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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Procter & Gamble Company
The Procter & Gamble Company (PG) investor relations material
The Procter & Gamble Company Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary22 Oct, 2026
Executive summary
Organic sales rose 4.0% YoY, driven by volume growth of 2.4%; all 10 product categories and all six regions grew.
Core EPS increased 1% to $2.00; currency-neutral Core EPS was flat. FY27 guidance was maintained, with net sales guidance updated for Thorne.
Financial highlights
Net sales rose 4.0% to $23.276B; operating income increased 1% to $5.937B, while net earnings declined 1% to $4.757B.
Organic sales growth comprised volume +2.4%, mix +1.1% and pricing +0.4%.
Diluted EPS was $1.97, up 1% YoY; Core EPS was $2.00, up 1%, including a $0.03-per-share restructuring adjustment.
Reported gross margin declined 160 bps to 49.8% and operating margin fell 70 bps to 25.5%; Core gross and operating margins declined 150 bps and 80 bps, respectively.
Operating cash flow was $5.767B, free cash flow was $4.401B and free cash flow productivity was 93%.
Outlook and guidance
FY27 organic sales growth guidance remains 1%–3%, including a 30–50 bps headwind from brand, product-form and go-to-market discontinuations; net sales growth guidance is 2%–4%, updated for Thorne.
FY27 Core EPS growth guidance remains 0%–3%, or $6.89–$7.11 per share; diluted EPS growth guidance is 1%–5%.
Core EPS outlook includes an estimated $0.79-per-share after-tax headwind from commodities, FX, net interest expense and lower non-operating income.
FY27 free cash flow productivity is forecast at 85%–90%, the Core effective tax rate at 20%–21%, and capital spending at 4.5%–5.5% of net sales.
Management expects H1 organic sales growth of ~3%, with slight acceleration in H2; higher oil and petrochemical costs are expected to intensify in coming quarters.
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Latest events from The Procter & Gamble Company
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Next The Procter & Gamble Company earnings date
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The Procter & Gamble Company
Next The Procter & Gamble Company earnings date
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Frequently asked questions
Consumer Goods Giant
Procter & Gamble (P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio. Founded in 1837 by William Procter and James Gamble, the company began its journey as a small soap and candle-making business. Today, P&G has grown into one of the world's leading and most diversified consumer products companies. Some of its most recognized brands globally include Tide, Pampers, Gillette, Olay, and Oral-B.
Cincy Roots
Founded in 1837, P&G has its roots deeply embedded in Cincinnati, Ohio. It was in this bustling river city that two immigrants, William Procter, an English candlemaker, and James Gamble, an Irish soapmaker, formed their partnership. The newly formed company quickly saw success and expansion, but P&G's headquarters remained in Cincinnati, cementing its historical ties to the city. This longstanding relationship has seen P&G play a vital role in the city's economic and social fabric, with its legacy intertwined with the history and growth of Cincinnati itself.
One of the Industry Leaders
P&G is a multinational consumer goods corporation that specializes in producing a wide range of daily-use products across several categories. These categories include cleaning agents, personal care, health care, beauty, and baby care, among others. In the global market together with companies such as Unilever and Colgate-Palmolive, P&G holds a position as one of the leaders in the consumer goods sector. Its expansive brand portfolio, large-scale operations, and consistent product innovation have allowed it to garner a broad consumer base and substantial market share in various segments. The company's strategy has historically revolved around understanding consumer needs and delivering high-quality products, backed by significant research and development.
Acquiring Well-Known Brands
Procter & Gamble has since the very beginning believed in growing and diversifying its product portfolio, and one effective way it has achieved this is through strategic acquisitions.. One of its more notable acquisitions is Gillette, which not only gave P&G a stronger foothold in the male grooming market but also brought along iconic brands like Duracell and Oral-B. Another standout is SK-II, a luxury skincare brand that P&G owns, showcasing its versatility in catering to both mass-market and luxury segments.