Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Common-Size Income Statement 
Quarterly Data

Procter & Gamble Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of products sold -48.78 -48.63 -50.89 -49.02 -47.61 -47.94 -50.40 -48.80 -47.31 -48.01 -51.64 -51.84 -52.46 -52.62 -55.35 -53.28 -50.89 -50.96 -51.68 -49.27 -46.86 -47.32 -50.53 -50.63 -48.62 -49.01
Gross profit 51.22% 51.37% 49.11% 50.98% 52.39% 52.06% 49.60% 51.20% 52.69% 51.99% 48.36% 48.16% 47.54% 47.38% 44.65% 46.72% 49.11% 49.04% 48.32% 50.73% 53.14% 52.68% 49.47% 49.37% 51.38% 50.99%
Selling, general and administrative expense -27.05 -25.21 -28.26 -27.93 -26.15 -25.39 -30.68 -29.12 -25.75 -25.62 -28.11 -26.99 -24.51 -23.42 -26.21 -25.96 -24.44 -24.34 -29.64 -29.83 -25.89 -25.34 -29.81 -29.31 -26.80 -26.89
Indefinite-lived intangible asset impairment charge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating income 24.16% 26.16% 20.85% 23.05% 26.24% 26.67% 18.92% 22.08% 20.68% 26.37% 20.25% 21.17% 23.03% 23.96% 18.44% 20.76% 24.66% 24.70% 18.68% 20.90% 27.25% 27.34% 19.67% 20.06% 24.57% 24.10%
Interest expense -0.99 -0.88 -1.01 -1.10 -1.10 -1.09 -1.07 -1.15 -1.16 -1.03 -1.17 -1.11 -0.82 -0.60 -0.59 -0.56 -0.51 -0.54 -0.62 -0.59 -0.72 -0.70 -0.89 -0.58 -0.55 -0.61
Interest income 0.52 0.48 0.50 0.56 0.54 0.62 0.53 0.51 0.62 0.59 0.56 0.41 0.32 0.20 0.11 0.05 0.05 0.05 0.08 0.06 0.05 0.05 0.12 0.23 0.20 0.33
Other non-operating income (expense), net 0.72 1.19 1.31 1.06 1.03 -2.55 0.47 1.29 0.83 0.60 0.95 0.89 0.75 0.67 0.75 0.76 0.80 0.54 0.67 1.03 -1.87 0.74 0.65 0.62 0.63 0.58
Earnings before income taxes 24.41% 26.95% 21.64% 23.57% 26.71% 23.65% 18.85% 22.74% 20.97% 26.53% 20.60% 21.37% 23.28% 24.24% 18.70% 21.01% 25.00% 24.76% 18.81% 21.41% 24.70% 27.42% 19.56% 20.32% 24.85% 24.40%
Income taxes -4.91 -5.60 -4.28 -4.39 -5.42 -5.30 -3.54 -4.02 -4.68 -5.70 -4.09 -4.31 -4.22 -5.02 -3.03 -3.63 -4.76 -4.47 -3.46 -3.47 -5.01 -5.12 -3.81 -3.14 -4.33 -4.08
Net earnings 19.50% 21.36% 17.36% 19.18% 21.29% 18.34% 15.31% 18.72% 16.29% 20.83% 16.50% 17.06% 19.06% 19.23% 15.67% 17.37% 20.25% 20.29% 15.35% 17.94% 19.69% 22.30% 15.74% 17.18% 20.52% 20.32%
Net (earnings) loss attributable to noncontrolling interests -0.05 -0.14 -0.05 -0.12 -0.13 -0.13 -0.04 -0.13 -0.12 -0.16 -0.04 -0.13 -0.13 -0.12 -0.03 -0.06 -0.09 -0.07 -0.01 0.11 -0.17 -0.16 0.08 -0.23 -0.14 -0.13
Net earnings attributable to Procter & Gamble (P&G) 19.45% 21.22% 17.31% 19.06% 21.16% 18.21% 15.27% 18.59% 16.17% 20.67% 16.46% 16.93% 18.93% 19.11% 15.64% 17.31% 20.15% 20.22% 15.34% 18.05% 19.52% 22.14% 15.82% 16.95% 20.38% 20.19%
Preferred dividends -0.32 -0.33 -0.37 -0.36 -0.33 -0.33 -0.36 -0.34 -0.33 -0.32 -0.35 -0.34 -0.34 -0.34 -0.37 -0.35 -0.33 -0.34 -0.39 -0.36 -0.33 -0.34 -0.40 -0.37 -0.35 -0.37
Net earnings attributable to P&G available to common shareholders 19.12% 20.89% 16.94% 18.70% 20.83% 17.88% 14.91% 18.25% 15.85% 20.35% 16.11% 16.58% 18.60% 18.77% 15.27% 16.96% 19.82% 19.87% 14.95% 17.69% 19.18% 21.80% 15.43% 16.57% 20.03% 19.82%

Based on: 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).

The common-size income statement reveals several noteworthy trends in the company’s financial performance over the analyzed period. Net sales are consistently represented as 100% by definition, allowing for a clear view of how other income statement items fluctuate as a percentage of revenue. Cost of products sold generally remained between 46% and 56% of net sales, exhibiting some volatility, particularly a peak in the period ending March 31, 2022. Gross profit as a percentage of net sales mirrored this trend, fluctuating between approximately 44% and 53%. Operating income demonstrated a similar pattern, ranging from roughly 15% to 28% of net sales, with a noticeable dip in the periods ending June 30, 2020, and June 30, 2021.

Gross Profit Margin
Gross profit margin experienced a decline from approximately 51% in the earlier periods (September 2019 - December 2019) to a low of around 44% in June 2022. It then showed some recovery, reaching approximately 51% by September 2023, before decreasing again to around 49% by June 2025. This suggests potential pressures on input costs or pricing strategies during certain periods.
Operating Expense Management
Selling, general, and administrative expenses consistently represented a significant portion of net sales, generally between 23% and 30%. A decrease in this percentage was observed from 2019-2021, followed by an increase in 2022-2023, and a subsequent decrease again in 2024-2025. This indicates fluctuations in the company’s operational spending relative to its revenue.
Profitability
Net earnings attributable to P&G as a percentage of net sales followed a similar trajectory to operating income, ranging from approximately 14% to 22%. A significant dip occurred in the period ending June 30, 2020, and again in June 2021, followed by a recovery and then a decline in 2022. The most recent periods (2024-2025) show a return to levels closer to those observed in 2021, but with some volatility. The impact of the indefinite-lived intangible asset impairment charge in December 2023 significantly reduced net earnings for that period.
Interest and Other Income
Interest expense remained relatively stable as a percentage of net sales, generally between 0.5% and 1.2%. Interest income showed an increasing trend over the period, rising from approximately 0.2% to 0.6% of net sales. Other non-operating income (expense), net, exhibited considerable fluctuation, ranging from negative to positive values, with a notable negative impact in December 2020 and a positive impact in March 2025. These fluctuations suggest the impact of various non-core business activities on the company’s overall profitability.
Tax Rate
The effective tax rate, as indicated by income taxes as a percentage of net sales, fluctuated between approximately 3% and 5.5%. The higher rates observed in September 2022 and March 2025 may be attributable to changes in tax laws or the geographic distribution of earnings.

Overall, the company’s profitability appears sensitive to changes in cost of products sold, operating expenses, and non-operating items. While revenue remained constant in percentage terms, the fluctuations in these other areas significantly impacted net earnings. The recent periods (2024-2025) suggest a potential stabilization of profitability, but continued monitoring of cost management and non-operating income is warranted.