Revenue growth has fluctuated significantly, peaking at 7.4% in 2026Q3 while maintaining gross margins consistently near the 50% threshold.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 86.72B | 84.28B | 84.04B | 82.01B | 80.19B | 76.12B | 70.95B | 67.68B | 66.83B | 65.06B | 65.3B | 70.75B | 74.4B | 80.12B | 82.01B | 81.1B | 77.57B | 76.69B | 81.75B | 76.48B | 68.22B | 56.74B | 51.41B | 43.38B | 40.24B | 39.24B | 39.95B | 38.13B | 37.15B | 35.76B | 35.28B |
| Revenue Growth % | 3.33% | 0.29% | 2.48% | 2.27% | 5.35% | 7.28% | 4.83% | 1.27% | 2.73% | -0.37% | -7.7% | -4.91% | -7.13% | -2.3% | 1.11% | 4.56% | 1.14% | -6.18% | 6.89% | 12.1% | 20.23% | 10.38% | 18.51% | 7.8% | 2.53% | -1.77% | 4.79% | 2.61% | 3.89% | 1.36% | 5.38% |
| Cost of Goods Sold | 43.07B | 41.16B | 40.85B | 42.76B | 42.16B | 37.11B | 35.25B | 34.77B | 34.43B | 32.64B | 32.91B | 37.06B | 39.03B | 39.99B | 41.41B | 39.86B | 37.04B | 38.69B | 39.54B | 36.69B | 33.13B | 27.87B | 25.14B | 22.14B | 20.99B | 22.1B | 21.51B | 21.03B | 21.06B | 20.51B | 20.76B |
| COGS % of Revenue | - | 48.84% | 48.61% | 52.14% | 52.57% | 48.75% | 49.68% | 51.37% | 51.52% | 50.17% | 50.4% | 52.38% | 52.46% | 49.92% | 50.5% | 49.15% | 47.75% | 50.45% | 48.36% | 47.97% | 48.55% | 49.12% | 48.91% | 51.04% | 52.16% | 56.32% | 53.85% | 55.15% | 56.69% | 57.35% | 58.84% |
| Gross Profit | 43.64B | 43.12B | 43.19B | 39.25B | 38.03B | 39.01B | 35.7B | 32.92B | 32.4B | 32.42B | 32.39B | 33.69B | 35.37B | 40.13B | 40.59B | 41.24B | 40.52B | 38B | 42.21B | 39.79B | 35.1B | 28.87B | 26.26B | 21.24B | 19.25B | 17.14B | 18.44B | 17.1B | 16.09B | 15.25B | 14.52B |
| Gross Margin % | 50.33% | 51.16% | 51.39% | 47.86% | 47.43% | 51.25% | 50.32% | 48.63% | 48.48% | 49.83% | 49.6% | 47.62% | 47.54% | 50.08% | 49.5% | 50.85% | 52.25% | 49.55% | 51.64% | 52.03% | 51.45% | 50.88% | 51.09% | 48.96% | 47.84% | 43.68% | 46.15% | 44.85% | 43.31% | 42.65% | 41.16% |
| Gross Profit Growth % | - | -0.16% | 10.05% | 3.2% | -2.51% | 9.27% | 8.46% | 1.59% | -0.06% | 0.09% | -3.87% | -4.74% | -11.85% | -1.16% | -1.58% | 1.78% | 6.63% | -9.97% | 6.09% | 13.37% | 21.57% | 9.92% | 23.68% | 10.32% | 12.29% | -7.02% | 7.83% | 6.26% | 5.48% | 5.04% | 4.32% |
| Operating Expenses | 23.49B | 22.67B | 24.65B | 21.11B | 20.22B | 21.02B | 19.99B | 27.43B | 19.04B | 18.65B | 18.95B | 22.64B | 21.46B | 26.31B | 27.56B | 25.75B | 24.79B | 22.63B | 25.29B | 24.34B | 21.85B | 18.4B | 16.88B | 13.38B | 12.57B | 12.41B | 12.48B | 10.85B | 10.04B | 9.77B | 9.71B |
| OpEx % of Revenue | - | 26.9% | 29.33% | 25.74% | 25.21% | 27.62% | 28.18% | 40.53% | 28.48% | 28.67% | 29.02% | 32.01% | 28.84% | 32.84% | 33.61% | 31.75% | 31.96% | 29.51% | 30.94% | 31.83% | 32.02% | 32.43% | 32.84% | 30.85% | 31.24% | 31.61% | 31.25% | 28.45% | 27.01% | 27.31% | 27.51% |
| Selling, General & Admin | 23.49B | 22.67B | 23.3B | 21.11B | 20.22B | 21.02B | 19.99B | 19.08B | 19.04B | 18.65B | 18.95B | 20.62B | 21.46B | 26B | 25.98B | 25.75B | 24.79B | 22.63B | 25.57B | 24.34B | 21.85B | 18.4B | 16.88B | 13.38B | 12.57B | 12.41B | 12.48B | 10.85B | 10.04B | 9.77B | 9.71B |
| SG&A % of Revenue | - | 26.9% | 27.73% | 25.74% | 25.21% | 27.62% | 28.18% | 28.2% | 28.48% | 28.67% | 29.02% | 29.14% | 28.84% | 32.45% | 31.69% | 31.75% | 31.96% | 29.51% | 31.29% | 31.83% | 32.02% | 32.43% | 32.84% | 30.85% | 31.24% | 31.61% | 31.25% | 28.45% | 27.01% | 27.31% | 27.51% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 1.34B | 0 | 0 | 0 | 0 | 8.35B | 0 | 0 | 0 | 2.03B | 0 | 308M | 1.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 20.15B | 20.45B | 18.55B | 18.13B | 17.81B | 17.99B | 15.71B | 5.49B | 13.36B | 13.77B | 13.44B | 11.05B | 13.91B | 13.82B | 13.04B | 15.49B | 15.73B | 16.66B | 16.92B | 15.45B | 13.25B | 10.47B | 9.38B | 7.85B | 6.68B | 4.74B | 5.95B | 6.25B | 6.05B | 5.49B | 4.82B |
| Operating Margin % | 23.24% | 24.26% | 22.07% | 22.11% | 22.21% | 23.63% | 22.14% | 8.11% | 19.99% | 21.16% | 20.58% | 15.62% | 18.7% | 17.25% | 15.9% | 19.11% | 20.28% | 21.73% | 20.7% | 20.2% | 19.42% | 18.45% | 18.25% | 18.1% | 16.6% | 12.07% | 14.9% | 16.4% | 16.3% | 15.35% | 13.65% |
| Operating Income Growth % | - | 10.28% | 2.27% | 1.8% | -0.96% | 14.52% | 186.24% | -58.94% | -2.93% | 2.42% | 21.65% | -20.57% | 0.67% | 6% | -15.88% | -1.51% | -5.58% | -1.54% | 9.53% | 16.61% | 26.55% | 11.59% | 19.47% | 17.6% | 41.01% | -20.46% | -4.78% | 3.27% | 10.33% | 13.98% | 13.45% |
| EBITDA | 21.87B | 23.3B | 21.44B | 20.85B | 20.62B | 20.72B | 18.72B | 8.31B | 16.2B | 16.59B | 16.52B | 14.18B | 17.05B | 16.8B | 16.24B | 18.33B | 18.84B | 19.74B | 20.09B | 18.58B | 15.88B | 12.35B | 11.12B | 9.56B | 8.37B | 7.01B | 8.14B | 8.4B | 7.65B | 6.97B | 6.17B |
| EBITDA Margin % | 25.22% | 27.64% | 25.51% | 25.42% | 25.71% | 27.22% | 26.38% | 12.28% | 24.24% | 25.49% | 25.3% | 20.05% | 22.92% | 20.97% | 19.8% | 22.6% | 24.29% | 25.74% | 24.57% | 24.3% | 23.27% | 21.77% | 21.62% | 22.03% | 20.8% | 17.85% | 20.39% | 22.04% | 20.6% | 19.5% | 17.5% |
| EBITDA Growth % | -4.35% | 8.66% | 2.84% | 1.11% | -0.49% | 10.7% | 125.23% | -48.69% | -2.35% | 0.41% | 16.47% | -16.82% | 1.5% | 3.45% | -11.42% | -2.69% | -4.58% | -1.72% | 8.12% | 17.03% | 28.52% | 11.14% | 16.31% | 14.16% | 19.47% | -13.97% | -3.05% | 9.77% | 9.72% | 12.99% | 12.3% |
| D&A (Non-Cash Add-back) | 1.48B | 2.85B | 2.9B | 2.71B | 2.81B | 2.73B | 3.01B | 2.82B | 2.83B | 2.82B | 3.08B | 3.13B | 3.14B | 2.98B | 3.2B | 2.84B | 3.11B | 3.08B | 3.17B | 3.13B | 2.63B | 1.88B | 1.73B | 1.7B | 1.69B | 2.27B | 2.19B | 2.15B | 1.6B | 1.49B | 1.36B |
| EBIT | 16.57B | 21.07B | 19.69B | 19.11B | 18.43B | 18.12B | 16.3B | 6.58B | 13.83B | 13.72B | 13.95B | 11.64B | 14.22B | 14.85B | 13.3B | 15.83B | 15.81B | 15.77B | 17.1B | 15.45B | 13.25B | 10.47B | 9.38B | 7.85B | 6.68B | 4.74B | 5.95B | 6.25B | 6.05B | 5.49B | 4.82B |
| Net Interest Income | 138M | -438M | -452M | -449M | -388M | -457M | -310M | -289M | -259M | -294M | -397M | -477M | -610M | -579M | -692M | -769M | -946M | -1.36B | -1.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 427M | 469M | 473M | 307M | 51M | 45M | 155M | 220M | 247M | 171M | 182M | 149M | 99M | 87M | 77M | 62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -34M | 907M | 925M | 756M | 439M | 502M | 465M | 509M | 506M | 465M | 579M | 626M | 709M | 667M | 769M | 831M | 946M | 1.36B | 1.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 812M | -284M | 216M | 219M | 182M | -371M | 128M | 582M | -37M | -509M | -72M | -37M | -401M | 362M | -507M | -498M | -864M | -2.25B | -1.29B | -740M | -836M | -488M | -477M | -323M | -295M | -120M | -418M | -415M | -347M | -239M | -146M |
| Pretax Income | 20.96B | 20.17B | 18.76B | 18.35B | 18B | 17.61B | 15.83B | 6.07B | 13.33B | 13.26B | 13.37B | 11.01B | 13.51B | 14.18B | 12.53B | 15B | 14.87B | 14.41B | 15.63B | 14.71B | 12.41B | 9.98B | 8.9B | 7.53B | 6.38B | 4.62B | 5.54B | 5.84B | 5.71B | 5.25B | 4.67B |
| Pretax Margin % | 24.18% | 23.93% | 22.32% | 22.38% | 22.44% | 23.14% | 22.32% | 8.97% | 19.94% | 20.38% | 20.47% | 15.56% | 18.16% | 17.7% | 15.28% | 18.49% | 19.17% | 18.79% | 19.12% | 19.23% | 18.2% | 17.59% | 17.32% | 17.36% | 15.86% | 11.76% | 13.86% | 15.31% | 15.36% | 14.68% | 13.23% |
| Income Tax | 8.21B | 4.1B | 3.79B | 3.62B | 3.2B | 3.26B | 2.73B | 2.1B | 3.46B | 3.06B | 3.34B | 2.73B | 2.85B | 3.23B | 3.38B | 3.3B | 4.02B | 3.73B | 3.83B | 4.37B | 3.73B | 3.06B | 2.75B | 2.34B | 2.03B | 1.69B | 1.99B | 2.08B | 1.93B | 1.83B | 1.62B |
| Effective Tax Rate % | 39.15% | 20.34% | 20.19% | 19.7% | 17.79% | 18.52% | 17.25% | 34.65% | 26% | 23.1% | 25% | 24.75% | 21.1% | 22.75% | 26.96% | 22% | 27.02% | 25.9% | 24.53% | 29.71% | 30.04% | 30.64% | 30.87% | 31.13% | 31.82% | 36.7% | 36.02% | 35.54% | 33.78% | 34.94% | 34.76% |
| Net Income | 12.72B | 15.97B | 14.88B | 14.65B | 14.74B | 14.31B | 13.03B | 3.9B | 9.75B | 15.33B | 10.51B | 7.04B | 11.64B | 11.31B | 10.76B | 11.8B | 12.74B | 11.43B | 12.07B | 10.34B | 8.68B | 6.92B | 6.16B | 5.19B | 4.35B | 2.92B | 3.54B | 3.76B | 3.78B | 3.42B | 3.05B |
| Net Margin % | 14.66% | 18.95% | 17.7% | 17.87% | 18.38% | 18.79% | 18.36% | 5.76% | 14.59% | 23.56% | 16.09% | 9.95% | 15.65% | 14.12% | 13.12% | 14.55% | 16.42% | 14.9% | 14.77% | 13.52% | 12.73% | 12.2% | 11.97% | 11.96% | 10.82% | 7.45% | 8.87% | 9.87% | 10.17% | 9.55% | 8.63% |
| Net Income Growth % | -17.94% | 7.36% | 1.54% | -0.6% | 3.05% | 9.82% | 234.28% | -60.03% | -36.38% | 45.85% | 49.35% | -39.57% | 2.93% | 5.17% | -8.82% | -7.37% | 11.47% | -5.38% | 16.78% | 19.07% | 25.44% | 12.46% | 18.7% | 19.16% | 48.94% | -17.5% | -5.87% | -0.45% | 10.69% | 12.11% | 15.16% |
| Net Income (Continuing) | 12.76B | 16.07B | 14.97B | 14.74B | 14.79B | 14.35B | 13.1B | 3.97B | 9.86B | 10.19B | 10.03B | 8.29B | 10.66B | 10.95B | 9.15B | 11.7B | 10.85B | 10.68B | 11.8B | 10.34B | 8.68B | 6.92B | 6.16B | 5.19B | 4.35B | 2.92B | 3.54B | 3.76B | 3.78B | 3.42B | 3.05B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.22B | 577M | -1.14B | 1.13B | 101M | 1.75B | 229M | 2B | 2.76B | 277M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 272M | 272M | 288M | 265M | 276M | 357M | 385M | 590M | 594M | 642M | 631M | 762M | 645M | 596M | 361M | 324M | 283M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.26 | 6.51 | 6.02 | 5.90 | 5.81 | 5.50 | 4.96 | 1.43 | 3.67 | 5.59 | 3.69 | 2.44 | 4.01 | 3.86 | 3.66 | 3.93 | 4.11 | 4.26 | 3.64 | 3.04 | 2.64 | 2.53 | 2.20 | 1.70 | 1.55 | 1.03 | 1.30 | 1.37 | 1.18 | 1.10 | 0.98 |
| EPS Growth % | 8.57% | 8.14% | 2.03% | 1.55% | 5.64% | 10.89% | 246.85% | -61.04% | -34.35% | 51.49% | 51.23% | -39.15% | 3.89% | 5.46% | -6.87% | -4.38% | -3.52% | 17.03% | 19.74% | 15.15% | 4.35% | 15% | 29.41% | 9.68% | 50.49% | -20.77% | -5.11% | 16.1% | 7.27% | 12.24% | 12.64% |
| EPS (Basic) | - | 6.67 | 6.18 | 6.07 | 6.00 | 5.69 | 5.13 | 1.45 | 3.75 | 5.80 | 3.80 | 2.50 | 4.19 | 4.04 | 3.82 | 4.12 | 4.32 | 4.49 | 3.86 | 3.22 | 2.79 | 2.70 | 2.34 | 1.80 | 1.63 | 1.08 | 1.36 | 1.43 | 1.25 | 1.18 | 1.05 |
| Diluted Shares Outstanding | 2.42B | 2.45B | 2.47B | 2.48B | 2.54B | 2.6B | 2.63B | 2.54B | 2.66B | 2.74B | 2.84B | 2.88B | 2.9B | 2.93B | 2.94B | 3B | 3.1B | 3.15B | 3.32B | 3.4B | 3.29B | 2.74B | 2.79B | 2.8B | 2.81B | 2.81B | 2.72B | 2.75B | 3.12B | 3.01B | 3B |
| Basic Shares Outstanding | 2.42B | 2.45B | 2.36B | 2.37B | 2.46B | 2.51B | 2.54B | 2.5B | 2.53B | 2.6B | 2.77B | 2.81B | 2.78B | 2.8B | 2.82B | 2.8B | 2.95B | 2.99B | 3.08B | 3.16B | 3.05B | 2.52B | 2.58B | 2.59B | 2.59B | 2.6B | 2.61B | 2.63B | 2.94B | 2.81B | 2.8B |
| Dividend Payout Ratio | - | 61.8% | 62.58% | 61.41% | 59.49% | 57.76% | 59.79% | 192.4% | 74.97% | 47.21% | 70.77% | 103.57% | 59.36% | 57.63% | 57.08% | 48.89% | 42.85% | 44.15% | 37.09% | 39.15% | 40.94% | 37.48% | 41.24% | 43.31% | 48.14% | 66.5% | 50.71% | 43.21% | 38.68% | 38.92% | 39.46% |
Volume and pricing divergence
According to the provided quarterly income statements, PG's revenue growth has fluctuated significantly, peaking at 7.4% in 2026Q3 before retreating to a more modest 1.5% in 2026Q2, suggesting that the company is struggling to maintain consistent top-line expansion across its diverse global product portfolio.
The volatility in quarterly revenue growth indicates that the company may be reaching the limits of its pricing power, forcing a greater reliance on volume which remains inconsistent. Investors should monitor whether the recent 7.4% growth spike is sustainable or merely a temporary result of aggressive promotional activity that could compress future margins.
As reported in the financial data, PG has maintained a robust gross margin profile, consistently hovering around the 50% threshold, with a peak of 52.7% in 2024Q2, which underscores the company's structural ability to pass through commodity cost inflation to the end consumer.
This high gross margin level suggests significant brand equity and pricing power, allowing the company to absorb fluctuations in raw material costs like pulp and resin. However, the slight compression observed in recent quarters warrants investigation into whether private-label competition is beginning to erode this premium positioning.
Based on the income statement figures, PG demonstrates strong operating leverage, with operating margins frequently exceeding 20% and reaching as high as 26.7% in 2025Q1, reflecting a highly efficient manufacturing and distribution network that effectively converts gross profit into operating income.
The ability to maintain these margins despite varying revenue growth suggests that management has successfully optimized its fixed-cost base. Continued focus on productivity programs appears essential to sustaining this profitability, especially if top-line growth remains muted in the coming fiscal periods.
Data from the latest quarterly filings reveals a sharp divergence between operating income and net income, most notably in 2026Q3 where net income plummeted to $18.5 million despite $4.6 billion in operating income, indicating significant non-operating charges or tax-related distortions impacting the bottom line.
This discrepancy suggests that headline EPS figures may not fully reflect the underlying operational health of the business. Investors should scrutinize the nature of these non-operating items to determine if they represent recurring structural costs or one-time accounting adjustments that obscure the company's true earnings power.
Analysis of the reported figures suggests that the company's reliance on price-led growth may be nearing an inflection point, as evidenced by the inconsistent revenue trends and the potential for margin dilution if volume-based competition intensifies in the household and personal care categories.
Short-sellers may focus on the risk that the company's premium pricing strategy is becoming unsustainable in a price-sensitive consumer environment. If the company is forced to increase trade promotions to defend market share, the current high gross margin levels may face meaningful downward pressure in future quarters.
Quick answers to the most common questions about buying PG stock.
For fiscal year 2025, The Procter & Gamble Company (PG) reported total revenue of $84.28B. This represents a 138.9% increase compared to $35.28B in 1996.
The Procter & Gamble Company (PG) is profitable, generating $15.97B in net income for the fiscal year ending 2025 with a net profit margin of 19.0%.
The Procter & Gamble Company (PG) reported an operating income of $20.45B, resulting in an operating profit margin of 24.3%. This margin reflects the operational efficiency of the business before interest and taxes.
The Procter & Gamble Company (PG) generated $43.12B in gross profit for the year, representing a gross profit margin of 51.2%. This demonstrates the company's core pricing power and production efficiency.