Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Procter & Gamble Co. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
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Procter & Gamble Co., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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 asset composition of the company exhibits varied trends over the observed period from September 2019 to December 2025. Current assets demonstrate significant fluctuation, while noncurrent assets generally maintain a more stable, albeit increasing, trajectory. A detailed examination of individual asset categories reveals specific patterns worthy of note.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced considerable volatility. A substantial increase occurred between September 2019 and March 2020, followed by a decline through December 2020. Fluctuations continued through 2021 and 2022, with a low point in December 2022. A subsequent rise occurred in the first half of 2023, followed by a decrease, and then another increase into early 2024. The final period shows a slight decrease. This suggests active cash management and potentially strategic deployment of funds.
- Accounts Receivable
- Accounts receivable remained relatively stable between September 2019 and March 2021, with values generally ranging between US$4.6 billion and US$5.7 billion. A noticeable increase occurred in September 2021, continuing into December 2021, before stabilizing and showing a slight upward trend through December 2023. A modest decline is observed in the final two periods. This pattern may reflect changes in sales terms or collection efficiency.
- Inventories
- Inventories demonstrated a consistent upward trend from September 2019 through December 2021, increasing from US$5.5 billion to US$7.1 billion. A slight decrease occurred in 2022, followed by a recovery and continued growth through December 2025, reaching US$7.8 billion. This suggests potential increases in production or anticipated demand, or possibly challenges in inventory turnover.
- Prepaid Expenses and Other Current Assets
- This category exhibited fluctuations throughout the period. A decrease was observed from September 2019 to December 2020, followed by an increase in 2021. A significant drop occurred in December 2022, followed by a recovery in the subsequent periods, with a final decrease in the last two periods. The volatility suggests timing differences in expense recognition or changes in short-term investments.
- Current Assets (Total)
- Total current assets experienced a significant decrease from September 2019 to December 2020, followed by a substantial increase in March 2020. Fluctuations continued through 2021 and 2022, with a general downward trend. A recovery began in 2023, culminating in a peak in March 2025, before a slight decrease in the final period. The overall pattern indicates dynamic working capital management.
- Property, Plant, and Equipment (Net)
- Net property, plant, and equipment remained relatively stable throughout the period, fluctuating between approximately US$20.4 billion and US$22.7 billion. A gradual upward trend is discernible, particularly in the later periods, suggesting ongoing investment in fixed assets.
- Goodwill
- Goodwill remained consistently high, fluctuating within a narrow range between US$39.6 billion and US$41.7 billion. A slight downward trend is observed in the final periods, potentially reflecting impairment adjustments or changes in acquisition strategy.
- Trademarks and Other Intangible Assets (Net)
- This category showed a gradual decline from US$24.0 billion in September 2019 to US$21.7 billion in December 2025. This suggests potential amortization or impairment of intangible assets.
- Other Noncurrent Assets
- Other noncurrent assets exhibited a consistent upward trend throughout the period, increasing from US$7.6 billion to US$12.9 billion. This suggests growing investments in long-term assets not categorized elsewhere.
- Noncurrent Assets (Total)
- Total noncurrent assets demonstrated a generally increasing trend, with fluctuations around this overall pattern. The increase from US$92.1 billion in September 2019 to US$100.7 billion in December 2025 indicates a long-term investment strategy.
- Total Assets
- Total assets mirrored the combined trends of current and noncurrent assets. A decrease was observed from September 2019 to December 2020, followed by a period of fluctuation and overall growth through December 2025, reaching US$127.3 billion. The overall trend suggests a moderate expansion of the company’s asset base.
In summary, the company’s asset structure demonstrates a dynamic interplay between current and noncurrent assets. While current assets exhibit greater volatility, noncurrent assets provide a stable foundation. The observed trends suggest active asset management, strategic investments, and potential adjustments to intangible asset valuations.