Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Procter & Gamble Co., consolidated income statement

US$ in millions

12 months ended:	Jun 30, 2026	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Net sales	87,032)	84,284)	84,039)	82,006)	80,187)	76,118)
Cost of products sold	(43,362)	(41,164)	(40,848)	(42,760)	(42,157)	(37,108)
Gross profit	43,670)	43,120)	43,191)	39,246)	38,030)	39,010)
Selling, general and administrative expense	(23,922)	(22,669)	(23,305)	(21,112)	(20,217)	(21,024)
Indefinite-lived intangible asset impairment charge	—)	—)	(1,341)	—)	—)	—)
Operating income	19,748)	20,451)	18,545)	18,134)	17,813)	17,986)
Interest expense	(877)	(907)	(925)	(756)	(439)	(502)
Interest income	430)	469)	473)	307)	51)	45)
Other non-operating income (expense), net	1,076)	154)	668)	668)	570)	86)
Earnings before income taxes	20,377)	20,167)	18,761)	18,353)	17,995)	17,615)
Income taxes	(4,233)	(4,102)	(3,787)	(3,615)	(3,202)	(3,263)
Net earnings	16,144)	16,065)	14,974)	14,738)	14,793)	14,352)
Net earnings attributable to noncontrolling interests	(98)	(91)	(95)	(85)	(51)	(46)
Net earnings attributable to Procter & Gamble (P&G)	16,046)	15,974)	14,879)	14,653)	14,742)	14,306)
Preferred dividends	(292)	(292)	(284)	(282)	(281)	(271)
Net earnings attributable to P&G available to common shareholders	15,754)	15,682)	14,595)	14,371)	14,461)	14,035)

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).

The financial performance exhibits a consistent upward trajectory in top-line revenue and net earnings over the analyzed six-year period. Net sales grew steadily from 76,118 million US dollars in 2021 to 87,032 million US dollars by 2026, reflecting a sustained expansion of the revenue base. This growth is accompanied by a general increase in net earnings attributable to common shareholders, which rose from 14,035 million US dollars in 2021 to 15,754 million US dollars in 2026.

Revenue and Gross Margin Trends: Net sales demonstrated a persistent increase each year. Gross profit followed a non-linear path; a temporary contraction occurred in 2022 due to a significant increase in the cost of products sold, which peaked at 42,157 million US dollars. However, gross profit recovered and expanded thereafter, reaching 43,670 million US dollars by 2026. The cost of products sold showed volatility, with a notable reduction in 2024 before trending upward again in the final two years of the period.
Operating Efficiency and Expense Management: Selling, general and administrative expenses exhibited a general upward trend, increasing from 21,024 million US dollars in 2021 to 23,922 million US dollars in 2026. Operating income remained relatively stable, fluctuating between 17,813 million US dollars and 20,451 million US dollars. A significant one-time impact was recorded in 2024, where an indefinite-lived intangible asset impairment charge of 1,341 million US dollars reduced the operating result for that period.
Non-Operating Items and Financial Costs: Interest expenses increased over the period, rising from 502 million US dollars in 2021 to 877 million US dollars in 2026. This increase was partially mitigated by a substantial rise in interest income, which climbed from 45 million US dollars in 2021 to 430 million US dollars in 2026. Other non-operating income and expenses remained volatile, with a significant peak of 1,076 million US dollars observed in 2026.
Net Profitability and Shareholder Returns: Earnings before income taxes showed a steady increase, crossing the 20 billion US dollar threshold by 2025. While income tax expenses rose in tandem with earnings, net earnings attributable to Procter & Gamble grew from 14,306 million US dollars in 2021 to 16,046 million US dollars in 2026. Preferred dividends remained consistent, fluctuating minimally between 271 million and 292 million US dollars, ensuring that the majority of net earnings remained available to common shareholders.

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Procter & Gamble Co. (NYSE:PG)

Income Statement