PG · Forward model · Beauty
What has to happen in Beauty
Model as of
This page changes Beauty inside the complete PG model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
Shares this vertical and portfolio case. Slider and horizon edits stay in your browser.
Beauty
Basis quarter$3.98B
Final quarter$4.68B
Implied CAGR+3%
Final revenue mix21%
Hair Care, Personal Care and Skin Care. The fastest-growing segment in fiscal 2026 (+7% net sales, +5% organic) and the only one where volume, price and mix were all non-negative in the June quarter.
Last four quarters
2025 Q3
$4.14B
Reported
2025 Q4
$4.04B
Reported
2026 Q1
$3.87B
Reported
2026 Q2
$3.98B
Reported
Hair Care (Conditioners, Shampoos, Styling Aids, Treatments)Personal Care (Antiperspirants and Deodorants, Personal Cleansing)Skin Care (Facial Moisturizers, Cleaners and Treatments)
Sequential growth
+0.8%/qtr
decaying toward +0.8%
0.82%/qtr: eight-quarter compound growth of deseasonalised Beauty net sales, the fastest line in the portfolio.
Beauty
Latest: $4.68B (2031Q2E)
| Period | Value |
|---|---|
| 2021Q3 | $3.96B |
| 2021Q4 | $3.93B |
| 2022Q1 | $3.39B |
| 2022Q2 | $3.46B |
| 2022Q3 | $3.96B |
| 2022Q4 | $3.81B |
| 2023Q1 | $3.49B |
| 2023Q2 | $3.75B |
| 2023Q3 | $4.10B |
| 2023Q4 | $3.85B |
| 2024Q1 | $3.55B |
| 2024Q2 | $3.72B |
| 2024Q3 | $3.89B |
| 2024Q4 | $3.85B |
| 2025Q1 | $3.49B |
| 2025Q2 | $3.73B |
| 2025Q3 | $4.14B |
| 2025Q4 | $4.04B |
| 2026Q1 | $3.87B |
| 2026Q2 | $3.98B |
| 2026Q3E | $4.38B |
| 2026Q4E | $4.23B |
| 2027Q1E | $3.88B |
| 2027Q2E | $4.11B |
| 2027Q3E | $4.52B |
| 2027Q4E | $4.37B |
| 2028Q1E | $4.01B |
| 2028Q2E | $4.24B |
| 2028Q3E | $4.67B |
| 2028Q4E | $4.51B |
| 2029Q1E | $4.14B |
| 2029Q2E | $4.38B |
| 2029Q3E | $4.83B |
| 2029Q4E | $4.66B |
| 2030Q1E | $4.28B |
| 2030Q2E | $4.53B |
| 2030Q3E | $4.99B |
| 2030Q4E | $4.82B |
| 2031Q1E | $4.42B |
| 2031Q2E | $4.68B |
Assumptions & reasoning
- Segment identity, not an apportionment. Sixteen of the twenty quarters are read straight from a filed segment table; the four April-June quarters are derived as fiscal-year segment total less the disclosed nine-month segment column and are marked estimated. P&G publishes no dollar split of Beauty into Hair, Personal and Skin Care - only whole-percent-of-company shares - so none is invented here.
- The 24.23% EBITDA margin is fiscal 2026, not the June quarter: (segment earnings before income taxes $3,473m + segment depreciation and amortisation $410m) / net sales $16,023m. Segment D&A is disclosed annually only, so a quarterly margin cannot be built without inventing an allocation.
- Beauty grew 7% in fiscal 2026 but two of those seven points were currency; on P&G's own reconciliation organic growth was 5% for the year and 4% in the June quarter. The 0.82%/quarter driver is fitted to reported, currency-inclusive history, which is why the base case is deliberately below the company's guidance range.