Analysis of Geographic Areas
Procter & Gamble Co. operates in 2 regions: United States and International.
Area Asset Turnover
Procter & Gamble Co., asset turnover by geographic area
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | 3.00 | 3.30 | 3.38 | 3.39 | 3.41 | 3.34 |
| International | 3.94 | 3.78 | 4.26 | 4.12 | 4.16 | 3.66 |
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).
Asset turnover ratios across geographic segments demonstrate a divergence in operational efficiency between the United States and international markets over the six-year period ending June 30, 2026. While both regions experienced fluctuations, the international segment consistently outperformed the domestic market in asset utilization.
- United States Asset Turnover
- The domestic market exhibited relative stability between 2021 and 2024, with the ratio fluctuating narrowly between 3.34 and 3.41. However, a consistent downward trajectory emerged after June 30, 2024, with the ratio falling to 3.30 in 2025 and further declining to 3.00 by June 30, 2026. This trend indicates a diminishing capacity to generate revenue relative to the asset base within the United States.
- International Asset Turnover
- The international segment showed a significant increase in efficiency from 3.66 in 2021, peaking at 4.26 in 2024. Although a contraction occurred in 2025, where the ratio dropped to 3.78, a partial recovery to 3.94 was observed by June 30, 2026. Despite this volatility, the international turnover remains robust and consistently above the levels seen in the domestic market.
- Comparative Geographic Analysis
- A persistent performance gap is evident, as international asset turnover exceeded domestic turnover in every reporting period. The efficiency margin between the two regions expanded from 0.32 in 2021 to 0.94 in 2026. This widening gap suggests that international operations have become increasingly more effective at utilizing assets to drive sales compared to the domestic operations, which have seen a contraction in productivity.
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Area Asset Turnover: United States
Procter & Gamble Co.; United States; area asset turnover calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 41,700) | 41,600) | 40,500) | 38,700) | 36,500) | 33,700) |
| Long-lived assets | 13,900) | 12,600) | 12,000) | 11,400) | 10,700) | 10,100) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 3.00 | 3.30 | 3.38 | 3.39 | 3.41 | 3.34 |
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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 41,700 ÷ 13,900 = 3.00
The financial performance within the United States geographic area is characterized by steady revenue growth and a consistent expansion of the long-lived asset base, although efficiency in asset utilization shows a declining trend toward the conclusion of the period.
- Net Sales Trends
- A positive growth trajectory is observed in net sales, which increased from 33,700 million USD in 2021 to 41,700 million USD by 2026. While the total revenue grows annually, the rate of expansion demonstrates a marked deceleration, transitioning from an 8.3% increase between 2021 and 2022 to a marginal 0.2% increase between 2025 and 2026.
- Long-lived Asset Growth
- Long-lived assets exhibit a persistent upward trend, rising from 10,100 million USD in 2021 to 13,900 million USD in 2026. Investment in these assets remained relatively stable between 5% and 6.5% for the majority of the period, with a notable acceleration in the final year, where asset value increased by approximately 10.3%.
- Area Asset Turnover Analysis
- The area asset turnover ratio reached a peak of 3.41 in 2022, representing the period of highest efficiency in generating sales relative to the asset base. Following this peak, a consistent decline is observed, with the ratio falling to 3.00 by 2026. This deterioration in the turnover ratio indicates that the growth in long-lived assets has outpaced the growth in net sales, suggesting a reduction in the productivity of the capital invested in the region.
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Area Asset Turnover: International
Procter & Gamble Co.; International; area asset turnover calculation
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 45,300) | 42,700) | 43,500) | 43,300) | 43,700) | 42,400) |
| Long-lived assets | 11,500) | 11,300) | 10,200) | 10,500) | 10,500) | 11,600) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 3.94 | 3.78 | 4.26 | 4.12 | 4.16 | 3.66 |
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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 45,300 ÷ 11,500 = 3.94
The international geographic segment exhibits a fluctuating yet generally resilient pattern in asset utilization between 2021 and 2026. The efficiency of the asset base is characterized by a period of optimization followed by a phase of reinvestment and subsequent recovery.
- Net Sales Trends
- Revenue within the international area remained relatively stable from 2021 through 2025, oscillating between 42.4 billion and 43.7 billion US dollars. A notable upward shift is observed in 2026, where net sales reach a peak of 45.3 billion US dollars, indicating an expansion in market reach or pricing power toward the end of the period.
- Long-lived Asset Dynamics
- A reduction in the asset base occurred between 2021 and 2024, with long-lived assets decreasing from 11.6 billion to 10.2 billion US dollars. This downward trend suggests an emphasis on asset leaness or the depreciation of older assets without immediate replacement. However, a reversal is noted starting in 2025, with assets increasing to 11.5 billion US dollars by 2026, signaling a period of capital expenditure and strategic reinvestment.
- Area Asset Turnover Analysis
- The asset turnover ratio improved significantly from 3.66 in 2021 to a peak of 4.26 in 2024. This increase in efficiency was primarily driven by the contraction of long-lived assets while net sales remained steady. A sharp decline to 3.78 occurred in 2025, coinciding with a decrease in sales and a simultaneous increase in the asset base. By 2026, the ratio recovers to 3.94, as the substantial growth in net sales begins to offset the increased investment in long-lived assets.
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Net sales
Procter & Gamble Co., net sales by geographic area
US$ in millions
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | 41,700) | 41,600) | 40,500) | 38,700) | 36,500) | 33,700) |
| International | 45,300) | 42,700) | 43,500) | 43,300) | 43,700) | 42,400) |
| Total | 87,000) | 84,300) | 84,000) | 82,000) | 80,200) | 76,100) |
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).
Total net sales exhibit a consistent upward trajectory over the six-year period, increasing from 76,100 million US dollars in June 2021 to 87,000 million US dollars by June 2026. This represents a total growth of approximately 14.3% over the analyzed duration, characterized by steady incremental gains each year.
- United States Market Performance
- The domestic market shows sustained and continuous growth, rising from 33,700 million US dollars in 2021 to 41,700 million US dollars in 2026. However, the rate of expansion exhibits a clear deceleration; the growth pace was most aggressive between 2021 and 2023 and slowed to a marginal increase of 0.2% between 2025 and 2026.
- International Market Performance
- International sales demonstrate higher volatility and a period of relative stagnation compared to domestic trends. After reaching 43,700 million US dollars in 2022, revenue fluctuated between 42,700 million and 43,500 million US dollars through 2025. A notable recovery is observed in 2026, with sales increasing to 45,300 million US dollars.
- Geographic Revenue Mix
- A shift in the proportion of revenue sources is evident. The United States' contribution to total net sales increased from 44.3% in 2021 to 47.9% in 2026. This indicates that domestic growth outperformed international growth for the majority of the period, leading to a more balanced distribution of revenue between the two segments.
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Long-lived assets
Procter & Gamble Co., long-lived assets by geographic area
US$ in millions
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | 13,900) | 12,600) | 12,000) | 11,400) | 10,700) | 10,100) |
| International | 11,500) | 11,300) | 10,200) | 10,500) | 10,500) | 11,600) |
| Total | 25,400) | 23,900) | 22,200) | 21,900) | 21,200) | 21,700) |
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).
Total long-lived assets demonstrate a general upward trajectory over the observed period, increasing from 21,700 million US dollars in 2021 to 25,400 million US dollars by 2026. While the aggregate growth is positive, the distribution of these assets across geographic segments reveals a significant shift in capital allocation.
- United States Asset Trend
- A consistent and uninterrupted growth pattern is observed in domestic long-lived assets. The valuation rose from 10,100 million US dollars in 2021 to 13,900 million US dollars in 2026, indicating a sustained increase in domestic investment and infrastructure expansion.
- International Asset Trend
- International long-lived assets exhibited a period of contraction followed by a recovery. Values declined from a peak of 11,600 million US dollars in 2021 to a trough of 10,200 million US dollars in 2024. A recovery phase is noted thereafter, with assets increasing to 11,500 million US dollars by 2026.
- Geographic Asset Distribution
- A structural pivot in asset concentration occurred during this timeframe. In 2021, international assets represented the larger portion of the total long-lived asset base. By 2023, the United States surpassed international holdings, and this dominance expanded through 2026, resulting in a higher concentration of assets within the domestic market.
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