Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	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
Net sales	20,889)	19,776)	21,882)	21,737)	20,532)	20,195)	21,441)	21,871)	20,553)	20,068)	20,773)	20,612)	19,515)	19,381)	20,953)	20,338)	18,946)	18,109)	19,745)	19,318)	17,698)	17,214)	18,240)	17,798)
Cost of products sold	(10,631)	(9,694)	(10,418)	(10,421)	(10,349)	(9,855)	(10,144)	(10,500)	(10,613)	(10,404)	(10,897)	(10,846)	(10,802)	(10,326)	(10,664)	(10,365)	(9,791)	(8,922)	(9,253)	(9,142)	(8,942)	(8,716)	(8,869)	(8,723)
Gross profit	10,258)	10,082)	11,464)	11,316)	10,183)	10,340)	11,297)	11,371)	9,940)	9,664)	9,876)	9,766)	8,713)	9,055)	10,289)	9,973)	9,155)	9,187)	10,492)	10,176)	8,756)	8,498)	9,371)	9,075)
Selling, general and administrative expense	(5,903)	(5,524)	(5,723)	(5,519)	(6,299)	(5,880)	(5,522)	(5,604)	(5,778)	(5,416)	(5,091)	(4,827)	(5,115)	(5,031)	(5,121)	(4,950)	(5,615)	(5,402)	(5,112)	(4,895)	(5,275)	(5,045)	(4,889)	(4,785)
Indefinite-lived intangible asset impairment charge	—)	—)	—)	—)	1)	—)	(1,342)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	4,355)	4,558)	5,741)	5,797)	3,885)	4,460)	4,433)	5,767)	4,162)	4,248)	4,785)	4,939)	3,598)	4,024)	5,168)	5,023)	3,540)	3,785)	5,380)	5,281)	3,481)	3,453)	4,482)	4,290)
Interest expense	(212)	(217)	(240)	(238)	(219)	(233)	(248)	(225)	(240)	(222)	(171)	(123)	(115)	(109)	(106)	(109)	(117)	(106)	(143)	(136)	(157)	(100)	(100)	(108)
Interest income	104)	111)	119)	135)	108)	104)	133)	128)	116)	83)	66)	42)	21)	9)	10)	11)	15)	11)	9)	10)	22)	39)	36)	58)
Other non-operating income (expense), net	274)	209)	225)	(554)	97)	261)	178)	132)	195)	179)	155)	139)	146)	147)	167)	110)	126)	187)	(369)	142)	115)	106)	114)	103)
Earnings before income taxes	4,521)	4,661)	5,845)	5,140)	3,871)	4,592)	4,496)	5,802)	4,233)	4,288)	4,835)	4,997)	3,650)	4,071)	5,239)	5,035)	3,564)	3,877)	4,877)	5,297)	3,461)	3,498)	4,532)	4,343)
Income taxes	(895)	(868)	(1,186)	(1,153)	(727)	(811)	(1,003)	(1,246)	(841)	(864)	(876)	(1,034)	(592)	(704)	(997)	(909)	(656)	(628)	(990)	(989)	(675)	(541)	(789)	(726)
Net earnings	3,626)	3,793)	4,659)	3,987)	3,144)	3,781)	3,493)	4,556)	3,392)	3,424)	3,959)	3,963)	3,058)	3,367)	4,242)	4,126)	2,908)	3,249)	3,887)	4,308)	2,786)	2,957)	3,743)	3,617)
Net (earnings) loss attributable to noncontrolling interests	(10)	(24)	(29)	(28)	(8)	(27)	(25)	(35)	(8)	(27)	(26)	(24)	(6)	(12)	(19)	(14)	(2)	20)	(33)	(31)	14)	(40)	(26)	(24)
Net earnings attributable to Procter & Gamble (P&G)	3,616)	3,769)	4,630)	3,959)	3,136)	3,754)	3,468)	4,521)	3,384)	3,397)	3,933)	3,939)	3,052)	3,355)	4,223)	4,112)	2,906)	3,269)	3,854)	4,277)	2,800)	2,917)	3,717)	3,593)
Preferred dividends	(77)	(71)	(72)	(72)	(74)	(69)	(70)	(71)	(72)	(69)	(70)	(71)	(73)	(68)	(70)	(70)	(74)	(65)	(66)	(66)	(70)	(64)	(64)	(65)
Net earnings attributable to P&G available to common shareholders	3,539)	3,698)	4,558)	3,887)	3,062)	3,685)	3,398)	4,450)	3,312)	3,328)	3,863)	3,868)	2,979)	3,287)	4,153)	4,042)	2,832)	3,204)	3,788)	4,211)	2,730)	2,853)	3,653)	3,528)

Net Sales: Net sales display a generally upward trend from September 2019 through the end of 2024, with some fluctuations. The highest figures occur in the second and third quarters of 2021 and 2023, reaching beyond 21,000 million USD. There is a noticeable dip in the first quarter of 2025, falling below 20,000 million USD, suggesting some seasonal or market variability.
Cost of Products Sold: Cost of products sold trends upward in absolute terms, consistent with rising net sales, indicating increased production or procurement expenses. There are occasional decreases, such as in the third quarter of 2024, but overall this cost remains high, generally between 9,000 and 10,800 million USD. This pattern reflects sustained investment in goods sold, with slight variations possibly due to efficiency or cost management initiatives.
Gross Profit: Gross profit fluctuates in line with net sales and cost of goods sold, peaking in mid-2023 at over 11,300 million USD. However, gross profit experiences dips notably in mid-2020 and early 2022, correlating with lower net sales or increased cost of goods sold. Overall, gross profit maintains a positive margin, with some volatility reflecting market conditions and cost pressures.
Selling, General and Administrative Expenses: SG&A expenses show a rising trend from 2019 through mid-2024, moving from approximately 4,785 million USD to nearly 6,300 million USD by early 2024. Fluctuations occur, with expenses somewhat reduced in some quarters like early 2022. This increasing cost trend suggests rising marketing, administrative, or operational expenses that potentially impact operating margins.
Indefinite-Lived Intangible Asset Impairment: A significant impairment charge of approximately 1,342 million USD is observed in December 2023, representing a one-time expense that distorts operating results in that period. Other periods do not report such impairments, indicating this is an isolated event likely impacting profitability and asset valuation.
Operating Income: Operating income exhibits considerable variability, with strong peaks in late 2020 and mid-2023, exceeding 5,700 million USD. Low points occur mid-2020 and early 2022, corresponding with lower gross profits and higher SG&A expenses. The December 2023 impairment charge likely contributes to weaker operating income around that period. Overall, operating income shows sensitivity to cost structures and extraordinary charges.
Interest Expense and Income: Interest expense remains relatively stable over the period, fluctuating between 100 and 240 million USD, with an increasing trend from 2022 onward. Interest income varies more widely, peaking in 2023 at over 130 million USD, which may partially offset interest expenses. These dynamics suggest manageable debt costs alongside returns on invested funds.
Other Non-Operating Income (Expense), Net: Other non-operating income fluctuates notably, with significant negative impact observed in December 2020 (-369 million USD) and a sharp decline in early 2024 (-554 million USD). Positive spikes appear intermittently, reflecting volatile non-operational factors affecting net earnings.
Earnings Before Income Taxes: EBIT trends resemble operating income with variations due to interest and other income/expenses. High points mirror those in operating income, especially late 2020 and mid-2023, while dips align with periods of high impedance charges and other losses.
Income Taxes: Income tax expenses fluctuate but generally correlate with earnings before tax, varying between approximately -500 million USD to beyond -1,200 million USD. This reflects tax impacts corresponding to pre-tax profitability changes, with no consistent increasing or decreasing trend.
Net Earnings: Net earnings demonstrate substantial volatility, rising from around 3,600 million USD in late 2019 to peaks above 4,500 million USD in mid-2023 and early 2025. Decreases coincide with impairment charges and non-operating losses, particularly in late 2023 and early 2024. Overall, profitability remains strong but subject to episodic declines.
Net Earnings Attributable to P&G and Common Shareholders: The net earnings attributable to the company and available to common shareholders track closely with overall net earnings, exhibiting the same pattern of peaks and troughs. Preferred dividends remain relatively stable, minimally affecting net income attributable to common shareholders. The figures suggest consistent value generation for shareholders despite periods of impairment and non-recurring expenses.

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Procter & Gamble Co. (NYSE:PG)

Income Statement Quarterly Data

Income Statement
Quarterly Data