Procter & Gamble Q4‘26 Earnings Review - Unclear recovery timeline, exacerbated by inflation headwinds

研报英文原文证据摘录

Procter & Gamble Q4‘26 Earnings Review - Unclear recovery timeline, exacerbated by inflation headwinds

29 July 2026

Estimate Change

Cristian Rios

+1 917 344 8615

U.S. Beverages, Household & Personal Care Products cristian.rios@bernsteinsg.com

Procter & Gamble Co Yolanda Zhang

+1 917 344 8346

Rating yolanda.zhang@bernsteinsg.com

Market-Perform

Price Target

PG 148.00 USD (156.00 OLD)

Procter & Gamble Q4'26 Earnings Review - Unclear recovery

timeline, exacerbated by inflation headwinds

P&G reported F4Q26 core EPS of $1.43, ahead of the $1.41 VA consensus, but Organic

Close Date 29 Jul 2026

Growth came in at 0%, vs. consensus of 1.6%. The company issued guidance for its

PG Close Price (USD) 146.10

Fiscal Year 2027 of 1 to 3% Organic Revenue Growth, the mid-point of which is lower vs.

Price Target (USD) 148.00

consensus of 2.5%. Recovery is now also deferred towards the second half of FY27, with Q1

Upside/(Downside) 1%

expected to be 5% down YoY on EPS. The stock closed 1.8% down on Wednesday.

52-Week Range 167.25/137.62

The results and guidance suggest that the growth algorithm is still resetting, and SPX 7,428.78

we think a turnaround call, even for H2 of next year, feels early. We believe the post- FYE Jun

COVID model (price-driven growth) has largely run its course, and there is nothing yet clearly Div Yield 3.0%

articulated to replace it. In our view, P&G's binding constraint is reach, not R&D. The Market Cap (USD) (M) 340,208

company can still build demonstrably better products; what it can no longer reliably EV (USD) (M) 365,913

do is get that message in front of consumers in a fragmented media environment, and Performance YTD 1M 6M 12M

unarticulated superiority cannot support a price premium. Inflation headwinds will put Absolute (%) 1.9 (1.6) (2.5) (6.7)