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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Procter & Gamble Co. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Procter & Gamble Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 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).
The financial data reveals a consistent pattern of strong cash generation from operating activities, which is systematically utilized to fund capital expenditures and provide significant returns to shareholders. Operating cash flows remain robust throughout the period, typically exceeding net earnings, indicating high-quality earnings and efficient cash conversion.
- Operating Cash Flow Trends
- Net earnings exhibit a stable range, generally fluctuating between 2.7 billion and 4.8 billion US dollars per quarter. Cash flow from operating activities consistently stays above net income, bolstered by steady depreciation and amortization charges that average between 650 million and 800 million US dollars. Working capital management shows significant volatility, particularly in accounts payable and operating assets and liabilities, which frequently offset or enhance the quarterly cash position.
- Investment and Capital Expenditure Patterns
- Capital expenditures are maintained at a disciplined level, typically ranging from 600 million to 1.2 billion US dollars per quarter. This indicates a steady reinvestment strategy into the company's asset base. Investing activities are characterized by consistent outflows, with occasional spikes due to strategic acquisitions, such as the 1.03 billion US dollar outflow in March 2022. Asset sales provide intermittent inflows, though they remain secondary to the primary investment spend.
- Shareholder Capital Allocation
- A disciplined and increasing trend in dividend payments is observed, with quarterly distributions rising from approximately 1.9 billion US dollars in 2019 to over 2.5 billion US dollars by 2026. Treasury stock purchases are used as a flexible tool for capital return, with expenditures varying from as low as 625 million to as high as 4.7 billion US dollars per quarter, depending on available liquidity and strategic priorities.
- Debt and Liquidity Management
- The financing section demonstrates an active approach to liquidity management through the frequent issuance and redemption of short-term and long-term debt. Significant swings in short-term debt additions and reductions suggest the use of commercial paper or similar instruments to manage timing differences between cash inflows and outflows. Despite these fluctuations, the overall financing cash flow remains predominantly negative, reflecting a priority on debt repayment and shareholder distributions.
- Notable Non-Recurring Events
- Specific anomalies in the data include a 512 million US dollar loss on early extinguishment of debt in December 2020 and a substantial 1.34 billion US dollar impairment charge for indefinite-lived intangible assets in December 2023. These events represent non-cash or one-time impacts that deviate from the otherwise stable operating trend.