Colgate-Palmolive Company

Across four calls Colgate went from a category slowdown and a cost scare to reaccelerating volumes and a raised outlook. The whole story now turns on whether pricing and self-funding keep outrunning commodity costs. How much of this year's cost inflation has Colgate already priced in?

• Volume growth came back, and emerging markets did the work.

  Q3 FY2025 was carried by price, with volumes flat. By Q2 FY2026 sales grew in four of five divisions, led by India, Brazil, Mexico and China, which management calls 'accretive' and now invests behind deliberately. How much of Colgate's growth now comes from emerging markets?

• Cost inflation forced a guidance cut, then margin came straight back.

  In Q1 FY2026 management cut its gross margin outlook as oil spiked, flagging $300 million of extra raw material and freight costs. One quarter later margin rose and the guide moved back to roughly flat, on pricing, mix and productivity. How much of Colgate's margin recovery came from pricing rather than cost cuts?

• The US is the one division still going backwards.

  Management said it was 'not satisfied': May category volumes fell, retailers cut inventory, and shipments ran below demand. Everywhere else improved, so these US price gaps it must close without a discount war are what cap the company.