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 see a company that sells no more units than a year ago. In fiscal 2026, all of the 1% organic sales growth came from higher prices, and volume was flat. Weak consumer demand and heavy promotions make further price increases difficult. Higher costs for commodities, energy and transport also cut fiscal 2027 earnings, and P&G expects first-quarter core EPS to fall 5% or more.

The company is 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, unit volume must grow again without new price cuts that reduce the margin. The restructuring costs must also end inside the plan, and core EPS must stay in the $6.89 to $7.11 range for fiscal 2027. The Thorne supplements purchase must also add growth without a large cost.

The first test comes at fiscal first-quarter earnings on October 22, 2026, and the restructuring plan ends in mid-2027. If volume recovers over the next two to four quarters, the gap can close. If volume stays flat and costs stay high, the discount can last into 2027.

1. Oct 22, 2026Pending

   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.
2. Dec 2026 · est.Pending

   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.
3. Jan 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

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 about all of the cash it makes. Read more

• In fiscal 2026, all of the organic sales growth came from price, and volume was flat. Consumer demand is weak and promotions are heavy. If P&G must cut prices to sell more units, its margin falls.
• Fiscal 2027 guidance includes about $0.56 per share of cost headwinds: about $1 billion after tax from commodities, energy and transport, and smaller amounts from interest, non-operating income and 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 $3.8 billion Thorne purchase can also fail to give the growth that P&G expects.

• September 24, 2026P&G confirmed that it will discuss its fiscal first-quarter 2027 results on October 22, 2026.
• August 4, 2026P&G agreed to buy Thorne, a maker of premium vitamins and supplements, for $3.8 billion in cash. Thorne will join the Health Care segment. P&G expects the purchase to close between October and December 2026, after regulatory approvals.
• July 29, 2026P&G reported fiscal 2026 results. Net sales were $87.0 billion, organic sales grew 1%, and core EPS was $6.89. All of the organic growth came from price, and volume was flat. For fiscal 2027, P&G guided organic sales growth of 1% to 3% and core EPS of $6.89 to $7.11, and it expects first-quarter core EPS to fall 5% or more.