Q2 26 EPS
$1.88
BEAT +1.24%
Est. $1.86
Q2 26 Revenue
$22.21B
MISS 0.37%
Est. $22.29B
vs S&P Since Q2 26
-5.6%
TRAILING MARKET
PG -1.0% vs S&P +4.6%
Market Reaction
Did PG Beat Earnings? Q2 2026 Results
Procter & Gamble delivered a mixed fiscal second-quarter 2026 report, managing a narrow earnings beat against a backdrop of sluggish volume and mounting tariff pressure. Core EPS of $1.88 edged past the $1.86 consensus by 1.24%, while net sales of $2… Read more Procter & Gamble delivered a mixed fiscal second-quarter 2026 report, managing a narrow earnings beat against a backdrop of sluggish volume and mounting tariff pressure. Core EPS of $1.88 edged past the $1.86 consensus by 1.24%, while net sales of $22.21 billion, up 1.5% year-over-year, fell just short of the $22.29 billion analysts had anticipated, a miss of 0.37%. The headline story was margin compression: core gross margin contracted 50 basis points as roughly $400 million in after-tax tariff costs weighed heavily, overwhelming productivity savings and a modest pricing benefit that itself was negated by a 1% unit volume decline. Beauty and Health Care stood out as bright spots, while Baby, Feminine & Family Care slid 4% organically. Navigating tariff headwinds under new leadership remains a central challenge, though management held its fiscal 2026 organic sales and core EPS growth guidance steady at flat to up 4%, projecting core EPS of $6.83–$7.09 for the full year.
Key Takeaways
- • Organic sales flat as 1% pricing increase offset by 1% unit volume decline
- • Beauty segment organic sales up 4% driven by Hair Care and Personal Care innovation
- • Health Care organic sales up 3% from favorable premium product mix in Oral Care
- • Baby, Feminine & Family Care organic sales down 4% with Family Care declining double digits against strong prior-year comparisons
- • Core gross margin declined 50 basis points due to 120 bps unfavorable mix, 60 bps product reinvestments, and 60 bps tariff costs, partially offset by 160 bps productivity savings and 50 bps pricing
- • Gross productivity savings of 270 basis points at the core operating margin level
- • Incremental restructuring charges drove 5% decline in GAAP diluted EPS
PG YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
PG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our results in the second quarter keep us on track to deliver within our fiscal year guidance ranges for organic sales growth, core EPS growth and adjusted free cash flow productivity in a challenging consumer and geopolitical environment.”
— Shailesh Jejurikar, Q2 2026 Earnings Press Release
PG Earnings Trends
PG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PG EPS Trend
Earnings per share: estimate vs actual
PG Revenue Trend
Quarterly revenue: estimate vs actual
PG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 | — | $1.59 | — | $21.24B | +3.50% |
| Q2 26 BEAT | $1.86 | $1.88 | +1.24% | $22.21B | -0.37% |
| Q1 26 BEAT | $1.90 | $1.99 | +4.91% | $22.39B | +0.98% |
| Q4 25 BEAT FY | $1.42 | $1.48 | +4.23% | $20.89B | — |
| FY Full Year | $6.78 | $6.51 | -3.95% | $84.28B | +0.09% |
| Q3 25 BEAT | $1.53 | $1.54 | +0.93% | $19.78B | -1.87% |