Procter & Gamble reported Q2 FY2026 revenue of $22.21 billion, rising just 1% YoY and slightly missing analyst expectations. The company cited softening U.S. consumer spending and government shutdown impacts as key factors. U.S. sales volumes declined in three of five major product categories, with only beauty showing 4% organic growth. Core gross margin fell for the fifth straight quarter due to tariff pressures. Skincare in Greater China delivered low-single-digit growth, supported by premium products and price increases. However, baby, feminine, and family care declined 4%. P&G maintained full-year organic sales guidance but lowered diluted EPS growth forecasts from 3%-9% to 1%-6%, citing higher restructuring costs including cutting 7,000 non-manufacturing roles.

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