This quarter's results broadly met expectations. Although dragged down by US trade destocking and rising raw material costs, China and emerging markets delivered strong growth, and global market share has stabilized.

Full-year organic sales grew more than 1%, with core EPS of $6.89, up 1% year over year; fourth-quarter organic sales were flat, with core EPS of $1.43, down 3% year over year.

China organic sales grew 4%. SK-II posted double-digit growth for the sixth consecutive quarter, and Pampers regained the No. 1 market share position in China. Following the upgrade of Tide liquid laundry detergent, the brand achieved high single-digit growth, while Tide Evo expanded nationally as planned. In the US market, consumer momentum is improving, but a gap between shipments and consumption remains.

FY2027 guidance calls for organic sales growth of 1% to 3% and core EPS growth of 0% to 3%, facing approximately $1 billion in after-tax cost headwinds. Q1 EPS is expected to decline by more than 5%, and the company did not raise its guidance.

Management's tone was cautious but constructive, emphasizing improving consumer momentum and long-term confidence, while cautioning that Middle East conflicts, oil and gas costs, and inflation could continue to weigh on results.