{
 "slug": "cpg-giants-q3-2026-volume-vs-price",
 "no": 6,
 "date": "2026-10-28",
 "updated": "2026-10-28",
 "title": "Volume or price? How 7 CPG giants grew in Q3 2026",
 "description": "Interactive: Q3 2026 organic growth at P&G, Unilever, Nestlé, PepsiCo, Coca-Cola, Danone and Reckitt, split into volume and price from each company's own results.",
 "topics": [
  "CPG",
  "Retail"
 ],
 "big": {
  "v": 4,
  "f": {
   "d": 0,
   "s": " of 7"
  },
  "l": "CPG giants whose Q3 2026 organic growth came mainly from volume rather than price/mix (company releases, Oct 2026)",
  "src": [
   "ko",
   "ul",
   "pg",
   "nestle",
   "danone",
   "reckitt",
   "pep"
  ]
 },
 "stats": [
  {
   "v": "5.2%",
   "l": "Unilever's Q3 underlying sales growth: 2.9 points volume, 2.3 points price",
   "src": [
    "ul"
   ]
  },
  {
   "v": "2.8%",
   "l": "Nestlé's Q3 real internal growth (volume and mix), up from 1.9% for the first nine months, with pricing of 1.1%",
   "src": [
    "nestle"
   ]
  },
  {
   "v": "0.1%",
   "l": "volume growth at Core Reckitt in Q3; 3.2 of its 3.3 points came from price/mix",
   "src": [
    "reckitt"
   ]
  }
 ],
 "sources": [
  {
   "id": "pg",
   "t": "P&G Announces Fiscal Year 2027 First Quarter Results (Exhibit 99.1)",
   "pub": "Procter & Gamble",
   "y": 2026,
   "u": "https://us.pg.com/newsroom/news-releases/PG-Announces-Fiscal-Year-2027-First-Quarter-Results/"
  },
  {
   "id": "pgslides",
   "t": "P&G Q1 FY 2027 Results, earnings release slides (October 22, 2026)",
   "pub": "Procter & Gamble via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/80424/000008042426000252/slides.htm"
  },
  {
   "id": "ul",
   "t": "Q3 2026 Trading Statement: Continued strong performance in the third quarter",
   "pub": "Unilever",
   "y": 2026,
   "u": "https://www.unilever.com/news/press-and-media/press-releases/2026/continued-strong-performance-in-the-third-quarter/"
  },
  {
   "id": "nestle",
   "t": "Third-quarter and nine-month 2026 sales",
   "pub": "Nestlé",
   "y": 2026,
   "u": "https://www.nestle.com/media/pressreleases/allpressreleases/nine-month-sales-2026"
  },
  {
   "id": "pep",
   "t": "PepsiCo Reports Third-Quarter 2026 Results (Q3 2026 8-K Exhibit 99.1)",
   "pub": "PepsiCo",
   "y": 2026,
   "u": "https://investors.pepsico.com/docs/pepsico-5v9wci20/media/Files/investors/q3-2026-earnings-release.pdf"
  },
  {
   "id": "ko",
   "t": "Coca-Cola Reports Third Quarter 2026 Results and Raises Full Year Guidance",
   "pub": "The Coca-Cola Company",
   "y": 2026,
   "u": "https://www.coca-colacompany.com/media-center/coca-cola-reports-third-quarter-2026-results"
  },
  {
   "id": "kocall",
   "t": "Coca-Cola (KO) Q3 2026 Earnings Call Transcript",
   "pub": "The Motley Fool",
   "y": 2026,
   "u": "https://www.fool.com/earnings/call-transcripts/2026/10/27/coca-cola-ko-q3-2026-earnings-call-transcript/"
  },
  {
   "id": "danone",
   "t": "Solid performance in Q3: broad-based growth across categories and geographies",
   "pub": "Danone",
   "y": 2026,
   "u": "https://www.danone.com/content/dam/corp/global/danonecom/investors/en-all-publications/2026/pressreleases/prdanone281026.pdf"
  },
  {
   "id": "reckitt",
   "t": "Q3 Results 2026: Powerbrands driving continued growth",
   "pub": "Reckitt",
   "y": 2026,
   "u": "https://www.reckitt.com/news/q3-results-2026/"
  },
  {
   "id": "loreal",
   "t": "Sales at 30 September 2026",
   "pub": "L'Oréal",
   "y": 2026,
   "u": "https://www.loreal-finance.com/eng/press-release/sales-30-september-2026"
  }
 ],
 "notes": [
  "All figures are taken from each company's own Q3 2026 release. Organic growth goes by different names: organic sales (P&G), underlying sales growth (Unilever), organic growth (Nestlé), organic revenue (PepsiCo, Coca-Cola) and like-for-like (Danone, Reckitt). All exclude currency and acquisitions/disposals, but the definitions are not identical.",
  "Volume is not measured the same way everywhere. Nestlé's RIG and Danone's volume/mix include mix; P&G reports volume, pricing and mix separately, so P&G's price/mix here is pricing plus mix. Coca-Cola's figure is concentrate sales, which ran 2 points ahead of unit case volume because of shipment timing.",
  "Quarters differ slightly: P&G's quarter is July–September 2026 (its fiscal Q1 2027), PepsiCo's is the 12 weeks to September 5, 2026, and Coca-Cola's ended October 2, 2026.",
  "'Volume share of growth' and 'mainly volume' are XENA calculations from the rounded published figures, not company metrics.",
  "L'Oréal (+7.2% like-for-like in Q3) is discussed in the article but left out of the charts because it does not publish a volume/price split."
 ],
 "blocks": [
  {
   "id": "split",
   "type": "bar",
   "hz": 1,
   "title": "Q3 2026 organic growth, split into volume and price",
   "sub": "Toggle the measure. Tap or hover a bar for the exact figure. Each company's own organic or like-for-like measure.",
   "x": [
    "Coca-Cola",
    "Unilever",
    "P&G",
    "Nestlé",
    "Danone",
    "Reckitt (Core)",
    "PepsiCo"
   ],
   "modes": [
    {
     "key": "org",
     "label": "Organic growth",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     },
     "series": [
      {
       "name": "Organic / underlying sales growth, Q3 2026",
       "color": "#FA649B",
       "v": [
        7,
        5.2,
        4.0,
        4.0,
        4.0,
        3.3,
        3.1
       ]
      }
     ]
    },
    {
     "key": "vol",
     "label": "Volume",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     },
     "series": [
      {
       "name": "Volume contribution (as each company defines it)",
       "color": "#7733FF",
       "v": [
        7,
        2.9,
        2.4,
        2.8,
        0.4,
        0.1,
        0.5
       ]
      }
     ]
    },
    {
     "key": "pri",
     "label": "Price / mix",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     },
     "series": [
      {
       "name": "Price and mix contribution",
       "color": "#A98BFF",
       "v": [
        1,
        2.3,
        1.5,
        1.1,
        3.6,
        3.2,
        3
       ]
      }
     ]
    }
   ],
   "src": [
    "ko",
    "ul",
    "pg",
    "nestle",
    "danone",
    "reckitt",
    "pep",
    "pgslides",
    "kocall"
   ],
   "note": "Periods: P&G July–September 2026 (fiscal Q1 2027); PepsiCo 12 weeks to Sept 5; Coca-Cola quarter to Oct 2; others calendar Q3. Coca-Cola volume is concentrate sales (+7%), which ran 2 points ahead of unit case volume (+5%) on shipment timing. P&G price/mix is pricing (+0.4) plus mix (+1.1). Nestlé volume is real internal growth, which includes mix. Danone volume is volume/mix. PepsiCo components are rounded in its reconciliation table (volume +0.5, effective net pricing +3) against 3.1% headline organic growth. Reckitt is Core Reckitt (excludes Mead Johnson). Components may not add to the total due to rounding."
  },
  {
   "id": "rank",
   "type": "ranked",
   "title": "How much of the growth was volume?",
   "sub": "Switch the metric to re-sort the seven companies.",
   "metrics": [
    {
     "key": "vs",
     "label": "Volume share of growth",
     "f": {
      "d": 0,
      "s": "%"
     }
    },
    {
     "key": "org",
     "label": "Organic growth",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     }
    },
    {
     "key": "vol",
     "label": "Volume",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     }
    },
    {
     "key": "pri",
     "label": "Price / mix",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     }
    }
   ],
   "items": [
    {
     "name": "Coca-Cola",
     "v": {
      "vs": 100,
      "org": 7,
      "vol": 7,
      "pri": 1
     }
    },
    {
     "name": "Unilever",
     "v": {
      "vs": 56,
      "org": 5.2,
      "vol": 2.9,
      "pri": 2.3
     }
    },
    {
     "name": "P&G",
     "v": {
      "vs": 60,
      "org": 4.0,
      "vol": 2.4,
      "pri": 1.5
     }
    },
    {
     "name": "Nestlé",
     "v": {
      "vs": 70,
      "org": 4.0,
      "vol": 2.8,
      "pri": 1.1
     }
    },
    {
     "name": "Danone",
     "v": {
      "vs": 10,
      "org": 4.0,
      "vol": 0.4,
      "pri": 3.6
     }
    },
    {
     "name": "Reckitt (Core)",
     "v": {
      "vs": 3,
      "org": 3.3,
      "vol": 0.1,
      "pri": 3.2
     }
    },
    {
     "name": "PepsiCo",
     "v": {
      "vs": 16,
      "org": 3.1,
      "vol": 0.5,
      "pri": 3
     }
    }
   ],
   "hl": "P&G",
   "src": [
    "ko",
    "ul",
    "pg",
    "nestle",
    "danone",
    "reckitt",
    "pep",
    "pgslides",
    "kocall"
   ],
   "note": "Volume share of growth is a XENA calculation: reported volume contribution divided by reported organic growth, using the rounded figures shown. Coca-Cola's 100% uses concentrate sales; on unit case volume (+5%) it would be about 71%."
  },
  {
   "id": "pgcat",
   "type": "bar",
   "hz": 1,
   "title": "Inside P&G: which categories sold more units?",
   "sub": "July–September 2026. Toggle between organic sales growth and organic volume by segment.",
   "x": [
    "Fabric & Home Care",
    "Beauty",
    "Grooming",
    "Baby, Feminine & Family",
    "Health Care"
   ],
   "modes": [
    {
     "key": "org",
     "label": "Organic sales",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     },
     "series": [
      {
       "name": "Organic sales growth",
       "color": "#FA649B",
       "v": [
        4.8,
        5.4,
        4.5,
        3.0,
        2.7
       ]
      }
     ]
    },
    {
     "key": "vol",
     "label": "Organic volume",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     },
     "series": [
      {
       "name": "Organic volume growth",
       "color": "#7733FF",
       "v": [
        4.3,
        2.2,
        -0.4,
        2.3,
        -2.9
       ]
      }
     ]
    }
   ],
   "src": [
    "pg"
   ],
   "note": "From the net sales drivers table in P&G's fiscal Q1 2027 release. Grooming and Health Care grew sales while selling fewer units, on pricing and mix."
  },
  {
   "id": "quiz",
   "type": "choice",
   "q": "Which of these companies got the most growth from price in Q3 2026?",
   "opts": [
    "Unilever",
    "Danone",
    "Nestlé",
    "P&G"
   ],
   "a": 1,
   "reveal": "Danone. Its like-for-like sales rose 4.0%, with price contributing +3.6% and volume/mix just +0.4%, per its Q3 2026 release. Unilever's price growth was 2.3%, P&G's pricing was 0.4% (plus 1.1% mix) and Nestlé's was 1.1%.",
   "src": [
    "danone",
    "ul",
    "pg",
    "nestle"
   ]
  },
  {
   "id": "guess",
   "type": "guess",
   "q": "Guess: how much did P&G sell in its July–September 2026 quarter?",
   "min": 0,
   "max": 50,
   "step": 0.1,
   "start": 12,
   "a": 23.3,
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "reveal": "$23.3 billion in net sales, up 4% from $22.4 billion a year earlier, per P&G's fiscal Q1 2027 release. That is about $253 million a day.",
   "src": [
    "pg"
   ]
  }
 ],
 "url": "https://xenaintelligenceapp.com/xenalytics/cpg-giants-q3-2026-volume-vs-price",
 "publisher": "XENA Intelligence (Xenalytics)"
}