Procter & Gamble Q2 revenues fall short of estimates
By Iain Gilbert
Date: Thursday 22 Jan 2026
(Sharecast News) - Consumer goods giant Procter & Gamble fell slightly short of Wall Street expectations on Thursday as second‑quarter revenue was held back by softer consumer spending in key categories, offsetting continued strength in its beauty division.
Procter & Gamble posted net sales of $22.21bn for the three months ended 31 December, just below the $22.28bn forecast by analysts, whilt adjusted earnings, on the other hand, came in ahead of expectations. Excluding one‑off items, earnings per share came in at $1.88, ahead of the $1.86 expected.
Overall sales volumes declined 1% in the quarter, with three of the P&G's five categories posting lower volumes.
Beauty was the only segment to deliver an improved performance, up 3% as demand for self‑care products remained resilient. P&G highlighted higher pricing and product innovation in hair and personal care as key drivers of ikts beauty arm's outperformance, which makes up roughly 18% of total sales.
Prices across P&G's portfolio were up 1%, with the firm continuing to pass through increases to offset the impact of US import tariffs.
P&G also maintained its annual core earnings and sales guidance, but trimmed its full‑year net EPS growth forecast to between 1% and 6%, down from a prior range of 3% to 9%, citing higher restructuring charges.
As of 1330 GMT, P&G shares were down 1.23% in pre-market trade at $144.27 each.
Reporting by Iain Gilbert at Sharecast.com
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