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 Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Procter & Gamble Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 displayed volatility across the quarters, with several notable peaks and troughs. The highest quarter values were observed around September 2021, June 2023, and December 2024, each showing strong earnings above 4,500 million USD. Conversely, some periods, such as March 2020 and June 2021, showed reduced earnings, reflecting intermittent declines. The trend indicates fluctuations tied potentially to market or operational factors, without a consistent directional trend over the entire period.
- Depreciation and Amortization
- This expense remained relatively stable, fluctuating modestly between approximately 650 and 820 million USD over the quarters, with no dramatic shifts. It suggests consistent capital asset usage and amortization policies without abrupt changes.
- Share-based Compensation Expense
- Share-based compensation expenses varied moderately, with peaks notably in March 2020 (233 million USD) and stable mid-range quarters typically between 100 and 160 million USD. The variability may reflect timing of equity awards or employee compensation cycles.
- Deferred Income Taxes
- Deferred income taxes showed erratic movements, alternating between negative and positive values without a clear trend, implying variable tax positions or timing differences in recognition across periods.
- Gain or Loss on Sale of Assets
- Generally minor, mostly negative values, with isolated significant impacts: a large gain in September 2021 (-73 million USD loss suggests gain since negative) and a large negative impact of 794 million USD in September 2024. This suggests occasional asset sales impacting earnings significantly but irregularly.
- Impairment Charges
- There is a notable indefinite-lived intangible asset impairment charge of 1,341 million USD recorded in March 2024, representing a substantial one-time expense affecting results in that quarter.
- Working Capital Changes (Accounts Receivable, Inventories, Payables, and Other Operating Assets/Liabilities)
- These items show considerable volatility:
- Accounts Receivable
- Large swings were observed, especially large negative changes in September 2021 and September 2022. This indicates fluctuations in customer collections or sales timing.
- Inventories
- Generally negative changes early on, shifting to some positive upticks in mid-periods before large negative swings returning in late periods. This reflects inventory management adjustments or supply chain impacts over time.
- Accounts Payable and Accrued Liabilities
- Variable changes with significant positive spikes notably in September 2020, September 2021, and September 2022, indicating fluctuating liabilities payments or supplier credit usage.
- Other Operating Assets and Liabilities
- Mostly negative movements, showing releases or increases in other operating liabilities/assets, with some quarters showing substantial reductions suggesting operational adjustments.
- Total Change in Operating Assets and Liabilities
- Characterized by large swings between positive and negative quarters, reflecting shifting operational cash flow influences linked to working capital management and broader operational factors.
- Operating Activities Cash Flow
- Cash flows from operating activities were generally positive and strong, with peaks in June 2020, December 2020, June 2023 and December 2024. There was a notable dip in March 2022 and March 2025, implying temporary operational cash flow pressures in these quarters.
- Investing Activities
- The investing activities consistently reflected cash outflows largely driven by capital expenditures, which varied but remained substantial across quarters. Noteworthy are the large negative cash flows in March 2022 and March 2023, potentially related to acquisitions and significant asset purchases. Proceeds from asset sales were irregular and mostly minor except large inflows in late 2023 and 2024 quarters. Acquisitions occurred sporadically, with sizeable negative outflows in certain quarters such as December 2021 and December 2022.
- Financing Activities
- Financing activities showed considerable variability, with significant negative cash flows generally driven by dividend payments and treasury stock purchases. Treasury stock repurchases were particularly large and consistent in multiple quarters, suggesting aggressive share repurchase programs. Debt activities fluctuated, with both issuances and reductions in short and long-term debt causing variable net impacts. The quarters saw alternating periods of debt repayment and new borrowings, reflecting active balance sheet management.
- Dividends
- Dividend payments showed a consistent pattern of steady and substantial cash outflows each quarter, ranging from about 1,900 million to 2,500 million USD, reflecting a stable shareholder return strategy.
- Changes in Cash and Cash Equivalents
- The net change in cash and equivalents experienced sharp positive and negative swings. Significant increases occurred in March 2020, June 2024, and September 2024, while notable decreases appeared in December 2019, March 2022, and December 2024. This volatility in cash balances likely reflects the combined effect of operational performance, investing outflows, and financing activities, including debt and equity transactions.