Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

$24.99

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

Microsoft Excel
3 months ended: Mar 31, 2026 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
Cost of products sold
Gross profit
Selling, general and administrative expense
Indefinite-lived intangible asset impairment charge
Operating income
Interest expense
Interest income
Other non-operating income (expense), net
Earnings before income taxes
Income taxes
Net earnings
Net (earnings) loss attributable to noncontrolling interests
Net earnings attributable to Procter & Gamble (P&G)
Preferred dividends
Net earnings attributable to P&G available to common shareholders

Based on: 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), 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).

The financial performance from September 2019 through March 2026 demonstrates a general upward trajectory in top-line revenue, accompanied by fluctuating operating margins and a shifting interest expense profile. Net sales grew from 17,798 million USD in September 2019 to a peak of 22,386 million USD in September 2025, reflecting sustained growth in market reach or pricing power over the period.

Revenue and Gross Profitability
Net sales exhibit consistent seasonal patterns, typically peaking in the September and December quarters. While sales increased over the analyzed period, the cost of products sold also rose, moving from approximately 8,723 million USD in September 2019 to a high of 10,887 million USD in June 2025. Gross profit generally scaled with revenue, though margins faced pressure during various quarters, particularly in 2022, before recovering toward the end of the period.
Operating Performance and Expenses
Operating income shows significant quarterly volatility. Selling, general, and administrative expenses trended upward, rising from 4,785 million USD in September 2019 to 5,937 million USD by March 2026. A notable non-recurring event occurred in December 2023, where an indefinite-lived intangible asset impairment charge of 1,342 million USD was recorded, which negatively impacted operating income for that specific quarter. Despite this, operating income frequently peaked above 5,000 million USD in several September quarters.
Non-Operating Financial Trends
There is a marked increase in both interest expense and interest income over the timeframe. Interest expenses rose from approximately 100 million USD per quarter in 2019 to levels frequently exceeding 200 million USD between 2023 and 2026. This increase in borrowing costs was partially mitigated by a substantial rise in interest income, which grew from an average of 30-60 million USD in 2019 to consistently exceeding 100 million USD in later years, suggesting a larger cash balance or higher yield on investments.
Net Earnings and Common Shareholder Returns
Net earnings attributable to Procter & Gamble remained resilient, typically fluctuating between 3,000 million USD and 4,700 million USD per quarter. The net earnings available to common shareholders followed a similar pattern, with a significant peak of 4,677 million USD in September 2025. Preferred dividends remained highly stable, ranging between 64 million USD and 77 million USD per quarter, ensuring a consistent distribution priority before common shareholder allocation.