Common-Size Income Statement
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Procter & Gamble Co. pages available for free this week:
- Statement of Comprehensive Income
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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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.