Procter & Gamble Co., balance sheet: debt

US$ in millions

	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020
Debt due within one year	9,513)	7,191)	10,229)	8,645)	8,889)	11,183)
Long-term debt, excluding due within one year	24,995)	25,269)	24,378)	22,848)	23,099)	23,537)
Total short-term and long-term debt (carrying amount)	34,508)	32,460)	34,607)	31,493)	31,988)	34,720)

Based on: 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30).

The analysis of the debt data over the six-year period reveals several key trends and observations regarding the composition and magnitude of debt.

Debt due within one year: The short-term debt exhibits some variability throughout the period. It decreased from $11,183 million in 2020 to a low of $7,191 million in 2024. However, there is a noticeable uptick to $9,513 million projected for 2025. This volatile pattern suggests changes in short-term financing strategies or repayment schedules.
Long-term debt, excluding due within one year: Long-term debt shows a relatively stable but slightly fluctuating trend with a mild increase over the years. Starting at $23,537 million in 2020, it experienced a dip to $22,848 million in 2022, followed by a steady rise to $25,269 million in 2024, and a slight decrease to $24,995 million in the following year. This indicates a general inclination to maintain or moderately increase long-term borrowing.
Total short-term and long-term debt (carrying amount): Total debt mirrors the movements observed in both debt classifications, with declines and increases interspersed. The total decreased from $34,720 million in 2020 to $31,493 million in 2022, rebounded to $34,607 million in 2023, dropped again to $32,460 million in 2024, and rose to $34,508 million in 2025. This evidences a dynamic approach in managing total liabilities, balancing short-term and long-term obligations to meet financing needs.

Overall, the data suggest that the company actively manages its debt portfolio, showing flexibility in short-term debt levels while maintaining a relatively steady long-term debt base with modest growth. The fluctuations in total debt levels likely reflect adjustments in response to operational requirements, market conditions, or strategic financial planning.

Download chart

	Jun 30, 2025
Selected Financial Data (US$ in millions)
Commercial paper	4,108)
Other	27)
Total short-term debt (fair value)	4,135)
Long-term debt, including current portion	29,500)
Total short-term and long-term debt (fair value)	33,635)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Based on: 10-K (reporting date: 2025-06-30).

Weighted average interest rate on debt: 3.22%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.00%	9,513)	285)
3.30%	24,995)	825)
Total	34,508)	1,110)
3.22%

Based on: 10-K (reporting date: 2025-06-30).

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,110 ÷ 34,508 = 3.22%

Procter & Gamble Co. (NYSE:PG)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt