Procter & Gamble Co. Earnings Summary — Q3 2026

• Revenue grew 7.38% YoY to $21.24B, marking a significant acceleration from the previous four quarters.
• Net Income saw a modest YoY increase of 4.17%, though it fell 8.77% sequentially from Q2 2026.
• Operating margins fell to 21.55% as revenue growth was offset by a disproportionate rise in selling, general, and administrative (SG&A) expenses.
• The cost of revenue increased to $10.72B, but remained stable as a percentage of sales (50.5%) compared to the prior year period (49%).
• Non-operating income provided a $537M boost to the bottom line, significantly higher than the $160M seen in the prior quarter.
• Diluted shares outstanding decreased to 2,417M, down from 2,450M in the same quarter last year, reflecting ongoing share repurchases.

Management maintains a focus on its 'Integrated Strategy' framework, emphasizing productivity and premiumization through 'Irresistible Superiority' in products and packaging.

Stable

While top-line growth has accelerated to 7.4% YoY, the contraction in operating margins and the sequential decline in net profit temper the positive revenue trend.

The company appears to be successfully re-accelerating revenue after a flat fiscal 2025, though it faces continued pressure on operating income which remained relatively flat YoY despite the volume/price gains.