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Source document· January 22, 2026

P&G Announces Fiscal Year 2026 Second Quarter Results

“Operating cash flow was $5.0 billion, and net earnings were $4.3 billion for the quarter.”

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FX expected to provide $200M after-tax tailwind for FY2026
80% confidence
FY2026 organic sales growth guidance maintained at 0% to +4%
80% confidence
P&G has confidence in plans to deliver stronger results in the second half of fiscal year 2026
80% confidence
P&G's strategy is to reinvent P&G and create the CPG company of the future, delivering long-term balanced top- and bottom-line growth
80% confidence
Commodity costs expected to be neutral for FY2026 (updated from prior forecast)
80% confidence
FY2026 core EPS growth guidance maintained at 0% to +4% (range $6.83 to $7.09)
80% confidence
FY2026 diluted EPS growth revised down to +1% to +6% (from +3% to +9%) due to restructuring charges
80% confidence
Tariff costs expected to create $400M after-tax headwind for FY2026
80% confidence
P&G's Q2 results keep the company on track to deliver within fiscal year guidance ranges for organic sales growth, core EPS growth and adjusted free cash flow productivity in a challenging consumer and geopolitical environment
80% confidence