Detailed financial statements for The Procter & Gamble Company (PG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Procter & Gamble Company, commonly referred to as P&G, is a global enterprise that supplies a broad spectrum of branded consumer products to markets worldwide. The company's operations are divided into five main business divisions: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care.
Analysis Summary
The Procter & Gamble Company reported revenue of $87.03B in the most recent fiscal year, growing at a 5-year CAGR of 2.7%. Net income reached $16.05B, with a 2.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.2%, operating margin 22.7%, net margin 18.4%. Free cash flow grew at 0.4% CAGR over 5 years.
At the current price of $144.91, PG trades at a P/E of 21.89 and an ROE of 29.54%. Market capitalisation stands at $344.5B, placing it among large-cap names.
Balance sheet quality for PG: current ratio of 0.7, net debt of $25.08B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $15.91B represents 99% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.06B | $66.83B | $67.68B | $70.95B | $76.12B | $80.19B | $82.01B | $84.04B | $84.28B | $87.03B |
| Cost of Revenue | $32.64B | $34.43B | $34.77B | $35.25B | $37.11B | $42.16B | $42.76B | $40.85B | $41.16B | $43.36B |
| Gross Profit | $32.42B | $32.40B | $32.92B | $35.70B | $39.01B | $38.03B | $39.25B | $43.19B | $43.12B | $43.67B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $18.65B | $19.04B | $19.08B | $19.99B | $21.02B | $20.22B | $21.11B | $23.30B | $22.67B | $23.92B |
| Operating Expenses | $18.65B | $19.04B | $27.43B | $19.99B | $21.02B | $20.22B | $21.11B | $24.65B | $22.67B | $23.92B |
| Operating Income | $13.77B | $13.36B | $5.49B | $15.71B | $17.99B | $17.81B | $18.13B | $18.55B | $20.45B | $19.75B |
| EBITDA | $16.54B | $16.67B | $9.40B | $19.31B | $20.85B | $21.24B | $21.77B | $22.58B | $23.92B | $21.25B |
| Interest Expense | $465.0M | $506.0M | $509.0M | $465.0M | $502.0M | $439.0M | $756.0M | $925.0M | $907.0M | $877.0M |
| Pre-tax Income | $13.26B | $13.33B | $6.07B | $15.83B | $17.61B | $18.00B | $18.35B | $18.76B | $20.17B | $20.38B |
| Income Tax | $3.06B | $3.46B | $2.10B | $2.73B | $3.26B | $3.20B | $3.62B | $3.79B | $4.10B | $4.23B |
| Net Income | $15.33B | $9.75B | $3.90B | $13.03B | $14.31B | $14.74B | $14.65B | $14.88B | $15.97B | $16.05B |
| EPS | $5.80 | $3.75 | $1.45 | $5.13 | $5.69 | $6.00 | $6.07 | $6.18 | $6.67 | $6.75 |
| EPS (Diluted) | $5.59 | $3.67 | $1.43 | $4.96 | $5.50 | $5.81 | $5.90 | $6.02 | $6.51 | $6.62 |
| Shares Outstanding (Diluted) | $2.74B | $2.66B | $2.54B | $2.63B | $2.60B | $2.54B | $2.48B | $2.47B | $2.45B | $2.42B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $22.39B | $22.21B | $21.23B | $21.20B |
| Gross Profit | $11.50B | $11.37B | $10.51B | $10.28B |
| Operating Income | $5.86B | $5.37B | $4.58B | $3.95B |
| EBITDA | $6.99B | $6.44B | $6.00B | $1.82B |
| Net Income | $4.75B | $4.33B | $3.97B | $3.00B |
| EPS | $2.00 | $1.82 | $1.66 | $1.27 |
| EPS (Diluted) | $1.95 | $1.78 | $1.63 | $1.26 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.57B | $2.57B | $4.24B | $16.18B | $10.29B | $7.21B | $8.25B | $9.48B | $9.56B | $9.94B |
| Short-term Investments | $9.57B | $9.28B | $6.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $4.59B | $4.69B | $4.95B | $4.18B | $4.72B | $5.14B | $5.47B | $6.12B | $6.18B | $6.06B |
| Inventory | $4.62B | $4.74B | $5.02B | $5.50B | $5.98B | $6.92B | $7.07B | $7.02B | $7.55B | $8.17B |
| Total Current Assets | $26.49B | $23.32B | $22.47B | $27.99B | $23.09B | $21.65B | $22.65B | $24.71B | $25.39B | $26.21B |
| Property, Plant & Equipment | $19.89B | $20.60B | $21.27B | $20.69B | $21.69B | $21.20B | $21.91B | $22.15B | $23.90B | $25.36B |
| Goodwill | $44.70B | $45.17B | $40.27B | $39.90B | $40.92B | $39.70B | $40.66B | $40.30B | $41.65B | $41.28B |
| Intangible Assets | $24.19B | $23.90B | $24.21B | $23.79B | $23.64B | $23.68B | $23.78B | $22.05B | $21.91B | $21.44B |
| Total Assets | $120.41B | $118.31B | $115.09B | $120.70B | $119.31B | $117.21B | $120.83B | $122.37B | $125.23B | $126.52B |
| Accounts Payable | $9.63B | $10.34B | $11.26B | $12.07B | $13.72B | $14.88B | $14.60B | $15.36B | $15.23B | $16.31B |
| Short-term Debt | $13.55B | $10.42B | $9.70B | $11.18B | $8.89B | $8.64B | $10.23B | $7.19B | $9.51B | $11.30B |
| Total Current Liabilities | $30.21B | $28.24B | $30.01B | $32.98B | $33.13B | $33.08B | $35.76B | $33.63B | $36.06B | $38.69B |
| Long-term Debt | $18.04B | $20.86B | $20.39B | $23.54B | $23.10B | $22.85B | $24.38B | $25.27B | $25.00B | $22.84B |
| Total Liabilities | $64.63B | $65.43B | $67.52B | $73.82B | $72.65B | $70.35B | $73.76B | $71.81B | $72.95B | $72.21B |
| Retained Earnings | $96.12B | $98.64B | $94.92B | $100.24B | $106.37B | $112.43B | $118.17B | $123.81B | $129.97B | $135.85B |
| Total Equity | $55.18B | $52.29B | $47.19B | $46.52B | $46.38B | $46.59B | $46.78B | $50.29B | $52.01B | $54.31B |
| Total Debt | $31.64B | $31.39B | $30.10B | $35.61B | $32.84B | $32.29B | $35.42B | $33.37B | $35.46B | $35.03B |
| Net Debt | $16.51B | $19.54B | $19.81B | $19.43B | $22.55B | $25.08B | $27.18B | $23.89B | $25.91B | $25.08B |
| Working Capital | -$3.72B | -$4.92B | -$7.54B | -$4.99B | -$10.04B | -$11.43B | -$13.11B | -$8.92B | -$10.67B | -$12.49B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $11.17B | $10.82B | $12.31B | $9.94B |
| Total Assets | $127.60B | $127.29B | $128.38B | $126.52B |
| Total Liabilities | $74.05B | $73.97B | $73.65B | $72.21B |
| Total Equity | $53.27B | $53.04B | $54.51B | $54.31B |
| Total Debt | $35.95B | $36.64B | $37.03B | $35.03B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $15.33B | $9.86B | $3.97B | $13.10B | $14.35B | $14.79B | $14.74B | $14.88B | $16.07B | $16.14B |
| Depreciation & Amortization | $2.82B | $2.83B | $2.82B | $3.01B | $2.73B | $2.81B | $2.71B | $2.90B | $2.85B | $3.16B |
| Stock-based Compensation | $366.0M | $395.0M | $515.0M | $558.0M | $540.0M | $528.0M | $545.0M | $562.0M | $476.0M | $524.0M |
| Change in Working Capital | -$443.0M | $3.02B | $368.0M | $1.21B | $371.0M | -$1.15B | -$1.22B | -$436.0M | -$2.47B | $2.0M |
| Operating Cash Flow | $12.75B | $14.87B | $15.24B | $17.40B | $18.37B | $16.72B | $16.85B | $19.85B | $17.82B | $20.32B |
| Capital Expenditure | -$3.38B | -$3.72B | -$3.35B | -$3.07B | -$2.79B | -$3.16B | -$3.06B | -$3.32B | -$3.77B | -$4.41B |
| Acquisitions | -$491.0M | -$109.0M | -$3.94B | -$58.0M | -$34.0M | -$1.38B | -$765.0M | -$21.0M | -$11.0M | -$77.0M |
| Stock Repurchased | -$5.20B | -$7.00B | -$5.00B | -$7.41B | -$11.01B | -$10.00B | -$7.35B | -$5.01B | -$6.50B | -$5.03B |
| Dividends Paid | -$7.24B | -$7.31B | -$7.50B | -$7.79B | -$8.26B | -$8.77B | -$9.00B | -$9.31B | -$9.87B | -$10.23B |
| Free Cash Flow | $9.37B | $11.15B | $11.89B | $14.33B | $15.58B | $13.57B | $13.79B | $16.52B | $14.04B | $15.91B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $5.41B | $4.97B | $4.04B | $5.90B |
| Capital Expenditure | -$1.20B | -$1.17B | -$1.02B | -$1.02B |
| Free Cash Flow | $4.21B | $3.81B | $3.03B | $4.87B |
| Dividends Paid | -$2.55B | -$2.54B | -$2.53B | -$2.61B |
| Stock-based Compensation | $121.0M | $141.0M | $132.0M | $130.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.7% | +1.3% | +4.8% | +7.3% | +5.3% | +2.3% | +2.5% | +0.3% | +3.3% | |
| Net Income Growth (YoY) | -36.4% | -60.0% | +234.3% | +9.8% | +3.0% | -0.6% | +1.5% | +7.4% | +0.5% | |
| EPS Growth (YoY) | -35.3% | -61.3% | +253.8% | +10.9% | +5.4% | +1.2% | +1.8% | +7.9% | +1.2% | |
| Shares Change (YoY) | -3.1% | -4.4% | +3.4% | -0.9% | -2.4% | -2.2% | -0.5% | -0.7% | -1.3% | |
| FCF Growth (YoY) | +19.0% | +6.7% | +20.5% | +8.8% | -12.9% | +1.6% | +19.9% | -15.0% | +13.3% | |
| Gross Margin | 49.8% | 48.5% | 48.6% | 50.3% | 51.2% | 47.4% | 47.9% | 51.4% | 51.2% | 50.2% |
| Operating Margin | 21.2% | 20.0% | 8.1% | 22.1% | 23.6% | 22.2% | 22.1% | 22.1% | 24.3% | 22.7% |
| EBITDA Margin | 25.4% | 24.9% | 13.9% | 27.2% | 27.4% | 26.5% | 26.5% | 26.9% | 28.4% | 24.4% |
| Net Margin | 23.6% | 14.6% | 5.8% | 18.4% | 18.8% | 18.4% | 17.9% | 17.7% | 19.0% | 18.4% |
| FCF Margin | 14.4% | 16.7% | 17.6% | 20.2% | 20.5% | 16.9% | 16.8% | 19.7% | 16.7% | 18.3% |
| Effective Tax Rate | 23.1% | 26.0% | 34.7% | 17.2% | 18.5% | 17.8% | 19.7% | 20.2% | 20.3% | 20.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.42 | $4.20 | $4.68 | $5.46 | $5.99 | $5.34 | $5.55 | $6.68 | $5.72 | $6.57 |
| Dividends Per Share | $2.64 | $2.75 | $2.95 | $2.97 | $3.18 | $3.45 | $3.62 | $3.77 | $4.02 | $4.22 |
| Shares Outstanding (Basic) | $2.60B | $2.53B | $2.50B | $2.54B | $2.51B | $2.46B | $2.37B | $2.36B | $2.45B | $2.42B |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 29.54% |
| Return on Invested Capital | 15.74% |
| Return on Assets | 12.68% |
| Gross Margin | 50.18% |
| Operating Margin | 22.69% |
| Net Margin | 18.44% |
Financial Health
| Debt / Equity | 0.64 |
| Current Ratio | 0.68 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 5.54 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.03 | 20.82 | 76.20 | 23.31 | 23.71 | 23.96 | 25.00 | 26.33 | 23.89 | 21.72 |
| P/B | 4.10 | 3.78 | 5.86 | 6.53 | 7.31 | 7.58 | 7.68 | 7.64 | 7.52 | 6.54 |
| P/S | 3.48 | 2.95 | 4.09 | 4.28 | 4.46 | 4.41 | 4.38 | 4.57 | 4.64 | 4.08 |
| Gross Margin | 49.8% | 48.5% | 48.6% | 50.3% | 51.2% | 47.4% | 47.9% | 51.4% | 51.2% | 50.2% |
| Operating Margin | 21.2% | 20.0% | 8.1% | 22.1% | 23.6% | 22.2% | 22.1% | 22.1% | 24.3% | 22.7% |
| Net Margin | 23.6% | 14.6% | 5.8% | 18.4% | 18.8% | 18.4% | 17.9% | 17.7% | 19.0% | 18.4% |
Related companies: CL · CLX · COST · EPC · KMB · KO · KVUE
Explore sector: Consumer Defensive · Household & Personal Products
More sections of PG: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks