Procter & Gamble Co. (NYSE:PG)

Net Earnings (Loss)

Net earnings increased from 2,737 million US dollars in 2020 to a peak of 3,210 million in 2021. This was followed by a slight decline to 3,160 million in 2022 and a marginal increase to 3,178 million in 2023. Subsequently, earnings showed a downward trend, falling to 2,963 million in 2024 and further to 2,715 million in 2025. Overall, net earnings exhibit a peak in 2021 with a gradual decrease thereafter.

Net Sales

Net sales demonstrated a consistent growth trend from 13,359 million US dollars in 2020 to 15,220 million in 2024. The data for 2025, however, indicates a slight decline to 14,964 million US dollars. The sales growth trend is relatively steady with an exception of the latest period where a modest decrease is observed.

Segment Profit Margin

The segment profit margin showed an increase from 20.49% in 2020 to a high of 22.27% in 2021, followed by a gradual decline over subsequent years. By 2025, the margin had decreased to 18.14%. This indicates decreasing profitability relative to sales over the last several years despite earlier improvements.

Summary

Over the analyzed period, net sales generally increased, while net earnings peaked early and have trended downward more recently. Concurrently, the segment profit margin peaked in 2021 and has steadily declined through 2025. This pattern suggests challenges in maintaining profit efficiency despite generally increasing sales volumes, with profitability pressures becoming more pronounced in the latest years.

Net Earnings (Loss)

Net earnings demonstrated a generally positive trend over the observed periods. Starting at 1,329 million US dollars in mid-2020, earnings increased relatively steadily each year, reaching 1,490 million by mid-2022. There was a slight decline observed in mid-2023 to 1,461 million but followed by a rebound to 1,477 million and further growth to 1,577 million by mid-2025. This pattern suggests resilience with minor fluctuations, culminating in a 2025 figure notably higher than the starting point.

Net Sales

Net sales exhibited growth but with some variability. Sales rose from 6,069 million US dollars in mid-2020 to a peak of 6,587 million in mid-2022. However, mid-2023 showed a slight dip to 6,419 million, indicating a temporary contraction. Sales recovered thereafter to 6,654 million in mid-2024 and remained relatively stable, at 6,662 million, in mid-2025. Overall, sales increased moderately over the six-year span with some short-term volatility.

Segment Profit Margin

The segment profit margin demonstrated an upward trajectory throughout the periods observed. Beginning at 21.9% in mid-2020, the margin rose consistently to 22.76% by mid-2023. This was followed by a minor decrease to 22.2% in mid-2024 but then an increase again to 23.67% in mid-2025. The trend reflects improving efficiency or profitability within the segment despite minor fluctuations.

Summary Insights

The data indicate sustained profitability growth in net earnings, corresponding with moderate sales expansion and improving profit margins. The fluctuations in sales and earnings suggest some external or operational challenges during certain periods, particularly in 2023, but these were broadly overcome by subsequent years. The rising profit margin suggests enhanced cost control or revenue management, contributing to stronger overall financial performance in the segment towards 2025.

Net Earnings (Loss)

The net earnings have demonstrated a consistent upward trend from 2020 through 2025. Starting at 1,652 million USD in 2020, earnings increased each year, reaching 2,440 million USD by 2025. This reflects steady growth over the six-year span, with gains ranging between approximately 100 and 190 million USD annually, indicating improving profitability.

Net Sales

Net sales exhibited continuous growth during the period, rising from 9,028 million USD in 2020 to 11,998 million USD in 2025. The year-over-year increases show a steady but moderate expansion of sales, averaging an increase of about 400-600 million USD yearly, demonstrating a stable sales growth trajectory within the segment.

Segment Profit Margin

The segment profit margin improved gradually across the years, starting at 18.3% in 2020 and reaching 20.34% in 2025. This upward movement signals enhanced operational efficiency or favorable cost management, contributing to higher profitability relative to sales.

Overall Analysis

The data indicates a positive performance pattern for the segment, with both revenues and net earnings increasing year over year. The profit margin growth further supports the conclusion of enhanced profitability. The consistent increases across all major financial indicators suggest effective management and possibly favorable market conditions impacting the Health Care segment.

The Fabric & Home Care segment demonstrates a generally positive financial trend over the observed periods. Net earnings show consistent growth, increasing from $4,154 million in 2020 to $5,848 million in 2025. This reflects a steady improvement in profitability within the segment.

Net sales have also exhibited upward movement, rising from $23,735 million in 2020 to $29,617 million in 2025. Sales growth appears steady year-over-year, indicating sustained demand and effective market positioning.

The segment profit margin presents some variability but trends upwards overall. Initially, the margin is 17.5% in 2020, experiencing a slight increase in 2021 to 17.77% before dipping to 15.92% in 2022. After this decline, the margin improves again, reaching 19.75% by 2025. This fluctuation could indicate temporary cost pressures or strategic adjustments, followed by efficiency gains or favorable pricing conditions.

Net Earnings

Consistent increase over the six-year period, with an overall growth of approximately 41% from 2020 to 2025.

Net Sales

Gradual growth in sales revenue by about 25% over the same timeframe, indicating expansion in market presence or volume.

Segment Profit Margin

Margin fluctuated, notably decreasing in 2022 but recovered and ultimately improved by approximately 2.25 percentage points from 2020 to 2025, suggesting enhanced profitability and cost management after a short-term dip.

In summary, the Fabric & Home Care segment shows robust financial health with increasing earnings and sales, alongside improving profitability margins in the longer term. The dip in profit margin in 2022 warrants further examination, though the subsequent recovery highlights effective strategic response or operational improvements.

Net Earnings (Loss)

The net earnings for the segment exhibited fluctuations over the examined periods. Starting at 3,465 million US dollars in mid-2020, earnings increased to 3,629 million by mid-2021, representing a moderate growth. However, a decline followed in mid-2022, with earnings dropping to 3,266 million. Subsequently, a recovery took place, pushing earnings up to 3,545 million in mid-2023. The upward trend continued in mid-2024, reaching a peak of 4,020 million. By mid-2025, net earnings remained relatively stable at 4,013 million, indicating a plateau after the prior increase.

Net Sales

Net sales demonstrated a generally positive but decelerating growth trajectory across the periods. Beginning at 18,364 million US dollars in mid-2020, sales increased steadily each year, reaching 18,850 million in mid-2021 and 19,736 million in mid-2022. Progressing to mid-2023 and mid-2024, sales grew to 20,217 million and 20,277 million respectively, before showing a slight decline to 20,248 million in mid-2025. The data indicates strong initial sales growth that tapered off, culminating in a marginal decrease in the last period.

Segment Profit Margin

The segment profit margin experienced variability over the reported years. Beginning at 18.87% in mid-2020, it slightly increased to 19.25% in mid-2021. A significant decline followed in mid-2022, where the margin dropped to 16.55%, suggesting a period of reduced profitability. Recovery began in mid-2023 with margin improvement to 17.53%, continuing to rise to a peak of 19.83% in mid-2024. By mid-2025, the margin remained stable at 19.82%, indicating restored profitability levels comparable to the highest observed points.

Capital Expenditures

Capital expenditures demonstrate a declining trend from 2020 through 2024, decreasing from $397 million to $280 million. However, in 2025, there is a moderate increase to $328 million, indicating a possible reinvestment or expansion phase after several years of reduction.

Depreciation and Amortization

The depreciation and amortization expense shows a consistent upward trend over the six-year period. Starting at $320 million in 2020, it increases each year, reaching $399 million by 2024 and remaining steady at this level through 2025. This suggests ongoing asset aging and amortization recognition without corresponding increases in new capital investment during the recent periods.

Segment Capital Expenditures to Depreciation Ratio

This ratio declines steadily from 1.24 in 2020 to 0.70 in 2024, before slightly increasing to 0.82 in 2025. The downward trend indicates that capital expenditures are falling relative to the amount of depreciation being recorded, reflecting a reduction in asset renewal or expansion relative to asset consumption. The slight uptick in 2025 ratio aligns with the increase in capital expenditures observed in that year, possibly signaling a strategic shift toward investment.

Capital Expenditures

The capital expenditures exhibit a fluctuating trend over the six-year period. Initially, there is a decline from 305 million US dollars in 2020 to 260 million in 2022. Subsequently, the values increase steadily, reaching 451 million by 2025, marking the highest expenditure in the observed timeframe.

Depreciation and Amortization

Depreciation and amortization expenses show a consistent downward trend across the years. Starting at 406 million US dollars in 2020, the expenses decrease annually, settling at 313 million in 2025, which represents a notable reduction from the initial amount.

Segment Capital Expenditures to Depreciation Ratio

The ratio of capital expenditures to depreciation reveals a general upward trajectory, indicating increasing investment relative to asset depreciation. The ratio starts below one at 0.75 in 2020, remains relatively stable until 2022, then rises sharply, surpassing parity in 2024 with a ratio of 1.01 and significantly increasing to 1.44 in 2025. This suggests a strategic shift towards greater reinvestment in assets within the segment.

Overall Insights

The contrasting trends between declining depreciation and rising capital expenditures imply an expansion or modernization phase in asset base. The rising ratio confirms intensified investment activity relative to the expensing of current assets. This trend may indicate an emphasis on growth or renewal of the asset portfolio in the grooming segment during the later years.

Capital Expenditures

The capital expenditures for the Health Care segment showed a consistent upward trend over the analyzed period, increasing from US$338 million in 2020 to US$526 million in 2025. This indicates a sustained investment in long-term assets within the segment, reflecting a commitment to growth and potential expansion activities.

Depreciation and Amortization

Depreciation and amortization expenses remained relatively stable with minor fluctuations throughout the years. Starting at US$350 million in 2020, these expenses peaked at US$397 million in 2025. The moderate growth in depreciation and amortization suggests a steady base of asset utilization and aging.

Segment Capital Expenditures to Depreciation Ratio

The ratio of capital expenditures to depreciation increased notably from 0.97 in 2020 to a peak of 1.38 in 2024, before slightly decreasing to 1.32 in 2025. This rising ratio implies that the amount invested in new assets is growing faster than the rate at which existing assets are depreciated. The ratio above 1.0 consistently from 2022 onwards highlights a phase of significant asset base expansion relative to asset consumption.

Overall Trends and Insights

The overall financial trends within the Health Care segment reflect a strategy oriented toward expanding asset capacity. Increasing capital expenditures outpacing depreciation suggest that the company is actively investing in new facilities, equipment, or technology. Meanwhile, the steady depreciation expenses confirm that existing assets continue to be utilized effectively without evidence of accelerated impairment. These patterns denote a potentially robust outlook for sustained segment growth and an emphasis on maintaining and enhancing productive capabilities.

The "Fabric & Home Care" segment demonstrates a consistent increase in capital expenditures over the analyzed periods, with values rising from 887 million US dollars in mid-2020 to 1,208 million US dollars by mid-2025. This upward trend suggests ongoing or expanding investment in this segment's asset base.

Depreciation and amortization expenses also show a steady increase, growing from 605 million US dollars in 2020 to 723 million US dollars in 2025. The gradual rise in these expenses aligns with the increasing capital expenditures and indicates a growing asset base subject to amortization and depreciation.

The ratio of segment capital expenditures to depreciation fluctuates but generally trends upward. Initially, the ratio increased from 1.47 in 2020 to a peak of 1.56 in 2021, followed by a slight decline to 1.45 in 2023. Thereafter, the ratio rises again, reaching 1.67 by 2025. This pattern suggests that recent capital expenditures are expanding at a rate faster than depreciation is being recognized, reflecting potential growth or modernization efforts within the segment.

Overall, the data show a pattern of sustained investment in the segment's asset base, supported by steady growth in capital expenditures and a proportional increase in depreciation expense. The increasing capital expenditures to depreciation ratio in the latter years highlights an acceleration in investment relative to asset consumption.

Capital Expenditures

Capital expenditures have shown an overall increasing trend over the observed period. Starting from 764 million USD in 2020, they rose consistently each year to reach 1080 million USD by 2025. The growth is steady, with notable increments each year, indicating ongoing investment in the segment.

Depreciation and Amortization

Depreciation and amortization expenses presented minor fluctuations during the period. Beginning at 839 million USD in 2020, the figure slightly increased to 846 million USD in 2021, then exhibited a gradual decline to 814 million USD by 2025. This suggests a modest reduction in amortizable asset base or slower asset aging relative to capital expenditure increases.

Segment Capital Expenditures to Depreciation Ratio

The ratio of capital expenditures to depreciation rose consistently, suggesting that capital investments are increasingly outpacing asset depreciation. The ratio climbed from 0.91 in 2020 to 1.33 in 2025, reaching above parity from 2022 onwards. This indicates an expanding asset base and possible capacity enhancement or modernization within the segment.