Core Insights - Proctor and Gamble reported first quarter earnings for 2026, with earnings of $1.99 per share, surpassing estimates of $1.90, and revenue of $22.4 billion, exceeding estimates of $22.2 billion [1] - The company affirmed its full-year guidance, indicating stability in its financial outlook despite flat volumes compared to the previous year and a 1% increase in pricing [1][5] Financial Performance - This marks the 40th consecutive quarter of organic sales growth for Proctor and Gamble, with eight out of ten categories maintaining or growing sales during the quarter [3] - The company is on track for its 10th consecutive year of earnings per share growth, with six out of seven regions also holding or growing sales [3] Market Environment and Challenges - Proctor and Gamble has managed to navigate tariff pressures effectively, with the anticipated headwind from tariffs reduced from $800 million to $400 million, and commodity cost pressures also halved from $200 million to $100 million [9][10] - The company noted improvements in the tariff environment, particularly due to the reduction of retaliatory tariffs in Canada and favorable policies regarding ingredient imports [7][8] Regional Performance - In China, Proctor and Gamble experienced a 6% sales increase in mainland China and a 5% increase in greater China, including Taiwan and Hong Kong, with notable growth in categories such as baby diapers and SK2 [14][15]