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The Procter & Gamble Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary22 Jan, 2026
Executive summary
Net sales for Q2 FY2026 were $22.2 billion, up 1% year-over-year; organic sales were flat as pricing gains offset volume declines, and core EPS was $1.88, unchanged from last year.
Seven of ten product categories held or grew organic sales; hair care, skin and personal care, and home care saw low to mid-single digit growth.
Global market share declined 20 basis points; 25 of top 50 category-country combinations held or grew share.
$4.8 billion was returned to shareholders through dividends and share repurchases in the quarter.
Major restructuring initiatives and portfolio changes, including the liquidation of operations in Argentina and a plan to reduce up to 7,000 non-manufacturing roles by fiscal 2027, were announced.
Financial highlights
Organic sales growth was 0% for the quarter; net sales grew 1% year-over-year, with North America organic sales down 2% and Latin America up 8%.
Core gross margin declined 50 basis points to 51.9%; operating margin fell 70 basis points to 24.2%.
Adjusted free cash flow productivity was 88%.
Net earnings for the quarter were $4.3 billion, a 7% decrease year-over-year.
Dividend per share was $1.0568, up from $1.0065 a year ago.
Outlook and guidance
Fiscal 2026 organic sales growth expected at flat to 4%, net sales growth at 1% to 5%, and core EPS growth at flat to 4%.
Guidance includes 30–50 basis points headwind from restructuring-related product and market exits.
Adjusted free cash flow productivity expected at 85–90% for the year; $10 billion in dividends and $5 billion in share repurchases planned.
Capital spending for FY2026 estimated at 4–5% of net sales.
U.S. category growth expected at 2% in the back half, with slight inventory headwinds.
Why did volume decline in key segments?
How will P&G offset tariff and mix headwinds?
What underpins H2 core EPS growth confidence?
Timeline for full reinvention integration
U.S. category growth reacceleration strategy
Productivity reinvestment impact on H2 margins
Gillette intangible asset impairment risk assessment
2025 restructuring plan progress and impact
Supplier finance program's working capital impact
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Next The Procter & Gamble Company earnings date
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The Procter & Gamble Company
Next The Procter & Gamble Company earnings date
Q3 202623 Apr, 2026
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Frequently asked questions
Consumer Goods Giant
Procter & Gamble (P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio. Founded in 1837 by William Procter and James Gamble, the company began its journey as a small soap and candle-making business. Today, P&G has grown into one of the world's leading and most diversified consumer products companies. Some of its most recognized brands globally include Tide, Pampers, Gillette, Olay, and Oral-B.
Cincy Roots
Founded in 1837, P&G has its roots deeply embedded in Cincinnati, Ohio. It was in this bustling river city that two immigrants, William Procter, an English candlemaker, and James Gamble, an Irish soapmaker, formed their partnership. The newly formed company quickly saw success and expansion, but P&G's headquarters remained in Cincinnati, cementing its historical ties to the city. This longstanding relationship has seen P&G play a vital role in the city's economic and social fabric, with its legacy intertwined with the history and growth of Cincinnati itself.
One of the Industry Leaders
P&G is a multinational consumer goods corporation that specializes in producing a wide range of daily-use products across several categories. These categories include cleaning agents, personal care, health care, beauty, and baby care, among others. In the global market together with companies such as Unilever and Colgate-Palmolive, P&G holds a position as one of the leaders in the consumer goods sector. Its expansive brand portfolio, large-scale operations, and consistent product innovation have allowed it to garner a broad consumer base and substantial market share in various segments. The company's strategy has historically revolved around understanding consumer needs and delivering high-quality products, backed by significant research and development.
Acquiring Well-Known Brands
Procter & Gamble has since the very beginning believed in growing and diversifying its product portfolio, and one effective way it has achieved this is through strategic acquisitions.. One of its more notable acquisitions is Gillette, which not only gave P&G a stronger foothold in the male grooming market but also brought along iconic brands like Duracell and Oral-B. Another standout is SK-II, a luxury skincare brand that P&G owns, showcasing its versatility in catering to both mass-market and luxury segments.
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