Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
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 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Accounts payable 14,512 14,495 15,350 15,364 13,691 14,234 14,435 14,598 13,790 14,153 14,845 14,882 14,175 14,154 14,223 13,720 12,134 12,027 11,935 12,071 10,464 10,781 10,951 11,260 10,207 10,266 10,243
Accrued and other liabilities 9,847 9,878 10,661 11,072 10,920 11,100 10,912 10,929 10,523 10,293 10,056 9,554 10,324 10,542 10,377 10,523 11,109 11,131 10,366 9,722 9,731 10,230 9,950 9,054 9,252 8,868 8,469
Debt due within one year 9,889 9,424 10,409 7,191 7,729 10,616 11,811 10,229 13,717 14,300 11,717 8,645 9,902 13,331 11,989 8,889 8,773 8,586 7,707 11,183 12,701 9,153 9,352 9,697 8,911 12,113 10,508
Current liabilities 34,248 33,797 36,420 33,627 32,340 35,950 37,158 35,756 38,030 38,746 36,618 33,081 34,401 38,027 36,589 33,132 32,016 31,744 30,008 32,976 32,896 30,164 30,253 30,011 28,370 31,247 29,220
Long-term debt, excluding due within one year 24,252 25,263 25,744 25,269 24,253 23,096 24,069 24,378 22,874 20,582 21,286 22,848 23,767 22,322 20,558 23,099 21,053 22,514 23,948 23,537 23,310 18,985 20,161 20,395 21,359 21,514 20,779
Deferred income taxes 6,481 6,725 6,420 6,516 6,284 6,219 6,814 6,478 6,422 6,462 6,986 6,809 6,543 6,506 6,323 6,153 5,977 6,073 6,294 6,199 6,309 6,242 6,325 6,899 6,951 6,872 6,179
Other noncurrent liabilities 5,458 5,410 5,757 6,399 6,387 6,615 6,476 7,152 7,104 7,200 7,058 7,616 9,760 9,668 9,791 10,269 10,813 11,241 11,073 11,110 10,104 10,424 10,335 10,211 9,441 9,611 9,758
Noncurrent liabilities 36,191 37,398 37,921 38,184 36,924 35,930 37,359 38,008 36,400 34,244 35,330 37,273 40,070 38,496 36,672 39,521 37,843 39,828 41,315 40,846 39,723 35,651 36,821 37,505 37,751 37,997 36,716
Total liabilities 70,439 71,195 74,341 71,811 69,264 71,880 74,517 73,764 74,430 72,990 71,948 70,354 74,471 76,523 73,261 72,653 69,859 71,572 71,323 73,822 72,619 65,815 67,074 67,516 66,121 69,244 65,936
Preferred stock 781 788 791 798 801 809 812 819 822 831 834 843 846 856 859 870 873 885 888 897 900 911 915 928 933 946 951
Common stock 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009 4,009
Additional paid-in capital 68,615 68,283 68,102 67,684 67,395 66,935 66,822 66,556 66,316 66,145 65,955 65,795 65,614 65,432 65,148 64,848 64,682 64,672 64,467 64,194 63,976 64,019 63,949 63,827 63,624 63,679 63,711
Reserve for ESOP debt retirement (672) (707) (707) (737) (737) (782) (782) (821) (821) (870) (870) (916) (916) (965) (964) (1,006) (1,006) (1,072) (1,046) (1,080) (1,080) (1,112) (1,112) (1,146) (1,145) (1,178) (1,177)
Accumulated other comprehensive loss (11,307) (11,637) (10,893) (11,900) (12,370) (12,167) (12,583) (12,220) (12,266) (12,506) (12,811) (12,189) (13,448) (13,564) (14,062) (13,744) (15,489) (15,091) (15,881) (16,165) (15,916) (14,942) (15,298) (14,936) (14,968) (15,156) (15,133)
Treasury stock (138,073) (137,112) (134,823) (133,378) (132,172) (131,886) (131,028) (129,736) (130,002) (129,012) (127,205) (123,382) (122,272) (121,543) (117,240) (114,973) (112,147) (109,583) (106,794) (105,573) (105,823) (105,761) (102,510) (100,406) (99,484) (99,480) (99,956)
Retained earnings 128,919 127,544 125,361 123,811 123,132 121,617 120,443 118,170 117,082 115,858 114,163 112,429 111,645 110,393 108,361 106,374 105,674 104,361 102,539 100,239 99,474 98,414 96,625 94,918 102,103 101,170 99,831
Shareholders’ equity attributable to Procter & Gamble 52,272 51,168 51,840 50,287 50,058 48,535 47,693 46,777 45,140 44,455 44,075 46,589 45,478 44,618 46,111 46,378 46,596 48,181 48,182 46,521 45,540 45,538 46,578 47,194 55,072 53,990 52,236
Noncontrolling interest 273 275 301 272 275 294 321 288 281 270 259 265 268 275 297 276 323 359 394 357 401 370 406 385 480 453 268
Total shareholders’ equity 52,545 51,443 52,141 50,559 50,333 48,829 48,014 47,065 45,421 44,725 44,334 46,854 45,746 44,893 46,408 46,654 46,919 48,540 48,576 46,878 45,941 45,908 46,984 47,579 55,552 54,443 52,504
Total liabilities and shareholders’ equity 122,984 122,638 126,482 122,370 119,597 120,709 122,531 120,829 119,851 117,715 116,282 117,208 120,217 121,416 119,669 119,307 116,778 120,112 119,899 120,700 118,560 111,723 114,058 115,095 121,673 123,687 118,440

Based on: 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), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).


Accounts Payable
The accounts payable figures generally increased from September 2018 through June 2021, peaking around 14,223 million USD, followed by a stabilization and slight decline afterward. The values remained mostly above 13,000 million USD afterward, showing some volatility without a strong trend.
Accrued and Other Liabilities
This metric showed an upward trend from 8,469 million USD in September 2018 to a peak around 11,131 million USD by December 2020. Afterward, the values fluctuated mostly between 9,800 and 11,000 million USD, indicating a relatively stable environment with mild fluctuations.
Debt Due Within One Year
Short-term debt displayed high volatility across the periods. It peaked significantly at 13,331 million USD in December 2021, dropped to near 7,191 million USD in June 2024, and rose again but remained below the earlier peaks. The swings suggest active management or refinancing of short-term borrowings.
Current Liabilities
Current liabilities moderately increased from just under 29,220 million USD in September 2018 to a peak of approximately 38,746 million USD by September 2022. Since then, it has decreased somewhat but remained elevated relative to 2018, reflecting growing short-term obligations over time.
Long-Term Debt Excluding Due Within One Year
Long-term debt was relatively volatile but showed a slight overall upward trend from approximately 20,779 million USD in September 2018 to a peak near 25,744 million USD in March 2025. The fluctuations suggest periods of increased borrowing or repayments but an overall increase in longer-term obligations.
Deferred Income Taxes
Deferred income taxes fluctuated narrowly mostly between 6,000 and 7,000 million USD throughout the entire period, showing no clear long-term trend and indicating a steady tax deferral position.
Other Noncurrent Liabilities
Other noncurrent liabilities showed a declining trend, starting near 9,758 million USD in September 2018 and gradually falling to about 5,458 million USD by March 2025. This suggests a reduction in other long-term obligations or settlements of these liabilities.
Noncurrent Liabilities
The total noncurrent liabilities peaked around mid-2020 at approximately 41,315 million USD but steadily decreased afterward to about 36,191 million USD in March 2025, reflecting some long-term debt repayments or reclassification of liabilities.
Total Liabilities
Total liabilities rose from around 65,936 million USD in September 2018 to a peak near 76,523 million USD in December 2021. Following this, liabilities showed a decline to approximately 70,439 million USD by March 2025, indicating a reduction in overall obligations after a high point.
Shareholders’ Equity Components
Common stock remained constant throughout the period at about 4,009 million USD, reflecting no new common stock issuances or retirements. Preferred stock slightly decreased from 951 million USD to 781 million USD, pointing to potential redemptions or conversions. Additional paid-in capital demonstrated consistent growth from approximately 63,711 million USD to 68,615 million USD, indicating ongoing capital contributions or stock-based compensation programs. Retained earnings increased steadily from 99,831 million USD to approximately 128,919 million USD, highlighting sustained profitability and earnings retention over the periods. Treasury stock showed a continuous increase in negative value, rising from about -99,956 million USD to roughly -138,073 million USD, demonstrating ongoing share repurchases and stock retirements, reducing outstanding shares. Accumulated other comprehensive loss reduced its negative balance from near -15,133 million USD to around -11,307 million USD by March 2025, suggesting some recovery or favorable adjustments in other comprehensive income components.
Total Shareholders’ Equity
The total shareholders’ equity fluctuated substantially, starting at approximately 52,504 million USD in September 2018, declining markedly around mid-2019 to a low near 44,334 million USD, then recovering and growing to over 52,545 million USD in March 2025. This indicates resilience and growth after episodic declines, supported primarily by increased retained earnings and additional paid-in capital.
Total Liabilities and Shareholders’ Equity
Total capitalization (liabilities plus shareholders’ equity) fluctuated between approximately 115 billion USD and 126 billion USD over the period. The peak levels occurred around late 2024 and early 2025, reflecting overall growth and expansions in company size or balance sheet structure.