Filing Flows › Procter & Gamble (PG) › Q2 FY26
Procter & Gamble (PG) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Jan 23, 2026
Procter & Gamble (PG) reported revenue of $22.2B for the second quarter fiscal 2026 (Q2 FY26), +1% from a year earlier and -0.8% from the quarter before. Operating margin was 24.2%, net earnings $4.3B (19.4% of revenue).
Procter & Gamble, Q2 FY26: revenue $22.2B (+2% year over year), operating margin 24.2%, net earnings $4.3B, operating cash flow $5.0B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.2B | -0.8% | +1% |
| Operating profit | $5.4B | -8% | -7% |
| Net earnings | $4.3B | -9% | -7% |
| Operating cash flow | $5.0B | -8% | +3% |
| Free cash flow | $3.8B | -10% | -2% |
What changed
Revenue was $22.2B in Q2 FY26, up 1% year over year and down 1% from the previous quarter.
Operating profit was $5.4B, a 24.2% margin (down 2.1 points year over year). Operating profit fell $0.38B even though revenue rose $0.33B versus a year earlier, so costs grew faster than sales. Total costs grew 4% against revenue growth of 1%. Net earnings were $4.3B, down 7% year over year. The effective tax rate was 20.1%.
Operating cash flow was $5.0B (up 3% year over year), 115% of net earnings. Non-cash charges added back $0.80B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items used $0.30B. Capital expenditures of $1.2B left free cash flow of $3.8B.
Questions
What was Procter & Gamble's revenue in the second quarter fiscal 2026?
Procter & Gamble (PG) reported revenue of $22.2B for the second quarter fiscal 2026 (Q2 FY26), +1% from a year earlier and -0.8% from the quarter before.
Was Procter & Gamble profitable in the second quarter fiscal 2026?
Operating profit was $5.4B (24.2% of revenue) and net earnings $4.3B.
Source: Procter & Gamble 10-Q on SEC EDGAR.