Procter & Gamble: What we're watching for in FY4Q26 results

研报英文原文证据摘录

Procter & Gamble: What we're watching for in FY4Q26 results

Deutsche Bank

Research

Rating Company Date

Buy Procter & Gamble 16 July 2026

North America Reuters Bloomberg Rating Buy

United States PG.N PG US Price target (USD) 163.00 Price at 15 Jul 26 148.05

52-week range 167.20 – 14.34

Consumer

Consumer Staples Valuation & Risks

What we're watching for in FY4Q26 results

Steve Powers

PG reports FY4Q26 earnings results on Wednesday, July 29th pre-market Research Analyst

+1-212-250-5480 Heading into PG's 4Q26 results, we see an arguably more balanced setup than

existed ~6 weeks ago, but not necessarily a cleaner one. Since PG's appearance Christopher Barnes, CFA

at our Paris conference in early June, US consumption trends improved and Research Analyst

several previously feared cost pressures have moderated. However, investor +1-212-454-0778

focus has shifted toward factors that could prevent stronger consumption from

Nikhil Jain, CFA translating into reported results, including the known reversal of a ~1 pt Easter- Research Associate

related shipment timing benefit, elevated US couponing and promotion, tightly +1-212-250-3253

managed retailer inventories, and an ongoing mix shift toward club, mass, and e-

commerce channels that typically carry fewer inventory days to begin with. We Angeline Goh

would also point to potential slowing in European Focus Markets and subdued Research Associate

+1-212-250-4515

macro trends in China, though 6.18 holiday demand appears to have held in

reasonably well.

Against that backdrop, we are trimming our FY4Q26 organic sales growth

forecast to +1.5% (from +2.0%; Street +2.1%). Market debate appears to have

narrowed toward whether PG delivers closer to +1% or +2% organic growth this