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:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Procter & Gamble Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Net Earnings
- Net earnings exhibit significant quarterly fluctuations with no consistent upward or downward trend over the periods. Notable peaks occur around September and December quarters of 2020, 2021, and 2023, followed by intermittent decreases. This cyclical pattern suggests sensitivity to seasonal or operational factors impacting profitability.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable across periods, fluctuating modestly between approximately 650 and 760 million USD. This consistency implies steady asset base utilization and amortization policies.
- Loss on Early Extinguishment of Debt
- A one-time substantial loss is recorded in December 2020, indicating an extraordinary financial event related to debt restructuring or repayment during that quarter, absent in other periods.
- Share-Based Compensation Expense
- Share-based compensation exhibits moderate variability, generally ranging from about 90 to 160 million USD with no clear directional trend. The expense spikes in certain quarters, possibly corresponding to vesting schedules or performance milestones.
- Deferred Income Taxes
- Deferred income tax balances fluctuate markedly, with both significant positive and negative values over time. Such volatility may reflect shifting tax liabilities or assets due to timing differences and tax planning strategies.
- Gain/Loss on Sale of Assets
- This item shows minor variations mostly near zero, except for some extraordinary gains or losses, notably a significant gain in September 2021 and a large loss in March 2024, suggesting sporadic asset disposals.
- Indefinite-Lived Intangible Asset Impairment Charge
- A large impairment charge is recorded in June 2023, pointing to a material write-down of intangible assets that may affect future earnings potential and asset valuation.
- Changes in Working Capital Components
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Accounts Receivable and Inventories fluctuate widely, with sharp increases and decreases indicating active management of receivables and inventory levels, possibly in response to demand or supply chain dynamics.
Accounts payable and accrued liabilities generally exhibit volatility with some quarters showing large positive changes while others show substantial reductions, suggesting varying payment cycle management and operational timing.
The aggregate change in operating assets and liabilities reflects these components' variability, contributing to fluctuations in cash flows from operating activities.
- Operating Activities Cash Flow
- Cash flows from operating activities display substantial variability, ranging from approximately 3.2 billion to 5.7 billion USD. Higher inflows correspond with quarters showing improved net earnings and favorable working capital changes.
- Capital Expenditures
- Capital expenditures remain consistently high, mostly between 600 million and 1.2 billion USD per quarter, indicating ongoing investment in fixed assets. Peaks in some quarters suggest stepped-up investment efforts.
- Proceeds from Asset Sales and Acquisitions
- Proceeds from asset sales are generally low but occasionally spike, such as in September 2021 and June 2024, while acquisitions net amounts fluctuate, including a significant acquisition outflow in September 2021. This indicates active portfolio management involving both asset disposals and purchases.
- Other Investing Activity and Investing Activities Total
- Other investing activities are variable and somewhat large in magnitude, often positive but turning negative in certain periods. Total investing activities are consistently negative, aligning with ongoing capital expenditure and acquisition outflows exceeding proceeds from sales.
- Dividends to Shareholders
- Dividend payments are a substantial and stable cash outflow each quarter, maintaining a relatively consistent level around 2 to 2.5 billion USD, reflecting a steady shareholder return policy.
- Debt Management Activities
- Short-term debt additions and reductions vary significantly, with some quarters featuring large increases or reductions, reflecting active short-term debt management. Long-term debt shows irregular additions and reductions, with certain quarters including substantial repayments and issuances, indicating dynamic debt structuring.
- Treasury Stock Purchases and Stock Impact
- Treasury stock purchase amounts are sizeable and irregular with periods of heightened buyback activity, including peaks in late 2019 and 2022. The impact of stock options and other related items fluctuates, reflecting stock compensation and possibly equity issuance effects.
- Financing Activities Cash Flow
- Cash flows from financing activities predominantly depict outflows, with some quarters marked by significant negative cash flow, consistent with dividends, debt repayments, and stock repurchases. Positive inflows in a few quarters suggest intermittent financing raises or debt issuances.
- Effect of Exchange Rate Changes
- Exchange rate effects on cash are generally small but with episodes of both positive and negative impacts, indicating foreign currency exposure and translation effects influencing cash balances.
- Net Change in Cash and Cash Equivalents
- Cash and cash equivalents demonstrate wide quarter-to-quarter variations, with some periods showing strong increases and others decreases. This volatility aligns with the fluctuations in operating, investing, and financing cash flows and underscores the importance of working capital and financing decisions.