Procter & Gamble announces upcoming 2026 Investor Day

The road to Investor Day

Second quarter of fiscal 2025 to the first quarter of fiscal 2027 · latest results October 22, 2026

Quarter by quarter

Revenue and EPS link to the filing they come from. Growth is against the same quarter a year earlier; growth and gross margin are calculated by Opportunity Dispatch from the filed figures. ^† Worked out from the 10-K, less the first three quarters. ^‡ From the results release.

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The shares and the setup

Procter & Gamble holds its investor day on November 19, 2026, at its global headquarters in Cincinnati. André Scholten, the chief financial officer, said on the company's first-quarter call that Shailesh Jejurikar and the wider executive team would use the day to go deeper into the long-term overhaul the company describes as building the consumer goods company of the future. Jejurikar replaced Jon Moeller as chief executive during fiscal 2026 and has since also become chairman. He arrives at the investor day with volumes growing again and costs rising again.

The shares closed at $179.26 on November 25, 2024. They closed at $141.87 on January 5, 2026, a few weeks before results showing flat organic sales in the December quarter. On November 5, 2026, they closed at $165.40. That was above the January close but still below the late-2024 level.

A rebuilding year

Jejurikar called fiscal 2026, which ended in June, a year of foundation building. Organic sales, which exclude currency and acquisitions, rose one percent, all of it from higher pricing. Core earnings per share, which exclude restructuring and other one-off items, reached $6.89. The table shows reported growth slipping into early 2025, recovering modestly and then jumping in the quarter to March 2026. Most of that jump came from currency: organic sales rose three percent in that quarter. Diluted earnings that quarter were also lifted by an after-tax gain of $261 million from the end of the Glad joint venture with Clorox. In the June quarter, organic sales were flat once more.

Gross margin drifted lower over the period. The company pointed to unfavorable mix, product reinvestment and tariffs, which it estimated at approximately $400 million after tax for fiscal 2026.

Behind the results was a restructuring P&G announced in June 2025. It covers brand and market exits and a cut of up to 7,000 non-manufacturing overhead roles by the end of fiscal 2027. The company now expects before-tax costs of approximately $2 billion over two years. When it announced the plan, it put the cost at $1 to $1.6 billion.

What the finance chief says now

On the October 22 call, Scholten said P&G's targeted fixes by category, country and retailer were taking hold. He said more than 70% of its top U.S. customers were holding or growing share, up from less than 10% in the first half of fiscal 2026. He also said 29 of its top 50 category-country combinations had held or grown share, and that P&G wants more than 80% of top U.S. customers holding or growing share by the end of the calendar year. Scholten said the aim was to grow whole categories: “Growth going forward is not about taking share.”

He said organic sales in Greater China grew 8% and Pampers there grew close to 50%. He linked the Pampers jump to a competitive issue in that market and put its benefit at about 3 points. He also said Family Care had not yet returned to share growth and that health care had been hurt by two slow cold and cough seasons.

Analysts asked him how P&G would offset rising costs. Scholten listed record productivity, time, and price increases that come with new products: “So we will price and we will price with innovation.” He expects organic growth of about 3% in the first half of fiscal 2027, with some acceleration after that. He left the details on Thorne, the premium supplements brand P&G has just bought, for the investor day.

Rivals, diapers and store brands

P&G's main diaper rival has had a hard year in China. Kimberly-Clark, which makes Huggies, cut its annual sales and profit forecasts in August after false social media claims about its diaper quality in China. It later said Chinese authorities had refuted the allegations, though recovery would take time. Scholten did not name the competitor he had in mind on the call.

Unilever raised its full-year volume growth outlook after its third quarter. Colgate-Palmolive said raw material, packaging and logistics costs remained elevated because the conflict in the Middle East had pushed up oil prices. P&G cites the same conflict for its own higher costs. Church & Dwight raised its full-year sales outlook in October.

Store brands are another test of P&G's pricing. According to the Private Label Manufacturers Association, retailers' own brands reached a record share of US grocery units in the first half of 2026. Some national brands raised prices to cover fuel costs, while others cut prices to win shoppers back. An Ipsos survey found more Americans buying store brands as gas prices rose.

The latest quarter and what to watch

Volume led growth in the quarter to September, and organic growth matched reported growth. According to the call, all ten product categories and all six regions grew. Core earnings per share were $2.00. Core gross margin fell 150 basis points because higher commodity costs, which took off 140 basis points, and product reinvestment outweighed productivity savings. P&G returned $3.9 billion of cash to shareholders in the quarter.

The company maintained its guidance for organic sales growth of one to three percent and core EPS of $6.89 to $7.11 per share. Its all-in sales guidance is now two to four percent, which reflects Thorne. P&G completed the all-cash purchase of Thorne for $3.9 billion on October 1, 2026. P&G now expects a commodity cost headwind of $1.4 billion after tax, compared with $1 billion in July. All of its expected headwinds together now come to $0.79 per share, compared with $0.56 per share in July. P&G still plans to pay over $10 billion in dividends and buy back approximately $5 billion of stock this fiscal year. Scholten said the guidance assumes Brent crude at $100 a barrel, and that oil was above $110 on the morning of the call. Asked where in the range earnings would land, he said: “So I'm confident in the range, but we'll need time to figure out where in that range we'll end up.”

At the investor day, three things to watch are how P&G plans to recover higher costs through pricing without losing the volume it has regained, what it sets out for Thorne, and whether its share gains with U.S. retailers reach Family Care and beauty.