Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

$24.99

Cash Flow Statement

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

US$ in millions

Microsoft Excel
12 months ended: Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Net income
Depreciation and amortization
Gain associated with the Juice Transaction
Impairment and other charges
Indirect tax impact
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
Pension and retiree medical plan expenses
Pension and retiree medical plan contributions
Deferred income taxes and other tax charges and credits
Tax expense related to the 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 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 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
Cash and cash equivalents and restricted cash, beginning of year
Cash and cash equivalents and restricted cash, end of year

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

Net Income Trend
Net income demonstrated consistent growth from 2020 through 2024, increasing from $7,175 million to $9,626 million. This upward trend indicates sustained profitability improvement over the period.
Depreciation and Amortization
Depreciation and amortization expenses steadily rose each year, from $2,548 million in 2020 to $3,160 million in 2024, reflecting ongoing investment in fixed assets and intangible assets.
Special Charges and Gains
The company recorded a significant negative gain related to the Juice Transaction in 2022 amounting to -$3,321 million, followed by impairment and other charges notably high at $3,618 million in 2022 and decreasing thereafter to $714 million by 2024. Restructuring and impairment charges increased markedly from $289 million in 2020 to $727 million in 2024, suggesting increased costs associated with restructuring activities. Product recall-related impacts appeared in 2023 and 2024, including cash payments in 2024 reflecting an ongoing operational risk management issue.
Tax and Pension Items
Deferred income taxes and other tax charges showed volatility with negative adjustments in 2022 and 2023. Tax payments related to the TCJ Act have been consistent at approximately -$309 million from 2021 to 2023, with an increase in 2024. Pension and retiree medical plan expenses and contributions fluctuated significantly year-over-year, indicating variability in benefit plan funding and expense recognition.
Working Capital Changes
Accounts and notes receivable decreased notably in 2022, then improved thereafter. Inventories experienced large reductions in 2022 followed by moderate changes, while accounts payable and other current liabilities increased substantially in 2021 and 2022 but fell sharply in 2024, resulting in a negative change in assets and liabilities reaching -$1,696 million in 2024. These fluctuations suggest variable working capital management and cash conversion cycle impacts.
Operating Cash Flow
Net cash provided by operating activities grew from $10,613 million in 2020 to a peak of $13,442 million in 2023 before slightly declining to $12,507 million in 2024. Overall, operating cash flows show strong cash generation capacity with some year-to-year variation.
Investing Activities
Capital spending consistently increased from $4,240 million in 2020 to a peak of $5,518 million in 2023, then slightly decreased in 2024. Acquisitions were significant in 2020 at -$6,372 million but reduced dramatically in subsequent years. The juice transaction proceeds in 2022 amounted to $3,456 million, offsetting some acquisition costs. Net cash used for investing activities declined substantially after 2020 but rose again in 2023 and 2024, indicating renewed investment activity.
Financing Activities
Proceeds from long-term debt issuances displayed fluctuations with a high in 2020 ($13,809 million) and varying levels in following years. Payments of long-term debt increased notably over time, peaking at $3,886 million in 2024. Short-term borrowings showed sizable inflows and outflows, with net changes reflecting active short-term debt management. Cash dividends steadily increased each year, signifying a commitment to shareholder returns. Share repurchases occurred consistently but decreased in magnitude after 2020. Overall, net cash used in financing activities turned negative progressively, reaching -$7,556 million in 2024, reflecting higher debt payments and dividend distributions.
Cash Position and Exchange Effects
The cash and cash equivalents balance showed volatility, with a significant increase in 2023 to $9,761 million from $5,100 million in 2022, then declining to $8,553 million in 2024. Exchange rate effects consistently decreased cash balances annually, with the largest impact of -$687 million in 2024, indicating foreign currency translation risks.