P&G (PG) Q2 2026 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, January 22, 2026 astatine 9:20 AM CST 61 min read

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Jan. 22, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Shailesh Jejurikar

• Chief Financial Officer — Andre Schulten

• Senior Vice President, Investor Relations — John Chevalier

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Andre Schulten: Good morning, everyone. Joining maine connected the telephone contiguous is Shailesh Jejurikar, Chief Executive Officer, and John Chevalier, Senior Vice President, Investor Relations. I volition commencement with an overview of results for 2026, and Shailesh volition sermon strategy, innovation, and absorption areas arsenic we commencement calendar twelvemonth 2026. I'll adjacent with guidance for fiscal '26, and past we'll instrumentality your questions. As we expected, second-quarter top-line results heavy bespeak underlying marketplace trends and impacts from basal play dynamics. As a reminder, the basal play included commercialized and user pantry loading, driven by larboard strikes and hurricanes successful aboriginal October, and the fearfulness of further larboard strikes successful precocious December.

The biggest impacts were connected the baby, feminine and household attraction sector, the cloth and location attraction sector. These basal play impacts were concentrated successful the US market. The equilibrium of the institution grew integrated income astir 3% with astir each regions extracurricular the US increasing oregon accelerating successful the quarter. Bottom-line results followed the apical line. We proceed to prioritize afloat concern successful the business. We anticipated this would beryllium the softest 4th of the fiscal twelvemonth and we stay assured successful stronger maturation successful the backmost half. So moving to the details. Organic income were successful enactment with the anterior year. Volume was down 1 point, pricing up a point, and premix was level for the quarter.

Seven of 10 merchandise categories held oregon grew integrated sales. Hair Care grew mid-single digits, Skin and idiosyncratic care, idiosyncratic wellness care, location care, and oral care, were each up debased azygous digits. Grooming and Fabric Care were each successful enactment with a twelvemonth ago, Baby attraction and feminine attraction were each down debased singles, and household attraction was down astir 10%, chiefly owed to the basal play dynamics we described. As a broadside note, integrated income excluding Family Care were up 1% for the quarter. Seven of 10 regions grew integrated sales, Focus markets were down 1%. Organic income successful North America were down 2%.

Volume was down 3 points, including a astir two-point headwind from the basal play commercialized inventory impacts I mentioned. Pricemix added a constituent of growth. European focused marketplace integrated income were up 1%, Strong maturation successful France, Spain, and Italy mostly offset by a softer play successful Germany. Greater China integrated income grew 3% different 4th of maturation successful what remains a challenging user environment, Pampers and SK-II led the growth, each up mid-teens oregon more. Enterprise markets grew mid-single digits for the quarter, Latin America integrated income were up 8%, with coagulated maturation crossed Mexico, Brazil, and the equilibrium of smaller markets successful the region.