Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Common-Size Income Statement 
Quarterly Data

Procter & Gamble Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of products sold -48.63 -50.89 -49.02 -47.61 -47.94 -50.40 -48.80 -47.31 -48.01 -51.64 -51.84 -52.46 -52.62 -55.35 -53.28 -50.89 -50.96 -51.68 -49.27 -46.86 -47.32 -50.53 -50.63 -48.62 -49.01
Gross profit 51.37% 49.11% 50.98% 52.39% 52.06% 49.60% 51.20% 52.69% 51.99% 48.36% 48.16% 47.54% 47.38% 44.65% 46.72% 49.11% 49.04% 48.32% 50.73% 53.14% 52.68% 49.47% 49.37% 51.38% 50.99%
Selling, general and administrative expense -25.21 -28.26 -27.93 -26.15 -25.39 -30.68 -29.12 -25.75 -25.62 -28.11 -26.99 -24.51 -23.42 -26.21 -25.96 -24.44 -24.34 -29.64 -29.83 -25.89 -25.34 -29.81 -29.31 -26.80 -26.89
Indefinite-lived intangible asset impairment charge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating income 26.16% 20.85% 23.05% 26.24% 26.67% 18.92% 22.08% 20.68% 26.37% 20.25% 21.17% 23.03% 23.96% 18.44% 20.76% 24.66% 24.70% 18.68% 20.90% 27.25% 27.34% 19.67% 20.06% 24.57% 24.10%
Interest expense -0.88 -1.01 -1.10 -1.10 -1.09 -1.07 -1.15 -1.16 -1.03 -1.17 -1.11 -0.82 -0.60 -0.59 -0.56 -0.51 -0.54 -0.62 -0.59 -0.72 -0.70 -0.89 -0.58 -0.55 -0.61
Interest income 0.48 0.50 0.56 0.54 0.62 0.53 0.51 0.62 0.59 0.56 0.41 0.32 0.20 0.11 0.05 0.05 0.05 0.08 0.06 0.05 0.05 0.12 0.23 0.20 0.33
Other non-operating income (expense), net 1.19 1.31 1.06 1.03 -2.55 0.47 1.29 0.83 0.60 0.95 0.89 0.75 0.67 0.75 0.76 0.80 0.54 0.67 1.03 -1.87 0.74 0.65 0.62 0.63 0.58
Earnings before income taxes 26.95% 21.64% 23.57% 26.71% 23.65% 18.85% 22.74% 20.97% 26.53% 20.60% 21.37% 23.28% 24.24% 18.70% 21.01% 25.00% 24.76% 18.81% 21.41% 24.70% 27.42% 19.56% 20.32% 24.85% 24.40%
Income taxes -5.60 -4.28 -4.39 -5.42 -5.30 -3.54 -4.02 -4.68 -5.70 -4.09 -4.31 -4.22 -5.02 -3.03 -3.63 -4.76 -4.47 -3.46 -3.47 -5.01 -5.12 -3.81 -3.14 -4.33 -4.08
Net earnings 21.36% 17.36% 19.18% 21.29% 18.34% 15.31% 18.72% 16.29% 20.83% 16.50% 17.06% 19.06% 19.23% 15.67% 17.37% 20.25% 20.29% 15.35% 17.94% 19.69% 22.30% 15.74% 17.18% 20.52% 20.32%
Net (earnings) loss attributable to noncontrolling interests -0.14 -0.05 -0.12 -0.13 -0.13 -0.04 -0.13 -0.12 -0.16 -0.04 -0.13 -0.13 -0.12 -0.03 -0.06 -0.09 -0.07 -0.01 0.11 -0.17 -0.16 0.08 -0.23 -0.14 -0.13
Net earnings attributable to Procter & Gamble (P&G) 21.22% 17.31% 19.06% 21.16% 18.21% 15.27% 18.59% 16.17% 20.67% 16.46% 16.93% 18.93% 19.11% 15.64% 17.31% 20.15% 20.22% 15.34% 18.05% 19.52% 22.14% 15.82% 16.95% 20.38% 20.19%
Preferred dividends -0.33 -0.37 -0.36 -0.33 -0.33 -0.36 -0.34 -0.33 -0.32 -0.35 -0.34 -0.34 -0.34 -0.37 -0.35 -0.33 -0.34 -0.39 -0.36 -0.33 -0.34 -0.40 -0.37 -0.35 -0.37
Net earnings attributable to P&G available to common shareholders 20.89% 16.94% 18.70% 20.83% 17.88% 14.91% 18.25% 15.85% 20.35% 16.11% 16.58% 18.60% 18.77% 15.27% 16.96% 19.82% 19.87% 14.95% 17.69% 19.18% 21.80% 15.43% 16.57% 20.03% 19.82%

Based on: 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), 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).

Gross Margin and Cost Trends
The gross profit margin, expressed as a percentage of net sales, exhibited notable fluctuations over the analyzed periods. Initially near 51%, it dipped into the mid-40% range around 2022 but subsequently recovered, reaching levels slightly above 51% by 2024 and 2025. Correspondingly, the cost of products sold demonstrated inverse behavior, initially improving from approximately -49% to near -47% of net sales, then deteriorating sharply around 2022 to above -55%, before improving again to near -48% toward the later periods. These trends indicate variable cost pressures impacting gross profitability, with a particularly adverse period in 2022 followed by partial recovery.
Selling, General and Administrative Expenses
SG&A expenses as a percentage of net sales fluctuated between roughly -23% and -30%. The lowest relative expense levels were recorded during mid-2020 and in certain 2022 quarters, with spikes noted around early 2020 and again in late 2023. A general pattern of volatility is evident, suggesting irregular fluctuations in operating expenses possibly due to changing business conditions or strategic investments.
Operating Income
Operating income demonstrated a cyclical pattern with peaks approximating 27% of net sales in late 2020 and early 2025 and troughs around 18-20% in various intervals, including 2020 mid-year and parts of 2022 and 2023. The variability largely mirrors changes in gross profit and SG&A expenses. The largest decline in operating income coincides with the elevated cost of products sold and increased SG&A expenses seen in 2022. Following this, operating income improved, aligning with cost recovery and margin improvements.
Interest and Other Non-Operating Items
Interest expense gradually increased in relative terms from approximately -0.6% to around -1.1% of net sales over time, reflecting either rising debt levels or cost of borrowing. Meanwhile, interest income remained low but showed an upward trend from near zero to about 0.6%. Other non-operating income and expense were generally positive but exhibited volatility, including a notable negative spike in late 2024, indicating episodic gains or losses unrelated to core operations.
Earnings Before and After Taxes
Earnings before income taxes followed a pattern very similar to operating income but with slightly higher variability reflecting the net impact of interest and other non-operating items. Income tax as a percentage of net sales was uneven, fluctuating between roughly -3% and -5.7%, with heightened tax rates coinciding with stronger pre-tax earnings periods. The after-tax net earnings margin, attributable to the parent company, generally ranged from about 15% to 21%, with declines evident during periods of margin compression and cost increases, and peaking during times of improved cost control and operational efficiency.
Comprehensive Profitability Overview
Overall net earnings as a percentage of net sales showed a clear cyclical movement consistent with operating income and gross profit dynamics, moving between 15% and 21%. The margins diminished during 2020 mid-year and 2022, likely driven by increased costs and impaired intangible assets reflected in a periodic charge. Recovery trends appeared in late 2023 and through 2025, coinciding with margin expansion and disciplined expense management. Preferred dividends remained a small, stable deduction at roughly 0.3% to 0.4% of net sales, marginally impacting net earnings available to common shareholders.
Special Items
A significant impairment charge related to indefinite-lived intangible assets was recorded around late 2023, estimated at -6.26% of net sales, which materially affected operating income and earnings metrics for that quarter. Outside the impact of this non-recurring item, profitability trends indicate resilient operational performance with cyclical adjustments aligned with market and cost conditions.