P&G CFO Flags Slight US Consumption Dip, Calls Consumer Environment 'Not Great, But Stable'

• CFO Andre Schulten noted that shoppers have behaved similarly in the last few quarters, with consumers who are less worried about their savings buying bigger pack sizes from mass and online retailers.
• The company’s quarterly adjusted earnings per share came in at $1.99, compared with Wall Street expectations of $1.90, according to data compiled by Fiscal AI.
• P&G maintained its fiscal 2026 core earnings per share growth to be in the range of flat to up 4%.

Procter & Gamble (PG) CFO Andre Schulten reportedly said that consumption across the company's variety of offerings has slowed down “a little bit” in the United States.

“The consumer environment is not great, but stable,” Schulten said on a call with media during the company’s first-quarter earnings, according to a CNBC report.

Retail sentiment on P&G jumped to ‘extremely bullish’ territory from ‘bearish’ compared to a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits. Shares of P&G were marginally up on Friday.

Mixed Consumer Environment

Schulten noted that shoppers have behaved similarly in the last few quarters, with consumers who are less worried about their savings buying bigger pack sizes from mass and online retailers. “That’s their way to look for value,” he said.

He noted, however, that U.S. consumers are living paycheck to paycheck, and most are looking to stretch their money further by using every last drop of household products like detergent and shampoo and fully depleting pantry supplies before heading out to restock.

P&G’s First-Quarter Results

The company’s quarterly adjusted earnings per share (EPS) came in at $1.99, compared with Wall Street expectations of $1.90, according to data compiled by Fiscal AI.

Total revenue was $22.39 billion, topping estimates of $22.17 billion. P&G maintained its fiscal 2026 core EPS growth to be in the range of flat to up 4%.

The firm said it now expects a commodity cost headwind of approximately $100 million after tax and higher tariff-related costs of about $400 million after tax for fiscal 2026, compared with the $800 million forecast earlier.

The CNBC report noted that P&G's initial forecast included retaliatory tariffs on Canada, which have since been rescinded. As a result, the company is now planning to raise prices less than expected, CEO Jon Moeller told CNBC.

Shares of P&G have declined nearly 10% in the last 12 months. 

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