Analysts polled by FactSet project the consumer giant will post a profit of $3.38 billion, down from $3.62 billion in the same period last year. Adjusted earnings per share are forecasted at $1.41, trailing the $1.48 recorded a year ago. Despite these pressures, P&G stock has climbed 7% this year, trading recently near $151.

Deutsche Bank researchers highlight the company as a key indicator of consumer health, noting that uneven global demand and geopolitical instability complicate the path forward. While U.S. spending showed signs of improvement in June, investors remain wary of the company’s reliance on promotional pricing to combat shoppers moving toward cheaper store-brand alternatives. Meanwhile, BNP Paribas analysts point to China—P&G’s second-largest market—as a significant risk factor, citing soft retail sales and stagnant demand. These results will update the market on how the manufacturer of Tide and Pampers is navigating the ongoing squeeze from commodity costs and trade tariffs.