Procter & Gamble Co

PG: XNYS (USA)

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Procter & Gamble Earnings: Frigid Sales and Margins Don't Suggest Cracks in Its Standing

Erin Lash

Jan 22, 2026

Procter & Gamble's fiscal second-quarter sales languished as 1% higher prices were offset by 1% lower volume. Despite a 160-basis-point benefit from cost savings, the combination of unfavorable mix, tariffs, and reinvestment capped adjusted gross margin at 51.2%, down 30 basis points year over year.

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Procter & Gamble Co

Procter & Gamble Earnings: Frigid Sales and Margins Don't Suggest Cracks in Its Standing

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