Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

$24.99

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., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Jun 30, 2025 Jun 30, 2024 Jun 30, 2023 Jun 30, 2022 Jun 30, 2021 Jun 30, 2020
Accounts payable
Accrued marketing and promotion
Accrued compensation
Taxes payable
Derivative liabilities
Accrued interest
Current operating lease liabilities
Restructuring reserves
Other
Accrued and other liabilities
Debt due within one year
Current liabilities
Long-term debt, excluding due within one year
Deferred income taxes
Pension benefit obligations
Uncertain tax positions
Noncurrent operating lease liabilities
Other retiree benefit obligations
Derivative liabilities
2017 U.S. Tax Act transitional tax payable
Other
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Convertible Class A preferred stock, stated value $1 per share
Non-Voting Class B preferred stock, stated value $1 per share
Common stock, stated value $1 per share
Additional paid-in capital
Reserve for ESOP debt retirement
Accumulated other comprehensive loss
Treasury stock
Retained earnings
Shareholders’ equity attributable to Procter & Gamble
Noncontrolling interest
Total shareholders’ equity
Total liabilities and shareholders’ equity

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.