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.

Procter & Gamble Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020
Accounts payable	15,227)	15,364)	14,598)	14,882)	13,720)	12,071)
Accrued marketing and promotion	3,851)	4,172)	3,894)	3,878)	4,140)	3,531)
Accrued compensation	2,007)	2,161)	2,030)	1,797)	2,145)	1,921)
Taxes payable	1,177)	1,042)	828)	587)	637)	693)
Derivative liabilities	627)	54)	631)	1)	—)	—)
Accrued interest	293)	282)	235)	—)	—)	—)
Current operating lease liabilities	255)	243)	222)	205)	219)	239)
Restructuring reserves	189)	166)	174)	147)	278)	472)
Other	2,919)	2,952)	2,915)	2,939)	3,104)	2,866)
Accrued and other liabilities	11,318)	11,072)	10,929)	9,554)	10,523)	9,722)
Debt due within one year	9,513)	7,191)	10,229)	8,645)	8,889)	11,183)
Current liabilities	36,058)	33,627)	35,756)	33,081)	33,132)	32,976)
Long-term debt, excluding due within one year	24,995)	25,269)	24,378)	22,848)	23,099)	23,537)
Deferred income taxes	5,774)	6,516)	6,478)	6,809)	6,153)	6,199)
Pension benefit obligations	3,026)	2,884)	3,116)	3,139)	5,452)	6,223)
Uncertain tax positions	701)	723)	622)	752)	794)	580)
Noncurrent operating lease liabilities	701)	666)	595)	595)	631)	652)
Other retiree benefit obligations	691)	653)	690)	672)	922)	965)
Derivative liabilities	435)	325)	445)	307)	—)	—)
2017 U.S. Tax Act transitional tax payable	—)	592)	1,154)	1,661)	1,891)	2,121)
Other	565)	556)	530)	490)	579)	569)
Other noncurrent liabilities	6,119)	6,399)	7,152)	7,616)	10,269)	11,110)
Noncurrent liabilities	36,888)	38,184)	38,008)	37,273)	39,521)	40,846)
Total liabilities	72,946)	71,811)	73,764)	70,354)	72,653)	73,822)
Convertible Class A preferred stock, stated value $1 per share	777)	798)	819)	843)	870)	897)
Non-Voting Class B preferred stock, stated value $1 per share	—)	—)	—)	—)	—)	—)
Common stock, stated value $1 per share	4,009)	4,009)	4,009)	4,009)	4,009)	4,009)
Additional paid-in capital	68,770)	67,684)	66,556)	65,795)	64,848)	64,194)
Reserve for ESOP debt retirement	(672)	(737)	(821)	(916)	(1,006)	(1,080)
Accumulated other comprehensive loss	(12,143)	(11,900)	(12,220)	(12,189)	(13,744)	(16,165)
Treasury stock	(138,702)	(133,378)	(129,736)	(123,382)	(114,973)	(105,573)
Retained earnings	129,973)	123,811)	118,170)	112,429)	106,374)	100,239)
Shareholders’ equity attributable to Procter & Gamble	52,012)	50,287)	46,777)	46,589)	46,378)	46,521)
Noncontrolling interest	272)	272)	288)	265)	276)	357)
Total shareholders’ equity	52,284)	50,559)	47,065)	46,854)	46,654)	46,878)
Total liabilities and shareholders’ equity	125,230)	122,370)	120,829)	117,208)	119,307)	120,700)

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).

Liabilities Trends: Current liabilities showed a fluctuating pattern, with a moderate increase from US$32,976 million in 2020 to US$36,058 million in 2025, reflecting some volatility primarily driven by accounts payable and accrued and other liabilities. Accounts payable rose steadily from US$12,071 million in 2020 to US$15,227 million in 2025. Accrued and other liabilities also increased from US$9,722 million to US$11,318 million over the same period. Debt due within one year declined notably from US$11,183 million in 2020 to US$7,191 million in 2024 before rising again to US$9,513 million in 2025. Taxes payable recorded a gradual rise, more than doubling from US$693 million in 2020 to US$1,177 million in 2025.
Long-term and Noncurrent Liabilities: Long-term debt, excluding due within one year, showed relative stability with a slight increase from US$23,537 million in 2020 to US$24,995 million in 2025, peaking in 2024. Deferred income taxes fluctuated mildly, peaking in 2022 and followed by a decline through 2025. Pension benefit obligations decreased sharply from US$6,223 million in 2020 to US$3,026 million in 2025, indicating a reduction in pension liabilities. Other retiree benefit obligations also declined slightly. Overall, total noncurrent liabilities exhibited a decreasing trend, falling from US$40,846 million in 2020 to US$36,888 million in 2025.
Total Liabilities: Total liabilities exhibited a slight decline from US$73,822 million in 2020 to US$70,354 million in 2022, followed by an increase to US$72,946 million in 2025. This reflects the interplay of growing current liabilities and reducing noncurrent liabilities.
Shareholders’ Equity: Equity attributable to the company demonstrated gradual growth, rising from US$46,521 million in 2020 to US$52,012 million in 2025. The increase was supported by a steady rise in additional paid-in capital and retained earnings, the latter growing substantially from US$100,239 million to US$129,973 million over the period. Accumulated other comprehensive loss showed a reducing absolute value trend before rising again toward 2025, while treasury stock increased its negative balance consistently, reflecting ongoing share repurchases.
Total Shareholders’ Equity: Total equity increased from US$46,878 million in 2020 to US$52,284 million in 2025. The combined effect of equity growth and fluctuating liabilities contributed to a gradual increase in total liabilities and shareholders' equity from US$120,700 million in 2020 to US$125,230 million in 2025.
Other Observations: Restructuring reserves declined significantly from US$472 million in 2020 to US$189 million in 2025, indicating reduced restructuring activities or provisions. Derivative liabilities emerged in 2022 and increased substantially in 2023 but decreased somewhat by 2025. Accrued interest rose steadily from 2023 onwards. The reserve for ESOP debt retirement reduced steadily, showing a consistent retirement of debt associated with employee stock ownership plans.

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Procter & Gamble Co. (NYSE:PG)

Balance Sheet: Liabilities and Stockholders’ Equity