How much do depreciation assumptions change PROCTER & GAMBLE Co's earnings?
Gross property and equipment, depreciation and capital spending, with an alternative useful-life calculator. Cash spending is kept separate.
Depreciation against the asset base
Gross property and equipment of $57.17B against $3.16B of depreciation and amortization implies an average life of about 18.1 years (gross assets ÷ annual charge). The charge includes amortization where the company reports them together.
| Fiscal year | Gross PP&E | Net PP&E | Depreciation & amortization | Implied life (yrs) | Capital expenditure (cash) |
|---|---|---|---|---|---|
| 2021 | $46.70B | $21.69B | $2.73B | 17.1 | $2.79B |
| 2022 | $46.70B | $21.20B | $2.81B | 16.6 | $3.16B |
| 2023 | $48.65B | $21.91B | $2.71B | 17.9 | $3.06B |
| 2024 | $50.06B | $22.15B | $2.90B | 17.3 | $3.32B |
| 2025 | $54.18B | $23.90B | $2.85B | 19.0 | $3.77B |
| 2026 | $57.17B | $25.36B | $3.16B | 18.1 | $4.41B |
10-K filed 2026-08-04 · DepreciationDepletionAndAmortization
Compare an alternative useful life
A 19-year average life gives an annual charge of $3.01B instead of $3.16B. After tax at 21%, net income would be higher by $119.2M. Cash spending ($4.41B) is unchanged.
Straight-line on gross assets, no salvage value; land and construction in progress are not separated. Treat as an order-of-magnitude comparison.