Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Procter & Gamble Co., common-size consolidated income statement (quarterly data)
Based on: 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), 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).
An analysis of the common-size income statement reveals a period of margin volatility followed by a stabilization of profitability. Net earnings attributable to common shareholders generally fluctuated between 14.9% and 21.8% of net sales over the observed period, indicating a consistent ability to convert revenue into profit despite fluctuations in operating costs.
- Gross Profitability and Cost of Goods Sold
- Gross profit margins exhibited significant variance, peaking at 53.14% in December 2020 and reaching a low of 44.65% in June 2022. This decline was driven by an increase in the cost of products sold, which rose to a maximum of 55.35% of net sales during the same period. However, a recovery trend is evident from late 2022 onward, with gross margins returning to a range between 49% and 52% by 2024 and 2025.
- Operating Expenses and Efficiency
- Selling, general and administrative (SG&A) expenses remained relatively stable, typically oscillating between 23% and 31% of net sales. Operating income margins mirrored the movements of gross profit, with a notable dip to 18.44% in June 2022. A recovery is observed in subsequent quarters, with operating margins frequently exceeding 20% and reaching as high as 26.67% in September 2022.
- Non-Operating Items and Financial Costs
- Interest expenses as a percentage of net sales showed a gradual increase, moving from approximately 0.6% in 2019 to roughly 1.1% by 2024, suggesting a higher relative cost of debt. This was partially offset by a rise in interest income, which increased from 0.05% to peaks of 0.62%. Other non-operating income remained volatile, including a significant negative impact of 2.55% in September 2022, though it generally provided a modest positive contribution in other quarters.
- Net Earnings and Shareholder Returns
- The bottom-line profitability available to common shareholders showed resilience, with a general trend of recovery following the troughs seen in mid-2020 and mid-2022. Income taxes as a percentage of net sales remained variable, ranging from 3.03% to 5.70%. Preferred dividends remained a consistent and minor obligation, averaging approximately 0.34% of net sales, resulting in net earnings available to common shareholders that closely tracked the overall net earnings trend.