Procter & Gamble (PG) Q1 2026 earnings

Procter & Gamble on Friday reported fiscal first-quarter earnings and revenue that beat analysts’ expectations, lifted by higher demand for its beauty and grooming products.

Despite higher costs from tariffs and what CEO Jon Moeller called a “challenging consumer and geopolitical environment,” P&G reiterated its forecast for all-in sales and earnings for the fiscal year, which began in July.

Shares of the company rose 3% in premarket trading.

Here’s what the company reported for the quarter ended Sept. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.99 adjusted vs. $1.90 expected
• Revenue: $22.39 billion vs. $22.18 billion expected

P&G reported fiscal first-quarter net income attributable to the company of $4.75 billion, or $1.95 per share, up from $3.96 billion, or $1.61 per share, a year earlier.

Excluding items, including costs associated with incremental restructuring, the consumer giant earned $1.99 per share.

Net sales rose 3% to $22.39 billion. Organic sales, which strips out the impact of acquisitions, divestitures and foreign currency, increased 2% in the quarter

Though revenue metrics were higher, P&G’s volume was flat compared with the year-ago period. Volume excludes pricing, which makes it a more accurate reflection of demand than sales.

Like many consumer companies, P&G has seen demand for some of its products fall as inflation-weary consumers seek out deals.

For example, P&G reported that volume for both its health care and fabric and home care divisions fell 2% during the quarter.

The company’s baby, feminine and family care segment reported flat volume for the quarter. That division includes brands like Pampers and Tampax.

P&G’s beauty business was a bright spot. The division, which includes brands like Olay and SK-II, reported volume growth of 4% and overall sales growth of 6%.

And P&G’s grooming business, which includes Gillette and Venus razors, saw volume rise 1% in the quarter for a sales increase of 5%.

This story is developing. Please check back for updates.