Guidance0
Current guidance was classified as maintained.
Low confidenceEarnings thesis change · rubric v1.0
PG PROCTER & GAMBLE Co
Fiscal Q1 FY2027 · quarter ended September 30, 2026 · reported 2026-10-22
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 22, 2026 at 7:03 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 22, 2026 at 7:03 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Unchanged
Legacy analysis
Legacy analysis: only the dimensions classifiable by the pre-v1 pipeline are shown.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 5 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Strong — cash is doing the heavy lifting
Earnings look cash-backed — accruals are -11.4% of assets, in the strongest quintile of large caps.
CY2017Q4Accruals / assets (TTM)CY2019Q3
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
-20.3%
Operating income — year over year
$4.6B vs $5.7B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
-15.1%
Net income — year over year
$3.9B vs $4.6B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
-3.0%
Revenue — year over year
$21.2B vs $21.9B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: 3 being tracked.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| Expects to incur approximately $2 billion in before-tax restructuring costs over two years, with the remainder expected to be incurred in fiscal 2027other · made 2026-10-22 | ~$2 billionFY 2027 | — | Pending | 8-K 0000080424-26-0002 |
| Expects FY 2027 Core EPS growth of -% to +3%eps · made 2026-10-22 | -% to +3%FY 2027 | — | Pending | 8-K 0000080424-26-0002 |
| Expects FY 2027 organic sales growth of +1% to +3%revenue · made 2026-10-22 | +1% to +3%FY 2027 | — | Pending | 8-K 0000080424-26-0002 |
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
The deciding condition
EPS for the guided period lands within $6.89–$7.11
StrengthensReported EPS above $7.11
InvalidatesReported EPS below $6.89
P&G updated all-in sales growth guidance to 2% to 4% incorporating the Thorne acquisition, while maintaining organic sales growth of 1% to 3% and core EPS of $6.89 to $7.11.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
4
new risk disclosures added
6
old ones removed
FY2026 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly more negative.
New risk disclosure #1
“Our business results depend on our ability to manage disruptions in our global supply chain. Our ability to meet our customers’ needs and achieve cost targets depends on our ability to maintain key manufacturing and supp…”
New risk disclosure #2
“Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation, evolving digital marketing and selling platforms and changing …”
New risk disclosure #3
“Our business is subject to numerous risks as a result of having significant operations and sales in international markets, including foreign currency fluctuations, currency exchange or pricing controls. We are a global c…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-03-31Operating income: -20.3% year over year
(4,576,000,000 − 5,741,000,000) ÷ 5,741,000,000 = -20.3% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-03-31Net income: -15.1% year over year
(3,932,000,000 − 4,630,000,000) ÷ 4,630,000,000 = -15.1% YoYDC3 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-03-31Revenue: -3.0% year over year
(21,235,000,000 − 21,882,000,000) ÷ 21,882,000,000 = -3.0% YoYWN1 8-K Exhibit 99.1 (earnings release, via EDGAR)
Guidance disclosed for Q1 FY2027EPS for the guided period lands within $6.89–$7.11
Strengthens: Reported EPS above $7.11 · Invalidates: Reported EPS below $6.89