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.
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Procter & Gamble Co. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Procter & Gamble Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Net Sales
- Net sales showed a generally upward trend with fluctuations over the observed periods. Starting at approximately $17.8 billion in late 2019, sales experienced some dips in early 2020, likely reflecting external economic pressures. However, a recovery is visible with peaks surpassing $21 billion in the latter quarters of 2021 and 2023. The latest figures for 2025 indicate a continued growth trajectory, reaching approximately $22.4 billion.
- Cost of Products Sold
- The cost of products sold consistently increased from about $8.7 billion to just over $10.8 billion at the end of 2025, with periodic rises and occasional mild declines. This trend suggests rising production or procurement costs, partially offset by management of expenses in some quarters. The cost increases appeared in line with the increasing net sales, although gross profit margins likely experienced some pressure at various points.
- Gross Profit
- Gross profit exhibited volatility, initially dipping in early 2020 but recovering strongly thereafter. The highest gross profits are observed in mid-to-late 2023 and early 2024, exceeding $11 billion, reflecting effective pricing or cost control during these periods. Despite cost increases, the company maintained solid gross profit generation, although some recent quarters show minor declines indicating margin compression risks.
- Selling, General and Administrative Expense (SG&A)
- SG&A expenses fluctuated throughout the periods, generally ranging between $4.7 billion and $6.3 billion. A noticeable increase in SG&A expenses is apparent from mid-2022 to late 2024, suggesting higher operational costs or increased investment in marketing, administration, or other overheads. Some quarters display a reduction in SG&A, likely efforts to optimize spending.
- Indefinite-lived Intangible Asset Impairment Charge
- A significant impairment charge appeared in the fourth quarter of 2023, amounting to approximately $1.3 billion. This unusual event negatively impacted operating income and net earnings in that period and is an isolated occurrence within the examined timeframe.
- Operating Income
- Operating income demonstrated variability, with peaks in late 2020 reaching over $5.3 billion, followed by a dip during 2021 and a recovery in late 2023 and mid-2025. The impairment charge in late 2023 depressed operating income significantly. Overall, operating profit trends align with sales and cost fluctuations, reflecting operational efficiency and the impact of extraordinary items.
- Interest Expense and Interest Income
- Interest expense remained relatively stable, generally between $100 million and $240 million per quarter, with slight increases observed in late 2022 and 2023. Interest income showed an upward trend, growing from mid double-digit millions to over $130 million in some recent quarters, indicating improved investment returns or cash management.
- Other Non-operating Income (Expense), Net
- This line item fluctuated, showing both positive and negative figures. A notable negative spike occurred in late 2022 with a $554 million expense, affecting overall earnings. Otherwise, the item mostly contributed positively, supporting earnings stability.
- Earnings Before Income Taxes
- Earnings before taxes tracked operating income trends, peaking near $5.8 billion in several quarters around 2023-2025. Periods with impairment charges and higher non-operating expenses showed declines, but overall, earnings before taxes improved over time, indicating resilience amid cost pressures.
- Income Taxes
- Income tax expenses generally increased over the periods, from around $700 million to above $1.2 billion at various points, reflecting higher pre-tax earnings. However, the tax expense fluctuated likely due to varying taxable income and tax planning strategies.
- Net Earnings and Net Earnings Attributable to P&G
- Net earnings showed growth overall, despite volatility related to market conditions and one-off items like impairments. Starting under $3 billion in early 2020, earnings recovered to highs over $4.7 billion in 2025, evidencing solid profitability. The net earnings attributable to the company closely tracked this pattern. Periods with impairment charges or high non-operating expenses saw lower net earnings.
- Net Earnings Available to Common Shareholders
- This metric closely followed the pattern of net earnings attributable to P&G, reaching peaks above $4.6 billion in 2025. The consistent payment of preferred dividends slightly reduced available earnings but did not impede growth for common shareholders overall.