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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Coca-Cola Co. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Coca-Cola Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
- Consolidated Net Income
- Consolidated net income exhibits notable fluctuations across the reported quarters. Initial periods of 2020 show a decline, followed by a recovery and several peaks, particularly around the first quarters of 2023 and 2024. Variability is apparent, yet some general upward movement is present towards the latest periods, culminating in a high of 3335 million US dollars in the first quarter of 2025.
- Depreciation and Amortization
- This expense remains relatively stable over time with slight decreases in more recent quarters. The figures hover mostly between 260 and 430 million US dollars, showing modest downward pressure especially evident from 2022 onwards.
- Stock-based Compensation Expense
- This component displays incremental variability but remains within a moderate range. Occasional peaks occur, especially in quarters like Q2 2021 and Q4 2021, yet no sustained upward or downward trend is strongly visible.
- Deferred Income Taxes
- Deferred income taxes move irregularly, shifting between positive and negative values without a clear trend. Large swings are observed, for example, a substantial positive figure in Q2 2021 followed by significant negatives in later quarters, reflecting volatility in tax-related adjustments.
- Equity Income, Net of Dividends
- Equity income fluctuates predominantly in the negative range, indicating net losses in equity investments more often than gains. Sharp negative values, such as -485 million in Q3 2023 and similar lows, reflect challenges in these investments over the period.
- Foreign Currency Adjustments
- Foreign currency adjustments show moderate variability with a pattern of alternating positive and negative impacts. Occasionally, notable positive corrections appear, for instance in Q4 2021 and Q4 2023, suggesting sensitivity to currency exchange rate movements.
- Significant (Gains) Losses, Net
- This category evidences sporadic large gains or losses, with a highly negative spike recorded in Q4 2023 (-1401 million), disrupting other quarters that hover nearer to zero or modest losses or gains. These fluctuations indicate episodic material one-time events.
- Other Operating Charges
- Other operating charges vary considerably, with sharp increases noted in recent quarters such as Q2 2023 and Q1 2024, suggesting increased miscellaneous operating costs or charges. Some quarters show negative values, implying occasional reversals or recoveries.
- Other Items
- These items display high volatility without a clear directional trend, alternating between significant positive and negative amounts. This suggests a recurring presence of miscellaneous non-recurring items affecting operations irregularly.
- Net Change in Operating Assets and Liabilities
- Operating assets and liabilities adjustments demonstrate extreme variability and large swings both negative and positive. Some quarters, especially in 2023 and 2024, show severe negative adjustments, indicating possible working capital strain or shifts in current asset and liability management.
- Adjustments to Reconcile Consolidated Net Income to Net Cash Provided by Operating Activities
- These adjustments mirror volatility seen in net changes in operating assets and liabilities, emphasizing the non-cash and working capital impacts on operating cash flows. The range is very wide, from significant negatives to large positives, making reporting periods inconsistency a notable feature.
- Net Cash Provided by (Used in) Operating Activities
- Cash flow from operations fluctuates widely. Some quarters exhibit strong positive cash generation (e.g., Q3 and Q4 2022), while others, such as several quarters in 2024 and 2025, show markedly negative or weak cash flows, suggesting variability in operational liquidity.
- Purchases and Proceeds from Investments
- Purchase of investments mostly demonstrates consistent outflows, though the magnitude decreases over time. Proceeds from disposals fluctuate, with occasional spikes suggesting asset sales. The net impact of investment activities is irregular but tends to show considerable cash outflow in specific periods, reflecting active portfolio management and capital allocation.
- Acquisitions and Disposals of Businesses and Equity Method Investments
- Acquisitions generally register small to moderate cash outflows, with a notable large acquisition in Q4 2021 marking a significant one-off event. Disposals vary but occasionally generate substantial inflows, as seen in Q2 2024, indicating ongoing portfolio adjustments.
- Purchases and Proceeds of Property, Plant, and Equipment
- Capital expenditures show variability, with sporadic high levels, particularly in later periods such as Q4 2021 and 2023, reflecting investments in fixed assets. Proceeds from disposals are relatively small and stable, indicating limited recovery on asset sales.
- Net Cash Provided by (Used in) Investing Activities
- Investing cash flows show dramatic swings, moving from large negative outflows to significant inflows particularly in 2020 and 2021. Later periods show smaller net changes but still considerable volatility, reflecting an active investment and divestment strategy.
- Issuances and Payments of Debt
- Debt issuances and repayments demonstrate considerable activity. Early 2020 and some 2025 quarters feature significant debt issuance, while repayments spike sharply in Q4 2020 and Q2 2021. This indicates active management of financing structure, balancing borrowings and repayments frequently.
- Issuances and Purchases of Stock
- Issuance of stock generally shows moderate positive cash inflows, with occasional increases in some quarters. Conversely, purchases of treasury stock fluctuate widely, with some quarters witnessing large buybacks, implying a strategy to manage equity dilution or return capital to shareholders.
- Dividends
- Dividends payment patterns, despite some possible data omissions, reveal consistent outflows, mostly around 1800 to 4000 million US dollars per quarter, underlining a strong commitment to returning value to shareholders through dividends.
- Other Financing Activities and Net Cash Provided by (Used in) Financing Activities
- Other financing activities remain minor in comparison, but net financing cash flows show pronounced swings between substantial inflows and outflows, particularly with a sharp contraction occurring in late 2020 followed by recovery phases, reflecting responsive debt and equity financing management.
- Effect of Exchange Rate Changes on Cash
- Foreign exchange effects consistently impact cash balances positively or negatively. While relatively modest compared to cash flows, fluctuations highlight sensitivity to currency movements which marginally influences overall liquidity.
- Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- Cash levels reflect high volatility, with substantial increases alternating with significant decreases between quarters. The data display periods of strong liquidity accumulation punctuated by steep declines, underscoring the dynamic cash management environment across the review horizon.