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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
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Procter & Gamble Co., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
- Net earnings
- Net earnings demonstrated a strong upward trend from 2019 to 2024, increasing markedly from $3,966 million in 2019 to a peak of $14,974 million in 2024. There was a significant jump between 2019 and 2020, followed by steady growth in subsequent years.
- Depreciation and amortization
- This expense remained relatively stable across the years, fluctuating modestly between $2,714 million and $3,013 million, without significant upward or downward trends.
- Loss on early extinguishment of debt
- This loss was only recorded in 2020 at $512 million, indicating a one-time charge related to debt restructuring in that year.
- Share-based compensation expense
- Share-based compensation expense showed a slight but steady increase over the period, rising from $515 million in 2019 to $562 million in 2024.
- Deferred income taxes
- Deferred income taxes were negative throughout, fluctuating between -$244 million and -$596 million. The figures suggest periodic adjustments with no consistent directional trend.
- (Gain) loss on sale of assets
- Gains and losses on asset sales varied, with a significant gain of -$678 million in 2019, shifting to minimal gains or small losses in later years, except for 2024 when a notable gain of -$215 million occurred.
- Indefinite-lived intangible impairment charge
- There was a major impairment charge of $8,345 million in 2019, with a smaller charge of $1,341 million recorded in 2024, while no charges were noted in the intervening years.
- Changes in working capital
- The changes in accounts receivable and inventories displayed volatility with both positive and negative swings, with notable larger decreases in inventories in 2022. Accounts payable and accrued liabilities changed significantly, peaking in 2020 and again in 2024. Changes in other operating assets and liabilities were consistently negative, deepening in 2023 and 2024. Overall, the combined change in operating assets and liabilities showed positive movement in 2020 and 2021 but negative in the last three years.
- Operating activities
- Cash flow from operating activities generally increased over time, rising from $15,242 million in 2019 to $19,846 million in 2024, indicating strengthening operational cash generation despite some year-to-year variation.
- Capital expenditures and asset sales
- Capital expenditures remained relatively steady, averaging around $3,000 million per year. Proceeds from asset sales were generally modest, with a noticeable increase in 2024 to $346 million, suggesting more asset disposals that year.
- Acquisitions
- Acquisition spending was highest in 2019 at $3,945 million and declined sharply in subsequent years, reaching a minimal $21 million in 2024, indicating a substantial reduction in acquisition activities.
- Investing activities
- Cash used in investing activities shifted from a large outflow in 2019 to a positive inflow in 2020, then reverted to consistent outflows ranging between approximately -$2,800 million and -$4,400 million. The 2024 level of investing outflows was similar to prior years.
- Dividends to shareholders
- Dividends showed a steady upward trajectory, increasing annually from $7,498 million in 2019 to $9,312 million in 2024, reflecting a progressive return of value to shareholders.
- Debt activities
- Short-term debt exhibited significant fluctuations with sizeable additions in 2020, 2022, and 2023, followed by notable reductions in the same years, indicating active management of short-term liabilities. Long-term debt additions increased in 2020 and remained relatively high but trended downward by 2024. Reductions of long-term debt were substantial in 2021, then declined moderately but continued through 2024.
- Treasury stock purchases and stock options
- Treasury stock purchases peaked in 2021 at $11,009 million and decreased steadily through 2024. The impact of stock options and other equity-related transactions declined from 2019 to 2023 before rebounding slightly in 2024.
- Financing activities
- Financing activities consistently resulted in net cash outflows, with a large negative balance of -$21,531 million in 2021 followed by reduction in outflows in later years, though still significant and exceeding -$12,000 million annually in most years.
- Effect of exchange rates
- The currency exchange impact was generally negative except for a small positive effect in 2021. The magnitude of these effects was relatively modest compared to other cash flow components.
- Cash and cash equivalents
- Cash reserves fluctuated significantly; notably, a large increase occurred in 2020, followed by decreases in both 2021 and 2022. The latter years showed moderate growth again, ending at $9,481 million in 2024, reflecting overall improved liquidity by the end of the period.