Q226 Consumer Staples Preview and Global Sales Roll-Up

Research evidence excerpt

Q226 Consumer Staples Preview and Global Sales Roll-Up

Equity Research

Industry Update — July 8, 2026

Household & Personal Care

Beverages

Food

Q226 Consumer Staples Preview and Global

Sales Roll-Up

Our Call Chris Carey

In this note, we publish global consumption trends, intra-quarter company commentary (a Equity Analyst | Wells Fargo Securities, LLC

Chris.Carey@wellsfargo.com | 212-214-6059

company-specific modeling guide), and our take on setups into Q226 results.

Joe Lachky, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

Incremental inflation eased, but consumption slowed. We lowered organic sales even as Joe.Lachky@wellsfargo.com | 314-922-3635

incremental inflation eased. This creates a backdrop where 2026/2027 EPS visibility may Marc Torrente, CFA, CPA

be a bit better, but with revenue a bigger debate (thereby valuations). This note breaks Equity Analyst | Wells Fargo Securities, LLC

down 1) company commentary, 2) global consumption, 3) our thoughts by company: Marc.Torrente@wellsfargo.com | 314-749-9940

CHD, CLX, CL, EL, EPC, KMB, PG, SPB, SMG, BUD, CCEP, COCO, KDP, KO, MGPI, MNST, Eve Ticktin

PEP, STZ, TAP, CAG, CPB, FRPT, GIS, HSY, KHC, LW, MDLZ, POST, SJM. Associate Equity Analyst | Wells Fargo Securities, LLC

Eve.Ticktin@wellsfargo.com | 212-214-5320

Revenue. We lowered organic sales in 1) core HPC -20bps, 2) non-core HPC -40bps, and Michael Ruch

3) Beer -50bps, with core Food about unchanged mostly because we made less model Associate Equity Analyst | Wells Fargo Securities, LLC Michael.Ruch@wellsfargo.com | 332-214-6326

changes given off-calendar companies have reported (but trimmed HSY/MDLZ). Our

estimates are only slightly higher in non-alc beverage +10bps. It's a simple exercise that

simply says trends got worse in Q2 vs Q1.