- Price
- $147.36 → $146.23(−0.8%)
- Discount
- 4.9% → 5.7%(+0.7 pts)
- Next earnings
- 2026-10-21 → 2026-10-22
- Thesis
- Procter & Gamble grows sales mostlymainly through higher prices, not through selling more units sold. In fiscal 2026, organic sales growth came almost entirely from price and mix, while volume did not grow. Investors worry that shoppers will keep trading downswitching to store brands as prices rise furtherkeep rising. The company is also running a two-year plan to cutcutting 7,000 jobs and drop weakerdropping weak brands, and this over a two-year plan. This plan adds one-time costs that lower reported earningshide today's true earnings power. OnceFor the restructuring ends andgap to close, unit volume must stop falling while these one-time costs stopend. Price increases must also keep working without pushing more shoppers toward store brands. The board named CEO Shailesh Jejurikar as chairman too, giving him full control over the turnaround. The next test comes at fiscal first-quarter earnings should better reflecton October 22, 2026. The restructuring plan itself runs through mid-2027. If volume recovers and the strength of P&G's leading brandsextra costs end on schedule, the gap could close within a few quarters. If store-brand switching keeps growing, the discount could last into 2027.
- Recent events
- 2026-07-29: P&G reported fiscal 2026 results. Full-year organic sales grew 1%, and full-year core earnings per share was $6.89.
2026-07-29: P&G's board named CEO Shailesh Jejurikar as Chairman, effective August 1, 2026. He succeeds Jon Moeller, who retired from the board on July 31, 2026, and from the company on August 14, 2026.
2025-06-05: P&G announced a two-year restructuring plan to cut about 7,000 non-manufacturing jobs, roughly 6% of its workforce, and to prune weaker brands and categories.