| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 31, 2026 | 3/12 | 1 high, 5 medium, 2 low flags | 2 | 2 | Call sheet → |
| Q1'26 | May 1, 2026 | 7/12 | 3 medium, 3 low flags | 2 | 2 | Call sheet → |
| Q4'25 | January 30, 2026 | 9/12 | 1 medium, 5 low flags | 7 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | SGPP program $200-300M savings Maintained target but pushed most savings to 2027-2028 |
| Q2'26 | Delivered | Asia Pacific continued improvement China up mid-single digits, though still calling it 'challenging' |
| Q2'26 | Delivered | Maintain high advertising levels Delivered double-digit advertising increase as promised |
| Q2'26 | Pending | Hills private label headwind to end by H2 Still on track but taking longer than expected; now saying 'back half' not Q3 |
| Q2'26 | Pending | Continue to see volume acceleration globally Mixed results; some regions accelerating but North America deteriorating |
| Q2'26 | Missed | Gross margins roughly flat for the year Now guiding to down for the year after being 'up' just last quarter |
| Q2'26 | Missed | North America sequential improvement through balance of year Q2 was worse than Q1; organic sales declined from -1% to -3% |
| Q1'26 | Missed | Gross margin improvement for 2026 Complete reversal - now guiding margins down due to cost inflation |
| Q1'26 | Pending | Hawley & Hazel interventions to pay dividends Some improvement but admitted 'not out of the woods yet' |
| Q1'26 | Delivered | Hill's momentum to continue with strong innovation 4.8% growth ex-private label, strong prescription diet performance |
| Q1'26 | Delivered | Maintain strong advertising investment levels Confirmed continued high investment levels despite cost pressures |
| Q1'26 | Pending | Categories stabilized and expected to improve Categories stabilized but no improvement yet, now calling outlook 'uncertain' |
| Q1'26 | Missed | North America sequential improvement expected Admitted it was 'going to take some time' and only started seeing improvement in back half of Q1 - much slower than promised |
| Q4'25 | Delivered | Dollar-based EPS growth despite headwinds Maintained low single-digit EPS growth guidance through volatility |
| Q4'25 | Delivered | Advertising roughly flat percent of sales for full year Confirmed flat % of sales, up 5% in dollars |
| Q4'25 | Delivered | India expected to improve in Q4 Returned to growth after GST disruption |
| Q4'25 | Exceeded | Hill's underlying performance remains very good 5%+ organic ex-private label vs 2.5% in Q3 |
| Q4'25 | Delivered | Sequential improvement vs Q3 in most divisions All divisions improved except North America as promised |
| Q4'25 | Pending | Q4 gross margin 60% plus or minus Guided to 60%+ for Q4, awaiting actual results |
| Q4'25 | Delivered | Categories have stabilized at lower levels Confirmed 1.5-2.5% category growth, no longer declining |
| Q4'25 | Exceeded | Q4 organic roughly in line with year-to-date ~1.2% Delivered 3%+ underlying ex-private label, significantly better than promised |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.