Procter & Gamble $PG gains 4% premarket as Q3 sales rise 7%, EPS beats

Procter & Gamble $PG rose about 4% in premarket trading on April 24 after fiscal third-quarter results beat estimates and, more importantly for a staples name, volume turned positive across the portfolio. CNBC said quarterly revenue was $21.24B and core EPS was $1.59 versus consensus for $20.5B and $1.56. A modest stock move is normal for $PG, but the beat mattered because investors have been watching for evidence that price-led growth can turn back into unit growth.

P&G's earnings release said net sales increased 7% to $21.2B and organic sales rose 3%. Diluted EPS was $1.63, up 6%, while core EPS was $1.59, up 3%. Net earnings and operating cash flow both came in around $4.0B. The company returned $3.2B to shareholders in the quarter, including $2.5B in dividends and more than $600M of share repurchases.

Revenue: $21.24B vs $20.5B expected

Core EPS: $1.59 vs $1.56 expected

Companywide volume: up 2%, first positive reading in a year, according to CNBC

FY2026 guide maintained: sales growth +1% to +5%, diluted EPS growth +1% to +6%

Category mix supported the quarter. CNBC said beauty volume rose 5%, baby, feminine and family care volume increased 3%, and fabric and home care gained 2%, while grooming and health care both fell 2%. CEO Jon Moeller called the result "solid acceleration in top-line results." The company still flagged a $150M transportation and fuel headwind for the fourth quarter, which is why the beat looked more like steady execution than a full re-rating event.

The broader read-through is that staples investors wanted proof that pricing power had not exhausted the consumer. Positive volume growth gives $PG a cleaner base going into the second half of the fiscal year, even with cost pressure still present. For a defensive name, that is enough to matter because stable volume, cash generation and unchanged guidance usually drive the valuation more than headline excitement.