Procter & Gamble Co.

FY2026 results: broadly in-guidance, organic sales >1%, EPS up slightly, and strong capital returns - Organic sales +1%+ for FY2026: volume up modestly, pricing +1 point, mix neutral (includes ~40 bps headwind from product form / go-to-market portfolio choices). - Core EPS: $6.89 (+1% YoY); however core gross margin -40 bps and core operating margin -70 bps. - Progress on share: stabilized / improved in the second half; FY exit described as flat but improving. - Cash returns: > $15B to shareholders (per call: $10B+ dividends + $5B share repurchases), and dividend +3%.

FY2026 fourth quarter: improving share but earnings pressured by U.S. trade/input-cost dynamics - Q4 organic sales “modestly”/around in-line; ongoing business ~+1% (after restructuring adjustments), with 2% structural growth when accounting for 1 point pull-forward into Q3. - Volume flat, pricing/mix neutral. - Sell-out vs sell-in gap in U.S.: consumption/sell-out +2% but sell-in -1%, attributed to Amazon Prime Day timing (late June vs early July) and retailer inventory dynamics (incl. pull-forward). - Core EPS $1.43 (-3% YoY); currency-neutral -5%. - Core operating margin -130 bps; productivity +460 bps largely offset by cost pressures (incl. ~$0.06 higher costs from energy/transport/material spikes, mostly offset by tariff refund receipts).

Strategic thesis: “integrated growth” + “core and more” + building CPG company of the future - Management argues consumer momentum is improving, with global share stabilized/flat for multiple periods; they cite a U.S. improvement in “top customer brand combinations holding/growing share” from <10% (1H) to ~50% (2H). - Integrated growth strategy framed around: (1) portfolio focus on “performance-driven” categories, (2) productivity to fund innovation + demand creation, (3) “constructive disruption” to keep up with media/retail/inflation shifts. - Examples of “More”/innovation and go-to-market changes: China baby care (double-digit growth for 6 straight quarters; ~5 pts value share improvement), Vicks in Latin America (mid-teen organic growth; >1 pt share growth), Pantene in Germany (influencer investment/engagement; value sales +14%), and Tide turnaround + Tide Evo expansion (Tide Original inflection; Tide Evo on-track for national expansion).