Subtext

The Procter & Gamble Company PG

SectorConsumer Staples
Transcripts78
Date range2006-01-28 – 2025-04-24
Calls charted77

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-24-12+0+12+242006 Q22009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q2 · Overall: +12.92006 Q3 · Overall: +8.92006 Q4 · Overall: +12.62007 Q1 · Overall: +18.12007 Q2 · Overall: +13.22007 Q4 · Overall: +13.82008 Q1 · Overall: +6.62008 Q2 · Overall: +8.02008 Q3 · Overall: +6.82008 Q4 · Overall: +6.72009 Q1 · Overall: +3.22009 Q2 · Overall: +0.62009 Q3 · Overall: +7.72009 Q4 · Overall: +8.12010 Q1 · Overall: +11.92010 Q2 · Overall: +12.72010 Q3 · Overall: +13.02010 Q4 · Overall: +13.82011 Q1 · Overall: +7.92011 Q2 · Overall: +8.32011 Q3 · Overall: +4.82011 Q4 · Overall: +6.12012 Q1 · Overall: +8.52012 Q2 · Overall: +3.72012 Q3 · Overall: +6.02012 Q4 · Overall: +13.62013 Q1 · Overall: +13.72013 Q3 · Overall: +20.62013 Q4 · Overall: +14.72014 Q1 · Overall: +10.62014 Q2 · Overall: +16.62014 Q3 · Overall: +13.12014 Q4 · Overall: +11.52015 Q1 · Overall: +14.12015 Q2 · Overall: +8.22015 Q3 · Overall: +13.32015 Q4 · Overall: +10.02016 Q1 · Overall: +7.42016 Q2 · Overall: +5.52016 Q3 · Overall: +10.82016 Q4 · Overall: +15.92017 Q1 · Overall: +10.92017 Q2 · Overall: +7.72017 Q3 · Overall: +12.12017 Q4 · Overall: +17.82018 Q1 · Overall: +15.12018 Q2 · Overall: +10.72018 Q3 · Overall: +13.02018 Q4 · Overall: +18.32019 Q1 · Overall: +8.22019 Q2 · Overall: +9.72019 Q3 · Overall: +12.32019 Q4 · Overall: +15.72020 Q1 · Overall: +13.92020 Q2 · Overall: +12.12020 Q3 · Overall: -1.22020 Q4 · Overall: +7.82021 Q1 · Overall: +3.22021 Q2 · Overall: +1.12021 Q3 · Overall: +4.82021 Q4 · Overall: +17.92022 Q1 · Overall: +7.32022 Q2 · Overall: +9.72022 Q3 · Overall: +14.92022 Q4 · Overall: +9.72023 Q1 · Overall: +6.52023 Q2 · Overall: +5.92023 Q3 · Overall: +13.82023 Q4 · Overall: +20.12024 Q1 · Overall: +18.82024 Q2 · Overall: +16.72024 Q3 · Overall: +15.22024 Q4 · Overall: +15.02025 Q1 · Overall: +15.62025 Q2 · Overall: +18.02025 Q3 · Overall: +12.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-41-20+0+20+412006 Q22009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q3 · CEO: +12.52006 Q4 · CEO: +17.82007 Q1 · CEO: +25.62007 Q2 · CEO: +26.42007 Q4 · CEO: +22.42008 Q1 · CEO: +15.92008 Q2 · CEO: +16.82008 Q3 · CEO: +10.22009 Q3 · CEO: +13.42009 Q4 · CEO: +23.92010 Q1 · CEO: +16.82010 Q2 · CEO: +20.52010 Q3 · CEO: +19.22010 Q4 · CEO: +25.22011 Q2 · CEO: +11.72011 Q3 · CEO: +14.02011 Q4 · CEO: +14.22012 Q1 · CEO: +17.72012 Q2 · CEO: +16.92012 Q3 · CEO: +28.62013 Q1 · CEO: +35.52013 Q3 · CEO: +27.62013 Q4 · CEO: +22.92014 Q4 · CEO: +17.22015 Q4 · CEO: -6.82016 Q4 · CEO: -8.82018 Q3 · CEO: +20.92019 Q4 · CEO: +24.52020 Q4 · CEO: +13.42021 Q4 · CEO: +24.02022 Q1 · CEO: +18.92022 Q2 · CEO: +12.32022 Q3 · CEO: -1.22022 Q4 · CEO: +13.82023 Q1 · CEO: +12.12023 Q2 · CEO: +14.72023 Q4 · CEO: +27.62024 Q2 · CEO: +23.82024 Q4 · CEO: +26.02025 Q2 · CEO: +24.12006 Q2 · CFO: +14.62006 Q3 · CFO: +12.02006 Q4 · CFO: +12.52007 Q1 · CFO: +16.62007 Q2 · CFO: +10.02007 Q4 · CFO: +6.42008 Q1 · CFO: +7.92008 Q2 · CFO: +7.42008 Q4 · CFO: -1.02009 Q1 · CFO: +4.32009 Q2 · CFO: +1.72009 Q3 · CFO: +13.32009 Q4 · CFO: +1.82010 Q1 · CFO: +22.42010 Q2 · CFO: +19.92010 Q3 · CFO: +18.32010 Q4 · CFO: +9.32011 Q1 · CFO: +13.22011 Q2 · CFO: +12.82011 Q3 · CFO: +6.72011 Q4 · CFO: +6.02012 Q1 · CFO: +8.42012 Q2 · CFO: -0.42012 Q3 · CFO: +7.12012 Q4 · CFO: +12.62013 Q1 · CFO: +15.32013 Q3 · CFO: +28.32013 Q4 · CFO: +11.12014 Q1 · CFO: +19.92014 Q2 · CFO: +24.22014 Q3 · CFO: +13.62014 Q4 · CFO: +9.52015 Q1 · CFO: +19.12015 Q2 · CFO: +11.92015 Q3 · CFO: +18.12015 Q4 · CFO: +7.72016 Q1 · CFO: +14.12016 Q2 · CFO: +9.82016 Q3 · CFO: +13.32016 Q4 · CFO: +12.32017 Q2 · CFO: +9.62018 Q1 · CFO: +11.52018 Q2 · CFO: +12.82018 Q3 · CFO: +11.32019 Q1 · CFO: +10.52019 Q2 · CFO: +13.72019 Q3 · CFO: +19.52019 Q4 · CFO: +9.52020 Q1 · CFO: +16.42020 Q2 · CFO: +15.72020 Q3 · CFO: +1.72020 Q4 · CFO: +4.42021 Q1 · CFO: +7.32021 Q2 · CFO: +1.92021 Q3 · CFO: +4.22021 Q4 · CFO: +13.82022 Q1 · CFO: +9.32022 Q2 · CFO: +12.92022 Q3 · CFO: +19.22022 Q4 · CFO: +15.42023 Q1 · CFO: +9.82023 Q2 · CFO: +8.32023 Q3 · CFO: +18.52023 Q4 · CFO: +23.32024 Q1 · CFO: +22.32024 Q2 · CFO: +15.62024 Q3 · CFO: +23.02024 Q4 · CFO: +13.12025 Q1 · CFO: +21.62025 Q2 · CFO: +21.92025 Q3 · CFO: +18.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-38-19+0+19+382006 Q22009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q2 · Prepared remarks: +13.42006 Q3 · Prepared remarks: +16.62006 Q4 · Prepared remarks: +22.92007 Q1 · Prepared remarks: +29.92007 Q2 · Prepared remarks: +18.62007 Q4 · Prepared remarks: +19.22008 Q1 · Prepared remarks: +11.72008 Q2 · Prepared remarks: +14.52008 Q3 · Prepared remarks: +14.52008 Q4 · Prepared remarks: +16.02009 Q1 · Prepared remarks: +7.22009 Q2 · Prepared remarks: +1.62009 Q3 · Prepared remarks: +9.72009 Q4 · Prepared remarks: +14.92010 Q1 · Prepared remarks: +18.42010 Q2 · Prepared remarks: +18.82010 Q3 · Prepared remarks: +23.02010 Q4 · Prepared remarks: +21.02011 Q1 · Prepared remarks: +14.12011 Q2 · Prepared remarks: +17.42011 Q3 · Prepared remarks: +11.22011 Q4 · Prepared remarks: +15.42012 Q1 · Prepared remarks: +12.62012 Q2 · Prepared remarks: +3.72012 Q3 · Prepared remarks: +6.72012 Q4 · Prepared remarks: +22.22013 Q1 · Prepared remarks: +16.12013 Q3 · Prepared remarks: +31.72013 Q4 · Prepared remarks: +29.92014 Q1 · Prepared remarks: +26.32014 Q2 · Prepared remarks: +32.82014 Q3 · Prepared remarks: +27.12014 Q4 · Prepared remarks: +21.62015 Q1 · Prepared remarks: +31.22015 Q2 · Prepared remarks: +17.22015 Q3 · Prepared remarks: +25.42015 Q4 · Prepared remarks: +21.72016 Q1 · Prepared remarks: +20.42016 Q2 · Prepared remarks: +12.82016 Q3 · Prepared remarks: +17.82016 Q4 · Prepared remarks: +21.12017 Q1 · Prepared remarks: +12.32017 Q2 · Prepared remarks: +8.02017 Q3 · Prepared remarks: +25.62017 Q4 · Prepared remarks: +27.82018 Q1 · Prepared remarks: +23.82018 Q2 · Prepared remarks: +18.52018 Q3 · Prepared remarks: +23.02018 Q4 · Prepared remarks: +25.32019 Q1 · Prepared remarks: +19.52019 Q2 · Prepared remarks: +28.32019 Q3 · Prepared remarks: +25.72019 Q4 · Prepared remarks: +24.32020 Q1 · Prepared remarks: +22.42020 Q2 · Prepared remarks: +5.22020 Q3 · Prepared remarks: +1.72020 Q4 · Prepared remarks: +9.12021 Q1 · Prepared remarks: +0.62021 Q2 · Prepared remarks: -6.02021 Q3 · Prepared remarks: +0.42021 Q4 · Prepared remarks: +13.42022 Q1 · Prepared remarks: +1.92022 Q2 · Prepared remarks: +7.32022 Q3 · Prepared remarks: +19.22022 Q4 · Prepared remarks: +10.02023 Q1 · Prepared remarks: +6.42023 Q2 · Prepared remarks: +10.02023 Q3 · Prepared remarks: +18.42023 Q4 · Prepared remarks: +21.62024 Q1 · Prepared remarks: +12.32024 Q2 · Prepared remarks: +31.72024 Q3 · Prepared remarks: +18.02024 Q4 · Prepared remarks: +24.02025 Q1 · Prepared remarks: +8.62025 Q2 · Prepared remarks: +20.22025 Q3 · Prepared remarks: +16.52006 Q2 · Q&A responses: +14.32006 Q3 · Q&A responses: +9.92006 Q4 · Q&A responses: +9.12007 Q1 · Q&A responses: +20.72007 Q2 · Q&A responses: +17.22007 Q4 · Q&A responses: +15.62008 Q1 · Q&A responses: +8.82008 Q2 · Q&A responses: +9.22008 Q3 · Q&A responses: +7.82008 Q4 · Q&A responses: +3.22009 Q1 · Q&A responses: +6.02009 Q2 · Q&A responses: +5.42009 Q3 · Q&A responses: +12.32009 Q4 · Q&A responses: +8.82010 Q1 · Q&A responses: +14.12010 Q2 · Q&A responses: +15.02010 Q3 · Q&A responses: +11.82010 Q4 · Q&A responses: +17.52011 Q1 · Q&A responses: +12.22011 Q2 · Q&A responses: +8.72011 Q3 · Q&A responses: +9.22011 Q4 · Q&A responses: +1.62012 Q1 · Q&A responses: +11.52012 Q2 · Q&A responses: +8.52012 Q3 · Q&A responses: +15.22012 Q4 · Q&A responses: +16.02013 Q1 · Q&A responses: +20.52013 Q3 · Q&A responses: +22.12013 Q4 · Q&A responses: +13.02014 Q1 · Q&A responses: +14.82014 Q2 · Q&A responses: +18.92014 Q3 · Q&A responses: +14.12014 Q4 · Q&A responses: +9.72015 Q1 · Q&A responses: +9.12015 Q2 · Q&A responses: +5.62015 Q3 · Q&A responses: +8.52015 Q4 · Q&A responses: +3.22016 Q1 · Q&A responses: +7.82016 Q2 · Q&A responses: +5.32016 Q3 · Q&A responses: +7.32016 Q4 · Q&A responses: +15.92017 Q1 · Q&A responses: +14.02017 Q2 · Q&A responses: +11.32017 Q3 · Q&A responses: +9.42017 Q4 · Q&A responses: +14.32018 Q1 · Q&A responses: +10.62018 Q2 · Q&A responses: +4.32018 Q3 · Q&A responses: +13.02018 Q4 · Q&A responses: +16.92019 Q1 · Q&A responses: +6.52019 Q2 · Q&A responses: +8.32019 Q3 · Q&A responses: +12.82019 Q4 · Q&A responses: +17.12020 Q1 · Q&A responses: +12.92020 Q2 · Q&A responses: +17.72020 Q3 · Q&A responses: +1.12020 Q4 · Q&A responses: +11.02021 Q1 · Q&A responses: +10.52021 Q2 · Q&A responses: +6.12021 Q3 · Q&A responses: +8.42021 Q4 · Q&A responses: +25.72022 Q1 · Q&A responses: +14.92022 Q2 · Q&A responses: +14.52022 Q3 · Q&A responses: +15.72022 Q4 · Q&A responses: +18.12023 Q1 · Q&A responses: +11.12023 Q2 · Q&A responses: +9.72023 Q3 · Q&A responses: +14.52023 Q4 · Q&A responses: +27.02024 Q1 · Q&A responses: +27.02024 Q2 · Q&A responses: +13.52024 Q3 · Q&A responses: +24.62024 Q4 · Q&A responses: +16.72025 Q1 · Q&A responses: +24.52025 Q2 · Q&A responses: +23.62025 Q3 · Q&A responses: +18.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.67$5.56$7.452006 Q22009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: $4.482014 Q2: $4.522014 Q3: $4.552014 Q4: $4.522015 Q1: $4.242015 Q2: $4.182015 Q3: $3.942015 Q4: $3.992016 Q1: $3.942016 Q2: $3.972016 Q3: $3.962016 Q4: $4.022017 Q1: $4.062017 Q2: $4.112017 Q3: $4.242017 Q4: $4.312018 Q1: $4.462018 Q2: $4.452018 Q3: $4.492018 Q4: $4.572019 Q1: $4.682019 Q2: $4.742019 Q3: $4.932019 Q4: $5.082020 Q1: $5.202020 Q2: $5.202020 Q3: $5.482020 Q4: $5.752021 Q1: $5.952021 Q2: $5.962021 Q3: $6.052021 Q4: $6.142022 Q1: $6.292022 Q2: $6.212022 Q3: $6.062022 Q4: $6.052023 Q1: $6.212023 Q2: $6.382023 Q3: $6.522023 Q4: $6.682024 Q1: $6.832024 Q2: $6.972024 Q3: $7.092024 Q4: $7.19

Forward P/E

16.4921.5226.542006 Q22009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: 17.582014 Q2: 17.652014 Q3: 18.512014 Q4: 20.072015 Q1: 19.742015 Q2: 19.162015 Q3: 17.812015 Q4: 20.302016 Q1: 20.622016 Q2: 20.892016 Q3: 21.972016 Q4: 20.992017 Q1: 22.512017 Q2: 21.522017 Q3: 22.062017 Q4: 21.092018 Q1: 17.732018 Q2: 17.182018 Q3: 18.702018 Q4: 20.102019 Q1: 21.612019 Q2: 23.302019 Q3: 24.632019 Q4: 24.412020 Q1: 22.582020 Q2: 22.682020 Q3: 25.122020 Q4: 23.872021 Q1: 21.582021 Q2: 22.282021 Q3: 23.982021 Q4: 25.852022 Q1: 23.832022 Q2: 21.342022 Q3: 22.872022 Q4: 25.262023 Q1: 22.852023 Q2: 22.952023 Q3: 23.492023 Q4: 22.242024 Q1: 23.772024 Q2: 24.182024 Q3: 24.532024 Q4: 23.50

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↑ +2.6 fwd EPS ↓ -0.28 Tone rose while the forward EPS estimate was cut.
  • 2015 Q3 tone ↑ +5.1 fwd EPS ↓ -0.24 Tone rose while the forward EPS estimate was cut.
  • 2015 Q4 tone ↓ -3.4 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -3.2 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -2.7 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -10.2 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q3 tone ↓ -13.3 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↓ -4.6 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -10.6 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↑ +2.4 fwd EPS ↓ -0.08 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↑ +5.2 fwd EPS ↓ -0.15 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↓ -3.2 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -2.2 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q32025-04-24+12.2——View →
2025 Q22025-01-22+18.0——View →
2025 Q12024-10-18+15.6——View →
2024 Q42024-07-30+15.0$7.1923.5View →
2024 Q32024-04-19+15.2$7.0924.5View →
2024 Q22024-01-23+16.7$6.9724.2View →
2024 Q12023-10-18+18.8$6.8323.8View →
2023 Q42023-07-28+20.1$6.6822.2View →