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., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Over the observed period, the company demonstrates fluctuating cash flows from operating, investing, and financing activities. Net earnings exhibit variability, impacting overall cash generation. A detailed examination of each activity reveals distinct trends and potential areas of interest.
- Operating Activities
- Cash flow from operating activities generally remains positive throughout the period, ranging from approximately US$3.2 billion to US$5.4 billion. A peak is observed in fiscal year 2021, followed by a slight decline. Fluctuations appear correlated with net earnings, though adjustments for non-cash items like depreciation, share-based compensation, and deferred income taxes significantly influence the final cash flow figure. Changes in working capital components, particularly accounts receivable, inventories, and accounts payable, introduce considerable volatility. Specifically, significant swings in the change in accounts receivable and accounts payable are noted, suggesting active management of these accounts or shifts in business practices. The 'Other' category within operating activities also contributes to variability.
- Investing Activities
- Investing activities show substantial variation, swinging between positive and negative cash flows. Large positive cash flows in certain periods (e.g., September 2019, September 2020) are primarily driven by 'Other investing activity', which includes significant proceeds from asset sales. Capital expenditures consistently represent a cash outflow, generally ranging between US$0.7 billion and US$1.2 billion annually. Acquisitions, net of cash acquired, contribute to negative cash flow in several periods, notably in fiscal year 2022 and 2024. The impact of asset sales appears to be a key driver of overall investing cash flow.
- Financing Activities
- Financing activities are characterized by consistently negative cash flows, largely attributable to dividend payments and treasury stock purchases. Dividend payments remain relatively stable, consistently exceeding US$2 billion per quarter. Treasury stock purchases are substantial, particularly in fiscal years 2020 and 2022, representing a significant use of cash. The company actively manages its debt levels, with additions and reductions in both short-term and long-term debt occurring throughout the period. Net additions to short-term debt are particularly prominent in fiscal years 2021 and 2022, followed by significant reductions. The 'Impact of stock options and other' component provides a moderate, positive cash flow contribution.
- Overall Cash Position
- The change in cash, cash equivalents, and restricted cash demonstrates considerable fluctuation. Periods of strong operating cash flow are often offset by significant outflows from investing and financing activities. The company's ability to generate consistent positive free cash flow is impacted by its dividend policy, share repurchase programs, and strategic investment decisions. Exchange rate changes also introduce a minor, but noticeable, impact on the overall cash position.
In conclusion, the company exhibits a complex cash flow profile. While operating activities generally generate positive cash flow, significant outflows from investing and financing activities, particularly dividends and share repurchases, shape the overall cash position. The company demonstrates active management of its working capital and debt levels, and strategic use of asset sales to influence cash flow.