Income Statement

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

US$ in millions

12 months ended:	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020
Net sales	84,284)	84,039)	82,006)	80,187)	76,118)	70,950)
Cost of products sold	(41,164)	(40,848)	(42,760)	(42,157)	(37,108)	(35,250)
Gross profit	43,120)	43,191)	39,246)	38,030)	39,010)	35,700)
Selling, general and administrative expense	(22,669)	(23,305)	(21,112)	(20,217)	(21,024)	(19,994)
Indefinite-lived intangible asset impairment charge	—)	(1,341)	—)	—)	—)	—)
Operating income	20,451)	18,545)	18,134)	17,813)	17,986)	15,706)
Interest expense	(907)	(925)	(756)	(439)	(502)	(465)
Interest income	469)	473)	307)	51)	45)	155)
Other non-operating income (expense), net	154)	668)	668)	570)	86)	438)
Earnings before income taxes	20,167)	18,761)	18,353)	17,995)	17,615)	15,834)
Income taxes	(4,102)	(3,787)	(3,615)	(3,202)	(3,263)	(2,731)
Net earnings	16,065)	14,974)	14,738)	14,793)	14,352)	13,103)
Net earnings attributable to noncontrolling interests	(91)	(95)	(85)	(51)	(46)	(76)
Net earnings attributable to Procter & Gamble (P&G)	15,974)	14,879)	14,653)	14,742)	14,306)	13,027)
Preferred dividends	(292)	(284)	(282)	(281)	(271)	(263)
Net earnings attributable to P&G available to common shareholders	15,682)	14,595)	14,371)	14,461)	14,035)	12,764)

Based on: 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30).

Net Sales: Net sales exhibited a steady upward trend over the six-year period, rising from $70,950 million in 2020 to $84,284 million in 2025. Annual increases were consistent, reflecting gradual revenue growth.
Cost of Products Sold: Cost of products sold increased from $35,250 million in 2020 to $42,164 million in 2025, with a notable peak in 2022 and a slight decrease in 2024 before rising again in 2025. This suggests some variability in cost management or input pricing.
Gross Profit: Gross profit showed an overall increasing trend, moving from $35,700 million in 2020 to a peak of $43,191 million in 2024, followed by a slight decline to $43,120 million in 2025. Despite minor fluctuations, gross profit expansion aligns with sales growth.
Selling, General and Administrative Expense: SG&A expenses increased from $19,994 million in 2020 to $23,305 million in 2024, before slightly decreasing to $22,669 million in 2025. The trend indicates rising overhead costs, partially offsetting gross profit gains.
Indefinite-lived Intangible Asset Impairment Charge: A significant impairment charge of $1,341 million occurred in 2024, with no such charges recorded in other years. This impact likely influenced operating income and reflects a one-time asset valuation adjustment.
Operating Income: Operating income demonstrated steady growth from $15,706 million in 2020 to $20,451 million in 2025, despite the 2024 impairment charge. The increase indicates improved operational efficiency or revenue quality beyond this impairment event.
Interest Expense and Income: Interest expense fluctuated, increasing from $465 million in 2020 to a peak of $925 million in 2024, then slightly decreasing to $907 million in 2025. Interest income grew significantly from $155 million in 2020 to $473 million in 2024, stabilizing near that level in 2025. The net interest impact may have shifted positively due to rising interest income despite increased expense.
Other Non-operating Income (Expense), Net: Other non-operating income exhibited volatility, declining from $438 million in 2020 to a low of $86 million in 2021, then increasing to approximately $668 million in 2023 and 2024, before dropping sharply to $154 million in 2025. This indicates variability in non-core business activities affecting overall earnings.
Earnings Before Income Taxes: EBIT showed consistent growth from $15,834 million in 2020 to $20,167 million in 2025, reflecting overall profitability improvements despite expense fluctuations and impairment charges.
Income Taxes: Income taxes rose in line with earnings, increasing from $2,731 million in 2020 to $4,102 million in 2025, indicating stable tax rate application or tax obligations proportional to pre-tax earnings growth.
Net Earnings: Net earnings increased gradually from $13,103 million in 2020 to $16,065 million in 2025, showing steady profit growth. Attributable net earnings to Procter & Gamble followed a similar pattern, rising from $13,027 million to $15,974 million over the same period.
Net Earnings Attributable to P&G Available to Common Shareholders: This figure also showed a steady increase, moving from $12,764 million in 2020 to $15,682 million in 2025, demonstrating consistent value generation for common shareholders and reflecting effective dividend and capital management.

Download chart

Procter & Gamble Co. (NYSE:PG)

Income Statement