diff --git a/pandas/core/generic.py b/pandas/core/generic.py
index e1271cfec2bde..19e9ba97385ac 100644
--- a/pandas/core/generic.py
+++ b/pandas/core/generic.py
@@ -10205,7 +10205,10 @@ def pct_change(
             assert _data is not None  # needed for mypy
             data = _data
 
-        rs = data.div(data.shift(periods=periods, freq=freq, axis=axis, **kwargs)) - 1
+        if axis == 1:
+            rs = data.div(data.shift(periods=-periods, freq=freq, axis=axis, **kwargs)) - 1
+        else:
+            rs = data.div(data.shift(periods=periods, freq=freq, axis=axis, **kwargs)) - 1
         if freq is not None:
             # Shift method is implemented differently when freq is not None
             # We want to restore the original index