Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

$24.99

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., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 21, 2026 Dec 27, 2025 Sep 6, 2025 Jun 14, 2025 Mar 22, 2025 Dec 28, 2024 Sep 7, 2024 Jun 15, 2024 Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021
Net income
Depreciation and amortization
Gain associated with the Juice Transaction
Impairment and other charges (credits)
Product recall-related impact
Cash payments for product recall-related impact
Operating lease right-of-use asset amortization
Stock-based compensation expense
Restructuring and impairment charges
Cash payments for restructuring charges
Acquisition and divestiture-related charges/credits
Cash payments for acquisition and divestiture-related charges
Pension and retiree medical plan (income) expenses
Pension and retiree medical plan contributions
Deferred income taxes and other tax charges and credits
Net tax related to the Tax Cuts and Jobs Act (TCJ Act)
Tax payments related to the TCJ Act
Accounts and notes receivable
Inventories
Prepaid expenses and other current assets
Accounts payable and other current liabilities
Income taxes payable
Change in assets and liabilities
Other, net
Net cash provided by (used for) operating activities
Capital spending
Sales of property, plant and equipment
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets
Proceeds associated with the Juice Transaction
Other divestitures, sales of investments in noncontrolled affiliates and other assets
Short-term investments, original maturity more than three months, purchases
Short-term investments, original maturity more than three months, maturities
Short-term investments, original maturity more than three months, sales
Short-term investments, original maturity three months or less, net
Other investing, net
Net cash (used for) provided by investing activities
Proceeds from issuances of long-term debt
Payments of long-term debt
Debt redemptions
Short-term borrowings, original maturity more than three months, proceeds
Short-term borrowings, original maturity more than three months, payments
Short-term borrowings, original maturity three months or less, net
Payments of acquisition-related contingent consideration
Cash dividends paid
Share repurchases
Proceeds from exercises of stock options
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted
Other financing
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents and restricted cash
Net increase (decrease) in cash and cash equivalents and restricted cash

Based on: 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 financial information reveals fluctuating cash flows over the analyzed period, spanning from March 2021 to March 2026. Operating activities generally provide a net cash inflow, though with significant quarterly variations. Investing activities consistently represent a net cash outflow, primarily driven by capital expenditures. Financing activities demonstrate a complex pattern of cash inflows and outflows, heavily influenced by debt management, share repurchases, and dividend payments.

Net Income
Net income exhibits considerable volatility. A substantial peak is observed in March 2022 at US$4,273 million, followed by a significant decline to US$535 million in December 2022. Subsequent quarters show fluctuations, with a recent trend towards stabilization in the US$2,338 to US$3,094 million range. The impact of the Juice Transaction in March 2022, resulting in a negative US$3,322 million gain, significantly affected net income for that period.
Operating Activities
Cash flow from operating activities is generally positive, but displays substantial quarterly swings. The highest inflow occurred in September 2023 at US$5,611 million. A notable decrease is seen in March 2021 at negative US$719 million. Depreciation and amortization consistently contribute a positive cash flow, ranging from US$555 to US$1,136 million per quarter. Restructuring and impairment charges, along with related cash payments, introduce variability, with significant impacts observed in late 2022 and early 2023. Product recall-related impacts, while initially minimal, increased in later periods, with associated cash payments appearing from March 2024 onwards.
Investing Activities
Investing activities consistently consume cash. Capital spending represents the largest outflow component, generally ranging between US$834 million and US$3,116 million per quarter. Acquisitions and divestitures also contribute to cash outflow, with a particularly large outflow of US$1,200 million in March 2025. Proceeds from the sale of short-term investments provide some offset, but are insufficient to turn the overall investing cash flow positive. The Juice Transaction also had a significant impact on investing cash flows in the earlier periods.
Financing Activities
Financing activities demonstrate a complex pattern. Cash dividends paid consistently represent a significant cash outflow, averaging around US$1.6 billion to US$1.9 billion per quarter. Share repurchases also contribute to outflows, though with varying magnitudes. Debt issuance and repayment create substantial fluctuations. A large debt issuance is observed in December 2021, while repayments are consistent throughout the period. Short-term borrowings are utilized strategically, with both proceeds and payments fluctuating significantly. The net effect is a highly variable cash flow from financing, with periods of both substantial inflow and outflow.
Tax Implications
Deferred income taxes and tax credits introduce considerable volatility. Significant credits are observed in several quarters, while other periods show substantial charges. Tax payments related to the Tax Cuts and Jobs Act (TCJ Act) also contribute to fluctuations, particularly in June 2021 and June 2025. Pension and retiree medical plan contributions represent a consistent cash outflow, though with variations, while income/expenses from these plans also fluctuate.
Working Capital
Changes in accounts receivable, inventories, and accounts payable significantly impact cash flow. Large fluctuations are observed in these accounts, contributing to the overall variability in operating cash flow. Specifically, changes in accounts payable often represent a substantial cash inflow, while changes in accounts receivable and inventories can be either inflows or outflows depending on the quarter.

Overall, the company demonstrates a capacity to generate cash from operations, but this is offset by substantial investments in capital expenditures and a complex financing strategy involving debt management, share repurchases, and dividend payments. The impact of non-recurring items, such as the Juice Transaction and restructuring charges, significantly influences the reported cash flows.