Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Procter & Gamble Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
The overall capital structure exhibits a relative stability in the balance between total liabilities and total shareholders' equity over the observed period. Total liabilities fluctuated between a low of 57.27% and a peak of 63.03%, while total shareholders' equity moved inversely within a range of approximately 36.97% to 42.73%. A gradual shift toward a higher equity proportion is noted in the latter half of the timeline, with equity increasing from 36.97% in December 2021 to 42.63% by March 2026.
- Current Liabilities Analysis
- Current liabilities maintained a significant presence, generally oscillating between 25% and 33% of the total balance sheet. A notable increase occurred between September 2021 and December 2022, peaking at 32.92%. Accounts payable showed a steady upward trend, rising from 9.60% in September 2019 to consistently remain above 11% from 2021 onward. Short-term debt (debt due within one year) exhibited high volatility, with periodic spikes exceeding 10% and subsequent declines, suggesting a cyclical approach to short-term financing.
- Noncurrent Liabilities Analysis
- A sustained downward trend is observed in noncurrent liabilities, which declined from 32.28% in September 2019 to 27.58% by March 2026. This reduction is primarily attributed to a significant contraction in other noncurrent liabilities, which fell from 9.06% to 4.29%. Long-term debt remained relatively stable, typically fluctuating between 17% and 20%, indicating a consistent long-term leverage strategy despite the overall decline in noncurrent obligations.
- Equity Component Dynamics
- The equity section is characterized by aggressive share repurchase activity and strong internal earnings growth. Treasury stock expanded significantly, moving from -89.88% in September 2019 to -110.74% by December 2024, reflecting a substantial investment in buying back shares. This is offset by a marked increase in retained earnings, which grew from 84.72% to 105.49% over the period. Additionally, accumulated other comprehensive losses improved from -13.41% to -9.58%, contributing to the overall strengthening of the shareholders' equity position.
- Liability and Equity Correlation
- The data indicates a strategic transition where the company reduced its reliance on noncurrent liabilities while simultaneously increasing the proportion of equity financed through retained earnings. The convergence of total liabilities toward 57% and total equity toward 42% suggests a move toward a more conservative financial leverage profile by the end of the analyzed period.