Company Performance & Strategy - Procter & Gamble's (P&G) organic sales increased by 175 billion, placing it in the 84th percentile of the S&P 500 over the past seven years [2] - P&G's profit increased by 6 billion, ranking in the 92nd percentile of the S&P 500 [2] - P&G created 180 billion in incremental market capitalization over the past seven years [3] - The company strategically consolidated its portfolio into categories used daily or more, where performance drives brand choice [7] Consumer Behavior & Market Trends - P&G is observing modest trade-down within its branded portfolio, specifically within different Tide offerings and towards brands like Gain [5] - Private label shares in North America and Europe are currently down, indicating consumers still value performance [6] - The company is also seeing continued trade-up, emphasizing that stronger performance enhances consumer relevance and value [8] Financial Outlook & Challenges - P&G anticipates a 1 billion tariff hit in the new fiscal year [1][8] - The company plans to implement some price increases, combined with innovation, to offset the tariff impact [9] - Tariffs, especially on naturally sourced ingredients without US substitutes, are inherently inflationary and could potentially incentivize companies to move production out of the US [15][17] Leadership Transition - CEO John Muller will step down at the end of the year, transitioning into the executive chair role [1] - Shalesh Jajurkar, the current COO, will take over as the leader of the next phase of growth and value creation [3]

Core Viewpoint - Procter & Gamble (P&G) announced the appointment of Shailesh G. Jejurikar as the new CEO, effective January 1, 2026, marking the first time an Indian has held this position in the company's history [2][10]. Financial Performance - For the fiscal year 2025, P&G reported revenue of $84.284 billion (approximately 604.982 billion RMB), a year-on-year growth of 0.29%, indicating stagnation in growth [4]. - Despite the revenue stagnation, P&G achieved a record high in revenue over the past decade, with operating profit soaring by 10.28% to $20.451 billion (approximately 146.793 billion RMB) and net income rising by 7.29% to $16.065 billion [5][6]. Leadership Transition - The leadership change is perceived as a strategic move rather than a reaction to poor performance, as the transition occurs during a period of record revenue and profit [5][10]. - Jon R. Moelle's tenure is praised for maintaining strong growth and value creation despite global economic challenges, with P&G's stock price increasing by approximately 13% during his four years as CEO [8][11]. Market Stability and Growth - P&G's performance across various sectors has shown stability, with the company proactively adjusting its strategies for future growth rather than reacting to declines [14][16]. - The Chinese market has emerged as a key growth driver for P&G, with significant contributions from brands like SK-II, which saw a 13.29% increase in online sales [18][22]. Strategic Adjustments - P&G has implemented various reforms in the Chinese market, including changes in distribution channels and consumer communication strategies, which have proven effective and are expected to influence global strategies [26][28]. - The company anticipates a sales growth of 1% to 5% for the fiscal year 2026, with organic sales growth projected between 0% to 4% despite some adverse factors [28].

Market Trends & Earnings - Mixed earnings reports create market uncertainty, with some companies like UPS and Spotify underperforming [3] - Tariffs are impacting consumer-focused companies like Whirlpool, leading to a nearly 13% stock decrease, and Hamilton Beach Brands, down more than 7% [5][7] - Consumer staples and consumer discretionary sectors are lagging in the S&P 500, with consumer staples up just over 1% compared to the S&P 500's over 8% increase [19] - Proctor & Gamble (PNG) warns of a $1 billion tariff hit, leading to price hikes and consumers trading down to cheaper products [38][10] Tariff Impact & Inflation - Tariffs are identified as a risk, particularly for individual stocks, with Stanley Black & Decker calling out an $800 million profit impact [14][12] - PNG views tariffs as inherently inflationary, increasing the cost of importation [55] - Tariffs on naturally sourced ingredients without US substitutes could incentivize companies to move production out of the US [53] Monetary Policy & Market Valuation - The market expects the Federal Reserve to hold interest rates steady, but a rate cut may be signaled for the fall [8][11] - S&P 500 PE ratios are at record highs, driven by momentum rather than earnings growth [24] - Corporate credit spreads are at their lowest levels in several decades, suggesting limited fuel for further PE expansion [27] Company Specifics - Starbucks shares have underperformed in the summer market rally, up only 16%, with focus on China business, sales caution, and new initiatives [35] - PNG's organic sales increased by 175 billion over seven years, placing them in the 84th percentile of the S&P 500 [40] - PNG's profit increased by 6 billion, placing them in the 92nd percentile of the S&P 500, with a $180 billion incremental market cap [41] Gold Market - Fidelity forecasts gold prices at $3,000 per ounce, potentially reaching $4,000 by the end of next year, driven by a weaker dollar and tariff impacts [31][32]

Mergers and Acquisitions - Procter & Gamble is open to an acquisition in the consumer health care category [1] - The company cites its successful purchase of a Merck business unit in 2018 as a precedent [1]

Core Insights - Procter & Gamble (PG) reported revenue of $20.89 billion for the quarter ended June 2025, marking a year-over-year increase of 1.7% and exceeding the Zacks Consensus Estimate by 0.39% [1] - The earnings per share (EPS) for the same period was $1.48, up from $1.40 a year ago, representing a surprise of 3.5% over the consensus estimate of $1.43 [1] Financial Performance Metrics - Organic Sales Growth for Beauty was 1%, below the average estimate of 1.7% [4] - Organic Sales Growth for Grooming was 1%, compared to the estimated 2.8% [4] - Total Organic Sales Growth for P&G was 2%, exceeding the average estimate of 1.4% [4] - Organic Sales Growth for Baby, Feminine & Family Care was 1%, above the estimate of 0.6% [4] - Organic Sales Growth for Fabric & Home Care was 1%, slightly below the estimate of 1.4% [4] - Organic Sales Growth for Health Care was 2%, below the average estimate of 3.1% [4] Net Sales Performance - Net sales for Beauty were $3.73 billion, slightly below the estimate of $3.76 billion, with a year-over-year change of +0.2% [4] - Net sales for Grooming were $1.68 billion, matching the average estimate, with a year-over-year increase of +1.6% [4] - Net sales for Corporate were $274 million, significantly above the estimate of $186.14 million, representing a +35.6% change year-over-year [4] - Net sales for Fabric & Home Care were $7.39 billion, slightly above the estimate of $7.36 billion, with a year-over-year change of +1.7% [4] - Net sales for Baby, Feminine & Family Care were $5.09 billion, exceeding the estimate of $5.02 billion, with a year-over-year change of +1.7% [4] - Net sales for Health Care were $2.72 billion, slightly below the estimate of $2.74 billion, with a year-over-year change of +1.8% [4] Stock Performance - P&G shares have returned -1.4% over the past month, while the Zacks S&P 500 composite has increased by +3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

北京商报讯（记者 张君花）7月29日，宝洁公司公布2025财年第四季度业绩报告称，第四财季实现销售 净额208.9亿美元，市场预估208.2亿美元；预计2026年内生性收入增长0％至4％，市场预估增长 2.55％；第四财季核心每股收益1.48美元，预估1.42美元；预计2026年核心每股收益6.83美元至7.09美 元，市场预估6.99美元。 ...

the consumer's under some pressure. Um but uh where we're seeing it um that manifest itself is in uh a little bit of trade down within the portfolio. If you look at private label shares, they're down year-toear both in North America and Europe.So it hasn't led to a flight from performance of brands uh that really make a difference in my lives in my life but it has led for example for just some trade down from one form of tide to another form of tide. We also see it in their consumption levels. Um they're th ...

Group 1 - Procter & Gamble announced that Shailesh Jejurikar will become the new President and CEO starting January 1, 2026, succeeding Jon Moeller [1] - Jejurikar will run for a board director position at the company's annual shareholder meeting in October this year [1] - Jon Moeller will transition to the role of Executive Chairman, providing advice and consultation to the new CEO [1]

Financial Data and Key Metrics Changes - Organic sales for fiscal year 2025 grew by 2%, with volume growth contributing 1% and price mix adding another 1% [11] - Core earnings per share (EPS) reached $6.83, up 4% year-over-year [14] - Core gross margin declined by 40 basis points, while core operating margin increased by 50 basis points [14] - Adjusted free cash flow productivity was 87%, with $16 billion returned to shareholders, including $10 billion in dividends and $6.5 billion in share repurchases [15] Business Line Data and Key Metrics Changes - Nine out of ten product categories experienced organic sales growth, with Family Care and Personal Healthcare growing in the low single digits [11] - Baby Care saw a decline in organic sales in the low singles [11] - E-commerce sales increased by 12%, now representing 19% of total company sales [12] Market Data and Key Metrics Changes - Focus markets grew organic sales by 2%, with North America up 2% and Europe focus markets up 3% [12] - Greater China organic sales were down 5% year-over-year but improved sequentially, growing 2% in the most recent quarter [12] - Enterprise markets grew by 2%, led by Latin America with 4% organic sales growth [12] Company Strategy and Development Direction - The company is focused on an integrated growth strategy that emphasizes balanced top and bottom line growth and value creation [7][25] - A restructuring program was announced to strengthen execution and improve organizational capabilities [39] - The company aims to capture significant growth opportunities in North America, Europe, and enterprise markets, with potential sales opportunities ranging from $5 billion to $15 billion [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment, including tariffs, inflation, and geopolitical dynamics, which have impacted category growth [23] - The company expects the market environment to remain volatile and challenging in fiscal year 2026, with guidance for organic sales growth in the range of flat to 4% [45][46] - Management emphasized the importance of creating "tailwinds" through innovation and strategic investments to drive growth [58] Other Important Information - The company plans to reduce up to 7,000 non-manufacturing roles, or roughly 15% of its current non-manufacturing workforce, as part of the restructuring efforts [42] - The transition of leadership from Jon Moeller to Shailesh Jujurukar is planned for January 1, 2026, with a focus on continuity and strategic execution [5][56] Q&A Session Summary Question: Insights on Shailesh's leadership and tailwind creation efforts - Management highlighted Shailesh's extensive experience and leadership capabilities as key to driving future growth and value creation [56][58] Question: Addressing the narrowing performance gap in North America - Management acknowledged the reduction in category growth rates and the need to regain superiority in certain categories to widen the performance gap [65][66] Question: Timing and impact of restructuring on organizational capabilities - Management explained that the restructuring aims to enhance decision-making and efficiency, leveraging technology to break down silos within the organization [81][84]

Financial Data and Key Metrics Changes - Organic sales for fiscal year 2025 grew by 2%, with volume growth contributing 1% and price mix adding another 1% [8][12] - Core earnings per share (EPS) reached $6.83, up 4% year-over-year [12][17] - Core gross margin declined by 40 basis points, while core operating margin increased by 50 basis points [12][18] - Adjusted free cash flow productivity was 87% for the year [13] Business Line Data and Key Metrics Changes - Nine out of ten product categories experienced organic sales growth, with Family Care and Personal Healthcare growing in the low single digits [9][10] - Baby Care saw a decline in organic sales in the low single digits [10] - E-commerce sales increased by 12%, now representing 19% of total company sales [10] Market Data and Key Metrics Changes - Focus markets grew organic sales by 2%, with North America and Europe focus markets up by 2% and 3% respectively [10] - Greater China organic sales were down 5% year-over-year but improved sequentially, growing 2% in the most recent quarter [10][15] - Enterprise markets grew by 2%, led by Latin America with 4% organic sales growth [10] Company Strategy and Development Direction - The company is focused on balanced top and bottom line growth, emphasizing the need for brands to lead market growth rather than just gaining market share [4][22] - A restructuring program was announced to strengthen execution of the integrated strategy, focusing on portfolio management, supply chain efficiency, and organizational design [20][35] - The company aims to create $10 billion to $15 billion in sales opportunities in enterprise markets by increasing per capita consumption [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment, including consumer anxiety due to tariffs, inflation, and geopolitical issues [20][42] - The company expects the market environment to remain volatile and challenging in fiscal year 2026, with guidance for organic sales growth in the range of flat to 4% [42][43] - Management emphasized the importance of creating internal tailwinds to drive growth despite external challenges [56] Other Important Information - The company plans to return approximately $15 billion to shareholders in fiscal year 2026 through dividends and share repurchases [47] - The transition of leadership to Shailesh Jujurukar as the new CEO is planned for January 1, 2026, with John Moeller moving to Executive Chairman [3][49] Q&A Session Summary Question: Insights on Shailesh's attributes and goals for the transition - Management highlighted Shailesh's extensive experience and successful leadership in key business areas as reasons for his selection as the next CEO [54][55] Question: Tailwind creation efforts for fiscal year 2026 - Management discussed the restructuring program as a means to build financial headroom for innovation and commercialization, aiming to create internal growth drivers [56][57] Question: Addressing the narrowing performance gap in North America - Management acknowledged the reduction in category growth rates and the need to regain superiority in certain categories to enhance growth [63][65] Question: Timing of the CEO change and organizational capabilities - The timing of the leadership transition was deemed appropriate given the company's strong performance and strategic positioning [78][79] - Management emphasized the importance of breaking down silos within the organization to enhance decision-making and efficiency [81][82]