Selected Financial Data
since 2005
Income Statement
Procter & Gamble Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net earnings attributable to Procter & Gamble |
|---|---|---|---|
| Jun 30, 2026 | 87,032) | 19,748) | 16,046) |
| Jun 30, 2025 | 84,284) | 20,451) | 15,974) |
| Jun 30, 2024 | 84,039) | 18,545) | 14,879) |
| Jun 30, 2023 | 82,006) | 18,134) | 14,653) |
| Jun 30, 2022 | 80,187) | 17,813) | 14,742) |
| Jun 30, 2021 | 76,118) | 17,986) | 14,306) |
| Jun 30, 2020 | 70,950) | 15,706) | 13,027) |
| Jun 30, 2019 | 67,684) | 5,487) | 3,897) |
| Jun 30, 2018 | 66,832) | 13,711) | 9,750) |
| Jun 30, 2017 | 65,058) | 13,955) | 15,326) |
| Jun 30, 2016 | 65,299) | 13,441) | 10,508) |
| Jun 30, 2015 | 76,279) | 11,790) | 7,036) |
| Jun 30, 2014 | 83,062) | 15,288) | 11,643) |
| Jun 30, 2013 | 84,167) | 14,481) | 11,312) |
| Jun 30, 2012 | 83,680) | 13,292) | 10,756) |
| Jun 30, 2011 | 82,559) | 15,818) | 11,797) |
| Jun 30, 2010 | 78,938) | 16,021) | 12,736) |
| Jun 30, 2009 | 79,029) | 16,123) | 13,436) |
| Jun 30, 2008 | 83,503) | 17,083) | 12,075) |
| Jun 30, 2007 | 76,476) | 15,450) | 10,340) |
| Jun 30, 2006 | 68,222) | 13,249) | 8,684) |
| Jun 30, 2005 | 56,741) | 10,927) | 7,257) |
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).
The financial trajectory of the company from 2005 to 2026 is characterized by distinct phases of expansion, contraction, and subsequent recovery across net sales, operating income, and net earnings.
- Net Sales Trends
- An initial period of aggressive growth is observed between 2005 and 2008, with net sales increasing from 56,741 million to 83,503 million. Following this peak, revenue experienced a period of stagnation and a subsequent significant decline that bottomed out in 2017 at 65,058 million. From 2018 onward, a steady recovery is evident, with sales returning to and exceeding previous peaks to reach 87,032 million by 2026.
- Operating Income Performance
- Operating income generally mirrored the revenue trend, peaking in 2008 at 17,083 million. A period of volatility followed, most notably marked by a severe contraction in 2019, where income fell to 5,487 million. This anomaly is followed by a robust recovery starting in 2020, with operating income trending upward to reach a peak of 20,451 million in 2024 before a slight normalization in 2026.
- Net Earnings Analysis
- Net earnings attributable to the company grew steadily from 2005 to 2009, reaching 13,436 million. The subsequent decade was characterized by significant fluctuations, including a notable drop in 2015 and a critical low in 2019 of 3,897 million. However, the period from 2020 to 2026 demonstrates a sustained increase and stabilization of net earnings, which consistently remain above 14,000 million, indicating a strengthening of bottom-line profitability.
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Balance Sheet: Assets
Procter & Gamble Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Jun 30, 2026 | 26,208) | 126,521) |
| Jun 30, 2025 | 25,392) | 125,231) |
| Jun 30, 2024 | 24,709) | 122,370) |
| Jun 30, 2023 | 22,648) | 120,829) |
| Jun 30, 2022 | 21,653) | 117,208) |
| Jun 30, 2021 | 23,091) | 119,307) |
| Jun 30, 2020 | 27,987) | 120,700) |
| Jun 30, 2019 | 22,473) | 115,095) |
| Jun 30, 2018 | 23,320) | 118,310) |
| Jun 30, 2017 | 26,494) | 120,406) |
| Jun 30, 2016 | 33,782) | 127,136) |
| Jun 30, 2015 | 29,646) | 129,495) |
| Jun 30, 2014 | 31,617) | 144,266) |
| Jun 30, 2013 | 23,990) | 139,263) |
| Jun 30, 2012 | 21,910) | 132,244) |
| Jun 30, 2011 | 21,970) | 138,354) |
| Jun 30, 2010 | 18,782) | 128,172) |
| Jun 30, 2009 | 21,905) | 134,833) |
| Jun 30, 2008 | 24,515) | 143,992) |
| Jun 30, 2007 | 24,031) | 138,014) |
| Jun 30, 2006 | 24,329) | 135,695) |
| Jun 30, 2005 | 20,329) | 61,527) |
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).
The long-term asset trajectory is characterized by a significant structural expansion in 2006, followed by a period of relative stability and a gradual contraction before entering a phase of modest recovery.
- Total Asset Trends
- A substantial increase in total assets occurred between June 30, 2005, and June 30, 2006, where values rose from 61,527 million to 135,695 million. Following this surge, total assets remained largely stable, peaking at 144,266 million in 2014. A subsequent downward trend was observed from 2015 through 2019, with assets bottoming at 115,095 million. Since 2020, a steady upward trajectory has emerged, with assets projected to reach 126,521 million by 2026.
- Current Asset Volatility
- Current assets have exhibited more volatility than total assets. After maintaining a range between 18,000 million and 24,000 million for nearly a decade, a significant peak occurred in 2014 at 31,617 million. Another notable increase was recorded in 2020, reaching 27,987 million. Recent figures indicate a trend of gradual growth, moving from 21,653 million in 2022 toward a projected 26,208 million by 2026.
- Asset Composition and Liquidity Shift
- The relationship between current assets and total assets indicates a shift in balance sheet composition. In 2005, current assets represented approximately 33% of total assets. Following the 2006 expansion of the total asset base, this proportion dropped significantly, generally fluctuating between 15% and 22% for the remainder of the period. This suggests a strategic shift toward a higher concentration of non-current assets relative to liquid assets.
Overall, the financial data reflects a company that underwent a massive expansion of its asset base in the mid-2000s and has since focused on optimizing and stabilizing its balance sheet, with current assets serving as a variable component of the total asset structure.
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Balance Sheet: Liabilities and Stockholders’ Equity
Procter & Gamble Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity attributable to Procter & Gamble | |
|---|---|---|---|---|
| Jun 30, 2026 | 38,694) | 72,210) | 34,138) | 54,081) |
| Jun 30, 2025 | 36,058) | 72,946) | 34,508) | 52,012) |
| Jun 30, 2024 | 33,627) | 71,811) | 32,460) | 50,287) |
| Jun 30, 2023 | 35,756) | 73,764) | 34,607) | 46,777) |
| Jun 30, 2022 | 33,081) | 70,354) | 31,493) | 46,589) |
| Jun 30, 2021 | 33,132) | 72,653) | 31,988) | 46,378) |
| Jun 30, 2020 | 32,976) | 73,822) | 34,720) | 46,521) |
| Jun 30, 2019 | 30,011) | 67,516) | 30,092) | 47,194) |
| Jun 30, 2018 | 28,237) | 65,427) | 31,286) | 52,293) |
| Jun 30, 2017 | 30,210) | 64,628) | 31,592) | 55,184) |
| Jun 30, 2016 | 30,770) | 69,153) | 30,598) | 57,341) |
| Jun 30, 2015 | 29,790) | 66,445) | 30,350) | 62,419) |
| Jun 30, 2014 | 33,726) | 74,290) | 35,417) | 69,214) |
| Jun 30, 2013 | 30,037) | 70,554) | 31,543) | 68,064) |
| Jun 30, 2012 | 24,907) | 68,209) | 29,778) | 63,439) |
| Jun 30, 2011 | 27,293) | 70,353) | 32,014) | 67,640) |
| Jun 30, 2010 | 24,282) | 66,733) | 29,832) | 61,115) |
| Jun 30, 2009 | 30,901) | 71,451) | 36,972) | 63,099) |
| Jun 30, 2008 | 30,958) | 74,208) | 36,665) | 69,494) |
| Jun 30, 2007 | 30,717) | 71,002) | 35,414) | 66,760) |
| Jun 30, 2006 | 19,985) | 72,787) | 38,104) | 62,908) |
| Jun 30, 2005 | 25,039) | 44,050) | 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).
An analysis of the balance sheet components from 2005 to 2026 reveals a significant structural shift in the capital composition starting in 2006, followed by a prolonged period of relative stability in liabilities and a fluctuating trend in shareholders' equity.
- Liability Trends and Debt Management
- Total liabilities experienced a sharp increase between 2005 and 2006, rising from 44,050 million US$ to 72,787 million US$. Following this adjustment, total liabilities remained remarkably stable for two decades, generally fluctuating between 64,000 million US$ and 74,000 million US$. Total debt followed a similar pattern, peaking early in 2006 at 38,104 million US$ and maintaining a range between approximately 29,000 million US$ and 36,000 million US$ through 2026. This suggests a disciplined approach to maintaining a consistent long-term debt ceiling.
- Equity Dynamics and Capital Structure
- Shareholders' equity attributable to the company showed a dramatic increase in 2006, jumping from 17,477 million US$ to 62,908 million US$. Equity levels peaked in 2008 at 69,494 million US$ and again in 2014 at 69,214 million US$. However, a sustained downward trend occurred between 2014 and 2021, with equity reaching a period low of 46,378 million US$. A recovery phase is evident from 2022 onward, with equity trending upward to reach 54,081 million US$ by 2026.
- Current Liabilities and Short-term Obligations
- Current liabilities have exhibited more volatility and a more pronounced upward trajectory in recent years compared to total liabilities. While these obligations hovered around 30,000 million US$ for much of the 2007-2017 period, there is a visible increase starting in 2020. Current liabilities rose from 32,976 million US$ in 2020 to 38,694 million US$ by 2026, indicating a growing proportion of total liabilities is comprised of short-term obligations.
- Solvency and Leverage Observations
- The relationship between total debt and shareholders' equity shifted significantly over the analyzed period. During the peak equity years (2006-2014), the company maintained a lower leverage profile. As equity declined between 2015 and 2021 while total debt remained steady or increased, the debt-to-equity ratio widened, indicating increased financial leverage. The recovery in equity observed between 2022 and 2026 suggests a strategic move toward strengthening the balance sheet and reducing relative leverage.
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Cash Flow Statement
Procter & Gamble Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Operating activities | Investing activities | Financing activities |
|---|---|---|---|
| Jun 30, 2026 | 19,556) | (4,624) | (14,460) |
| Jun 30, 2025 | 17,817) | (3,818) | (14,036) |
| Jun 30, 2024 | 19,846) | (3,504) | (14,855) |
| Jun 30, 2023 | 16,848) | (3,500) | (12,146) |
| Jun 30, 2022 | 16,723) | (4,424) | (14,876) |
| Jun 30, 2021 | 18,371) | (2,834) | (21,531) |
| Jun 30, 2020 | 17,403) | 3,045) | (8,367) |
| Jun 30, 2019 | 15,242) | (3,490) | (9,994) |
| Jun 30, 2018 | 14,867) | (3,511) | (14,375) |
| Jun 30, 2017 | 12,753) | (5,689) | (8,568) |
| Jun 30, 2016 | 15,435) | (5,575) | (9,213) |
| Jun 30, 2015 | 14,608) | (2,891) | (13,019) |
| Jun 30, 2014 | 13,958) | (4,107) | (7,279) |
| Jun 30, 2013 | 14,873) | (6,295) | (7,071) |
| Jun 30, 2012 | 13,284) | (1,093) | (10,410) |
| Jun 30, 2011 | 13,330) | (3,482) | (10,122) |
| Jun 30, 2010 | 16,131) | (597) | (17,314) |
| Jun 30, 2009 | 14,919) | (2,353) | (10,814) |
| Jun 30, 2008 | 15,814) | (2,549) | (15,650) |
| Jun 30, 2007 | 13,435) | (2,483) | (12,478) |
| Jun 30, 2006 | 11,375) | (730) | (10,578) |
| Jun 30, 2005 | 8,722) | (2,336) | (4,168) |
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).
The cash flow profile indicates a mature corporate stage characterized by strong, consistent cash generation from core operations, sustained capital reinvestment, and aggressive capital distribution to shareholders and creditors.
- Operating Activities
- A long-term upward trajectory in cash flow from operating activities is observed, increasing from 8,722 million USD in 2005 to 19,556 million USD by 2026. Significant growth occurred between 2005 and 2010, where cash flow nearly doubled. While a period of relative stagnation occurred between 2011 and 2017, a renewed growth phase emerged starting in 2018, peaking at 19,846 million USD in 2024. This trend demonstrates a sustained ability to generate liquidity from primary business functions.
- Investing Activities
- Cash flows from investing activities remain predominantly negative, reflecting continuous capital expenditures and strategic investments. Periodic spikes in investment outflows are noted, particularly in 2013 (-6,295 million USD) and 2016-2017. A notable anomaly occurred in 2020, where a positive cash inflow of 3,045 million USD was recorded, suggesting a significant divestiture of assets or a liquidation of investments. In recent years, investing outflows have stabilized between 3,500 million USD and 4,600 million USD.
- Financing Activities
- Financing activities exhibit a consistent and substantial negative trend throughout the entire period, indicating a persistent strategy of returning capital to shareholders or reducing debt. Outflows frequently exceed the cash generated from operating activities, most notably in 2010 (-17,314 million USD) and 2021 (-21,531 million USD). The scale of these outflows suggests a heavy reliance on dividends, share repurchases, or aggressive debt amortization.
- Comprehensive Cash Flow Dynamics
- The interplay between the three components reveals a corporate strategy centered on utilizing operational surpluses to fund both business growth and shareholder returns. The persistent negative values in both investing and financing activities, funded by the positive growth in operating activities, characterize a stable, cash-generative entity that prioritizes value distribution over cash accumulation.
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Per Share Data
Procter & Gamble Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 30, 2026 | 6.75 | 6.62 | 4.26 |
| Jun 30, 2025 | 6.67 | 6.51 | 4.08 |
| Jun 30, 2024 | 6.18 | 6.02 | 3.83 |
| Jun 30, 2023 | 6.07 | 5.90 | 3.68 |
| Jun 30, 2022 | 6.00 | 5.81 | 3.52 |
| Jun 30, 2021 | 5.69 | 5.50 | 3.24 |
| Jun 30, 2020 | 5.13 | 4.96 | 3.03 |
| Jun 30, 2019 | 1.45 | 1.43 | 2.90 |
| Jun 30, 2018 | 3.75 | 3.67 | 2.79 |
| Jun 30, 2017 | 5.80 | 5.59 | 2.70 |
| Jun 30, 2016 | 3.80 | 3.69 | 2.66 |
| Jun 30, 2015 | 2.50 | 2.44 | 2.59 |
| Jun 30, 2014 | 4.19 | 4.01 | 2.45 |
| Jun 30, 2013 | 4.04 | 3.86 | 2.29 |
| Jun 30, 2012 | 3.82 | 3.66 | 2.14 |
| Jun 30, 2011 | 4.12 | 3.93 | 1.97 |
| Jun 30, 2010 | 4.32 | 4.11 | 1.80 |
| Jun 30, 2009 | 4.49 | 4.26 | 1.64 |
| Jun 30, 2008 | 3.86 | 3.64 | 1.45 |
| Jun 30, 2007 | 3.22 | 3.04 | 1.28 |
| Jun 30, 2006 | 2.79 | 2.64 | 1.15 |
| Jun 30, 2005 | 2.83 | 2.66 | 1.03 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial trajectory from 2005 to 2026 reflects a long-term expansion in per-share value, characterized by consistent dividend growth and a volatile yet upward-trending earnings profile.
- Earnings Per Share Performance
- Basic and diluted earnings per share exhibit a general upward trend over the two-decade period, although the growth is non-linear. After a period of steady increase between 2005 and 2010, earnings experienced significant volatility. Notable contractions occurred in 2015, where diluted EPS dropped to 2.44, and more acutely in 2019, when it fell to 1.43. However, a period of sustained recovery began in 2020, with diluted earnings climbing steadily from 4.96 to a projected 6.62 by 2026.
- Dividend Distribution Trends
- Dividend per share demonstrates an uninterrupted and linear growth pattern. From 2005 to 2026, the dividend increased every single year, rising from 1.03 to 4.26. This consistent growth occurs independently of the fluctuations observed in earnings per share, indicating a corporate policy prioritizing stable and growing shareholder returns regardless of short-term profitability variances.
- Earnings-to-Dividend Relationship
- The relationship between earnings and dividends reveals periods of varying coverage. While earnings generally exceed dividend payouts, the 2019 fiscal year represents a significant anomaly where the dividend per share of 2.90 substantially exceeded the diluted earnings per share of 1.43. This suggests that during periods of earnings contraction, the dividend policy is maintained through other financial means, such as retained earnings or credit, to preserve the growth streak.
- Long-term Value Projection
- The data indicates a strengthening financial position in the most recent period. The convergence of rising basic earnings and a steadily increasing dividend suggests improved operational efficiency and a robust capacity for capital distribution moving toward 2026.
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