Procter & Gamble (PG) Q2 FY2026 earnings: revenue $22.2 billion, up 1.5% on the year

Procter & Gamble Co. (PG) reported revenue of $22.2 billion for Q2 FY2026, the quarter ended 31 December 2025, up 1.5% on the same quarter a year earlier. Net income was $4.3 billion, down 6.7% on the year, and diluted earnings per share $1.78. The figures are the company's own, from the 10-Q it filed with the SEC on 23 January 2026.

Revenue

$22.2 billion

+1.5% on the year · -0.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

24.2%

26.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$4.3 billion

-6.7% on the year · -9.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.78

-5.3% on the year · -8.7% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 8 kept.

Sales up 1%, organic sales flat: Net sales were $22.2 billion, up one percent. Organic sales were unchanged. Mix had a neutral impact on sales for the quarter.
Diluted EPS down, core EPS flat: Diluted EPS of $1.78 fell five percent, driven primarily by higher restructuring charges. Core EPS was $1.88, unchanged. Currency-neutral core EPS fell two percent to $1.85.
Baby, Feminine and Family Care down: Baby, Feminine and Family Care net sales were $5.1 billion, down three percent, with organic sales down four percent. Family Care fell double digits against strong prior-year volume growth. Net earnings fell nine percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	22,208	22,386	21,882	-0.8%	+1.5%
Cost of revenue	10,834	10,887	10,418	-0.5%	+4.0%
Gross profit	11,374	11,499	11,464	-1.1%	-0.8%
Gross margin	51.2%	51.4%	52.4%
Selling, general and administrative	6,008	5,643	5,723	+6.5%	+5.0%
Operating income	5,366	5,856	5,741	-8.4%	-6.5%
Operating margin	24.2%	26.2%	26.2%
Interest expense	220	197	240	+11.7%	-8.3%
Income tax	1,090	1,253	1,187	-13.0%	-8.2%
Net income	4,319	4,750	4,630	-9.1%	-6.7%
Net margin	19.4%	21.2%	21.2%
Diluted EPS	$1.78	$1.95	$1.88	-8.7%	-5.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	4,972	5,408	4,825	-8.1%	+3.0%
Capital expenditure	1,167	1,200	925	-2.8%	+26.2%
Free cash flow	3,805	4,208	3,900	-9.6%	-2.4%
Free cash flow margin	17.1%	18.8%	17.8%
Cash from investing	-1,228	-1,535	-921
Cash from financing	-4,088	-2,239	-5,571
Depreciation and amortisation	803	761	706	+5.5%	+13.7%
Share-based compensation	140	121	136	+15.7%	+2.9%
Buybacks	2,278	1,250	2,510	+82.2%	-9.2%
Dividends paid	2,544	2,549	2,441	-0.2%	+4.2%
Dividend per share	$1.06	$1.06	$1.01	0.0%	+5.0%
Diluted shares, weighted	2,424m	2,437m	2,458m	-0.5%	-1.4%
Shares outstanding at period end	2,324m	2,337m	2,345m	-0.5%	-0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	53,317	53,551	51,443	-0.4%	+3.6%
Debt	36,639	35,946	34,687	+1.9%	+5.6%
Other liabilities	37,330	38,102	36,509	-2.0%	+2.2%
Total liabilities and equity	127,286	127,599	122,639	-0.2%	+3.8%
Fixed assets	24,487	24,119	22,074	+1.5%	+10.9%
Goodwill	41,665	41,643	39,898	+0.1%	+4.4%
Intangible assets	21,737	21,818	21,833	-0.4%	-0.4%
Cash and equivalents	10,825	11,171	10,230	-3.1%	+5.8%
Receivables	6,279	6,487	6,234	-3.2%	+0.7%
Inventory	7,817	7,848	7,020	-0.4%	+11.4%
Other assets	14,476	14,513	15,350	-0.3%	-5.7%
Total assets	127,286	127,599	122,639	-0.2%	+3.8%

Questions

What was Procter & Gamble's revenue in Q2 FY2026?

Procter & Gamble (PG) reported revenue of $22.2 billion for Q2 FY2026, the quarter ended 31 December 2025, up 1.5% on the same quarter a year earlier.

How much did Procter & Gamble earn in Q2 FY2026?

Net income for Q2 FY2026 was $4.3 billion, down 6.7% on the year, and diluted earnings per share $1.78.

When did Procter & Gamble report Q2 FY2026 results?

Procter & Gamble filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 23 January 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	20,953	19,381	19,515	20,612	20,773	20,068	20,553	21,871	21,441	20,195	20,532	21,737	21,882	19,776	20,889	22,386	22,208	21,235	21,203	23,276
Cost of revenue	10,664	10,326	10,802	10,846	10,897	10,404	10,613	10,501	10,144	9,855	10,348	10,421	10,418	9,694	10,631	10,887	10,834	10,722	10,919	11,678
Gross profit	10,289	9,055	8,713	9,766	9,876	9,664	9,940	11,370	11,297	10,340	10,184	11,316	11,464	10,082	10,258	11,499	11,374	10,513	10,284	11,598
Gross margin	49%	47%	45%	47%	48%	48%	48%	52%	53%	51%	50%	52%	52%	51%	49%	51%	51%	50%	49%	50%
SG&A	5,121	5,031	5,115	4,827	5,091	5,416	5,778	5,604	5,522	5,880	6,299	5,519	5,723	5,524	5,903	5,643	6,008	5,936	6,335	5,661
Operating income	5,168	4,024	3,598	4,939	4,785	4,248	4,162	5,767	4,433	4,460	3,885	5,797	5,741	4,558	4,355	5,856	5,366	4,576	3,950	5,937
Operating margin	25%	21%	18%	24%	23%	21%	20%	26%	21%	22%	19%	27%	26%	23%	21%	26%	24%	22%	19%	26%
Interest expense	106	109	115	123	171	222	240	225	248	233	219	238	240	217	212	197	220	223	237	223
Net income	4,223	3,355	3,052	3,939	3,933	3,397	3,384	4,521	3,468	3,754	3,136	3,959	4,630	3,769	3,616	4,750	4,319	3,932	3,045	4,731
Net margin	20%	17%	16%	19%	19%	17%	16%	21%	16%	19%	15%	18%	21%	19%	17%	21%	19%	19%	14%	20%
Diluted EPS	$1.66	$1.33	$1.21	$1.57	$1.59	$1.37	$1.37	$1.83	$1.40	$1.52	$1.27	$1.61	$1.88	$1.54	$1.48	$1.95	$1.78	$1.63	$1.26	$1.97
Operating cash flow	5,121	3,246	3,713	4,070	3,574	3,863	5,341	4,904	5,100	4,088	5,754	4,302	4,825	3,705	4,985	5,408	4,972	4,045	5,131	5,767
Capital expenditure	626	747	692	890	708	730	734	925	817	797	783	993	925	859	996	1,200	1,167	1,019	1,023	1,366
Free cash flow	4,495	2,499	3,021	3,180	2,866	3,133	4,607	3,979	4,283	3,291	4,971	3,309	3,900	2,846	3,989	4,208	3,805	3,026	4,108	4,401
Buybacks	4,754	1,249	1,250	4,000	2,002	1,351	0.0	1,500	1,003	987	1,516	1,939	2,510	1,351	700	1,250	2,278	625	875	1,250
Dividends paid	2,171	2,155	2,262	2,255	2,231	2,224	2,289	2,290	2,288	2,285	2,449	2,445	2,441	2,433	2,553	2,549	2,544	2,530	2,609	2,603
Shares outstanding	2,397m	2,399m	2,390m	2,370m	2,359m	2,357m	2,357m	2,357m	2,353m	2,360m	2,354m	2,355m	2,345m	2,345m	2,342m	2,337m	2,324m	2,329m	2,324m	2,318m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2025, filed 23 January 2026: the filing.