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Procter & Gamble's management tone tended to become more positive when quarterly net income improved.
Does not remain notable after adjusting for hundreds of tests. Why?
The analysis measures a same-filing relationship, not a forecast. Limitations
Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart
Tone and earnings moved in the same direction in 8 of 11 comparable quarters.
8 / 11 direction agreement
How is agreement calculated?| Spearman ρ (exact) | 0.404 (p=0.136) |
|---|---|
| Pearson r | 0.371 (p=0.173) |
| 95% CI (Pearson) | [-0.17, 0.74] |
| FDR q | 0.438 |
| Sample size (n) | 15 · More established sample |
| Agreement | 8 / 11 (8 / 11) |
Secondary to net income because revenue concepts are less comparable across some industries.
Annual samples are shorter and are not mixed into the default quarterly board.
Tone shown to three decimals so small nonzero values stay visible.
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Apr 24, 2026 | 10-Q | +0.150 | +4.3% | +7.4% |
| Jan 23, 2026 | 10-Q | +0.005 | -6.7% | +1.5% |
| Oct 24, 2025 | 10-Q | +0.072 | +20.0% | +3.0% |
| Apr 24, 2025 | 10-Q | -0.025 | +0.4% | -2.1% |
| Jan 22, 2025 | 10-Q | +0.154 | +33.5% | +2.1% |
| Oct 18, 2024 | 10-Q | +0.053 | -12.4% | -0.6% |
| Apr 19, 2024 | 10-Q | +0.160 | +10.5% | +0.6% |
| Jan 23, 2024 | 10-Q | +0.201 | -11.8% | +3.2% |
| Oct 18, 2023 | 10-Q | +0.170 | +14.8% | +6.1% |
| Apr 21, 2023 | 10-Q | +0.143 | +1.3% | +3.5% |
| Jan 19, 2023 | 10-Q | -0.024 | -6.9% | -0.9% |
| Oct 19, 2022 | 10-Q | -0.024 | -4.2% | +1.3% |
| Apr 20, 2022 | 10-Q | +0.160 | +2.6% | +7.0% |
| Jan 19, 2022 | 10-Q | +0.126 | +9.6% | +6.1% |
| Oct 19, 2021 | 10-Q | +0.103 | -3.9% | +5.3% |
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Aug 4, 2026 | 10-K | +0.056 | +0.5% | +3.3% |
| Aug 4, 2025 | 10-K | +0.074 | +7.4% | +0.3% |
| Aug 5, 2024 | 10-K | +0.153 | +1.5% | +2.5% |
| Aug 4, 2023 | 10-K | +0.079 | -0.6% | +2.3% |
| Aug 5, 2022 | 10-K | +0.121 | +3.0% | +5.3% |