BAT vs P&G

BAT 2026 Capital Markets Day

BAT hosts a Capital Markets Day for institutional investors and analysts in Winston-Salem, North Carolina, home of the Reynolds American business for more than 150 years and will outline BAT's Horizon 2030 ambitions

The Smokeless Word: Live from the Lab - Dr Charles Gardner

Dr Charles Gardner was once skeptical of tobacco harm reduction. Now he’s a tobacco harm reduction expert. He joins The Smokeless Word: Live from the Lab to discuss what changed his mind, the evidence shaping the debate, and why listening to people who have switched matters.

US Ad Giants Cut Ad Spending Share to 5.5%

The WARC Global Ad Trends report titled 'The cost of being seen' analyzed the advertising-to-sales ratio of 25 major US advertisers, including Coca-Cola and P&G. The analysis reveals that the average ad-to-sales ratio has declined to 5.5%. This indicates a reduction in advertising intensity among large US corporations. Concurrently, WARC Media forecasts global ad spending to increase by 11.9% in 2026 to $1.34 trillion. The report highlights a strategic shift as brands allocate budgets more efficiently, possibly influenced by economic pressures and the need for greater ROI.

• WARC analyzed 25 major US advertisers including Coca-Cola and P&G.
• The average ad-to-sales ratio fell to 5.5%.
• WARC Media forecasts global ad spending to rise by 11.9% in 2026 to $1.34 trillion.

8-K Financial Filing Analysis for P&G (2026-10-13)

On October 13, 2026, The Procter & Gamble Company announced via Form 8-K that its Board of Directors declared a quarterly dividend of $1.0885 per share on both its Common Stock and Series A and Series B ESOP Convertible Class A Preferred Stock. The dividend is scheduled for payment on or after November 16, 2026, to Common Stock shareholders of record as of the close of business on October 23, 2026, and to ESOP Preferred shareholders of record at the opening of business on the same date. Concurrently, the Company announced that preliminary voting results from its Annual Meeting of Shareholders confirmed the successful election of all twelve director nominees to the Board of Directors.

• Declared a quarterly dividend of $1.0885 per share on Common Stock and Series A and Series B ESOP Convertible Class A Preferred Stock.
• Set the dividend record date for October 23, 2026, with distributions payable on or after November 16, 2026.
• Confirmed the election of all twelve Director nominees to the Board of Directors based on preliminary Annual Meeting voting results.

10-K Financial Filing Analysis for P&G (2026-08-04)

Procter & Gamble (P&G) reported its full-year financial results for the fiscal year ended June 30, 2026. Consolidated net sales increased 3% year-over-year to $87.03 billion, supported by 1% organic sales growth and a 2% favorable foreign exchange impact. Operating income decreased 3% to $19.75 billion due to a 100-basis-point decline in gross margin to 50.2% and higher marketing spending in SG&A. Net earnings rose slightly to $16.14 billion ($16.05 billion attributable to P&G), with diluted EPS improving 2% to $6.62, aided by share repurchases and non-operating gains including $261 million from the expiration and dissolution of the Glad joint venture interest. Operating cash flow remained strong at $19.56 billion, supporting $15.84 billion in adjusted free cash flow (100% productivity). The company continued executing its multi-year portfolio and productivity plan, incurring $903 million after tax in restructuring costs in fiscal 2026. P&G also announced an agreement on August 4, 2026, to acquire premium supplement brand Thorne for $3.8 billion.

• Net sales grew 3% to $87,032 million (organic sales up 1%), while net earnings attributable to P&G reached $16,046 million with diluted EPS of $6.62 (Core EPS of $6.89).
• Operating cash flow reached $19,556 million, delivering $15,835 million in adjusted free cash flow and achieving an adjusted free cash flow productivity rate of 100%.
• Subsequent to fiscal year-end on August 4, 2026, P&G signed an agreement to acquire premium wellness brand Thorne for $3.8 billion.