[P&G reported](https://www.cnbc.com/2026/07/29/procter-gamble-pg-q4-2026-earnings.html) quarterly earnings per share of $1.63 that topped estimates, but the real story lies in what the top line reveals about business momentum. Revenue growth of 232.9% year-over-year masks an underlying deceleration: Q4 revenue was $21.2B versus $22.2B in the prior quarter and $22.4B two quarters back.

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