[P&G missed on volume](https://www.cnbc.com/2026/07/29/procter-gamble-pg-q4-2026-earnings.html) but everyone's focused on EPS beats and buyback math. Wrong story. The real tell is that revenue fell short with FLAT volumes YoY — meaning P&G couldn't push price OR volume. That's demand destruction dressed up as pricing power. But here's what should terrify infrastructure names: if consumer staples can't move volume, data center buildouts are next.

Research these companies