Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Procter & Gamble Co., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Operating income1 ÷ Net sales1
Jun 30, 2026 = 100 × ÷
Jun 30, 2025 = 100 × ÷
Jun 30, 2024 = 100 × ÷
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Jun 30, 2022 = 100 × ÷
Jun 30, 2021 = 100 × ÷
Jun 30, 2020 = 100 × ÷
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Jun 30, 2005 = 100 × ÷

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 operating profit margin demonstrates a long-term trend of expansion and resilience, despite periods of significant volatility. Over the observed period from 2005 to 2026, the organization transitioned from a stable margin regime of approximately 19-20% to a higher plateau exceeding 22%.

Revenue and Operating Income Correlation
Net sales exhibited an initial growth phase from 2005 to 2013, peaking at 84,167 million USD. This was followed by a strategic contraction in sales, reaching a low of 65,058 million USD in 2017. Despite this reduction in top-line revenue, operating income showed a recovery and subsequent growth trend starting in 2020, suggesting an improvement in operational efficiency and a shift toward more profitable revenue streams.
Margin Stability and Mid-Term Volatility
Between 2005 and 2011, operating profit margins remained consistent, fluctuating narrowly between 19.16% and 20.46%. A period of compression occurred between 2012 and 2015, with margins dipping to a low of 15.46% in 2015. This contraction period was followed by a recovery phase starting in 2016, during which margins returned to and exceeded the 20% threshold.
Anomalous Contraction and Recent Expansion
A severe outlier is observed in 2019, where the operating profit margin collapsed to 8.11%, coinciding with a sharp drop in operating income to 5,487 million USD. Following this event, a rapid and sustained recovery occurred. From 2020 through the 2026 projections, the operating profit margin reached new historical highs, peaking at 24.26% in 2025, reflecting a significant enhancement in the capacity to convert sales into operating profit.