Procter & Gamble (PG) FY2023 results: revenue $82.0 billion, up 2.3% on the year

Procter & Gamble Co. (PG) reported revenue of $82.0 billion for fiscal 2023, the year ended 30 June 2023, up 2.3% on the year before. Net income was $14.7 billion, down 0.6%, and diluted earnings per share $5.90. The figures are the company's own, from the 10-K it filed with the SEC on 4 August 2023.

Revenue

$82.0 billion

+2.3% on the year

FY2016FY2023

Operating margin

22.1%

22.2% a year earlier

FY2016FY2023

Net income

$14.7 billion

-0.6% on the year

FY2016FY2023

Diluted EPS

$5.90

+1.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	82,006	80,187	76,118	+2.3%
Cost of revenue	42,760	42,157	37,108	+1.4%
Gross profit	39,246	38,030	39,010	+3.2%
Gross margin	47.9%	47.4%	51.2%
Research and development	2,000	2,000	1,900	0.0%
Selling, general and administrative	21,112	20,217	21,024	+4.4%
Operating income	18,134	17,813	17,986	+1.8%
Operating margin	22.1%	22.2%	23.6%
Interest expense	756	439	502	+72.2%
Pre-tax income	18,353	17,995	n/a	+2.0%
Income tax	3,615	3,202	3,263	+12.9%
Effective tax rate	19.7%	17.8%	n/a
Net income	14,653	14,742	14,306	-0.6%
Net margin	17.9%	18.4%	18.8%
Diluted EPS	$5.90	$5.81	$5.50	+1.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	16,848	16,723	18,371	+0.7%
Capital expenditure	3,062	3,156	2,787	-3.0%
Free cash flow	13,786	13,567	15,584	+1.6%
Free cash flow margin	16.8%	16.9%	20.5%
Cash from investing	-3,500	-4,424	-2,834
Cash from financing	-12,146	-14,876	-21,531
Depreciation and amortisation	2,714	2,807	2,735	-3.3%
Share-based compensation	545	528	540	+3.2%
Buybacks	7,353	10,003	11,009	-26.5%
Dividends paid	8,999	8,770	8,263	+2.6%
Dividend per share	$3.68	$3.52	$3.24	+4.5%
Diluted shares, weighted	2,484m	2,539m	2,601m	-2.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	47,065	46,854	46,654	+0.5%
Debt	34,607	31,493	31,988	+9.9%
Operating lease liabilities	595	595	631	0.0%
Other liabilities	38,562	38,266	40,034	+0.8%
Total liabilities and equity	120,829	117,208	119,307	+3.1%
Fixed assets	21,909	21,195	21,686	+3.4%
Goodwill	40,659	39,700	40,924	+2.4%
Intangible assets	23,783	23,679	23,642	+0.4%
Cash and equivalents	8,246	7,214	10,288	+14.3%
Receivables	5,471	5,143	4,725	+6.4%
Inventory	7,073	6,924	5,983	+2.2%
Other assets	13,688	13,353	12,059	+2.5%
Total assets	120,829	117,208	119,307	+3.1%

10-K for the year ended 30 June 2023, filed 4 August 2023: the filing.