Procter & Gamble Versus Colgate‑Palmolive: Contrasting Strategies in the Consumer Packaged Goods Arena

Quick Read

• PG beat estimates for a fourth straight quarter as Beauty surged 11%, while CL posted 8% revenue growth but lost North America volume.

• P&G offers 70 straight years of dividend growth as the steadier hold, while Colgate’s restructuring targets between $200 million and $300 million in annual savings as a rebound setup.

Procter & Gamble (NYSE:PG) and Colgate-Palmolive (NYSE:CL) both posted top and bottom line beats in their most recent quarters.

PG’s fiscal Q3 2026 leaned on Beauty and broad regional strength. Colgate’s Q1 2026 leaned on Latin America and Hill’s Pet. Same shelf, very different engines.

Beauty Powers P&G; Latin America Powers Colgate

P&G’s headline was breadth. Revenue of $21.23 billion rose 7.4% YoYಿಟ, and every one of its five segments grew. Beauty led with 11% reported growth, powered by Hair Care, Skin Care and premium play SK-II, which the CFO said grew 18% overall with double‑digit gains in China.

Core EPS of $1.59 beat consensus, the fourth straight quarter of doing so. The catch: core gross margin fell 100 basis points on tariffs and mix, and currency‑neutral core EPS was flat.

Colgate’s story was geographic imbalance. Total revenue of $5.32 billion grew 8.4% YoY, with Latin America up 14.8% and Europe up 11.9%. North America went the other way, sliding 1.8% on a 3.2% volume decline.

CEO Noel Wallace said “North America was going to take some time” and pointed to late shelf resets and heavier competitor couponing. Hill’s Pet Nutrition kept humming, up 6.7% with a boost from Prime100.

One Reinvests Into Momentum. One Restructures Harder.

CEO Shailesh Jejurikar said P&G is “increasing investments to accelerate momentum with consumers despite the challenging geopolitical and economic environment.”

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