Stock Analysis on Net
AI Tokens
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, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
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 -50.17 -51.50 -50.49 -48.78 -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
Gross profit 49.83% 48.50% 49.51% 51.22% 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%
Selling, general and administrative expense -24.32 -29.87 -27.96 -27.05 -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
Indefinite-lived intangible asset impairment charge 0.00 0.00 0.00 0.00 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
Operating income 25.51% 18.63% 21.55% 24.16% 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%
Interest expense -0.96 -1.12 -1.05 -0.99 -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
Interest income 0.44 0.50 0.47 0.52 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
Other non-operating income (expense), net 0.89 0.53 2.52 0.72 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
Earnings before income taxes 25.88% 18.55% 23.49% 24.41% 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%
Income taxes -5.44 -4.02 -4.89 -4.91 -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
Net earnings 20.44% 14.53% 18.61% 19.50% 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%
Net (earnings) loss attributable to noncontrolling interests -0.11 -0.17 -0.09 -0.05 -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
Net earnings attributable to Procter & Gamble (P&G) 20.33% 14.36% 18.52% 19.45% 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%
Preferred dividends -0.31 -0.35 -0.34 -0.32 -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
Net earnings attributable to P&G available to common shareholders 20.01% 14.01% 18.18% 19.12% 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%

Based on: 10-Q (reporting date: 2026-09-30), 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 characterized by a significant compression of gross margins in 2022, followed by a recovery and subsequent stabilization through 2026. Net earnings attributable to common shareholders have historically varied between approximately 14% and 22% of net sales, reflecting sensitivity to input costs and operating expenditures.

Gross Profitability and Cost Management
Cost of products sold exhibited a notable upward trend peaking in June 2022 at 55.35% of net sales, which resulted in a corresponding trough in gross profit at 44.65%. Following this period, cost of products sold generally moderated, returning to a range between 47% and 51% from late 2023 through 2026. This suggests a period of significant inflationary pressure or supply chain disruption in 2022 that was later mitigated through pricing actions or cost efficiencies.
Operating Expense Trends
Selling, general and administrative expenses remained volatile, typically fluctuating between 23% and 31% of net sales. A peak in these expenses occurred in June 2024 at 30.68%. Operating income margins were heavily influenced by these fluctuations, ranging from a high of 27.34% in September 2020 to a low of 18.44% in June 2022. A non-recurring impairment charge of 6.26% was recorded in December 2023, which temporarily suppressed operating results for that quarter.
Non-Operating Items and Financial Costs
Interest expenses as a percentage of net sales showed a gradual increase over the observed period, rising from approximately 0.70% in 2020 to fluctuate around 1.0% to 1.1% in the later years. This increase was partially offset by a rise in interest income, which grew from 0.05% in 2020 to peak at 0.62% in September 2024. Other non-operating income remained relatively stable, though a notable negative swing to -2.55% occurred in September 2024.
Net Profitability
The bottom-line margin for common shareholders mirrored the volatility of the gross and operating margins. Net earnings attributable to P&G common shareholders reached a high of 21.80% in September 2020 and a low of 14.01% in June 2026. The data indicates a cyclical pattern where profitability recovers strongly after periods of margin compression, though the most recent data points suggest a stabilization of net margins around the 18% to 20% range.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?