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-K (reporting date: 2026-06-30), 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).
The capital structure exhibits a stable distribution between liabilities and shareholders' equity over the analyzed period. Total liabilities fluctuated between a peak of 63.03% in December 2021 and a low of 57.07% by June 2026. Correspondingly, total shareholders' equity followed an inverse trajectory, moving from approximately 40.51% in September 2020 to 42.93% by June 2026, reflecting a gradual shift toward a more equity-heavy financing mix.
- Liability Composition and Trends
- Current liabilities remained a significant component of the balance sheet, generally ranging between 25% and 33%. Accounts payable showed a gradual increase from 9.95% to 12.89%, suggesting a shift in working capital management or extended payment terms with suppliers. Debt due within one year exhibited notable volatility, peaking at 12.15% in December 2022 before stabilizing around 8.93% by June 2026.
- Noncurrent liabilities demonstrated a consistent downward trend, decreasing from 34.46% in September 2020 to 26.49% in June 2026. This decline is primarily attributed to a significant reduction in other noncurrent liabilities, which fell from 9.24% to 3.88% over the same period. Long-term debt, excluding the portion due within one year, remained relatively stable, oscillating between 17% and 21%.
- Shareholders' Equity and Capital Return
- Retained earnings showed a strong and consistent upward trajectory, rising from 85.52% to 107.38% of total liabilities and equity. This growth indicates substantial profit accumulation over the period.
- This accumulation of retained earnings was heavily offset by an aggressive treasury stock program. Treasury stock as a percentage of total liabilities and equity increased in magnitude from -89.07% to -113.03%, signaling consistent and significant share repurchases. This strategy effectively neutralized much of the increase in retained earnings to maintain a stable total equity ratio.
- Accumulated other comprehensive loss narrowed from -13.25% to -9.85%, reflecting a moderate improvement in the valuation of other comprehensive income items.
- Overall Solvency and Risk Profile
- The balance sheet reveals a controlled approach to leverage. The total liabilities ratio peaked in late 2021 and has since trended downward, suggesting a slight reduction in overall financial leverage. The stability of long-term debt relative to the growth in retained earnings points toward a sustainable solvency position, while the volatility in short-term debt suggests active management of liquidity and refinancing cycles.