Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Procter & Gamble Co. pages available for free this week:
- Income Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Procter & Gamble Co., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2026-06-30), 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).
The financial position is characterized by a stable total liability profile coupled with a consistent increase in total shareholders' equity from 2021 to 2026. While total liabilities fluctuated between 70 billion and 74 billion US dollars, total shareholders' equity grew from 46.6 billion US dollars in 2021 to 54.3 billion US dollars in 2026, reflecting a strengthening of the capital base.
- Current Liabilities Trends
- A gradual upward trend is observed in current liabilities, which rose from 33.1 billion US dollars in 2021 to 38.7 billion US dollars in 2026. This increase is primarily driven by accounts payable, which grew from 13.7 billion to 16.3 billion US dollars over the period. Debt due within one year exhibited volatility, peaking at 11.3 billion US dollars in 2026, suggesting a shift toward shorter-term obligation maturities.
- Noncurrent Liabilities Analysis
- Noncurrent liabilities demonstrated a significant downward trajectory, decreasing from 39.5 billion US dollars in 2021 to 33.5 billion US dollars in 2026. Key contributors to this decline include a reduction in pension benefit obligations, which fell from 5.4 billion to 2.2 billion US dollars, and the complete elimination of the 2017 U.S. Tax Act transitional tax payable by 2025. Other noncurrent liabilities also saw a substantial decrease, falling from 10.3 billion to 4.9 billion US dollars.
- Equity and Capital Structure
- Shareholders' equity grew steadily, driven by a robust increase in retained earnings, which climbed from 106.4 billion US dollars in 2021 to 135.9 billion US dollars in 2026. This growth was partially offset by an aggressive treasury stock program, with the negative balance increasing from 115.0 billion US dollars to 143.0 billion US dollars, indicating significant capital returns to shareholders through share repurchases. Additional paid-in capital also showed a modest increase over the six-year period.
- Overall Liability Composition
- The balance sheet reveals a strategic shift in the liability mix, moving from long-term noncurrent obligations toward current liabilities. Total liabilities remained relatively flat, but the decrease in noncurrent liabilities was largely balanced by the increase in current operating obligations and short-term debt, maintaining a total liability level of approximately 72.2 billion US dollars by 2026.