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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Procter & Gamble Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Net earnings
- Net earnings exhibit significant fluctuations across the periods. A notable loss occurred in June 30, 2019, marking a sharp deviation with a -$5,237 million figure, contrasting with generally positive earnings in other quarters. Subsequent periods show recovery and growth, with peaks in September 30, 2020, December 31, 2021, and December 31, 2024. The trend indicates cyclical variability with no consistent growth or decline pattern, but overall positive earnings resume after the 2019 dip.
- Depreciation and amortization
- The depreciation and amortization expense remains relatively steady throughout the periods, generally ranging from $650 million to $820 million. Slight increases are observed during 2019 and 2020, followed by a mild downward adjustment toward 2024 and 2025, indicating relatively stable fixed asset usage and amortization schedule.
- Loss on early extinguishment of debt
- This item appears only once in December 31, 2020, recording a $512 million loss. It suggests a one-time financial impact related to debt restructuring or refinancing occurring in that quarter.
- Share-based compensation expense
- Share-based compensation shows variability with spikes in June quarters of 2019 and 2020, reaching up to $233 million. Lesser values are noted at other times, without a clear pattern. This indicates fluctuating stock-based payments, possibly linked to periodic grants or vesting schedules.
- Deferred income taxes
- The deferred income taxes fluctuate substantially with both positive and negative values, signifying changing tax positions or timing differences in tax recognition. Large negative swings occur in March 31, 2019 and beyond, suggesting tax obligations varying due to temporary differences in accounting versus tax reporting.
- (Gain) loss on sale of assets
- Occasional gains and losses are recorded, with substantial gain of -$361 million at September 30, 2018, and a notable unusual gain of $794 million in September 30, 2024. The gains and losses are sporadic, indicating ad hoc asset disposal activities with variable financial impact.
- Indefinite-lived intangible asset impairment charge
- This item appears only twice: in June 30, 2019 with a large charge of $8,345 million, and in March 31, 2024 with $1,341 million. These significant impairments suggest periodic reassessment and write-downs of indefinite-lived intangible assets, drastically impacting net earnings in these periods.
- Changes in working capital components
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Changes in accounts receivable, inventories, and accounts payable/accrued liabilities vary widely. Notable negative swings in accounts receivable and inventories, particularly in September 30, 2021 and September 30, 2022, indicate increased sales or inventory reductions. Accounts payable and accrued liabilities also show substantial fluctuations with large positive movements in quarters like September 30, 2019 and September 30, 2022, reflecting supplier payment timing variability.
Overall, the combined change in operating assets and liabilities shows a volatile pattern, with some quarters exhibiting significant inflows (e.g., June 30, 2023) and others showing outflows (e.g., December 31, 2022), suggesting active working capital management adapting to operational requirements.
- Operating activities cash flow
- Cash flows from operating activities generally increase over time, peaking in June 30, 2023 and December 31, 2024, with values above $5 billion. Some volatility exists, but the trend is predominantly positive, reflecting strong operational cash generation capacity despite earnings variability.
- Capital expenditures
- Capital expenditure patterns indicate moderately stable quarterly outlays around $600-$900 million, with occasional spikes near $1 billion. The data shows active investment in fixed assets with some fluctuations but no clear long-term increasing or decreasing trend.
- Proceeds from asset sales
- Proceeds remain low and irregular, generally under $100 million per quarter, with a notable spike at December 31, 2024 ($269 million). This indicates occasional asset divestitures but no major consistent source of cash.
- Acquisitions, net of cash acquired
- Acquisition activity is intermittent with minor amounts and occasional large negative values (notably -$3,611 million in December 31, 2018). After 2020, acquisition outflows reduce considerably, signaling a decrease in acquisition spending.
- Other investing activities
- Other investing activities present irregular and sometimes large cash inflows, such as $6,152 million in September 30, 2019, suggesting exceptional investing receipts or adjustments in some periods. Subsequent quarters show more moderate fluctuations.
- Investing activities cash flow
- Overall investing cash flows are highly variable, with significant inflows in March 31, 2019 and September 30, 2019 versus large outflows in other quarters. The pattern reflects variable capital expenditure, acquisitions, and asset sales activity with no steady trend.
- Dividends to shareholders
- Dividend payments demonstrate a consistent upward trajectory from approximately $1.85 billion to over $2.4 billion per quarter over the examined period, indicating steady increases in shareholder returns.
- Debt activities
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Short-term debt additions and reductions reveal significant debt management movements, with large additions from September 30, 2020 through June 30, 2024 and corresponding offsetting reductions in subsequent quarters. Long-term debt additions and reductions fluctuate with no consistent trend but large issuances occur in late 2019 and mid-2024.
Legacy short-term debt shows substantial volatility with large adjustments primarily before 2020.
- Treasury stock purchases
- Treasury stock repurchases display an overall declining trend in magnitude after a peak of $4 billion in mid-2022, with sizable buybacks mostly above $1 billion per quarter. This indicates ongoing but fluctuating share repurchase programs.
- Impact of stock options and other
- This component varies between $88 million and $1 billion, with no clear trend, reflecting irregular impact from stock option exercises and related transactions.
- Financing activities cash flow
- Cash flows from financing activities are mostly negative, dominated by dividend payments and share repurchases, with sporadic positive inflows from debt issuances. The net trend indicates continued capital return to shareholders funded partially by issued debt and equity adjustments.
- Effect of exchange rate changes
- Exchange rate impacts show fluctuating positive and negative effects on cash balances, with values generally under $300 million in magnitude, implying moderate currency translation effects on cash flow.
- Change in cash, cash equivalents, and restricted cash
- Cash and equivalents fluctuate throughout periods with no persistent increasing or decreasing trend. Large positive changes include March 31, 2020 (over $9 billion) and September 30, 2019. Negative changes occur in quarters like December 31, 2018 and December 31, 2019, reflecting diverse operational, investing, and financing activities affecting liquidity.