Cash Flow Statement
Quarterly Data
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.
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PepsiCo Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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PepsiCo Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
- Net income
- Net income exhibited notable volatility across the quarters. Initial growth was observed through 2020, peaking in March 2022, followed by a significant decline in December 2022. Throughout 2023 and into 2024, the net income shows a pattern of recovery and fluctuation, with quarterly results alternating between higher and lower values without a stable trend.
- Depreciation and amortization
- This expense item steadily increased over the period. Notably, spikes appeared in late 2020 and late 2023, suggesting intensified asset usage or acquisitions. Overall, there is a clear upward trend that corresponds with operational scaling or asset base growth.
- Impairment and other charges (credits)
- There were large charges in 2022, peaking in December 2022 and maintaining elevated amounts intermittently afterward. This indicates increased impairments or restructuring efforts during this time frame.
- Operating lease right-of-use asset amortization
- Amortization charges gradually increased with some seasonal peaks, especially in year-end quarters, suggesting the company’s growing lease obligations over time.
- Stock-based compensation expense
- Stock-based compensation remained relatively stable with slight increases toward the end of 2022 and 2023, reflecting consistent equity incentive practices.
- Restructuring and impairment charges
- After relatively low charges in early periods, restructuring expenses surged in late 2022 and remained elevated sporadically through 2024 and 2025, indicating an ongoing cost of organizational changes or business adjustments.
- Pension and retiree medical plan (income) expense and contributions
- The pension-related income expense showed occasional spikes, while contributions exhibited significant fluctuations, often negative, reflecting variable cash outflows for pension funding, possibly influenced by corporate financing and actuarial adjustments.
- Deferred income taxes and other tax charges and credits
- This category was volatile, with substantial swings between positive and negative values, especially negative in late 2022. This suggests notable fluctuations in tax positions or recognition of deferred tax assets and liabilities during the reporting periods.
- Accounts and notes receivable
- Receivables presented substantial fluctuations, alternating between increases and decreases. This indicates variability in credit sales or collection cycles, possibly influenced by seasonal sales patterns.
- Inventories
- Inventory levels experienced alternating increases and decreases, reflecting adjustments in production, demand, or supply chain management. The pattern implies active inventory management responsive to sales and operational needs.
- Accounts payable and other current liabilities
- Payables saw significant variation including sharp decreases and increases, which may be linked to changes in supplier payment terms or shifting operational cash flows.
- Change in assets and liabilities
- This metric showed extreme negative values at multiple points, indicating substantial outflows from working capital changes, which were offset periodically by significant inflows. The pattern highlights fluctuating liquidity needs driven by operational dynamics.
- Net cash provided by (used for) operating activities
- The cash flow from operations was inconsistent, with notable large positive inflows especially in mid-2020, late 2021, and through 2023, but interspersed with quarters showing negative or much lower inflows, reflecting variable operational performance and cash cycle efficiency.
- Capital spending
- Capital expenditures increased significantly at year-end quarters, particularly in 2020, 2021, and 2023. The overall trend suggests sustained investment in fixed assets with seasonal spikes.
- Acquisitions, net of cash acquired, and investments
- Acquisition activity peaked negatively in mid-2020, then remained modest but continued sporadically through the periods, reflecting selective investment and divestiture activity.
- Debt issuances and repayments
- Debt issuances occurred in several large tranches, especially in 2020 and late 2023 to mid-2024. Payments were also sizable, consistent with active debt management. There were debt redemptions notably in late 2021, indicating strategic refinancing or repayment cycles.
- Short-term borrowings
- Short-term borrowing fluctuations were pronounced, with many instances of large proceeds and payments, reflecting dynamic management of liquidity and short-term financing needs.
- Cash dividends and share repurchases
- Cash dividends increased mildly over time, evidencing consistent shareholder distributions. Share repurchases showed a declining trend overall, particularly reducing from moderate activity in early periods to smaller amounts by 2025, suggesting a shift in capital allocation priorities.
- Net cash provided by (used for) financing activities
- Financing cash flow displayed large positive values in 2020 and selected quarters, but predominantly negative values afterwards, indicating net cash outflows due to debt repayments, dividends, and share repurchases exceeding new financing in most recent years.
- Net increase (decrease) in cash and cash equivalents and restricted cash
- Cash levels experienced considerable swings, with substantial increases in early 2020 followed by frequent decreases and recovery phases thereafter. This movement indicates active cash and liquidity management responding to operating and investing needs.