Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Accounts payable 11.71 11.92 12.23 12.16 11.80 11.82 12.14 12.56 11.45 11.79 11.78 12.08 11.51 12.02 12.77 12.70 11.79 11.66 11.89 11.50 10.39 10.01 9.95 10.00 8.83 9.65 9.60
Accrued and other liabilities 7.81 8.22 8.43 9.04 8.01 8.05 8.43 9.05 9.13 9.20 8.91 9.05 8.78 8.74 8.65 8.15 8.59 8.68 8.67 8.82 9.51 9.27 8.65 8.05 8.21 9.16 8.72
Debt due within one year 10.26 8.69 9.12 7.60 8.04 7.68 8.23 5.88 6.46 8.79 9.64 8.47 11.45 12.15 10.08 7.38 8.24 10.98 10.02 7.45 7.51 7.15 6.43 9.27 10.71 8.19 8.20
Current liabilities 29.78% 28.83% 29.78% 28.79% 27.85% 27.56% 28.79% 27.48% 27.04% 29.78% 30.33% 29.59% 31.73% 32.92% 31.49% 28.22% 28.62% 31.32% 30.58% 27.77% 27.42% 26.43% 25.03% 27.32% 27.75% 27.00% 26.52%
Long-term debt, excluding due within one year 18.58 20.09 19.06 19.96 19.72 20.60 20.35 20.65 20.28 19.13 19.64 20.18 19.09 17.48 18.31 19.49 19.77 18.38 17.18 19.36 18.03 18.74 19.97 19.50 19.66 16.99 17.68
Deferred income taxes 4.71 4.69 4.62 4.61 5.27 5.48 5.08 5.32 5.25 5.15 5.56 5.36 5.36 5.49 6.01 5.81 5.44 5.36 5.28 5.16 5.12 5.06 5.25 5.14 5.32 5.59 5.55
Other noncurrent liabilities 4.29 4.49 4.58 4.89 4.44 4.41 4.55 5.23 5.34 5.48 5.29 5.92 5.93 6.12 6.07 6.50 8.12 7.96 8.18 8.61 9.26 9.36 9.24 9.20 8.52 9.33 9.06
Noncurrent liabilities 27.58% 29.28% 28.25% 29.46% 29.43% 30.49% 29.98% 31.20% 30.87% 29.77% 30.49% 31.46% 30.37% 29.09% 30.38% 31.80% 33.33% 31.71% 30.64% 33.13% 32.41% 33.16% 34.46% 33.84% 33.50% 31.91% 32.28%
Total liabilities 57.37% 58.11% 58.03% 58.25% 57.27% 58.05% 58.78% 58.68% 57.91% 59.55% 60.81% 61.05% 62.10% 62.01% 61.87% 60.02% 61.95% 63.03% 61.22% 60.90% 59.82% 59.59% 59.49% 61.16% 61.25% 58.91% 58.81%
Preferred stock 0.59 0.60 0.60 0.62 0.64 0.64 0.63 0.65 0.67 0.67 0.66 0.68 0.69 0.71 0.72 0.72 0.70 0.71 0.72 0.73 0.75 0.74 0.74 0.74 0.76 0.82 0.80
Common stock 3.12 3.15 3.14 3.20 3.26 3.27 3.17 3.28 3.35 3.32 3.27 3.32 3.34 3.41 3.45 3.42 3.33 3.30 3.35 3.36 3.43 3.34 3.34 3.32 3.38 3.59 3.51
Additional paid-in capital 54.04 54.22 54.01 54.91 55.79 55.68 53.84 55.31 56.35 55.45 54.53 55.08 55.33 56.19 56.72 56.14 54.58 53.89 54.44 54.35 55.39 53.84 53.77 53.18 53.96 57.30 56.07
Reserve for ESOP debt retirement -0.46 -0.50 -0.50 -0.54 -0.55 -0.58 -0.56 -0.60 -0.62 -0.65 -0.64 -0.68 -0.69 -0.74 -0.75 -0.78 -0.76 -0.79 -0.81 -0.84 -0.86 -0.89 -0.87 -0.89 -0.91 -1.00 -0.97
Accumulated other comprehensive loss -9.58 -9.51 -9.53 -9.70 -9.19 -9.49 -8.61 -9.72 -10.34 -10.08 -10.27 -10.11 -10.23 -10.62 -11.02 -10.40 -11.19 -11.17 -11.75 -11.52 -13.26 -12.56 -13.25 -13.39 -13.42 -13.37 -13.41
Treasury stock -110.74 -111.54 -109.60 -110.76 -112.27 -111.80 -106.59 -109.00 -110.51 -109.26 -106.93 -107.37 -108.47 -109.60 -109.39 -105.27 -101.71 -100.10 -97.97 -96.37 -96.03 -91.23 -89.07 -87.47 -89.26 -94.66 -89.88
Retained earnings 105.49 105.26 103.62 103.79 104.83 104.00 99.11 101.18 102.96 100.75 98.30 97.80 97.69 98.42 98.18 95.92 92.87 90.92 90.55 89.16 90.49 86.89 85.52 83.05 83.90 88.09 84.72
Shareholders’ equity attributable to Procter & Gamble 42.46% 41.67% 41.75% 41.53% 42.50% 41.72% 40.99% 41.09% 41.86% 40.21% 38.92% 38.71% 37.66% 37.76% 37.90% 39.75% 37.83% 36.75% 38.53% 38.87% 39.90% 40.11% 40.19% 38.54% 38.41% 40.76% 40.84%
Noncontrolling interest 0.18 0.22 0.22 0.22 0.22 0.22 0.24 0.22 0.23 0.24 0.26 0.24 0.23 0.23 0.22 0.23 0.22 0.23 0.25 0.23 0.28 0.30 0.33 0.30 0.34 0.33 0.36
Total shareholders’ equity 42.63% 41.89% 41.97% 41.75% 42.73% 41.95% 41.22% 41.32% 42.09% 40.45% 39.19% 38.95% 37.90% 37.99% 38.13% 39.98% 38.05% 36.97% 38.78% 39.10% 40.18% 40.41% 40.51% 38.84% 38.75% 41.09% 41.19%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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