Key Takeaways:The beauty segment leads growth, driven by premium skincare and haircare innovation.North America strengthens, while Europe and Asia show mixed momentum.Margins pressured by tariffs and mix, but full-year guidance reaffirmed.The Procter & Gamble Company (P&G) announced its first quarter of fiscal year 2026, delivering a 3% increase in net sales to $22.4 billion and a 2% organic sales growth, excluding foreign exchange and M&A impacts. P&G’s performance reflects thoughtful pricing, mix management, and disciplined cost control, with a particular strength in its beauty portfolio, which reported a 6% organic increase. The consumer-goods giant is off to a measured start for 2026, navigating persistent cost pressures and challenging retail environments with modest top-line growth and continued momentum.“First quarter results reflected strong execution of our integrated strategy in a difficult geopolitical, competitive, and consumer environment,” said Jon Moeller, President and CEO of P&G on the earnings call.Pricing Enters the MixThis quarter is notable because P&G reported that pricing contributed to sales growth. The earnings report shows that for the quarter pricing accounted for roughly 1% of organic growth, while mix added another 1%. “Most of the pricing was innovation-driven. And in aggregate, it’s about a 2%, 2.5% price increase across the entire portfolio,” Moeller commented.This signals a shift: After many years of relying on volume/mix and productivity gains, P&G is now more openly acknowledging the role of pricing to offset cost headwinds (tariffs, commodities) and to help maintain margins.