Procter & Gamble (PG) financial statements
Procter & Gamble reported revenue of $87.0B in fiscal 2026, up 3.3% a year over 9 years.
Net income was $16.0B and the operating margin 22.7%, against 21.2% in 2017.
Free cash flow was $15.1B, and the company returned $10.2B in dividends and $5.0B in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Procter & Gamble's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.1B | $66.8B | $67.7B | $71.0B | $76.1B | $80.2B | $82.0B | $84.0B | $84.3B | $87.0B |
| Cost of revenue | $32.6B | $34.4B | $34.8B | $35.2B | $37.1B | $42.2B | $42.8B | $40.8B | $41.2B | $43.4B |
| Gross profit | $32.4B | $32.4B | $32.9B | $35.7B | $39.0B | $38.0B | $39.2B | $43.2B | $43.1B | $43.7B |
| Research and development | $1.9B | $1.9B | $1.9B | $1.8B | $1.9B | $2.0B | $2.0B | $2.0B | $2.1B | $2.1B |
| Selling, general and admin | $18.7B | $19.0B | $19.1B | $20.0B | $21.0B | $20.2B | $21.1B | $23.3B | $22.7B | $23.9B |
| Operating income | $13.8B | $13.4B | $5.5B | $15.7B | $18.0B | $17.8B | $18.1B | $18.5B | $20.5B | $19.7B |
| Interest expense | $465M | $506M | $509M | $465M | $502M | $439M | $756M | $925M | $907M | $877M |
| Pre-tax income | $9.0B | $9.3B | $1.7B | — | — | $18.0B | $18.4B | $18.8B | $20.2B | $20.4B |
| Income tax | $3.1B | $3.5B | $2.1B | $2.7B | $3.3B | $3.2B | $3.6B | $3.8B | $4.1B | $4.2B |
| Net income | $15.3B | $9.8B | $3.9B | $13.0B | $14.3B | $14.7B | $14.7B | $14.9B | $16.0B | $16.0B |
| EPS (diluted) | $5.59 | $3.67 | $1.43 | $4.96 | $5.50 | $5.81 | $5.90 | $6.02 | $6.51 | $6.62 |
| Diluted shares | 2.74B | 2.66B | 2.54B | 2.63B | 2.60B | 2.54B | 2.48B | 2.47B | 2.45B | 2.42B |
| 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% |
Balance sheet
Fiscal years, from Procter & Gamble's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $15.1B | $11.8B | $10.3B | $16.2B | $10.3B | $7.2B | $8.2B | $9.5B | $9.6B | $9.9B |
| Receivables | $4.6B | $4.7B | $5.0B | $4.2B | $4.7B | $5.1B | $5.5B | $6.1B | $6.2B | $6.1B |
| Inventory | $4.6B | $4.7B | $5.0B | $5.5B | $6.0B | $6.9B | $7.1B | $7.0B | $7.6B | $8.2B |
| Total current assets | $26.5B | $23.3B | $22.5B | $28.0B | $23.1B | $21.7B | $22.6B | $24.7B | $25.4B | $26.2B |
| Property, plant and equipment | $19.9B | $20.6B | $21.3B | $20.7B | $21.7B | $21.2B | $21.9B | $22.2B | $23.9B | $25.4B |
| Goodwill | $44.7B | $45.2B | $40.3B | $39.9B | $40.9B | $39.7B | $40.7B | $40.3B | $41.6B | $41.3B |
| Total assets | $120.4B | $118.3B | $115.1B | $120.7B | $119.3B | $117.2B | $120.8B | $122.4B | $125.2B | $126.5B |
| Total current liabilities | $30.2B | $28.2B | $30.0B | $33.0B | $33.1B | $33.1B | $35.8B | $33.6B | $36.1B | $38.7B |
| Long-term debt | $18.0B | $20.9B | $20.4B | $23.5B | $23.1B | $22.8B | $24.4B | $25.3B | $25.0B | $22.8B |
| Total liabilities | $64.6B | $65.4B | $67.5B | $73.8B | $72.7B | $70.4B | $73.8B | $71.8B | $72.9B | $72.2B |
| Shareholders' equity | $55.8B | $52.9B | $47.6B | $46.9B | $46.7B | $46.9B | $47.1B | $50.6B | $52.3B | $54.3B |
| Net debt | $26.0B | $28.7B | $25.9B | $18.5B | $21.7B | $24.3B | $26.4B | $23.0B | $25.0B | $24.2B |
Cash flow
Fiscal years, from Procter & Gamble's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12.8B | $14.9B | $15.2B | $17.4B | $18.4B | $16.7B | $16.8B | $19.8B | $17.8B | $19.6B |
| Capital spending | $3.4B | $3.7B | $3.3B | $3.1B | $2.8B | $3.2B | $3.1B | $3.3B | $3.8B | $4.4B |
| Free cash flow | $9.4B | $11.2B | $11.9B | $14.3B | $15.6B | $13.6B | $13.8B | $16.5B | $14.0B | $15.1B |
| Stock-based compensation | $351M | $395M | $515M | $558M | $540M | $528M | $545M | $562M | $476M | $524M |
| Dividends paid | $7.2B | $7.3B | $7.5B | $7.8B | $8.3B | $8.8B | $9.0B | $9.3B | $9.9B | $10.2B |
| Share buybacks (net) | -$5.2B | -$7.0B | -$5.0B | -$7.4B | -$11.0B | -$10.0B | -$7.4B | -$5.0B | -$6.5B | -$5.0B |
| Net borrowing | $1.4B | -$1.2B | -$817M | $4.8B | -$3.9B | $2.0B | $2.1B | $862M | $260M | -$738M |
| Free cash flow margin | 14.4% | 16.7% | 17.6% | 20.2% | 20.5% | 16.9% | 16.8% | 19.7% | 16.7% | 17.4% |
| Dividends per share | $2.64 | $2.75 | $2.95 | $2.97 | $3.18 | $3.45 | $3.62 | $3.77 | $4.02 | $4.22 |
Questions
What was Procter & Gamble's revenue in 2026?
$87.0B in fiscal 2026, from its 10-K filing.
How much free cash flow does Procter & Gamble generate?
$15.1B in fiscal 2026 (operating cash flow minus capital spending).
From Procter & Gamble's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.