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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- Net income demonstrates notable volatility across quarters with peaks in Q3 2020 and Q3 2023, suggesting strong quarterly performance periods. The values generally fluctuate between approximately $1.1 billion and $2.3 billion, reflecting cyclical variations rather than a consistent trend. The latest quarters indicate a recovery from a dip, suggesting improved profitability entering 2025.
- Depreciation and Amortization
- Depreciation and amortization expenses show a gradual, steady increase over the observed period from around $421 million to about $544 million by mid-2025. This trend reflects ongoing capital asset usage and possible incremental investments in fixed assets.
- Deferred Income Taxes
- Deferred income taxes exhibit irregular and largely negative values, indicating varying tax impacts and possible adjustments in tax obligations. The lack of a clear directional trend implies fluctuating tax liabilities or benefit recognition related to timing differences.
- Share-Based Compensation
- Share-based compensation remains relatively stable across periods, consistently ranging between $26 million and $54 million. This stability reflects consistent expenses related to employee incentive programs.
- Charges and Credits
- The charges and credits row shows fluctuations with general peaks in certain quarters, including a peak near $639 million around early 2022. The variability points toward episodic non-recurring items or adjustments impacting earnings in certain periods.
- Changes in Working Capital Items
- Changes in working capital are highly variable, with significant swings between large negative and positive values. This indicates irregular short-term operational cash flows influenced by inventory, receivables, or payables management, impacting liquidity unpredictably from quarter to quarter.
- Adjustments to Reconcile to Cash Provided by Operations
- This category generally follows a pattern of positive adjustments, peaking in late 2020 and showing fluctuations thereafter. These adjustments impact operational cash flows and reveal ongoing non-cash or timing differences affecting cash generation from operational activities.
- Cash Provided by Operations
- Cash flows from operations are generally strong but volatile, with episodes of significant increases, such as Q3 2020 and Q3 2023. Despite some troughs, operational cash generation remains consistently positive, signaling healthy core business cash flow generation capability over time.
- Capital Expenditures
- Capital expenditures rise over the period, with a notable increase from roughly $400 million to over $800 million quarterly by 2024, indicating increased investment activity potentially aimed at expansion or refurbishment of assets.
- Purchases and Sales of Restaurant Businesses and Property
- Purchases of restaurant businesses show irregular but generally modest values, with a significant spike in Q3 2023 related to equity method investments, suggesting strategic acquisitions. Sales of restaurant businesses and properties are more irregular, with occasional spikes that indicate asset disposals or portfolio adjustments.
- Cash Used for Investing Activities
- Investing cash flows are consistently negative, reflecting ongoing expenditures in capital assets, acquisitions, or investments. Periods of significant outflows, such as late 2023 to 2024, coincide with heightened capital expenditures and business purchases.
- Financing Activities
- Financing cash flows are variable with large positive inflows early in the data period and substantial outflows in subsequent years, correlating with long-term financing issuances and repayments. Treasury stock purchases and dividends reflect consistent shareholder distributions and stock buybacks indicative of capital return policies. The financing activity pattern points to active capital structure management including debt repayments, stock repurchases, and dividend payments.
- Effect of Exchange Rates
- The exchange rate impact on cash is relatively minor with oscillations between positive and negative effects, showing some influence from foreign currency fluctuations but not a dominating factor in cash flow changes.
- Cash and Equivalents Increase (Decrease)
- Total cash and equivalents changes show periods of both significant increases and decreases, often associated with the timing of operating, investing, and financing cash flows. Large increases tend to follow quarters with strong operational cash generation or financing inflows, while decreases correlate with heavy investing outflows or financing repayments.