Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Procter & Gamble Co., adjustment to net earnings attributable to Procter & Gamble (P&G)

US$ in millions

12 months ended:	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Net earnings attributable to Procter & Gamble (P&G) (as reported)	14,653)	14,742)	14,306)	13,027)	3,897)	9,750)
Add: Unrealized gains (losses) on investment securities, net of tax	(7)	5)	16)	(12)	184)	(148)
Net earnings attributable to Procter & Gamble (P&G) (adjusted)	14,646)	14,747)	14,322)	13,015)	4,081)	9,602)

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

Download chart

Procter & Gamble Co., adjusted profitability ratios

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Net Profit Margin
Reported net profit margin	17.87%	18.38%	18.79%	18.36%	5.76%	14.59%
Adjusted net profit margin	17.86%	18.39%	18.82%	18.34%	6.03%	14.37%
Return on Equity (ROE)
Reported ROE	31.33%	31.64%	30.85%	28.00%	8.26%	18.64%
Adjusted ROE	31.31%	31.65%	30.88%	27.98%	8.65%	18.36%
Return on Assets (ROA)
Reported ROA	12.13%	12.58%	11.99%	10.79%	3.39%	8.24%
Adjusted ROA	12.12%	12.58%	12.00%	10.78%	3.55%	8.12%

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Procter & Gamble Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Procter & Gamble Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Procter & Gamble Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Procter & Gamble Co., Profitability Ratios: Reported vs. Adjusted

Download chart

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,653)	14,742)	14,306)	13,027)	3,897)	9,750)
Net sales	82,006)	80,187)	76,118)	70,950)	67,684)	66,832)
Profitability Ratio
Net profit margin¹	17.87%	18.38%	18.79%	18.36%	5.76%	14.59%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Procter & Gamble (P&G)	14,646)	14,747)	14,322)	13,015)	4,081)	9,602)
Net sales	82,006)	80,187)	76,118)	70,950)	67,684)	66,832)
Profitability Ratio
Adjusted net profit margin²	17.86%	18.39%	18.82%	18.34%	6.03%	14.37%

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ Net profit margin = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Net sales
= 100 × 14,653 ÷ 82,006 = 17.87%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to Procter & Gamble (P&G) ÷ Net sales
= 100 × 14,646 ÷ 82,006 = 17.86%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Procter & Gamble Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,653)	14,742)	14,306)	13,027)	3,897)	9,750)
Shareholders’ equity attributable to Procter & Gamble	46,777)	46,589)	46,378)	46,521)	47,194)	52,293)
Profitability Ratio
ROE¹	31.33%	31.64%	30.85%	28.00%	8.26%	18.64%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Procter & Gamble (P&G)	14,646)	14,747)	14,322)	13,015)	4,081)	9,602)
Shareholders’ equity attributable to Procter & Gamble	46,777)	46,589)	46,378)	46,521)	47,194)	52,293)
Profitability Ratio
Adjusted ROE²	31.31%	31.65%	30.88%	27.98%	8.65%	18.36%

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ ROE = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Shareholders’ equity attributable to Procter & Gamble
= 100 × 14,653 ÷ 46,777 = 31.33%

² Adjusted ROE = 100 × Adjusted net earnings attributable to Procter & Gamble (P&G) ÷ Shareholders’ equity attributable to Procter & Gamble
= 100 × 14,646 ÷ 46,777 = 31.31%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Procter & Gamble Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,653)	14,742)	14,306)	13,027)	3,897)	9,750)
Total assets	120,829)	117,208)	119,307)	120,700)	115,095)	118,310)
Profitability Ratio
ROA¹	12.13%	12.58%	11.99%	10.79%	3.39%	8.24%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Procter & Gamble (P&G)	14,646)	14,747)	14,322)	13,015)	4,081)	9,602)
Total assets	120,829)	117,208)	119,307)	120,700)	115,095)	118,310)
Profitability Ratio
Adjusted ROA²	12.12%	12.58%	12.00%	10.78%	3.55%	8.12%

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ ROA = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Total assets
= 100 × 14,653 ÷ 120,829 = 12.13%

² Adjusted ROA = 100 × Adjusted net earnings attributable to Procter & Gamble (P&G) ÷ Total assets
= 100 × 14,646 ÷ 120,829 = 12.12%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Procter & Gamble Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Procter & Gamble Co. (NYSE:PG)

Analysis of Investments

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Procter & Gamble Co., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)