PG · Q4 FY2026
PROCTER & GAMBLE Co Q4 FY2026 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $21.20B | $20.89B yr ago | Beat |
| EPS | $1.26 | $1.48 yr ago | Miss |
| Free Cash Flow | $4.11B | $3.99B yr ago | Beat |
| Gross Margin | Not disclosed | Not disclosed yr ago | Miss |
| Operating Margin | 18.6% pre-tax margin | 20.8% yr ago | Miss |
What changed
Derived Q4 FY2026 revenue increased 1.5% year over year and free cash flow increased 3.0%, but EPS declined 14.9% and pre-tax margin contracted 220 basis points to 18.6%. For FY2026, revenue grew 3.3% and EPS rose 1.7%, while pre-tax margin fell 160 basis points to 22.7%.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise, so we initiate fair value at $145.64 per share. The quarter supports a neutral valuation stance: modest sales and cash growth were offset by weaker profitability, leaving the shares fairly valued at $142.97.