Procter & Gamble (PG) Q2 2026 earnings

Procter & Gamble On Thursday, it reported mixed quarterly results as demand for Gillette razors and Pampers diapers declined.

The company also revised its earnings forecast for fiscal 2026. P&G now expects net earnings per share growth in the range of 1% to 6%, down from its previous forecast of 3% to 9%. The company attributed this change to higher restructuring fees. It reiterated its sales growth expectations.

“We have now completed what we fully expect will be the weakest quarter of the fiscal year,” CFO Andre Scholten said on a call with reporters on Thursday.

The company’s shares rose more than 2% in morning trading, supported by executives’ optimism about the rest of the fiscal year.

Here’s what P&G reported compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG:

• EPS: $1.88 was revised from $1.86 expected
• profit: $22.21 billion compared to $22.28 billion expected

Procter & Gamble reported fiscal second-quarter net income attributable to the company of $4.32 billion, or $1.78 per share, down from $4.63 billion, or $1.88 per share, a year earlier.

Excluding items such as restructuring costs, the company had earnings of $1.88 per share.

Net sales It rose 1% to $22.21 billion. Organic sales, which exclude foreign exchange, acquisitions and divestitures, were flat during the quarter.

Procter & Gamble’s trading volume fell by 1%, as three of its five product categories announced volume contractions. The metric excludes pricing, making it a more accurate reflection of demand than sales. Like many consumer companies, P&G has seen demand for some of its products decline, as inflation-weary consumers look for deals, especially in the United States, its largest market.

“People haven’t stopped washing their hair, they’re still buying diapers, they’re still doing their laundry — albeit at a slightly slower pace, so market growth has definitely slowed down over the last 18 to 24 months,” Scholten said.

The company’s child, women and family care segment saw the largest decline in demand, with volume falling 5% in the quarter. The company said demand for its household care products, which include Bounty paper towels, Puffs wipes and Charmin toilet paper, fell sharply as it faced tough comparisons with the same period last year, when retailers and consumers stocked up ahead of expected port strikes.

P&G’s personal care business, which includes Gillette and Venus razors, reported a 2% volume decline.

The company’s healthcare segment saw volume decline 1% during the quarter. The division includes Oral-B, Vicks and Pepto-Bismol.

P&G’s textile and home care business, which includes brands like Febreze and Tide, reported volume was unchanged from the same period last year.

The company’s beauty segment was the only division to record volume growth. It saw a 3% increase in volume, driven by increased demand for hair care products.

In the second half of the fiscal year, P&G expects stronger sales, supported by upcoming innovation, according to Scholten. For fiscal 2026, the company expects sales to grow between 1% and 5%.

“It’s been a difficult start to the fiscal year with weak consumer markets, fierce competition, and a dynamic geopolitical landscape,” Scholten said on the company’s earnings conference call. “We expect stronger results in the second half, which we can maintain [our] Fiscal year 2026 [outlook]”.

P&G will present at CAGNY’s annual conference next month. The presentation will include more details on how the company plans to “reinvent” itself under new CEO Shailesh Jejurikar, who took the reins earlier this month, executives said Thursday.