose these brands for their performance and reliability in personal and family hygiene. P&G is a global market leader in baby care and feminine care.
Competition
Beauty
$16.0B TTM (18% of Total)What It Is
Sells hair care (Pantene, Head & Shoulders), skin care (Olay, SK-II), and personal care (Old Spice, Secret) products to consumers through a variety of retail channels, including specialty beauty stores.
Who Pays & How
Retailers pay P&G for inventory. Consumers purchase these products based on brand reputation, product performance, and specific beauty or personal care needs. P&G is a global market leader in retail hair care.
Competition
Health Care
$12.5B TTM (14% of Total)What It Is
Sells oral care products (Crest, Oral-B) and personal health care products like respiratory treatments and digestive wellness (Vicks, Metamucil, Pepto-Bismol) to consumers through retailers, drug stores, and pharmacies.
Who Pays & How
Retailers and distributors pay P&G for inventory. Consumers choose these brands for their trusted efficacy in oral hygiene and personal health. P&G holds a nearly 30% global market share in oral care.
Competition
Grooming
$6.9B TTM (8% of Total)What It Is
Sells male and female blades and razors (Gillette, Venus) and appliances like electric shavers (Braun) to consumers through retailers.
Who Pays & How
Retailers pay P&G for inventory. Consumers choose these brands for their performance and reliability in personal grooming. P&G is the global market leader, holding more than 50% share in the grooming market.
Competition
Procter & Gamble — Investor Video Playlist
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Personal Care Products Resources |
| Cosmetics Design |
| Global Cosmetics Industry |
| Happi - Personal Care |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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