September 8, 2026
Bonus Content: P&G Just Raised Its Dividend Through a $1B Cost Headwind
This CEO Knows How to Get a Resource Story Started
Plenty of resource companies can tell a promising story. Far fewer have a leader who knows how to get the market to listen… and the capital to show up.
Good CEOs know how to raise a company. This one has helped raise nearly $700 million for resource and technology businesses alike.
Now he is bringing that experience to a critical-metals company entering a much bigger supply narrative. D.C. wants more secure supply, while the market is beginning to understand how little currently exists.
He is not alone. The company’s exploration leaders add decades of technical experience to the capital-markets background at the top.
The rocks still have to deliver. But speculative investors often begin by betting on the team – and this one knows how to get a company funded, tested and noticed.
P&G Just Raised Its Dividend Through a $1B Cost Headwind
Procter & Gamble’s 70th consecutive annual dividend increase is not the impressive part. The impressive part is when P&G pushed it through.
In April, P&G’s board declared a quarterly dividend of $1.0885 per share, a 3% increase over the prior quarter, payable on or after May 15, 2026. That increment looks modest. The context is not. P&G’s fiscal 2027 outlook includes a cost headwind of approximately $1 billion after tax, driven mainly by higher input costs. Companies that keep dividend streaks alive during periods of genuine financial stress are communicating something specific: management believes the earnings floor is solid enough to absorb the cost, year after year.
P&G guided to around $10 billion in dividends and approximately $5 billion in buybacks for fiscal 2026, a $15 billion total capital return commitment made well before the macro picture clarified. Earlier guidance also flagged foreign exchange as an after-tax tailwind (about $300 million) and tariff costs as a headwind (about $1 billion before tax) for fiscal 2026. The company absorbed the swing factors and kept every shareholder commitment intact.
That said, the demand picture is more complicated than the dividend record implies. P&G posted fiscal fourth-quarter earnings of $1.43 per share, edging past Wall Street’s estimate, but revenue of $21.2 billion missed consensus forecasts. Organic sales were unchanged for the quarter, with volume, pricing, and mix neutral on sales growth.
The volume story in Q3 had looked more promising. Management reported organic sales up 3% in the fiscal third quarter. P&G’s beauty division, which includes Olay, Head & Shoulders, and Pantene, was the standout with 5% unit volume growth in the March 2026 quarter. Q4 gave back that momentum almost entirely.
Looking into fiscal 2027, management is not projecting a recovery in volume. P&G expects core earnings per share in a range of $6.89 to $7.11, with all-in sales growth of 1% to 3%. “The low end of the range protects for additional softness in underlying market growth rates,” CFO Andre Schulten said.
For traders, the relevant question is not whether P&G will cut its dividend. It will not. As of the March 2026 quarter, several third-party datasets put the payout ratio around the mid-60% range, in line with recent quarters. Over the past 10 completed fiscal years, P&G’s annual dividend has grown from $2.66 to about $4.35 per share annualized, a pace of roughly 4.8% annually, outpacing inflation. That makes PG a bond proxy in equity form, and its roughly 3% yield becomes more interesting every time rate-cut expectations shift.
The stock has underperformed. As of September 8, 2026, many market data services show PG down in the high single digits over the past year. That discount reflects real concerns about premium brand exposure when consumers are trading down. But a 70-year dividend streak sustained into a higher-cost outlook, a sales miss, and a value-conscious consumer is not a company about to capitulate. It is a company compressing its multiple until the cycle turns.
