Procter & Gamble reported first-quarter fiscal 2027 net sales of $23.3 billion, up 4.0%, with organic sales also up 4.0%, driven mainly by volume (2.4 points) and product mix (1.1 points). Core EPS rose 1% to $2.00, while core gross margin fell 150 basis points to 50.0% and core operating margin fell 80 basis points to 25.9%. Management estimates commodity cost headwinds of about $1.4 billion after tax for the year, assuming Brent crude at $100 a barrel for the rest of the fiscal year. Greater China organic sales grew 8.0%, and the company returned $2.6 billion in dividends and $1.3 billion through share repurchases in the quarter, with about $5 billion in buybacks planned for the full year.
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