Procter & Gamble Co., balance sheet: debt

US$ in millions

	Jun 30, 2026	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Debt due within one year	11,296)	9,513)	7,191)	10,229)	8,645)	8,889)
Long-term debt, excluding due within one year	22,842)	24,995)	25,269)	24,378)	22,848)	23,099)
Total short-term and long-term debt (carrying amount)	34,138)	34,508)	32,460)	34,607)	31,493)	31,988)

Based on: 10-K (reporting date: 2026-06-30), 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).

The total carrying amount of debt exhibits a fluctuating but relatively stable trajectory over the analyzed six-year period, with values oscillating between US$ 31.49 billion and US$ 34.61 billion. There is no consistent upward or downward trend, suggesting a managed approach to leverage where new issuances are balanced against repayments.

Total Debt Volatility: The overall debt load reached a peak of US$ 34.61 billion in June 2023, followed by a reduction to US$ 32.46 billion in June 2024. A subsequent increase occurred in June 2025 to US$ 34.51 billion, before stabilizing slightly at US$ 34.14 billion by June 2026.
Short-Term Obligation Trends: Debt due within one year demonstrates significant volatility compared to long-term obligations. This component decreased slightly from June 2021 (US$ 8.89 billion) to June 2022 (US$ 8.65 billion), spiked to US$ 10.23 billion in June 2023, and dropped to a period low of US$ 7.19 billion in June 2024. However, a sharp upward trend is observed toward the end of the period, reaching a peak of US$ 11.30 billion by June 2026.
Long-Term Debt Stability: Long-term debt, excluding amounts due within one year, represents the primary component of the total debt structure. This figure remained relatively consistent, fluctuating within a range of approximately US$ 2.4 billion. A gradual increase was observed from June 2022 (US$ 22.85 billion) to a peak in June 2024 (US$ 25.27 billion), followed by a contraction to US$ 22.84 billion by June 2026.
Debt Composition Analysis: A notable shift in the debt profile occurs in June 2026. While total debt remains stable, there is a visible migration of liabilities from long-term to short-term status. The increase in debt due within one year to US$ 11.30 billion, coinciding with the decrease in long-term debt to US$ 22.84 billion, indicates a significant concentration of upcoming maturities that will require refinancing or settlement within the following twelve months.

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	Jun 30, 2026
Selected Financial Data (US$ in millions)
Commercial paper	4,837)
Other	3)
Total short-term debt (fair value)	4,840)
Long-term debt, including current portion	28,300)
Total short-term and long-term debt (fair value)	33,140)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Based on: 10-K (reporting date: 2026-06-30).

Weighted average interest rate on debt: 3.30%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.30%	11,296)	373)
3.30%	22,842)	754)
Total	34,138)	1,127)
3.30%

Based on: 10-K (reporting date: 2026-06-30).

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,127 ÷ 34,138 = 3.30%

Procter & Gamble Co. (NYSE:PG)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt