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PepsiCo cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.7B in Q3 2026 · $10.5B over twelve months

Operating cash flow$5.6B
Capital spending−$916M
Free cash flow+$4.7B
Cash / net income1.8×

Analysis

In Q3 2026, PepsiCo generated $5.6B of operating cash flow and spent $916M on capital projects, leaving free cash flow of $4.7B.

Over the twelve months to Sep 5, 2026, operating cash flow was $14.6B; the largest uses were dividends ($7.9B), capital spending ($4.1B), buybacks ($987M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.0B), asset & business sales ($345M); the cash balance rose by $2.6B.

Operating cash flow was $5.6B against net income of $3.1B — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$892M, payables +$842M, prepaid and other assets +$298M.

Free cash flow

PepsiCo: free cash flow by quarterPepsiCo: free cash flow by quarter$1.3BQ2 2024$3.8BQ3 2024−$1.6BQ1 2025$1.1BQ2 2025$3.5BQ3 2025−$406MQ1 2026$1.5BQ2 2026$4.7BQ3 2026
Operating cash flow less capital spending.
PepsiCo: operating cash flow against capital spendingPepsiCo: operating cash flow against capital spendingOperating cash flowCapital spending$2.4B$1.1BQ2 2024$4.9B$1.1BQ3 2024−$973M$603MQ1 2025$2.0B$904MQ2 2025$4.5B$992MQ3 2025$41.0M$447MQ1 2026$2.3B$819MQ2 2026$5.6B$916MQ3 2026
Latest (Q3 2026): Operating cash flow $5.6B, Capital spending $916M.

Capital allocation, year by year

PepsiCo: where the cash came from (up) and went (down), by fiscal yearPepsiCo: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $11.6BFY2021: Net borrowing $712MFY2021: Shares issued $185MFY2021: Asset sales $335MFY2021: Capital spending −$4.6BFY2021: Acquisitions −$61.0MFY2021: Buybacks −$106MFY2021: Dividends −$5.8B$12.8BFY2021FY2022: Operating cash flow $10.8BFY2022: Net borrowing $906MFY2022: Shares issued $138MFY2022: Asset sales $300MFY2022: Capital spending −$5.2BFY2022: Acquisitions −$873MFY2022: Buybacks −$1.5BFY2022: Dividends −$6.2B$12.2BFY2022FY2023: Operating cash flow $13.4BFY2023: Net borrowing $4.8BFY2023: Shares issued $116MFY2023: Asset sales $273MFY2023: Capital spending −$5.5BFY2023: Acquisitions −$314MFY2023: Buybacks −$1.0BFY2023: Dividends −$6.7B$18.6BFY2023FY2024: Operating cash flow $12.5BFY2024: Net borrowing $695MFY2024: Shares issued $166MFY2024: Asset sales $508MFY2024: Capital spending −$5.3BFY2024: Acquisitions −$256MFY2024: Buybacks −$1.0BFY2024: Dividends −$7.2B$13.9BFY2024FY2025: Operating cash flow $12.1BFY2025: Net borrowing $3.7BFY2025: Shares issued $97.0MFY2025: Asset sales $567MFY2025: Capital spending −$4.4BFY2025: Acquisitions −$3.4BFY2025: Buybacks −$1.0BFY2025: Dividends −$7.6B$16.5BFY2025
Over these 5 years operating cash flow totalled $60.5B; the largest uses were dividends ($33.5B) and capital spending ($25.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.5B
Debt$53.2B
Net debt$43.7B
Due within a year$10.1B

PepsiCo funds itself: free cash flow was $10.5B over the last twelve months, and $9.5B of cash and investments stands against $53.2B of debt ($10.1B due within a year, 0.9× covered by cash).

Where the cash came from and went

PepsiCo: sources (+) and uses (−) of cash, Q3 2026PepsiCo: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.6BDividends−$2.0BNet borrowing (+) / repaid (−)−$1.5BCapital spending−$916MExchange rates−$431MCash drawn (+) / kept (−)−$425MBuybacks−$260MOther investing−$57.0MAsset & business sales$18.0MShares issued$8.0MTaxes on employees’ shares−$1.0MOther financing$1.0M
PepsiCo: sources (+) and uses (−) of cash, TTM to Q3 2026PepsiCo: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$14.6BDividends−$7.9BCapital spending−$4.1BCash drawn (+) / kept (−)−$2.6BNet borrowing (+) / repaid (−)$1.0BBuybacks−$987MAsset & business sales$345MOther investing−$236MExchange rates−$148MShares issued$128MTaxes on employees’ shares−$97.0MOther financing−$56.0M

From profit to cash

PepsiCo: net income to operating cash flow, Q3 2026PepsiCo: net income to operating cash flow, Q3 2026Net income$3.1BDepreciation & amortization$892MStock-based pay$78.0MDeferred taxes$169MInventory$214MPayables$842MPrepaid and other assets$298MIncome taxes payable$102MOperating cash flow$5.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.6B−$916M−$260M−$2.0B−$1.5B$8.0M−$425M$4.7B
Q2 2026$2.3B−$819M−$297M−$1.9B$467M$6.0M$248M$1.5B
Q1 2026$41.0M−$447M−$182M−$2.0B$3.8B$93.0M−$1.3B−$406M
Q3 2025$4.5B−$992M−$258M−$1.9B−$685M$18.0M−$459M$3.5B
Q2 2025$2.0B−$904M−$311M−$1.9B$2.3B$8.0M$607M$1.1B
Q1 2025−$973M−$603M−$183M−$1.9B$3.9B$50.0M$234M−$1.6B
Q3 2024$4.9B−$1.1B−$299M−$1.9B−$248M$31.0M−$925M$3.8B
Q2 2024$2.4B−$1.1B−$315M−$1.7B−$854M$41.0M$1.7B$1.3B

PepsiCo: income statement and cash flow

PepsiCo, Q3 2026: revenue $25.3B (+6% year over year), operating margin 16.9%. The chart follows the revenue to costs, profit and cash.

PepsiCo: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.