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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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PepsiCo Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 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).
The financial information reveals fluctuating cash flows over the analyzed period, spanning from March 2021 to December 2025. Operating activities generally provide a net cash inflow, though with significant quarterly variations. Investing activities consistently represent a net cash outflow, while financing activities demonstrate a more complex pattern, alternating between net cash inflows and outflows.
- Net Income
- Net income exhibits considerable volatility. A peak is observed in March 2022 at US$4,273 million, followed by a substantial decline to US$535 million by December 2022. Subsequent quarters show recovery, with another peak in September 2023 at US$3,116 million, before decreasing again. The final reported value in June 2025 is US$1,279 million. This suggests sensitivity to external factors or significant internal adjustments.
- Operating Activities
- Net cash provided by operating activities is generally positive, but highly variable. A strong performance is seen in the first half of 2021 and throughout 2023 and 2024. However, a significant outflow is recorded in March 2021 (-US$719 million) and a smaller outflow in December 2022 (-US$392 million). The largest inflow occurs in September 2023, reaching US$5,611 million. The final reported value in December 2025 is US$6,619 million.
- Investing Activities
- Investing activities consistently consume cash. The largest outflow is recorded in December 2021 (-US$2,239 million) and December 2023 (-US$3,116 million). There is a notable inflow in March 2022 (US$2,955 million), likely related to the proceeds from the Juice Transaction. Despite these occasional inflows, the overall trend is a substantial and consistent cash outflow, indicating ongoing investment in assets.
- Financing Activities
- Financing activities demonstrate a more erratic pattern. Large outflows are observed in March 2021 (-US$1,888 million) and December 2023 (-US$3,043 million), largely driven by share repurchases and dividend payments. Significant inflows are seen in March 2022 (US$777 million) and September 2024 (US$1,768 million), potentially due to debt issuance. The final reported value in December 2025 is a substantial outflow of -US$3,971 million.
- Significant Non-Cash Items
- Depreciation and amortization consistently contribute a positive cash flow, ranging from US$555 million to US$1,136 million over the period. Stock-based compensation also provides a consistent, though smaller, positive cash flow. Restructuring and impairment charges, along with impairment and other charges, introduce significant variability, sometimes positive and sometimes negative, impacting overall cash flow. The Gain associated with the Juice Transaction and related proceeds significantly impacted cash flows in 2022.
- Working Capital
- Changes in accounts receivable, inventories, and accounts payable demonstrate substantial fluctuations. Accounts receivable and inventories often represent cash outflows, while accounts payable typically provide a cash inflow. These fluctuations suggest active management of working capital, but also potential volatility in sales and purchasing patterns. Tax payments also show significant variability.
Overall, the cash flow statement indicates a company capable of generating cash from operations, but one that consistently invests heavily in its business and returns capital to shareholders through dividends and share repurchases. The significant fluctuations in net income and cash flows from various activities suggest the company operates in a dynamic environment and is subject to external economic factors and internal strategic decisions.