Common-Size Income Statement
Quarterly Data
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Procter & Gamble Co., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
The common-size income statement analysis reveals a period of fluctuating profitability and cost management, characterized by cyclical trends in gross margins and operating expenses. While net sales remain the baseline, the efficiency of converting these sales into net earnings has shown notable volatility over the observed timeframe.
- Gross Profitability and Cost of Sales
- The cost of products sold exhibited significant volatility, peaking at 55.35% of net sales in June 2022, which resulted in a corresponding low for gross profit at 44.65%. A recovery phase followed, with gross margins returning to levels above 52% by late 2023 and early 2024. However, a gradual increase in production costs is observable toward the end of the period, with the cost of products sold rising to 51.50% by June 2026, compressing the gross profit margin to 48.50%.
- Operating Expense Management
- Selling, general, and administrative (SG&A) expenses demonstrate a recurring pattern of expansion and contraction. Expenses generally fluctuate between 23% and 31% of net sales. Notable peaks in SG&A occurred in June 2024 (30.68%) and June 2026 (29.87%), suggesting a seasonal or periodic increase in operational spending. A significant non-recurring event was recorded in December 2023, where an indefinite-lived intangible asset impairment charge of 6.26% of net sales negatively impacted the operating result.
- Operating Income Trends
- Operating income margins show a cyclical trajectory, typically peaking in the September and December quarters and dipping during the June quarters. The highest operating margin of 27.34% was recorded in September 2020, while the lowest margins occurred in June 2022 (18.44%) and June 2026 (18.63%). This suggests a sensitivity to periodic cost pressures that consistently affect the mid-year financial performance.
- Non-Operating Items and Financial Costs
- Interest expenses have trended upward from approximately 0.70% of net sales in 2020 to a range between 1.01% and 1.12% in the latter half of the analysis period. This increase in financing costs has been partially mitigated by a rise in interest income, which grew from 0.05% in 2020 to peak at 0.62% in December 2023 before stabilizing around 0.50%.
- Net Earnings and Shareholder Returns
- Net earnings attributable to common shareholders have mirrored the volatility of the operating income, ranging from a high of 21.80% in September 2020 to a low of 14.01% in June 2026. The trend indicates a general contraction in bottom-line profitability toward the end of the period, driven by the combined effect of rising cost of sales and elevated SG&A expenses. Income tax expenses remained relatively stable, typically fluctuating between 3% and 5.7% of net sales.