Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

PepsiCo Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Net income	9,626)	9,155)	8,978)	7,679)	7,175)
Depreciation and amortization	3,160)	2,948)	2,763)	2,710)	2,548)
Gain associated with the Juice Transaction	—)	—)	(3,321)	—)	—)
Impairment and other charges	714)	1,230)	3,618)	—)	—)
Indirect tax impact	218)	—)	—)	—)	—)
Product recall-related impact	187)	136)	—)	—)	—)
Cash payments for product recall-related impact	(148)	—)	—)	—)	—)
Operating lease right-of-use asset amortization	655)	570)	517)	505)	478)
Stock-based compensation expense	362)	380)	343)	301)	264)
Restructuring and impairment charges	727)	445)	411)	247)	289)
Cash payments for restructuring charges	(436)	(434)	(224)	(256)	(255)
Pension and retiree medical plan expenses	414)	150)	419)	123)	408)
Pension and retiree medical plan contributions	(348)	(410)	(384)	(785)	(562)
Deferred income taxes and other tax charges and credits	(42)	(271)	(873)	298)	361)
Tax expense related to the TCJ Act	—)	—)	86)	190)	—)
Tax payments related to the TCJ Act	(579)	(309)	(309)	(309)	(78)
Accounts and notes receivable	(138)	(793)	(1,763)	(651)	(420)
Inventories	(314)	(261)	(1,142)	(582)	(516)
Prepaid expenses and other current assets	40)	(13)	118)	159)	26)
Accounts payable and other current liabilities	(1,161)	420)	1,842)	1,762)	766)
Income taxes payable	(123)	310)	57)	30)	(159)
Change in assets and liabilities	(1,696)	(337)	(888)	718)	(303)
Other, net	(307)	189)	(325)	195)	288)
Net cash provided by operating activities	12,507)	13,442)	10,811)	11,616)	10,613)
Capital spending	(5,318)	(5,518)	(5,207)	(4,625)	(4,240)
Sales of property, plant and equipment	342)	198)	251)	166)	55)
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets	(256)	(314)	(873)	(61)	(6,372)
Proceeds associated with the Juice Transaction	—)	—)	3,456)	—)	—)
Other divestitures, sales of investments in noncontrolled affiliates and other assets	166)	75)	49)	169)	4)
Short-term investments, original maturity more than three months, purchases	(425)	(555)	(291)	—)	(1,135)
Short-term investments, original maturity more than three months, maturities	—)	556)	150)	1,135)	—)
Short-term investments, original maturity more than three months, sales	—)	12)	—)	—)	—)
Short-term investments, original maturity three months or less, net	5)	3)	24)	(58)	27)
Other investing, net	14)	48)	11)	5)	42)
Net cash used for investing activities	(5,472)	(5,495)	(2,430)	(3,269)	(11,619)
Proceeds from issuances of long-term debt	4,042)	5,482)	3,377)	4,122)	13,809)
Payments of long-term debt	(3,886)	(3,005)	(2,458)	(3,455)	(1,830)
Debt redemptions	—)	—)	(1,716)	(4,844)	(1,100)
Short-term borrowings, original maturity more than three months, proceeds	5,786)	5,428)	1,969)	8)	4,077)
Short-term borrowings, original maturity more than three months, payments	(5,639)	(3,106)	(1,951)	(397)	(3,554)
Short-term borrowings, original maturity three months or less, net	392)	(29)	(31)	434)	(109)
Payments of acquisition-related contingent consideration	—)	—)	—)	(773)	—)
Cash dividends paid	(7,229)	(6,682)	(6,172)	(5,815)	(5,509)
Share repurchases	(1,000)	(1,000)	(1,500)	(106)	(2,000)
Proceeds from exercises of stock options	166)	116)	138)	185)	179)
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted	(135)	(140)	(107)	(92)	(96)
Other financing	(53)	(73)	(72)	(47)	(48)
Net cash provided by (used for) financing activities	(7,556)	(3,009)	(8,523)	(10,780)	3,819)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(687)	(277)	(465)	(114)	(129)
Net increase (decrease) in cash and cash equivalents and restricted cash	(1,208)	4,661)	(607)	(2,547)	2,684)
Cash and cash equivalents and restricted cash, beginning of year	9,761)	5,100)	5,707)	8,254)	5,570)
Cash and cash equivalents and restricted cash, end of year	8,553)	9,761)	5,100)	5,707)	8,254)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

Download chart

Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	PepsiCo Inc. net cash provided by operating activities increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Net cash used for investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	PepsiCo Inc. net cash used for investing activities decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Net cash provided by (used for) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	PepsiCo Inc. net cash provided by (used for) financing activities increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

PepsiCo Inc. (NASDAQ:PEP)

Cash Flow Statement