Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Procter & Gamble Co., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Cost of Products Sold
- The cost of products sold as a percentage of net sales exhibits notable fluctuation over the periods. Initially, it hovered around the low 50% range but decreased to as low as approximately 47% during the 2020 period, indicating an improvement in cost efficiency. However, in recent quarters, costs rose again, reaching over 49%, suggesting some cost pressures or changes in product mix affecting margins.
- Gross Profit
- Gross profit margins align inversely with the cost of products sold and range typically between 44.65% and 53.14%. Peaks in gross profit occurred around 2020, coinciding with reduced cost of goods sold percentages. More recently, gross profit percentages have stabilized around the 50% mark, reflecting a recovery from the dip in mid-2022.
- Selling, General and Administrative Expense (SG&A)
- SG&A expenses show significant variability, generally ranging from about 23.42% to 30.68% of net sales. The lowest expenses occurred around mid-2022, improving operating leverage, whereas peaks such as the near 30% in late 2021 and early 2024 indicate periods of increased administrative or selling costs which may have dampened profitability.
- Operating Income
- Operating income percentage has experienced pronounced volatility, notably including a sharp negative dip to -30.37% in June 2019, likely impacted by a significant charge recorded that quarter. Aside from this anomaly, operating income mostly fluctuated between 15% and 27%, with stronger performance seen in late 2020 and late 2024. The general trend suggests resilience with recovery after periods of operational challenges.
- Interest Expense and Interest Income
- Interest expense remained relatively stable, generally ranging from -0.55% to -1.17% of net sales, with some increase in costs evident in recent periods. Interest income was consistently lower but showed a gradual increase over time, rising from around 0.05% in earlier periods to over 0.6% in recent quarters, offsetting some financing costs.
- Other Non-Operating Income (Expense), Net
- This item shows variability with occasional negative impacts, notably a substantial negative value near -2.55% in late 2024, and similar fluctuations throughout. Positive contributions from other non-operating sources, generally ranging below 1%, suggest some supplementary income streams, although their irregularity indicates limited predictability.
- Earnings Before Income Taxes
- Earnings before income taxes mirrored operating income trends, with a steep negative occurrence in mid-2019 and mostly positive values between 18% and 27% in other periods. This performance indicates consistent pre-tax profitability except during the exceptional impairment event.
- Income Taxes
- Income tax as a percentage of net sales varies between approximately -1% and -5.7%. The notable reduction in tax rate in mid-2019 correlates with the large loss event that quarter. Tax expense percentages rose again in some periods but generally show a conservative impact on net results.
- Net Earnings
- Net earnings closely reflect operating and pre-tax income patterns, ranging mostly between 15% and 22% of net sales, with a marked negative outlier at -30.64% in mid-2019. Aside from this, net earnings demonstrate a generally stable profitability trend with occasional quarterly variations.
- Net Earnings Attributable to P&G
- Earnings attributable to the company after dividends remained strong except for the noted negative mid-2019 period. The percentages range mostly between 15% and 21%, showing an overall healthy return to shareholders and resilience in the company’s core profitability despite some fluctuations in expenses and costs.
- Summary of Trends
- The data reveals a predominantly stable operating and profitability profile disrupted by one significant impairment event in mid-2019 evident in drastic drops in operating income and net earnings. Cost of goods sold percentages suggest a mild improvement around 2020 but have since experienced upward pressure. SG&A costs demonstrate some volatility impacting operating margins. Interest expenses have slightly increased recently relative to interest income, which has gradually improved. Other non-operating items are a minor and inconsistent contributor. Overall, financial performance exhibits recovery and resilience with earnings percentages consistently strong outside of the impairment-affected quarter.