P&G Beats Q1, Cuts Tariff and Commodity Costs

Procter & Gamble beat expectations in its fiscal first quarter, reporting adjusted EPS of $1.99 (GAAP $1.95) and revenue of about $22.39 billion as organic sales rose and beauty (up ~6%) and grooming (mid-single-digits) segments grew. The company cut its forecast for tariff-related after-tax costs to roughly $400 million for fiscal 2026 (down from $800 million) and halved its commodity-cost outlook to about $100 million after tax. P&G maintained full-year guidance for all-in sales growth of 1%–5% and net EPS growth of 3%–9%, with a fiscal 2026 EPS range of $6.83–$7.09 (midpoint ~$6.96). Management said the company is on track to meet its targets and is increasing investment in innovation and marketing despite a challenging consumer and geopolitical environment. Shares ticked higher on the results as investors noted the smaller-than-expected tariff impact amid continuing uncertainty around U.S. tariff policy and related tensions with Canada.