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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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PepsiCo Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 displays significant fluctuations over the periods analyzed. It shows peaks in March 2022 and September 2023 with values surpassing 3 billion USD, while notable declines occur in December 2022 and December 2021. The pattern indicates volatility with no consistent upward or downward trend across the entire timeframe.
- Depreciation and Amortization
- Depreciation and amortization expenses generally increase over time, particularly showing marked rises in late 2020 and early 2023, surpassing 900 million USD in some quarters, reflecting possible asset acquisitions or changes in amortization policies.
- Impairment and Other Charges (Credits)
- The amounts recorded under impairment and other charges are irregular and tend to spike in certain quarters, such as September and December 2022, with values exceeding 1.7 billion USD. These sporadic charges contribute to the earnings volatility.
- Product Recall-related Impact
- Product recall impacts are present but relatively minor in magnitude, with some cash payments related to recalls appearing predominantly in the latest quarters, suggesting increased operational challenges or regulatory scrutiny.
- Restructuring and Impairment Charges
- These charges exhibit a pattern of intermittent escalation, with considerable spikes observed in December 2022, and the latest quarters of 2024 and early 2025. Corresponding cash payments for restructuring tend to align temporally but show a smoother trend.
- Pension and Retiree Medical Plan Expenses and Contributions
- Expenses related to pension and retiree medical plans fluctuate modestly, with notable expense peaks around 2020 and 2022. Contributions tend to be large negative values with considerable variability, indicating active pension funding activity and possibly reflecting actuarial assumptions or strategic funding decisions.
- Deferred Income Taxes and Other Tax Charges and Credits
- This item exhibits considerable volatility, with large positive and negative values across multiple periods, suggesting adjustments or timing differences in tax liabilities or benefits. Notably, negative values dominate in late 2022.
- Working Capital Components (Accounts Receivable, Inventories, Prepaid Expenses, Accounts Payable, Income Taxes Payable)
- These accounts show high variability without a clear directional trend, with particularly large negative swings in accounts payable and accounts receivable in several quarters. The changes indicate variable cash flow management or seasonal business operations influencing current assets and liabilities.
- Net Cash Provided by Operating Activities
- Operating cash flows are generally positive and robust, with extraordinary highs in several quarters such as September 2023 and December 2023 exceeding 5 billion USD. However, intermittent negative values are observed, reflecting volatile operational performance or working capital movements.
- Capital Spending and Asset Sales
- Capital expenditures are consistently significant and predominantly negative, indicating sustained investment in property, plant, and equipment. Asset sales appear inconsistent but occasionally reach substantial levels, partially offsetting capital expenditures in some periods.
- Investing Activities
- Net investing cash flows are mostly negative, reflecting ongoing capital investments and acquisitions, with occasional positive inflows linked to divestitures or proceeds from nonoperating transactions like the Juice Transaction.
- Financing Activities
- Net cash flows from financing activities exhibit considerable variability, including large positive inflows from long-term debt issuances and short-term borrowings, offset by substantial repayments and share repurchases. Cash dividends remain consistently paid at relatively stable levels, suggesting ongoing shareholder returns despite operational fluctuations.
- Effect of Exchange Rate Changes
- Currency exchange effects on cash and restricted cash are variable, with no stable trend, occasionally generating sizable negative impacts on cash balances, especially in later periods.
- Overall Cash Position
- The net increase or decrease in cash and cash equivalents is volatile, alternating between positive and negative changes across quarters. Positive surges often coincide with strong operating cash flows or significant financing inflows, while declines correspond to heavy capital spending or adverse exchange rate impacts.