Q1 FY27 · Ended Sep 30, 2026 · View SEC filing
P&G grew by selling more, not charging more
Unit volume rose 2.4% while pricing barely moved, so P&G grew sales but did not pass rising costs to shoppers.
For investorsWhat has to go right for margins to recover?
For foundersFunding growth with other people's working capital
Gross margin fell 1.54 points, but leaner overhead held the operating margin loss to 0.65 points and kept operating income growing.
Capital spending rose from 3.7% of sales to 5.1% over three fiscal years, so less operating cash reaches free cash flow.
Operating cash flow ran at 1.22 times net earnings, helped by extended supplier terms the filing describes as an ongoing program.
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Business Lens describes Procter & Gamble from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
