Volume Flat for Three YearsNarrow moat

Procter & Gamble (PG) — moat facet

P&G has shipped the same volume of goods for three years, so every dollar of growth has come from price, mix or currency.

P&G's volume has not grown in three years. Company volume was flat in fiscal 2024, fiscal 2025 and fiscal 2026123. Net sales grew 2%, then 0%, then 3%, the last with 2 points from currency456.

Volume growth by segment, FY2026 (%)Beauty+4%Fabric and Home Care0%Grooming-1%Baby, Feminine and Family Care-1%Health Care-2%P&G Form 10-K FY2026, net sales drivers excluding acquisitions and divestitures
Only Beauty sold more.

For a company that sells to about 180 countries and territories7, flat volume is a strong statement. It means the number of razors, nappies and bottles of detergent P&G ships has stopped rising, and every dollar of growth has come from price, mix or exchange rates.

Inside the total, the segments diverged in fiscal 2026. Beauty's volume rose 4%, the only segment growing; Fabric & Home Care was flat; Grooming and Baby, Feminine & Family Care fell 1%; Health Care fell 2%8. The June 2026 quarter was flat on every measure: organic sales, volume, price and mix unchanged9.

P&G's own long-term goal is organic sales growth above market growth10. Flat volume is compatible with that if the categories themselves are flat, and the company says its fiscal 2027 guidance does not assume a significant market deceleration11. But it also means the moat is being expressed as a share that is held, not one that is gained.

A year earlier the pattern was different. In fiscal 2025 Grooming's volume rose 2%, Beauty's and Fabric & Home Care's 1%, Baby, Feminine & Family Care's was flat and Health Care's fell 1%12. Four of five segments sold as much or more then; in fiscal 2026 only Beauty grew and Fabric & Home Care held.

Call it a mature franchise running in place. It would weaken if volume turned negative for a full year while price stayed near 1%, because then the company would be shrinking in units and would have to raise prices faster to grow, exactly when shoppers are resisting. Company volume, flat in fiscal 202613, is the figure.

Moat trajectory: Holding steady

Volume 0% in FY2024, FY2025 and FY2026; Q4 FY2026 all drivers flat.

The number that tests this moat
Reported
Company volume growth, FY2026
0% (third flat year)

Whether P&G sells more goods; a negative year would mean the franchise is shrinking in units.

Source: P&G Form 10-K, FY2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Health Care Sold Two Percent Less
Health Care grew sales 4% in fiscal 2026 while selling 2% less.
References
  1. ReportedCompany volume was flat in fiscal 2024, fiscal 2025 and fiscal 2026.
    Procter & Gamble Form 10-K for fiscal 2024 - net sales drivers by segment for fiscal 2024 (price +4%) and top-ten customer share. — FY2024 · publ. August 2024 · source ↗
  2. ReportedCompany volume was flat in fiscal 2024, fiscal 2025 and fiscal 2026.
    Procter & Gamble Form 10-K for fiscal 2025 - segment results for fiscal 2023, net sales drivers, Walmart share, top-ten customers and debt at June 2024 and 2025. — FY2025 · publ. August 2025 · source ↗
  3. ReportedCompany volume was flat in fiscal 2024, fiscal 2025 and fiscal 2026.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  4. ReportedNet sales grew 2%, then 0%, then 3%, the last with 2 points from currency.
    Procter & Gamble Form 10-K for fiscal 2024 - net sales drivers by segment for fiscal 2024 (price +4%) and top-ten customer share. — FY2024 · publ. August 2024 · source ↗
  5. ReportedNet sales grew 2%, then 0%, then 3%, the last with 2 points from currency.
    Procter & Gamble Form 10-K for fiscal 2025 - segment results for fiscal 2023, net sales drivers, Walmart share, top-ten customers and debt at June 2024 and 2025. — FY2025 · publ. August 2025 · source ↗
  6. ReportedNet sales grew 2%, then 0%, then 3%, the last with 2 points from currency.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  7. ReportedFor a company that sells to about 180 countries and territories, flat volume is a strong statement.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  8. ReportedBeauty's volume rose 4%, the only segment growing; Fabric & Home Care was flat; Grooming and Baby, Feminine & Family Care fell 1%; Health Care fell 2%.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
  9. ReportedThe June 2026 quarter was flat on every measure: organic sales, volume, price and mix unchanged.
    Procter & Gamble fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1, with fiscal 2027 guidance - quarterly and fiscal-year headline results and cash flow. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  10. ReportedP&G's own long-term goal is organic sales growth above market growth.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  11. ReportedFlat volume is compatible with that if the categories themselves are flat, and the company says its fiscal 2027 guidance does not assume a significant market deceleration.
    Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  12. ReportedIn fiscal 2025 Grooming's volume rose 2%, Beauty's and Fabric & Home Care's 1%, Baby, Feminine & Family Care's was flat and Health Care's fell 1%.
    Procter & Gamble Form 10-K for fiscal 2025 - segment results for fiscal 2023, net sales drivers, Walmart share, top-ten customers and debt at June 2024 and 2025. — FY2025 · publ. August 2025 · source ↗
  13. ReportedCompany volume, flat in fiscal 2026, is the figure.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 26, 2026