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.
Based on: 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
- Net earnings
- The net earnings exhibit significant volatility across the quarters. Initial values around 1,000 million USD show a notable jump to approximately 2,800 million USD in mid-2020, followed by fluctuations ranging from lows near 150 million USD to highs above 3,000 million USD. This indicates periods of strong profitability interspersed with sharp declines.
- Depreciation and amortization
- Depreciation and amortization trend upward gradually from about 337 million USD to just over 500 million USD, reflecting a consistent increase in asset base or capital expenditure capitalization over time.
- Noncash lease expense
- Noncash lease expense remains relatively stable, fluctuating slightly between 108 and 138 million USD, indicating steady lease-related obligations without significant changes.
- Deferred income taxes
- Deferred income taxes display inconsistent values including positive and negative swings, with occasional large negative amounts near -250 million USD and positive peaks above 100 million USD. This variability suggests fluctuating tax timing differences or tax position changes across the periods.
- (Gain) loss on property and other assets, net
- This item mostly ranges between small positive and negative values, except for one exceptional gain of over 2,000 million USD, likely reflecting a significant one-time event impacting asset dispositions.
- (Gain) loss on sale of business
- Recent quarters show both gains and losses from business sales, with amounts varying between approximately -80 million and +420 million USD, indicating irregular and material impacts from divestitures.
- Loss on extinguishment of debt
- A one-time large loss of 1,060 million USD appears in a middle period, signaling a significant debt refinancing or retirement cost in that quarter only.
- Share-based payment expense
- Share-based payment expense exhibits a gradual increase from under 50 million USD up to around 60 million USD, consistent with expanding employee compensation through equity grants.
- Merchandise inventory, net
- Inventory balances experience marked volatility, with swings between positive and negative values exceeding 2,000 million USD. This fluctuation suggests irregular inventory management or valuation effects influencing working capital substantially.
- Other operating assets
- Other operating assets similarly show erratic changes with values ranging from roughly -350 million to +270 million USD, indicating varying working capital items outside of core inventory.
- Accounts payable
- Accounts payable demonstrate sharp fluctuations, alternating between significant positive inflows and outflows exceeding 3,000 million USD, reflecting volatile payment patterns and supplier financing activities.
- Other operating liabilities
- These liabilities also vary greatly, shifting between positive and negative values reaching nearly 1,100 million USD, further contributing to working capital variability.
- Changes in operating assets and liabilities
- This aggregated line captures substantial swings from increases above 3,900 million USD to decreases exceeding 2,600 million USD, highlighting pronounced working capital volatility over time.
- Adjustments to reconcile net earnings to net cash provided by operating activities
- The adjustments fluctuate considerably, with some quarters reflecting large positive adjustments beyond 4,400 million USD and others showing negative adjustments, indicating notable differences between accrual earnings and cash generation.
- Net cash provided by operating activities
- Operating cash flow shows a pattern of strong liquidity generation at some points, reaching over 7,300 million USD, but also episodes of negative cash flow, reflecting varying operational efficiency and cash collection dynamics.
- Purchases of investments and Proceeds from sale/maturity of investments
- Investment activities record meaningful cash outflows at various times, balanced partially by proceeds from sales or maturities. Peaks in purchases can exceed 1,400 million USD, while proceeds can also reach above 1,800 million USD, indicating active portfolio management.
- Capital expenditures
- Capital expenditure outflows remain substantial and fairly consistent, typically between 300 and 700 million USD per quarter, indicating ongoing investment in property, plant, and equipment.
- Proceeds from sale of property and other long-term assets
- Proceeds tend to be modest but relatively stable, generally below 70 million USD, suggesting limited asset sales.
- Net cash used in investing activities
- Investing cash flows primarily show negative values, indicating net cash outflow as capital investments and acquisitions exceed sales, often surpassing 1,300 million USD in cash used.
- Net proceeds from issuance of debt and Repayment of debt
- Debt-related financing activities fluctuate with large issuances occasionally surpassing 4,900 million USD and repayments occurring consistently but at smaller amounts, evidencing fluctuating debt management strategies.
- Repurchases of common stock
- Share repurchases are significant and substantial over the periods, reaching peaks above 4,000 million USD but showing a general decline in magnitude in recent quarters, reflecting active capital return policies with recent moderation.
- Cash dividend payments
- Dividend payments remain relatively stable, typically around 400 to 650 million USD per quarter, indicating consistent shareholder returns.
- Net cash provided by (used in) financing activities
- Financing cash flows are highly variable, ranging from large positive inflows of over 1,000 million USD to considerable outflows above 5,600 million USD, reflecting the complex interplay of debt issuance, repayment, equity issuance, dividends, and stock repurchases.
- Net increase (decrease) in cash and cash equivalents
- The overall cash position undergoes significant fluctuations with periods of large increases exceeding 5,000 million USD, alternating with sharp decreases over 4,900 million USD, capturing the combined effect of operational, investing, and financing activities on liquidity.