Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Procter & Gamble Co., adjustment to net earnings attributable to Procter & Gamble (P&G)

US$ in millions

12 months ended:	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Net earnings attributable to Procter & Gamble (P&G) (as reported)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Add: Unrealized gains (losses) on investment securities, net of tax	(3)	(7)	5)	16)	(12)	184)
Net earnings attributable to Procter & Gamble (P&G) (adjusted)	14,876)	14,646)	14,747)	14,322)	13,015)	4,081)

Based on: 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).

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Procter & Gamble Co., adjusted profitability ratios

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Net Profit Margin
Reported net profit margin	17.70%	17.87%	18.38%	18.79%	18.36%	5.76%
Adjusted net profit margin	17.70%	17.86%	18.39%	18.82%	18.34%	6.03%
Return on Equity (ROE)
Reported ROE	29.59%	31.33%	31.64%	30.85%	28.00%	8.26%
Adjusted ROE	29.58%	31.31%	31.65%	30.88%	27.98%	8.65%
Return on Assets (ROA)
Reported ROA	12.16%	12.13%	12.58%	11.99%	10.79%	3.39%
Adjusted ROA	12.16%	12.12%	12.58%	12.00%	10.78%	3.55%

Based on: 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).

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Procter & Gamble Co. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Procter & Gamble Co. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Procter & Gamble Co. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Procter & Gamble Co., Profitability Ratios: Reported vs. Adjusted

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	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Net sales	84,039)	82,006)	80,187)	76,118)	70,950)	67,684)
Profitability Ratio
Net profit margin¹	17.70%	17.87%	18.38%	18.79%	18.36%	5.76%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Procter & Gamble (P&G)	14,876)	14,646)	14,747)	14,322)	13,015)	4,081)
Net sales	84,039)	82,006)	80,187)	76,118)	70,950)	67,684)
Profitability Ratio
Adjusted net profit margin²	17.70%	17.86%	18.39%	18.82%	18.34%	6.03%

Based on: 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).

2024 Calculations

¹ Net profit margin = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Net sales
= 100 × 14,879 ÷ 84,039 = 17.70%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to Procter & Gamble (P&G) ÷ Net sales
= 100 × 14,876 ÷ 84,039 = 17.70%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Procter & Gamble Co. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Shareholders’ equity attributable to Procter & Gamble	50,287)	46,777)	46,589)	46,378)	46,521)	47,194)
Profitability Ratio
ROE¹	29.59%	31.33%	31.64%	30.85%	28.00%	8.26%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Procter & Gamble (P&G)	14,876)	14,646)	14,747)	14,322)	13,015)	4,081)
Shareholders’ equity attributable to Procter & Gamble	50,287)	46,777)	46,589)	46,378)	46,521)	47,194)
Profitability Ratio
Adjusted ROE²	29.58%	31.31%	31.65%	30.88%	27.98%	8.65%

Based on: 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).

2024 Calculations

¹ ROE = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Shareholders’ equity attributable to Procter & Gamble
= 100 × 14,879 ÷ 50,287 = 29.59%

² Adjusted ROE = 100 × Adjusted net earnings attributable to Procter & Gamble (P&G) ÷ Shareholders’ equity attributable to Procter & Gamble
= 100 × 14,876 ÷ 50,287 = 29.58%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Procter & Gamble Co. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Procter & Gamble (P&G)	14,879)	14,653)	14,742)	14,306)	13,027)	3,897)
Total assets	122,370)	120,829)	117,208)	119,307)	120,700)	115,095)
Profitability Ratio
ROA¹	12.16%	12.13%	12.58%	11.99%	10.79%	3.39%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Procter & Gamble (P&G)	14,876)	14,646)	14,747)	14,322)	13,015)	4,081)
Total assets	122,370)	120,829)	117,208)	119,307)	120,700)	115,095)
Profitability Ratio
Adjusted ROA²	12.16%	12.12%	12.58%	12.00%	10.78%	3.55%

Based on: 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).

2024 Calculations

¹ ROA = 100 × Net earnings attributable to Procter & Gamble (P&G) ÷ Total assets
= 100 × 14,879 ÷ 122,370 = 12.16%

² Adjusted ROA = 100 × Adjusted net earnings attributable to Procter & Gamble (P&G) ÷ Total assets
= 100 × 14,876 ÷ 122,370 = 12.16%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Procter & Gamble Co. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Procter & Gamble Co. (NYSE:PG)

Analysis of Investments

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Procter & Gamble Co., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)