P&G’s Earnings Grew 6%. But it didn't.
Take Away the Currency and They Didn’t Grow at All
Q3 FY26 core EPS: +3% reported. Core EPS on a currency-neutral basis: flat at $1.54
Procter & Gamble’s core earnings per share grew 3% in the third quarter of fiscal 2026, to $1.59. Strip out foreign exchange, and that number is $1.54, unchanged year over year.
The headline says growth. The currency-neutral number shows P&G earned exactly what it did a year ago, on a per-share basis, after a quarter of genuine volume recovery. That gap between the reported story and the constant-currency story is where this quarter actually lives.
The Top Line Is Real. The Bottom Line Is Borrowed
Net sales reached $21.24 billion, up 7% and ahead of the $20.58 billion analysts expected. Organic sales grew 3%, with volume contributing 2 points and price 1 point. The mix was neutral. That is a genuine re-acceleration after several quarters where P&G’s growth was almost entirely price-led. FX added a further 4 points to reported net revenue.
