⚠ Feminine Care Pushed Back in Two RegionsLow threat
Procter & Gamble (PG) — threat to the moat
P&G holds nearly 35% of menstrual care and is still losing ground to rivals in IMEA and Europe.
Feminine care is the fastest-rising line in its segment, and it is still losing ground in places. The 10-K attributes volume losses in feminine care to competitive activity in IMEA and Europe1, and in the June 2026 quarter feminine care share fell 0.2 points2.
The line matters more than its size suggests. Feminine care rose to 7% of P&G's net sales in fiscal 2026 from 6% the year before3, and P&G holds nearly 35% of menstrual care4, one of its highest shares anywhere. Losing share from a high base is the usual way a leader's margin comes under pressure, because defending it means more promotion.
The losses are regional, not global, and the company does not name the rivals. What it says instead is that it competes against global brands and retailers' own labels across price tiers5.
In dollars the business is still rising. Feminine care grew to 7% of P&G's net sales in fiscal 2026 from 6% in the two earlier years6, while its segment's volume fell 1%7. A franchise can gain weight in the company and lose ground to rivals in the same year; the share number is the earlier warning.
This threat becomes serious if the regional losses appear in North America too. The quarterly share change is the thing to follow: another negative reading in the September 2026 quarter would make the June figure a trend.
- ReportedThe 10-K attributes volume losses in feminine care to competitive activity in IMEA and Europe, and in the June 2026 quarter feminine care share fell 0.2 points.Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
- ReportedThe 10-K attributes volume losses in feminine care to competitive activity in IMEA and Europe, and in the June 2026 quarter feminine care share fell 0.2 points.Procter & Gamble fourth-quarter fiscal 2026 earnings slides, Form 8-K exhibit 99.1 - organic sales and core EPS history, share results and fiscal 2027 guidance assumptions. — Q4 FY2026 · publ. 29 July 2026 · source ↗
- ReportedFeminine care rose to 7% of P&G's net sales in fiscal 2026 from 6% the year before, and P&G holds nearly 35% of menstrual care, one of its highest shares anywhere.Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
- ReportedFeminine care rose to 7% of P&G's net sales in fiscal 2026 from 6% the year before, and P&G holds nearly 35% of menstrual care, one of its highest shares anywhere.Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: market shares and competitive activity by category. — FY2026 · publ. 4 August 2026 · source ↗
- ReportedWhat it says instead is that it competes against global brands and retailers' own labels across price tiers.Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
- ReportedFeminine care grew to 7% of P&G's net sales in fiscal 2026 from 6% in the two earlier years, while its segment's volume fell 1%.Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗
- ReportedFeminine care grew to 7% of P&G's net sales in fiscal 2026 from 6% in the two earlier years, while its segment's volume fell 1%.Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A and segment note: segment contents, operating segments and shares of net sales and net earnings. — FY2026 · publ. 4 August 2026 · source ↗