Procter & Gamble

Procter & Gamble makes household and personal care products. Its brands include Tide, Pampers, Gillette, and Crest. Retailers around the world sell these products to consumers every day. The company earns money through steady, repeat purchases of everyday items.

Investors doubt that P&G can grow its profit while its costs rise. In fiscal 2026, all of the 1% organic sales growth came from higher prices, and volume was flat. In the first quarter of fiscal 2027, organic sales grew 4% and volume grew about 2%, but core EPS grew only 1%. Higher costs for commodities, energy and transport cut the gross margin by 1.5 points, and P&G now expects about $1.4 billion after tax of these costs in fiscal 2027, up from about $1 billion.

The company is also cutting about 7,000 jobs and dropping weak brands, and these one-time costs hide part of its earnings power. For the gap to close, volume must keep growing without price cuts that reduce the margin. Productivity savings must offset the higher costs, so that the margin stops falling. The restructuring costs must end inside the plan, and core EPS must stay in the $6.89 to $7.11 range for fiscal 2027.

Thorne, which P&G bought on October 1, 2026, must add growth without a large cost. The next test is the fiscal second-quarter report, expected in January 2027, and the restructuring plan ends in mid-2027. If volume keeps growing and the margin recovers over the next two to three quarters, the gap can close. If costs keep rising faster than savings, the discount can last into 2027.

1. Oct 1, 2026Passed

   Thorne purchase closesThe $3.8 billion purchase closes between October and December 2026 with no large change to the terms passes; a block by regulators or a long delay fails.Outcome: P&G completed the purchase on October 1, 2026, for $3.9 billion in cash.
2. Oct 22, 2026Passed

   Fiscal Q1 2027 earnings: volume, costs and guidanceFlat or positive organic volume, a core EPS decline no worse than the 5% or more that P&G guided, and an unchanged $6.89 to $7.11 fiscal 2027 range pass; a guidance cut or a volume decline fails.Outcome: Organic volume grew about 2%, core EPS rose 1% instead of the guided fall of 5% or more, and P&G kept the $6.89 to $7.11 range.
3. Jan 22, 2027 · est.Pending

   Fiscal Q2 2027 earnings: holiday-quarter volume and guidanceOrganic sales growth inside the 1% to 3% guidance with volume holding up passes; a guidance cut or a new fall in volume fails.
4. Jul 2027 · est.Pending

   Fiscal 2027 results: restructuring plan endsRestructuring charges that stop inside the $1.0 to $1.6 billion plan and a higher core operating margin pass; new charges or a longer plan fail.

Every passed and failed checkpoint across all picks

• October 26, 2026P&G sold $4.0 billion of US dollar notes due from 2031 to 2056, at rates from 5.125% to 5.900%. It closed the sale on October 30. On November 3, it closed a sale of €3.25 billion of euro notes due from 2030 to 2046, at rates from 3.750% to 4.625%.
• October 22, 2026P&G reported fiscal first-quarter 2027 results. Net sales rose 4% to $23.3 billion, and organic sales also rose 4%, with about 2% from volume and 1% from mix. Core EPS rose 1% to $2.00, against the guidance of a fall of 5% or more. Core gross margin fell 1.5 points, mostly because of higher commodity costs and product investments. P&G kept its fiscal 2027 guidance of 1% to 3% organic sales growth and core EPS of $6.89 to $7.11, and raised its all-in sales growth guidance to 2% to 4% because of Thorne. It now expects about $1.4 billion after tax of commodity, energy and transport cost headwinds, up from about $1 billion.
• October 13, 2026At the annual meeting, shareholders elected all 12 director nominees and voted against three shareholder proposals, per preliminary results. The board declared a quarterly dividend of $1.0885 per share, payable on or after November 16, 2026.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 3, 2026 · pg-20261103
• 8-KOther company newsFiled November 2, 2026 · pg-20261102
• 8-KOther company newsFiled October 30, 2026 · pg-20261030
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 22, 2026 · pg-20260930
• 8-KInvestor disclosureFiled October 22, 2026 · pg-20261022
• 8-KEarnings releaseFiled October 22, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled October 16, 2026 · pg-20261016
• 8-KInvestor disclosureFiled October 13, 2026 · pg-20261013
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 4, 2026 · pg-20260630
• 8-KInvestor disclosureFiled July 29, 2026 · pg-20260729

Every filing on SEC EDGAR (CIK 80424)

• In fiscal 2026, all of the organic sales growth came from price, and volume was flat. Volume grew about 2% in the first quarter of fiscal 2027, but one quarter does not show a lasting change. Consumer demand is weak and promotions are heavy. If P&G must cut prices to sell more units, its margin falls.
• Fiscal 2027 guidance now includes about $0.79 per share of cost headwinds, up from about $0.56 in July 2026: about $1.4 billion after tax from commodities, energy and transport, $300 million from higher net interest, $150 million from lower non-operating income and $50 million from currency. If these costs increase more, core EPS can fall below the guidance range.
• P&G is in the middle of a two-year restructuring plan to cut about 7,000 jobs and exit weaker brands. The plan costs $1.0 to $1.6 billion before tax over fiscal 2026 and 2027, and more than half came in fiscal 2026. New charges or a longer plan would cut earnings again.
• Tariff changes are a risk outside the fiscal 2027 guidance. The $3.9 billion Thorne purchase can also fail to give the growth that P&G expects.

Procter & Gamble funds itself with cash from operations and with unsecured debt that the parent company issues. The strong rating keeps borrowing easy, and dividends and buybacks use most of the cash it makes. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

2.6% (last 12 months, at today’s price of $167.67)

Paid per share

$4.324 in the last 12 months (4 payments)

Current annual rate

$4.356 ($1.089 × 4 a year)

Payout ratio

64% of the last fiscal year’s earnings (the year that ended June 30, 2026)

Latest ex-dividend date

October 23, 2026, $1.089 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 6.0% a year. From 2015 to 2025, the dividend grew by about 4.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.