Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Analysis of Debt 

Microsoft Excel

Total Debt (Carrying Amount)

PepsiCo Inc., balance sheet: debt

US$ in millions

Microsoft Excel
Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Short-term debt obligations 7,082 6,510 3,414 4,308 3,780
Long-term debt obligations, excluding current maturities 37,224 37,595 35,657 36,026 40,370
Total debt obligations (carrying amount) 44,306 44,105 39,071 40,334 44,150

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).


Short-term debt obligations
The short-term debt obligations exhibited notable volatility over the observed period. Starting at $3,780 million in 2020, the amount increased to $4,308 million in 2021, followed by a decrease to $3,414 million in 2022. In the subsequent years, there was a sharp upward trend, with values rising to $6,510 million in 2023 and reaching $7,082 million by the end of 2024. This pattern indicates increasing reliance on short-term financing in the most recent years.
Long-term debt obligations, excluding current maturities
Long-term debt obligations showed a generally declining trend from 2020 to 2022, decreasing from $40,370 million to $35,657 million. However, this downward trajectory reversed slightly in 2023 when the amount increased to $37,595 million, then experienced a minor decrease to $37,224 million in 2024. Overall, long-term debt has remained relatively stable in the last two years, following the initial decrease.
Total debt obligations (carrying amount)
Total debt obligations followed a somewhat fluctuating pattern. Starting at $44,150 million in 2020, total debt decreased steadily to $39,071 million by 2022. In 2023, there was a resurgence in total debt, increasing to $44,105 million, and it slightly rose further to $44,306 million in 2024. The total debt figures suggest a consolidation of debt levels after the dip in earlier years, driven primarily by increases in short-term obligations.

Total Debt (Fair Value)

Microsoft Excel
Dec 28, 2024
Selected Financial Data (US$ in millions)
Total debt obligations (fair value) 40,000
Financial Ratio
Debt, fair value to carrying amount ratio 0.90

Based on: 10-K (reporting date: 2024-12-28).


Weighted-average Interest Rate on Debt

Weighted-average effective interest rate on debt obligations: 3.38%

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
4.50% 2,818 127
8.60% 260 22
3.20% 3,999 128
3.70% 3,941 146
3.10% 3,370 104
2.10% 3,240 68
4.60% 3,239 149
3.20% 23,400 749
5.70% 39 2
Total 44,306 1,495
3.38%

Based on: 10-K (reporting date: 2024-12-28).

1 US$ in millions

2 Weighted-average interest rate = 100 × 1,495 ÷ 44,306 = 3.38%