Debt to Equity
since 2005
Calculation
Procter & Gamble Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity attributable to Procter & Gamble1 | |
|---|---|---|---|---|---|
| Jun 30, 2026 | 0.63 | = | 34,138) | ÷ | 54,081) |
| Jun 30, 2025 | 0.66 | = | 34,508) | ÷ | 52,012) |
| Jun 30, 2024 | 0.65 | = | 32,460) | ÷ | 50,287) |
| Jun 30, 2023 | 0.74 | = | 34,607) | ÷ | 46,777) |
| Jun 30, 2022 | 0.68 | = | 31,493) | ÷ | 46,589) |
| Jun 30, 2021 | 0.69 | = | 31,988) | ÷ | 46,378) |
| Jun 30, 2020 | 0.75 | = | 34,720) | ÷ | 46,521) |
| Jun 30, 2019 | 0.64 | = | 30,092) | ÷ | 47,194) |
| Jun 30, 2018 | 0.60 | = | 31,286) | ÷ | 52,293) |
| Jun 30, 2017 | 0.57 | = | 31,592) | ÷ | 55,184) |
| Jun 30, 2016 | 0.53 | = | 30,598) | ÷ | 57,341) |
| Jun 30, 2015 | 0.49 | = | 30,350) | ÷ | 62,419) |
| Jun 30, 2014 | 0.51 | = | 35,417) | ÷ | 69,214) |
| Jun 30, 2013 | 0.46 | = | 31,543) | ÷ | 68,064) |
| Jun 30, 2012 | 0.47 | = | 29,778) | ÷ | 63,439) |
| Jun 30, 2011 | 0.47 | = | 32,014) | ÷ | 67,640) |
| Jun 30, 2010 | 0.49 | = | 29,832) | ÷ | 61,115) |
| Jun 30, 2009 | 0.59 | = | 36,972) | ÷ | 63,099) |
| Jun 30, 2008 | 0.53 | = | 36,665) | ÷ | 69,494) |
| Jun 30, 2007 | 0.53 | = | 35,414) | ÷ | 66,760) |
| Jun 30, 2006 | 0.61 | = | 38,104) | ÷ | 62,908) |
| Jun 30, 2005 | 1.39 | = | 24,328) | ÷ | 17,477) |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
1 US$ in millions
The capital structure of the organization underwent significant shifts between 2005 and 2026, moving from a period of high leverage to a long-term phase of relative stability and a subsequent moderate increase in the debt-to-equity ratio.
- Initial Capital Restructuring (2005–2006)
- A dramatic shift in the debt-to-equity ratio occurred between 2005 and 2006, falling from 1.39 to 0.61. This was primarily driven by a substantial increase in shareholders' equity, which rose from 17,477 million US$ to 62,908 million US$, effectively diluting the impact of the total debt increase during the same period.
- Period of Conservative Leverage (2007–2014)
- During this interval, the debt-to-equity ratio remained consistently low and stable, fluctuating within a narrow range between 0.46 and 0.53. Total debt remained relatively flat, while shareholders' equity reached its peak in 2014 at 69,214 million US$, indicating a conservative approach to financial leverage.
- Equity Contraction and Leverage Increase (2015–2020)
- A trend of increasing leverage is observed starting in 2015, as shareholders' equity began a steady decline from 62,419 million US$ in 2014 to a low of 46,378 million US$ by 2021. Because total debt remained stable or increased slightly, the debt-to-equity ratio climbed progressively, reaching a peak of 0.75 in 2020.
- Recent Stabilization and Recovery (2021–2026)
- In the most recent period, the debt-to-equity ratio has stabilized between 0.63 and 0.74. This stabilization is attributed to a gradual recovery in shareholders' equity, which is projected to rise to 54,081 million US$ by 2026, offsetting the fluctuations in total debt which have remained consistently around the 31,000 to 34,000 million US$ range.
Overall, the long-term trend indicates a move away from the high leverage of 2005 toward a more balanced capital structure. While equity levels have decreased from their 2014 peak, the current trajectory suggests a stabilization of the debt-to-equity ratio at a level significantly lower than the 2005 baseline.
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Comparison to Industry (Consumer Staples)
Procter & Gamble Co., debt to equity, long-term trends, comparison to industry (consumer staples)
| Procter & Gamble Co. | Consumer Staples | |
|---|---|---|
| Jun 30, 2026 | 0.63 | — |
| Jun 30, 2025 | 0.66 | 1.04 |
| Jun 30, 2024 | 0.65 | 1.11 |
| Jun 30, 2023 | 0.74 | 1.15 |
| Jun 30, 2022 | 0.68 | 1.07 |
| Jun 30, 2021 | 0.69 | 1.07 |
| Jun 30, 2020 | 0.75 | 1.24 |
| Jun 30, 2019 | 0.64 | 1.18 |
| Jun 30, 2018 | 0.60 | 1.11 |
| Jun 30, 2017 | 0.57 | 1.20 |
| Jun 30, 2016 | 0.53 | 1.09 |
| Jun 30, 2015 | 0.49 | 1.00 |
| Jun 30, 2014 | 0.51 | 0.96 |
| Jun 30, 2013 | 0.46 | 0.87 |
| Jun 30, 2012 | 0.47 | 0.83 |
| Jun 30, 2011 | 0.47 | 0.80 |
| Jun 30, 2010 | 0.49 | 0.74 |
| Jun 30, 2009 | 0.59 | 0.69 |
| Jun 30, 2008 | 0.53 | 0.68 |
| Jun 30, 2007 | 0.53 | 0.55 |
| Jun 30, 2006 | 0.61 | 0.52 |
| Jun 30, 2005 | 1.39 | 0.59 |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).