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., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
Revenue exhibits a general upward trajectory over the analyzed period, growing from 19,318 million USD in September 2020 to a peak of 22,386 million USD in September 2025. While growth is consistent in the long term, short-term fluctuations are evident, particularly during 2021 and early 2022, followed by a sustained recovery and expansion in the 2023 to 2025 window.
- Gross Profitability and Margin Trends
- Gross profit demonstrates significant volatility, reflecting fluctuations in the cost of products sold. A notable compression in gross margins occurred between March 2021 and June 2022, where gross profit dipped as low as 8,713 million USD despite relatively stable sales. However, a recovery phase began in late 2022, leading to a peak gross profit of 11,499 million USD by September 2025, suggesting improved pricing power or a reduction in raw material costs during that period.
- Operating Performance and Expense Management
- Operating income displays a cyclical pattern, often peaking in the third quarter of the calendar year. Performance was constrained in 2021 and 2022, but surged to 5,856 million USD by September 2025. Selling, general, and administrative (SG&A) expenses have trended upward, rising from approximately 4,895 million USD in 2020 to a high of 6,334 million USD by June 2026. This suggests increasing operational overhead or strategic investments in marketing and distribution to support revenue growth.
- Non-Operating Financials and Net Earnings
- Interest expenses increased from an average of 110-140 million USD in 2020-2021 to a range of 210-240 million USD from 2023 onwards. This increase was partially mitigated by a substantial rise in interest income, which grew from roughly 10 million USD to peaks above 130 million USD. A significant one-time impairment charge of 1,342 million USD in December 2023 impacted operating results for that quarter, though the company maintained positive net earnings. Net earnings attributable to common shareholders remained resilient, typically oscillating between 2,900 million USD and 4,600 million USD per quarter.
Overall, the financial data indicates a company that has successfully expanded its top line and recovered gross margins after a period of pressure. While operational expenses and interest costs have risen, the growth in net sales and the strategic management of interest income have supported a stable and generally increasing bottom line for common shareholders.