Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

$24.99

Common-Size Income Statement
Quarterly Data

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

Microsoft Excel
3 months ended: 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
Cost of products sold
Gross profit
Selling, general and administrative expense
Indefinite-lived intangible asset impairment charge
Operating income
Interest expense
Interest income
Other non-operating income (expense), net
Earnings before income taxes
Income taxes
Net earnings
Net (earnings) loss attributable to noncontrolling interests
Net earnings attributable to Procter & Gamble (P&G)
Preferred dividends
Net earnings attributable to P&G available to common shareholders

Based on: 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).


Cost of Products Sold
The cost of products sold as a percentage of net sales exhibits volatility over the periods. Initially decreasing from -49.01% in September 2019 to a low of -46.86% by December 2020, it subsequently increases notably through mid-2022, peaking at around -55.35% in June 2022. This is followed by fluctuations, with the cost ratio declining again near the end of 2023 to approximately -47.31%, before rising to about -50.89% by mid-2025. This pattern indicates periods of improving and deteriorating gross margins likely linked to input cost changes or pricing strategies.
Gross Profit
Gross profit percentage aligns inversely with the cost of products sold trends, starting around 50.99% in September 2019, rising slightly to above 53% by late 2020, then decreasing to as low as 44.65% in June 2022. Afterward, it recovers to near 52.69% in late 2023, before slightly declining toward 49.11% in mid-2025. Overall, gross profit margins demonstrate sensitivity to cost fluctuations, with a notable dip during the mid-2021 to mid-2022 period.
Selling, General and Administrative Expense (SG&A)
SG&A expenses as a percentage of net sales show fluctuations without a clear long-term trend. The expenses range mostly between approximately -23.42% and -30.68%, marked by decrements in late 2020 and increases in early 2024. The more pronounced spikes (e.g., near -30.68% in June 2024) suggest periods of intensified operating costs or investments impacting earnings.
Indefinite-Lived Intangible Asset Impairment Charge
There is a discrete impairment charge recorded in the fourth quarter of 2023, at -6.26%. This item reflects a significant non-recurring expense impacting profitability during that period.
Operating Income
Operating income as a percentage of net sales varies notably, exhibiting peaks around 27.34% in September 2020 and September 2024, and troughs nearing 18.44% in June 2022 and 18.68% in June 2021. These fluctuations correspond with the observed variability in gross profit and SG&A expenses, impacting core profitability.
Interest Expense and Interest Income
Interest expense gradually increases in magnitude from around -0.55% in late 2019 to about -1.17% in mid-2023 and stabilizes near -1.01% by mid-2025, indicating a moderate rise in borrowing costs or debt levels. Interest income remains relatively low throughout, with a slight upward trend, peaking at 0.62% in some quarters of 2023–2024, contributing modestly to net income.
Other Non-Operating Income (Expense), Net
This item generally remains positive and stable between approximately 0.54% and 1.31%, except for a notable negative spike reaching -2.55% in late 2024. These values suggest relatively minor but occasionally volatile non-operating activities affecting overall financial results.
Earnings Before Income Taxes (EBIT)
EBIT follows a pattern consistent with operating income, with highs near 27.42% in September 2020 and 26.71% in December 2024, and lows around 18.7% in June 2022. This indicator reflects core operational profitability before tax considerations and aligns closely with gross profit and expense trends.
Income Taxes
Income tax expense as a percentage of net sales fluctuates from about -3.14% in Q1 2020 to highs near -5.7% in late 2023 and -5.42% in late 2024. The variability indicates changes in tax rates, tax planning strategies, or impacts from earnings volatility.
Net Earnings
Net earnings as a percentage of net sales track earnings before taxes less the tax impact, displaying variation from approximately 15.31% in June 2024 to a peak of 21.29% in December 2024. This volatility corresponds to the previously noted fluctuations in operating performance and tax expenses, with periodic recoveries following troughs in mid-2022 and mid-2024.
Net Earnings Attributable to Procter & Gamble (P&G)
The net earnings attributable to P&G shareholders largely mirror overall net earnings trends, ranging from about 14.95% in June 2021 to 21.16% in December 2024. This consistency confirms the primary shareholders' benefit from the company's profitability patterns, with exceptions during periods of special charges or unusual items.
Preferred Dividends and Net Earnings Available to Common Shareholders
Preferred dividends remain relatively stable around -0.33% to -0.40%. Consequently, net earnings available to common shareholders track closely with net earnings attributable to P&G, displaying peaks near 20.83% in December 2024 and troughs in mid-2021 and 2024. This stability supports a consistent return profile for common equity holders despite operational fluctuations.