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PG · Q4 2026
Archived report (Q4 2026). Latest deep dive →
The quarter in brief
A soft quarter — net sales rose 2% to $21.2B but organic sales were flat and GAAP net earnings fell 15% to $3,081M as SG&A reinvestment and non-core restructuring charges compressed operating margin by 220bps, masking a healthier full-year performance.
Net Earnings
$3,081M
down 15% y/y
Net Sales
$21,203M
up 2% y/y
Operating Income
$3,949M
down 9% y/y
Gross Profit
$10,283M
All figures in $M.
| Line item | Amount and change |
|---|---|
| Beauty | $3,975 · +6% |
| Grooming | $1,699 · +1% |
| Health Care | $2,757 · +1% |
| Fabric & Home Care | $7,432 · +1% |
| Baby, Feminine & Family Care | $5,049 · -1% |
| Corporate | $292 |
| Net Sales | $21,203 · +2% |
| Cost of Products Sold | $10,920 · +3% |
| Gross Profit | $10,283 · flat · 48.5% margin (-60bps) |
| SG&A | $6,334 · +7% |
| Operating Income | $3,949 · -9% · 18.6% margin (-220bps) |
| Interest Income | $107 · +3% |
| Other Non-Op Income | $112 · -59% |
| Earnings Before Taxes | $3,933 · -13% |
| Interest Expense | $236 · +11% |
| Income Taxes | $852 · -5% |
| Net Earnings | $3,081 · -15% · 14.5% margin |
| Noncontrolling Interests | $37 · +236% |
| Net Earnings Attrib. to P&G | $3,044 · -16% |
Verdict: a soft quarter — net sales rose 2% to $21.2B but organic sales were flat and GAAP net earnings fell 15% to $3,081M as SG&A reinvestment and non-core restructuring charges compressed operating margin by 220bps, masking a healthier full-year performance.
FY26 OCF $19.6B; FY26 dividends $10.2B and buybacks $5.0B; FY27 guidance: sales +1-3%, core EPS ≈flat to +3%, ~$10B dividends, ~$5B buybacks.
Source and notation
* marks non-cash / ≈ estimated. Source: Procter & Gamble press release / 10-Q (SEC EDGAR).
Open as an image: PG, Q4 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “PG Q4 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/pg/q4-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/pg/q4-2026"><img src="https://whoreportstoday.com/t/pg/q4-2026/sankey.png" alt="PG Q4 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pg/q4-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/pg/q4-2026">PG Q4 2026 earnings chart (Who Reports Today)</a>
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- Core EPS $1.43 (-3%) fell far less than GAAP diluted EPS $1.26 (-15%), gap driven by $193M of non-core restructuring added back to operating income.
- Organic sales growth was flat (0%) despite +2% reported net sales, as 1% FX tailwind and 1% acquisition/divestiture-related 'other' impact masked no underlying volume or price gain.
- Reported gross margin fell 60bps but Core gross margin was unchanged, showing the GAAP gap is almost entirely non-core restructuring costs ($129M in COGS).
- SG&A as % of sales rose 160bps reported (130bps core) due to heavy marketing reinvestment, the primary drag on operating margin (-220bps reported).
- Other non-operating income fell 59% y/y ($112M vs $274M) due to lapping a larger prior-year gain, further pressuring pre-tax earnings beyond the operating line.
- Segment picture is uneven: Beauty organic sales +4% (SK-II, Hair Care strength) while Baby/Feminine/Family Care organic sales -2% and Health Care -1%, dragging consolidated growth to zero.
What distorts the picture in this report and what to watch beyond the headlines.
PG — Procter & Gamble produces a wide range of consumer goods, including personal care, home care, and hygiene products.
The company is headquartered in Cincinnati, Ohio.
Heads-up
- net income fell 15% y/y in Q4 2026
Net income for Q4 2026: $3,081M, −15% y/y. In the report's figures: costs grew faster than revenue: noncontrolling interests +236% y/y, interest expense +11% y/y. Based on the Q4 2026 report.
Company filings on SEC EDGAR ↗More reports: PM · Q3 2026 · SJM · Q1 FY2027 · STZ · Q2 FY2027 · SYY · Q4 FY2026 · TGT · Q2 2026 · TSN · Q3 FY2026 · WMT · Q2 FY2027 · ADM · Q2 2026 · BF.B · Q1 FY2027 · BG · Q2 2026 · all reports