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
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
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Procter & Gamble Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Net Sales
- Net sales generally show a consistent upward trend over the observed periods, increasing from approximately $16.7 billion in September 2018 to a peak around $21.9 billion in December 2024, despite some fluctuations. Notable peaks occurred in the quarters ending September 2020 and December 2021. There were minor declines in certain quarters, such as near the end of the dataset in March 2025.
- Cost of Products Sold
- The cost of products sold increased overall, moving from about $8.5 billion in September 2018 to near $10.4 billion in March 2025. Periods of stabilization or slight decrease appeared intermittently, but the long-term trend suggests rising costs consistent with increasing sales volume and possible inflationary pressures. Sharp increases were observed in late 2020 and late 2021 periods.
- Gross Profit
- Gross profit generally trended upward, from approximately $8.2 billion in September 2018 up to highs exceeding $11 billion in late 2023 and early 2025. Despite interruptions by periods of decline, such as mid-2019 linked to an impairment charge, the gross margin appears to improve notably in the latest quarters. This suggests overall favorable product pricing or cost efficiencies.
- Selling, General and Administrative Expense (SG&A)
- SG&A expenses showed an increasing trend, rising from about $4.7 billion in late 2018 to above $6 billion in some periods of 2024. Some quarters exhibited reductions, but the general increase could reflect investments in marketing, administration, or inflation impacts. The volatility suggests attempts to manage expenses in response to changing sales.
- Indefinite-lived Intangible Asset Impairment Charge
- There was a significant impairment charge recorded in June 2019 amounting to approximately $8.3 billion, which drastically impacted operating income that quarter. A smaller impairment reappears sparsely in the dataset, such as in December 2024.
- Operating Income
- Operating income followed a generally positive trend except for the drastic negative value in June 2019, coinciding with the impairment charge. After recovery, operating income shows strong improvements with peaks exceeding $5.7 billion in late 2023 and 2024. Fluctuations reflect both operational performance and one-time charges.
- Interest Expense and Income
- Interest expense remained relatively stable, fluctuating in a range from approximately $100 million to $250 million per quarter, without a clear directional trend. Interest income increased steadily over time, rising from about $50 million in 2018 to over $130 million in late 2024, which helped partially offset interest costs.
- Other Non-operating Income (Expense), Net
- Other non-operating income showed variability, mostly positive but with occasional negative values, notably a sharp negative amount in December 2020. The variability suggests one-time gains and losses or fluctuating non-core business impacts.
- Earnings Before Income Taxes
- This measure mirrored operating income trends, severely impacted in mid-2019 due to the impairment, with recovery and growth thereafter reaching highs above $5.8 billion in late 2024. Earnings before taxes generally correlate strongly with operational profitability and other income components.
- Income Taxes
- Income tax expenses showed notable increases corresponding to earnings improvements but also reflected volatility. The tax amounts varied roughly between $170 million and over $1.1 billion, with the highest amounts associated with peak earnings periods, indicating a proportional tax burden relative to income.
- Net Earnings
- Net earnings displayed strong resilience and growth, despite the mid-2019 loss associated with the impairment charge. From a base near $3.2 billion in late 2018, earnings generally increased, reaching above $4.6 billion in December 2024. This suggests solid overall profitable growth, with intermittent shocks and subsequent recoveries.
- Net Earnings Attributable to Noncontrolling Interests
- This component remained relatively small and stable in magnitude, oscillating around low tens of millions, occasionally positive or negative, without materially affecting the company’s net earnings trends.
- Net Earnings Attributable to Procter & Gamble (P&G)
- The pattern closely matches overall net earnings trends, showing recovery from the 2019 loss and a generally increasing profit base through 2024, indicating that the core shareholders experienced consistent profitability growth.
- Preferred Dividends
- Preferred dividends stayed mostly stable, fluctuating narrowly around $65-74 million per quarter, reflecting a consistent dividend policy without major changes during the period analyzed.
- Net Earnings Attributable to P&G Available to Common Shareholders
- The earnings available to common shareholders mirror the trends seen in net earnings overall, with growth from approximately $3.1 billion in late 2018 to peaks around $4.6 billion by the end of 2024. This suggests the company maintained strong returns attributable to common equity holders despite external and operational challenges.