Procter & Gamble Financials
This page shows Procter & Gamble (PG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Near-flat sales hid a cost-disciplined profit engine, with FY2025 earnings improving because overhead loosened its grip on each revenue dollar.
In FY2025, revenue was nearly flat year over year but operating margin reached24.3% , its best level in this data set. Because gross margin stayed near51.0% , the extra profit appears to have come mainly from lower overhead intensity and expense control below the gross-profit line, not from a materially richer sales mix.
The business still converts earnings into cash, but cash conversion weakened as operating cash flow fell to
Current assets have remained below current liabilities for years, with FY2025 ending at a 0.7x current ratio, so this is not a business built around a large liquidity cushion. Yet the shortfall looks structural rather than distressed: debt to equity stayed around 0.5x, and dividends of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Procter & Gamble's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Procter & Gamble has an operating margin of 24.3%, meaning the company retains $24 of operating profit per $100 of revenue. This strong profitability earns a score of 74/100, reflecting efficient cost management and pricing power. This is up from 22.1% the prior year.
Procter & Gamble's revenue grew a modest 0.3% year-over-year to $84.3B. This slow but positive growth earns a score of 36/100.
Procter & Gamble carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
Procter & Gamble's current ratio of 0.70 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Procter & Gamble converts 16.7% of revenue into free cash flow ($14.0B). This strong cash generation earns a score of 69/100.
Procter & Gamble earns a strong 30.6% return on equity (ROE), meaning it generates $31 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is up from 29.4% the prior year.
Procter & Gamble scores 5.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($336.3B) relative to total liabilities ($72.9B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Procter & Gamble passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Procter & Gamble generates $1.12 in operating cash flow ($17.8B OCF vs $16.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Procter & Gamble earns $22.5 in operating income for every $1 of interest expense ($20.5B vs $907.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Procter & Gamble generated $84.3B in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Procter & Gamble's EBITDA was $23.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.7% from the prior year.
Procter & Gamble reported $16.0B in net income in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Procter & Gamble earned $6.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.1% from the prior year.
Cash & Balance Sheet
Procter & Gamble generated $14.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 15.0% from the prior year.
Procter & Gamble held $9.6B in cash against $25.0B in long-term debt as of fiscal year 2025.
Procter & Gamble paid $4.08 per share in dividends in fiscal year 2025. This represents an increase of 6.5% from the prior year.
Procter & Gamble had 2.34B shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
Margins & Returns
Procter & Gamble's gross margin was 51.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.
Procter & Gamble's operating margin was 24.3% in fiscal year 2025, reflecting core business profitability. This is up 2.2 percentage points from the prior year.
Procter & Gamble's net profit margin was 18.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.
Procter & Gamble's ROE was 30.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.
Capital Allocation
Procter & Gamble invested $2.1B in research and development in fiscal year 2025. This represents an increase of 5.0% from the prior year.
Procter & Gamble spent $6.5B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 29.8% from the prior year.
Procter & Gamble invested $3.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.6% from the prior year.
PG Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.2B-4.4% | $22.2B-0.8% | $22.4B+7.2% | $20.9B+5.6% | $19.8B-9.6% | $21.9B+0.7% | $21.7B+5.9% | $20.5B |
| Cost of Revenue | $10.7B-1.0% | $10.8B-0.5% | $10.9B+2.4% | $10.6B+9.7% | $9.7B-6.9% | $10.4B0.0% | $10.4B+0.7% | $10.3B |
| Gross Profit | $10.5B-7.6% | $11.4B-1.1% | $11.5B+12.1% | $10.3B+1.7% | $10.1B-12.1% | $11.5B+1.3% | $11.3B+11.1% | $10.2B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $5.9B-1.2% | $6.0B+6.5% | $5.6B-4.4% | $5.9B+6.9% | $5.5B-3.5% | $5.7B+3.7% | $5.5B-12.4% | $6.3B |
| Operating Income | $4.6B-14.7% | $5.4B-8.4% | $5.9B+34.5% | $4.4B-4.5% | $4.6B-20.6% | $5.7B-1.0% | $5.8B+49.2% | $3.9B |
| Interest Expense | $223.0M+1.4% | $220.0M+11.7% | $197.0M-7.1% | $212.0M-2.3% | $217.0M-9.6% | $240.0M+0.8% | $238.0M+8.7% | $219.0M |
| Income Tax | $1.0B-4.7% | $1.1B-13.0% | $1.3B+40.0% | $895.0M+3.1% | $868.0M-26.9% | $1.2B+3.0% | $1.2B+58.7% | $726.0M |
| Net Income | $3.9B-9.0% | $4.3B-9.1% | $4.8B+31.4% | $3.6B-4.1% | $3.8B-18.6% | $4.6B+16.9% | $4.0B+26.2% | $3.1B |
| EPS (Diluted) | $1.63-8.4% | $1.78-8.7% | $1.95 | N/A | $1.54-18.1% | $1.88+16.8% | $1.61 | N/A |
PG Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $128.4B+0.9% | $127.3B-0.2% | $127.6B+1.9% | $125.2B+1.8% | $123.0B+0.3% | $122.6B-3.0% | $126.5B+3.4% | $122.4B |
| Current Assets | $28.0B+5.3% | $26.6B-2.0% | $27.1B+6.8% | $25.4B+3.9% | $24.4B-4.7% | $25.6B-6.6% | $27.4B+11.1% | $24.7B |
| Cash & Equivalents | $12.3B+13.7% | $10.8B-3.1% | $11.2B+16.9% | $9.6B+4.8% | $9.1B-10.9% | $10.2B-15.8% | $12.2B+28.2% | $9.5B |
| Inventory | $7.9B+0.5% | $7.8B-0.4% | $7.8B+3.9% | $7.6B+2.0% | $7.4B+5.4% | $7.0B-3.7% | $7.3B+3.9% | $7.0B |
| Accounts Receivable | $6.3B+0.7% | $6.3B-3.2% | $6.5B+4.9% | $6.2B+0.7% | $6.1B-1.5% | $6.2B-1.3% | $6.3B+3.2% | $6.1B |
| Goodwill | $41.4B-0.7% | $41.7B+0.1% | $41.6B0.0% | $41.6B+2.9% | $40.5B+1.4% | $39.9B-2.6% | $41.0B+1.7% | $40.3B |
| Total Liabilities | $73.6B-0.4% | $74.0B-0.1% | $74.0B+1.5% | $72.9B+3.6% | $70.4B-1.1% | $71.2B-4.2% | $74.3B+3.5% | $71.8B |
| Current Liabilities | $38.2B+4.2% | $36.7B-3.4% | $38.0B+5.4% | $36.1B+5.3% | $34.2B+1.3% | $33.8B-7.2% | $36.4B+8.3% | $33.6B |
| Long-Term Debt | $23.9B-6.7% | $25.6B+5.2% | $24.3B-2.7% | $25.0B+3.1% | $24.3B-4.0% | $25.3B-1.9% | $25.7B+1.9% | $25.3B |
| Total Equity | $54.7B+2.7% | $53.3B-0.4% | $53.6B+2.4% | $52.3B-0.5% | $52.5B+2.1% | $51.4B-1.3% | $52.1B+3.1% | $50.6B |
| Retained Earnings | $135.4B+1.1% | $134.0B+1.3% | $132.2B+1.7% | $130.0B+0.8% | $128.9B+1.1% | $127.5B+1.7% | $125.4B+1.3% | $123.8B |
PG Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.0B-18.6% | $5.0B-8.1% | $5.4B+8.5% | $5.0B+34.5% | $3.7B-23.2% | $4.8B+12.2% | $4.3B-25.2% | $5.8B |
| Capital Expenditures | $1.0B-12.7% | $1.2B-2.8% | $1.2B+20.5% | $996.0M+15.9% | $859.0M-7.1% | $925.0M-6.8% | $993.0M+26.8% | $783.0M |
| Free Cash Flow | $3.0B-20.5% | $3.8B-9.6% | $4.2B+5.5% | $4.0B+40.2% | $2.8B-27.0% | $3.9B+17.9% | $3.3B-33.4% | $5.0B |
| Investing Cash Flow | -$665.0M+45.8% | -$1.2B+20.0% | -$1.5B-44.4% | -$1.1B-46.4% | -$726.0M+21.2% | -$921.0M+16.9% | -$1.1B-113.9% | -$518.0M |
| Financing Cash Flow | -$1.8B+55.3% | -$4.1B-82.6% | -$2.2B+38.1% | -$3.6B+14.2% | -$4.2B+24.3% | -$5.6B-778.7% | -$634.0M+74.6% | -$2.5B |
| Dividends Paid | $2.5B-0.6% | $2.5B-0.2% | $2.5B-0.2% | $2.6B+4.9% | $2.4B-0.3% | $2.4B-0.2% | $2.4B-0.2% | $2.4B |
| Share Buybacks | $625.0M-72.6% | $2.3B+82.2% | $1.3B+78.6% | $700.0M-48.2% | $1.4B-46.2% | $2.5B+29.4% | $1.9B+27.9% | $1.5B |
PG Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5%-1.7pp | 51.2%-0.2pp | 51.4%+2.3pp | 49.1%-1.9pp | 51.0%-1.4pp | 52.4%+0.3pp | 52.1%+2.5pp | 49.6% |
| Operating Margin | 21.6%-2.6pp | 24.2%-2.0pp | 26.2%+5.3pp | 20.8%-2.2pp | 23.1%-3.2pp | 26.2%-0.4pp | 26.7%+7.7pp | 18.9% |
| Net Margin | 18.5%-0.9pp | 19.4%-1.8pp | 21.2%+3.9pp | 17.3%-1.7pp | 19.1%-2.1pp | 21.2%+2.9pp | 18.2%+2.9pp | 15.3% |
| Return on Equity | 7.2%-0.9pp | 8.1%-0.8pp | 8.9%+2.0pp | 6.9%-0.3pp | 7.2%-1.8pp | 9.0%+1.4pp | 7.6%+1.4pp | 6.2% |
| Return on Assets | 3.1%-0.3pp | 3.4%-0.3pp | 3.7%+0.8pp | 2.9%-0.2pp | 3.1%-0.7pp | 3.8%+0.6pp | 3.1%+0.6pp | 2.6% |
| Current Ratio | 0.730.0 | 0.72+0.0 | 0.710.0 | 0.700.0 | 0.71-0.0 | 0.760.0 | 0.75+0.0 | 0.73 |
| Debt-to-Equity | 0.44-0.0 | 0.48+0.0 | 0.45-0.0 | 0.48+0.0 | 0.46-0.0 | 0.490.0 | 0.490.0 | 0.50 |
| FCF Margin | 14.2%-2.9pp | 17.1%-1.7pp | 18.8%-0.3pp | 19.1%+4.7pp | 14.4%-3.4pp | 17.8%+2.6pp | 15.2%-9.0pp | 24.2% |
Note: The current ratio is below 1.0 (0.70), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Procter & Gamble's annual revenue?
Procter & Gamble (PG) reported $84.3B in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Procter & Gamble's revenue growing?
Procter & Gamble (PG) revenue grew by 0.3% year-over-year, from $84.0B to $84.3B in fiscal year 2025.
Is Procter & Gamble profitable?
Yes, Procter & Gamble (PG) reported a net income of $16.0B in fiscal year 2025, with a net profit margin of 18.9%.
What is Procter & Gamble's EBITDA?
Procter & Gamble (PG) had EBITDA of $23.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Procter & Gamble have?
As of fiscal year 2025, Procter & Gamble (PG) had $9.6B in cash and equivalents against $25.0B in long-term debt.
What is Procter & Gamble's gross margin?
Procter & Gamble (PG) had a gross margin of 51.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Procter & Gamble's operating margin?
Procter & Gamble (PG) had an operating margin of 24.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Procter & Gamble's net profit margin?
Procter & Gamble (PG) had a net profit margin of 18.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Procter & Gamble pay dividends?
Yes, Procter & Gamble (PG) paid $4.08 per share in dividends during fiscal year 2025.
What is Procter & Gamble's return on equity (ROE)?
Procter & Gamble (PG) has a return on equity of 30.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Procter & Gamble's free cash flow?
Procter & Gamble (PG) generated $14.0B in free cash flow during fiscal year 2025. This represents a -15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Procter & Gamble's operating cash flow?
Procter & Gamble (PG) generated $17.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Procter & Gamble's total assets?
Procter & Gamble (PG) had $125.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Procter & Gamble's capital expenditures?
Procter & Gamble (PG) invested $3.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Procter & Gamble spend on research and development?
Procter & Gamble (PG) invested $2.1B in research and development during fiscal year 2025.
What is Procter & Gamble's current ratio?
Procter & Gamble (PG) had a current ratio of 0.70 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Procter & Gamble's debt-to-equity ratio?
Procter & Gamble (PG) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Procter & Gamble's return on assets (ROA)?
Procter & Gamble (PG) had a return on assets of 12.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Procter & Gamble's Altman Z-Score?
Procter & Gamble (PG) has an Altman Z-Score of 5.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Procter & Gamble's Piotroski F-Score?
Procter & Gamble (PG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Procter & Gamble's earnings high quality?
Procter & Gamble (PG) has an earnings quality ratio of 1.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Procter & Gamble cover its interest payments?
Procter & Gamble (PG) has an interest coverage ratio of 22.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Procter & Gamble?
Procter & Gamble (PG) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.