Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Procter & Gamble Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 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.