Procter & Gamble Reports Fiscal Year 2026 Second Quarter Results

CINCINNATI, January 22, 2026 — The Procter & Gamble Company (NYSE: PG) today announced financial results for its second quarter of fiscal year 2026, reporting continued sales growth and strong cash returns to shareowners in a challenging consumer environment.

Second Quarter Highlights

• Net sales increased 1% to $22.2 billion compared with the prior year.

• Organic sales were unchanged year-over-year, as higher pricing offset lower unit volume.

• Diluted EPS was $1.78, down 5% versus last year, primarily reflecting incremental restructuring charges.

• Core earnings per share were $1.88, flat compared with the prior year.

• Operating cash flow reached $5.0 billion, with net earnings of $4.3 billion for the quarter.

• Adjusted free cash flow productivity was 88%.

Shareowner Returns
P&G returned approximately $4.8 billion to shareowners in the quarter, including $2.5 billion in dividend payments and $2.3 billion in share repurchases.

Executive Comment
“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,” said Shailesh Jejurikar, President and Chief Executive Officer. “We remain confident in our integrated growth strategy and in our ability to deliver balanced top- and bottom-line growth and long-term value for our shareowners.”

Operational Details
Net sales growth in the quarter reflected a combination of pricing and mix benefits offset by lower unit volume. Across key segments, performance varied by market and category, with certain premium brand portfolios supporting growth momentum.

Outlook
P&G reaffirmed its fiscal 2026 guidance range for all-in sales growth of 1% to 5% and organic sales growth in the range of in-line to up 4% versus the prior year. Core earnings per share growth remains expected in the range of in-line to up 4%.