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
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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), 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 financial data for the period under review reveals several notable trends in operating income, net sales, and operating profit margin.

Operating Income
Operating income exhibited a general upward trend from 2005 through 2008, increasing from approximately $10.9 billion to $17.1 billion. However, in 2009 and 2010, operating income stabilized around $16 billion before experiencing a decline through 2012, reaching about $13.3 billion. A recovery phase followed, with operating income rising again between 2013 and 2014, though it then dropped markedly in 2015 to approximately $11.8 billion. From 2016 onward, operating income showed consistent growth with minor fluctuations, peaking at over $20.4 billion by 2025. Notably, there was a sharp decline in 2019 to around $5.5 billion, which appears to be an outlier in the series.
Net Sales
Net sales increased steadily from 2005 through 2008, jumping from roughly $56.7 billion to $83.5 billion. After a slight decrease in 2009, sales plateaued around the $78-83 billion range from 2010 to 2013. A significant downturn occurred in 2014, with net sales dropping sharply to approximately $65.3 billion, where it remained relatively flat through 2017. From 2018 onward, net sales showed a steady recovery and growth, rising to about $84.3 billion by 2025, nearly reaching or slightly surpassing the previous peak levels.
Operating Profit Margin
The operating profit margin showed moderate stability around 19-20% from 2005 through 2008, followed by a decline in 2012 to 15.9%. After 2012, margins rebounded strongly, peaking at 21.5% in 2016 before a brief drop to 8.1% in 2019, which aligns with the significant operating income drop in the same year. From 2020 onward, margins consistently recovered and improved, reaching a high of 24.3% in 2025, indicating enhanced operational efficiency or improved profitability relative to sales.

Overall, the data indicates a period of growth and expansion in operating income and net sales through the late 2000s, followed by volatility including sharp declines in 2014 and more dramatically in 2019. Despite these setbacks, both operating income and net sales demonstrate a strong recovery trend post-2019. The operating profit margin's recovery and subsequent increase suggest improvements in cost control or pricing strategies, leading to stronger profitability in recent years.