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:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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PepsiCo Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 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 cash flow profile exhibits a pronounced seasonal pattern, characterized by significant fluctuations in net cash provided by operating activities. A recurring trend is observed where the first quarter of each fiscal year typically yields negative or substantially lower operating cash flows, while the second half of the year, particularly the fourth quarter, generates peak liquidity. This cyclicality is largely driven by substantial swings in working capital, specifically within accounts payable and other current liabilities.
- Operating Activities and Earnings
- Net income demonstrates volatility but maintains a generally positive trajectory, frequently ranging between 1.5 billion and 3.1 billion USD per quarter. Operating cash flows are heavily influenced by non-cash adjustments, including depreciation and amortization, which steadily increased from approximately 560 million USD in early 2021 to over 1.1 billion USD by late 2025. Notable volatility was introduced by impairment charges and restructuring costs, with significant peaks in late 2022 and late 2025.
- Investing Strategy and Capital Expenditure
- Investing activities are consistently characterized by net cash outflows, dominated by capital spending. Capital expenditures follow a strict seasonal cadence, peaking every December, with outflows reaching as high as 2.9 billion USD. This suggests a concentrated year-end investment cycle. Strategic acquisitions remained modest for several years but escalated significantly in the first half of 2025, with expenditures exceeding 3 billion USD across March and June of that year.
- Financing and Shareholder Distributions
- Cash dividends exhibit a steady and incremental increase, rising from approximately 1.4 billion USD per quarter in 2021 to nearly 1.9 billion USD by 2026, reflecting a consistent commitment to shareholder returns. Financing activities are further marked by an active debt management strategy, involving large-scale issuances of long-term and short-term borrowings to offset investing outflows and dividend payments. Share repurchases occur sporadically, with varying intensity across the analyzed period.
- Working Capital and Liquidity Management
- The change in assets and liabilities is the primary driver of short-term cash flow volatility. Large outflows in accounts receivable and inventories are frequently observed in the first quarter, often compounded by massive payments to vendors and liabilities. These are typically recovered in subsequent quarters, resulting in the observed "sawtooth" pattern of net cash movement. The impact of exchange rate changes has generally been negative, though a positive shift occurred in early 2025.
Overall, the financial data reveals a company with strong underlying earnings and a disciplined, albeit seasonal, approach to capital reinvestment and shareholder distributions. The reliance on short-term and long-term debt markets appears integral to maintaining liquidity during the periodic operating cash troughs associated with the first quarter of each year.