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Procter & Gamble Co. (NYSE:PG)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Procter & Gamble Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jun 30, 2026 Jun 30, 2025 Jun 30, 2024 Jun 30, 2023 Jun 30, 2022 Jun 30, 2021
Accounts payable
Accrued marketing and promotion
Accrued compensation
Taxes payable
Restructuring reserves
Accrued interest
Current operating lease liabilities
Derivative liabilities
Other
Accrued and other liabilities
Debt due within one year
Current liabilities
Long-term debt, excluding due within one year
Deferred income taxes
Pension benefit obligations
Other retiree benefit obligations
Uncertain tax positions
Noncurrent operating lease liabilities
Derivative liabilities
2017 U.S. Tax Act transitional tax payable
Other
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Convertible Class A preferred stock, stated value $1 per share
Non-Voting Class B preferred stock, stated value $1 per share
Common stock, stated value $1 per share
Additional paid-in capital
Reserve for ESOP debt retirement
Accumulated other comprehensive loss
Treasury stock
Retained earnings
Shareholders’ equity attributable to Procter & Gamble
Noncontrolling interest
Total shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).

An analysis of the common-size balance sheet reveals a strategic shift in the capital structure, characterized by a gradual reduction in total liabilities and a corresponding increase in total shareholders' equity. Total liabilities declined from 60.90% in 2021 to 57.07% by 2026, while total shareholders' equity rose from 39.10% to 42.93% over the same period. This trend indicates a strengthening of the company's solvency position and a decrease in overall leverage.

Current Liabilities Trends
Current liabilities exhibited a slight upward trajectory, moving from 27.77% in 2021 to 30.58% in 2026. This increase is primarily driven by fluctuations in accounts payable, which remained a significant component, peaking at 12.89% in 2026. Debt due within one year showed volatility, reaching a low of 5.88% in 2024 before climbing to 8.93% in 2026, suggesting periodic shifts in short-term financing strategies.
Noncurrent Liabilities Reduction
A notable contraction is observed in noncurrent liabilities, which fell from 33.13% in 2021 to 26.49% in 2026. This decline is attributed to several factors: pension benefit obligations decreased significantly from 4.57% to 1.74%, and the 2017 U.S. Tax Act transitional tax payable was phased out entirely by 2025. Long-term debt, excluding current portions, remained relatively stable but ended the period lower at 18.05%, compared to 19.36% in 2021.
Equity Component Dynamics
The equity section is defined by a strong divergence between retained earnings and treasury stock. Retained earnings grew substantially from 89.16% to 107.38% of total liabilities and equity, reflecting consistent profitability. Simultaneously, treasury stock increased in negative magnitude from -96.37% to -113.03%, indicating an aggressive and sustained program of share repurchases. These two offsetting movements suggest a strategy of returning significant value to shareholders while maintaining a robust internal capital base.
Other Liability Observations
Accrued and other liabilities remained relatively stable, fluctuating between 8.15% and 9.05%. Other noncurrent liabilities saw a steady decline from 8.61% in 2021 to 3.88% in 2026, further contributing to the overall reduction in the company's long-term liability profile.