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:	Dec 31, 2025	Sep 30, 2025	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	22,208)	22,386)	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	(10,834)	(10,887)	(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	11,374)	11,499)	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	(6,008)	(5,643)	(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	5,366)	5,856)	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	(220)	(197)	(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	115)	108)	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	160)	267)	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	5,421)	6,034)	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	(1,090)	(1,253)	(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	4,331)	4,781)	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	(12)	(31)	(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)	4,319)	4,750)	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	(72)	(73)	(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	4,247)	4,677)	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 exhibited a generally increasing trend over the analyzed period, with fluctuations occurring throughout. Initial sales figures around US$17.8 billion in September 2019 grew to approximately US$22.2 billion by September 2025, demonstrating overall growth. However, there were quarterly dips, notably in the first half of 2020 and in the first half of 2023, followed by recoveries. The final reported quarter (June 2025) shows a slight decrease from the peak in September 2024.

Cost of products sold generally mirrored the trend in net sales, increasing over time. The rise in cost of products sold was substantial, moving from approximately US$8.7 billion to US$10.8 billion by September 2022, and then fluctuating between US$9.8 billion and US$10.8 billion through December 2025. This suggests potential pressures on input costs or production efficiency.

Gross Profit: Gross profit demonstrated a positive correlation with net sales, generally increasing from US$9.1 billion in September 2019 to US$11.4 billion in June 2025. However, the rate of increase was not consistent, with periods of slower growth or decline coinciding with fluctuations in sales and cost of goods sold. The gross profit margin, while not explicitly calculated here, appears to have experienced some compression over the period, given the faster growth of cost of products sold.

Selling, general and administrative expense consistently represented a significant portion of revenue, generally increasing from US$4.8 billion to US$6.3 billion over the period. This increase suggests growing operational costs, potentially related to marketing, distribution, or administrative functions. The expense appears to be relatively stable in the last few quarters.

Operating Income: Operating income showed considerable variability. It peaked around US$5.3 billion in both 2020 and 2021, but experienced a significant dip in the first half of 2022, followed by a recovery. The operating income in the final reported quarters (September 2024 - June 2025) was strong, reaching US$5.8 billion and US$5.4 billion respectively. An unusual impairment charge of US$1.342 billion was recorded in December 2023, significantly impacting operating income for that quarter.

Interest expense remained relatively stable for most of the period, fluctuating between approximately US$100 million and US$248 million. However, it increased significantly in the later quarters, reaching US$220 million and US$248 million in September 2025 and December 2025 respectively. Interest income showed an increasing trend, particularly from 2021 onwards, peaking at US$135 million in March 2022. Other non-operating income (expense), net, was volatile, with a large expense recorded in December 2020 and a significant income recorded in March 2025.

Net Earnings: Net earnings attributable to Procter & Gamble followed the trends in operating income, with fluctuations influenced by the impairment charge and other non-operating items. Overall, net earnings increased from US$3.6 billion in September 2019 to US$4.7 billion in June 2025. Net earnings attributable to P&G available to common shareholders showed a similar pattern, ranging from US$2.7 billion to US$4.5 billion. Preferred dividends remained relatively consistent throughout the period.

Net earnings attributable to noncontrolling interests were generally small, but present throughout the period, fluctuating between negative and positive values. These fluctuations did not appear to have a major impact on overall net earnings.

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Procter & Gamble Co. (NYSE:PG)

Income Statement Quarterly Data

Income Statement
Quarterly Data