Procter & Gamble reported fiscal first-quarter sales of $23.3 billion on Oct. 22, 2026, up 4% from a year earlier, and increased its annual reported-sales growth forecast to reflect the Thorne acquisition. Its organic growth and core earnings guidance were unchanged.
The company’s Business Wire release, carried by MarketScreener, reported organic sales growth of 4%. That measure excludes foreign-exchange effects and acquisitions and divestitures.
Sales and earnings grow at different rates
Diluted earnings were $1.97 a share, up 1%. Core earnings, a non-GAAP measure, were $2.00 a share, also up 1%. P&G said higher operating costs partly offset the increase in sales.
The results mark a change from the preceding quarter’s growth pattern. In its July report, P&G disclosed fourth-quarter net sales growth of 2% and unchanged organic sales.
Acquisition changes the reported-sales outlook
P&G now forecasts fiscal 2027 reported-sales growth of 2% to 4%, reflecting the acquisition of Thorne as of Oct. 1. July’s forecast was 1% to 3%.
The company retained its organic sales growth outlook of 1% to 3% and core earnings range of $6.89 to $7.11 a share. The acquisition-related revision is not an increase in the underlying organic growth forecast.
For consumer-brand and retail executives, that distinction separates portfolio expansion from the performance of the existing business. Stronger quarterly sales do not by themselves establish faster growth across every category or geography.
The annual ranges remain management forecasts, not completed fiscal-year outcomes. Reported sales, organic sales and earnings should be compared on their respective definitions rather than treated as interchangeable measures of consumer demand.