Procter & Gamble’s latest quarterly earnings landed with the subtlety of a razor that’s seen better days: profits edged past expectations, but shoppers apparently decided that one less shave or diaper change could save the planet—or at least their wallets.
In the fiscal second quarter ended December 2025, the consumer goods giant posted adjusted earnings of $1.88 per share, narrowly topping Wall Street’s $1.86 forecast. Revenue came in at $22.21 billion, a 1% bump from last year but just shy of the anticipated $22.28 billion.
Organic sales—stripping out currency swings and deal-making—stayed flat. Volume, the truest gauge of whether people actually want the stuff, dipped 1%.
The real drama unfolded in the aisles where everyday essentials live. Three out of five product categories saw volumes shrink, as inflation-fatigued consumers turned into bargain-hunting detectives.
The baby, feminine, and family care segment took the hardest hit, with volume plunging 5%. Bounty paper towels, Puffs tissues, and Charmin toilet paper faced particularly brutal year-over-year comparisons—last year everyone apparently stockpiled enough rolls to survive a paper apocalypse ahead of feared port strikes.
Grooming, home to Gillette and Venus razors, shed 2% in volume, proving even a close shave isn’t immune to penny-pinching. Health care (Oral-B toothbrushes, Vicks vapor rub, Pepto-Bismol) slipped 1%, while fabric and home care held steady like that one reliable friend who never flakes.
Beauty, however, strutted in like it owned the place. Hair-care products drove a 3% volume gain, suggesting that while folks might skip a diaper or two, fabulous hair remains non-negotiable.
CFO Andre Schulten delivered the quarterly pep talk with the calm of a man who’s seen softer patches: this was, he assured everyone, the fiscal year’s softest quarter. People haven’t abandoned hygiene—they’re just doing it more slowly, perhaps savoring each sudsy moment.
The company trimmed its fiscal 2026 earnings-per-share growth outlook to 1% to 6% from 3% to 9%, blaming heftier restructuring charges. Sales growth guidance stayed intact, and Schulten promised stronger momentum in the back half thanks to fresh innovations—because nothing says “turn things around” like a new Tide pod scent or razor with extra blades nobody asked for.
Wall Street responded with its usual enthusiasm: shares dipped about 1% in premarket trading. Investors, apparently, prefer their consumer staples with a side of relentless growth rather than polite stagnation.
The broader picture remains one of resilience wrapped in caution. P&G still moves mountains of products that households can’t entirely quit, even if they’re buying smaller packs or waiting for coupons. In a world where every dollar gets interrogated, the company that sells cleanliness, grooming, and comfort is holding steady—just not sprinting.
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