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.
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Procter & Gamble Co., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 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).
Over the period examined, total liabilities exhibited a generally fluctuating pattern, beginning at US$67.074 billion in September 2019 and reaching US$127.599 billion by June 2025. Total shareholders’ equity demonstrated similar variability, starting at US$46.984 billion and concluding at US$53.551 billion. A consistent pattern of increases and decreases is observed across most liability and equity accounts.
- Current Liabilities
- Current liabilities generally remained in the range of US$30 billion to US$39 billion. A notable increase occurred between June 2021 and September 2021, rising from US$33.132 billion to US$36.589 billion. A subsequent decrease is observed, followed by another increase to US$36.420 billion in March 2022. Fluctuations continued through the end of the period, with a peak of US$38.027 billion in December 2021 and a final value of US$37.995 billion in June 2025.
- Long-Term Debt
- Long-term debt, excluding amounts due within one year, showed considerable fluctuation. It began at US$20.161 billion in September 2019, peaked at US$24.378 billion in March 2023, and ended at US$25.577 billion in March 2025. A general trend towards higher long-term debt is apparent over the entire period, despite interim declines.
- Accounts Payable
- Accounts payable exhibited a generally increasing trend from US$10.951 billion in September 2019 to US$15.609 billion in September 2025. There were periods of decline, such as between December 2019 and March 2020, but the overall direction was upward. A peak of US$15,364 billion was reached in March 2024.
- Shareholders’ Equity
- Total shareholders’ equity experienced fluctuations, but remained relatively stable between US$44 billion and US$53 billion. A noticeable decrease occurred between September 2019 and December 2019, followed by a period of relative stability. The largest component, retained earnings, consistently increased over the period, from US$96.625 billion to US$132.212 billion, contributing to the overall growth in shareholders’ equity. Treasury stock consistently represented a significant deduction from shareholders’ equity, increasing in absolute value throughout the period.
- Debt Due Within One Year
- Debt due within one year demonstrated significant variability. It began at US$9.352 billion in September 2019, peaked at US$13.331 billion in December 2021, and ended at US$11.631 billion in September 2025. This account showed substantial fluctuations, indicating potential shifts in short-term financing strategies.
- Deferred Income Taxes
- Deferred income taxes generally decreased over the period, starting at US$6.325 billion and ending at US$5.974 billion. While fluctuations occurred, the overall trend was downward, suggesting changes in the company’s tax-related liabilities.
The combined effect of these changes resulted in a net increase in total liabilities and shareholders’ equity over the observed timeframe. The company appears to have managed its debt levels actively, with fluctuations in both short-term and long-term obligations. Retained earnings consistently contributed to the growth of shareholders’ equity, while treasury stock offset some of this growth.