PROCTER & GAMBLE Co (PG) · Oct 22, 2026 · Earnings

P&G earnings beat as volume rebounds, but margins slide

Beat — Core EPS $2.00 vs ~$1.89 consensus

P&G earnings beat on stronger organic sales and volume, while flat currency-neutral EPS and margin pressure expose rising cost headwinds.

P&G is in the middle of a portfolio-and-productivity reset: it is trying to restore consistent growth across its established household brands while using restructuring savings to fund brand investment and offset inflation, transportation, energy and raw-material costs. Its fiscal 2026 story ended with only modest organic growth and flat currency-neutral EPS, so the key question was whether demand was finally reaccelerating without a further earnings squeeze.

The quarter beats the immediate earnings bar. Core EPS was $2.00, up 1% from $1.99 a year ago, versus published consensus around $1.89; organic sales growth reached 4.0%, well above the roughly 2% market expectation. The filing also says volume rose 2.4%, making this a better-quality topline improvement than a pricing-only result. 〔0〕

Metric	Q1 FY27	Comparison
Organic sales growth	4.0%	1.6% in Q1 FY26; roughly 2% published expectation
Organic volume growth	2.4%	Broad-based across all 10 product categories and 6 regions
Core EPS	$2.00	$1.99 a year ago; ~$1.89 consensus
Currency-neutral core EPS	$1.99	In line with the prior year
Core gross margin	50.0%	51.5% a year ago; down 150 basis points
Core operating margin	25.9%	26.7% a year ago; down 80 basis points
Free cash flow productivity	93%	Within the full-year 85%-90% guidance range, on a quarterly basis

Demand is the strongest part of the release. Organic sales growth accelerated sharply from 0.5% in the prior quarter, with volume contributing most of the gain and all categories and regions growing. Fabric & Home Care was particularly healthy at 4.8% organic growth and 4.3% volume growth, while Beauty delivered 5.4% growth and 2.2% volume growth. 〔1〕

The earnings beat is less clean than the topline beat. Currency-neutral EPS was flat, core gross margin fell 150 basis points and core operating margin fell 80 basis points. P&G is still relying on productivity savings, pricing and mix to absorb rising costs, and the filing warns that cost headwinds will increase over the next few quarters. 〔2〕

The portfolio is improving unevenly. Grooming, Fabric & Home Care, and Personal Health Care gained share, but Beauty lost share in Personal Care and Skin Care, Oral Care declined in Health Care, and Family Care also weakened. That means the broad sales recovery is real, but P&G has not yet translated it into consistent share gains across the portfolio. 〔3〕

Full-year expectations were held rather than raised. Organic sales guidance remains 1%-3% and core EPS growth remains 0%-3%, while management now expects $1.4 billion of after-tax cost pressure from energy, transportation and raw materials, plus higher interest expense and lower non-operating income. The strong first quarter therefore improves confidence in the low-end operating recovery, but does not change the underlying full-year framework.

Bottom line: This is a genuine earnings beat led by better volume and broad-based sales acceleration, but not a clean profit inflection. P&G’s business momentum improved, while margins and currency-neutral earnings remain constrained by costs; the full-year story is better, not reset dramatically.

What to watch next

Q2 FY27 earnings, January 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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P&G earnings beat as volume rebounds, but margins slide

What to watch next

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