Analysts expect signs of volume recovery as P&G reports Q3 earnings this week

The Procter & Gamble Co. (NYSE: PG) is set to report third-quarter fiscal 2026 results on Friday, April 24, with consensus pointing to Q3 revenues of $20.6 billion, up 4.9% year-on-year, as tentative signs of a volume recovery begin to emerge after several quarters of demand softness.

While growth is still expected to be supported by pricing, analysts expect gradual improvement in volumes across key segments. On a consolidated basis, analysts expect overall pricing to contribute 1.08% growth, broadly in line with recent quarters. Volumes, meanwhile, are projected to rise 0.52%, a recovery from a 1% decline in the previous quarter.

In fabric and home care, P&G’s largest division, revenues are forecast to rise 4% to $7.2 billion. Price increases are expected to contribute about 1.14% of that growth, while volumes edge up 0.77%, a modest improvement after a period of softness.

A similar pattern is seen in the baby, feminine and family care segment, where revenues are projected to grow 3.1% to $4.9 billion. Pricing is expected to add 0.64%, while volumes turn marginally positive at 0.16%, marking a notable recovery from a 5% decline in the previous quarter and a 1% drop a year earlier.

Beauty, hair and personal care revenues are forecast to increase 5.3% to $3.7 billion. Here, pricing remains supportive at 1.46%, albeit easing from earlier periods of stronger increases, while volumes are expected to rise 1.41% year-on-year, though moderating from the prior quarter’s stronger growth.

In healthcare, revenues are projected to grow 4.1% to $3 billion, supported by 1.02% price growth, while volumes are expected to stabilize at 0.03%, marking an improvement from a 1% decline in both the previous quarter and a year ago. The grooming segment, meanwhile, is forecast to deliver revenue growth of 3.9% to $1.6 billion.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.