Analysis of Debt
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- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Total Debt (Carrying Amount)
PepsiCo Inc., balance sheet: debt
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Short-term debt obligations | ||||||
| Long-term debt obligations, excluding current maturities | ||||||
| Total debt obligations (carrying amount) |
Based on: 10-K (reporting date: 2025-12-27), 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).
The company’s total debt obligations, as measured by the carrying amount, demonstrate an overall increasing trend over the five-year period. While fluctuations occur year-over-year, the ending balance in 2025 is notably higher than the beginning balance in 2021.
- Total Debt Trend
- Total debt obligations decreased from US$40,334 million in 2021 to US$39,071 million in 2022, representing a reduction of approximately 3.1%. This was followed by an increase to US$44,105 million in 2023, and a further increase to US$44,306 million in 2024. The most significant increase occurred between 2024 and 2025, with total debt reaching US$49,182 million. This represents an overall increase of approximately 21.7% from 2021 to 2025.
- Short-Term Debt
- Short-term debt obligations decreased from US$4,308 million in 2021 to US$3,414 million in 2022. A substantial increase was then observed in 2023, rising to US$6,510 million, followed by a slight increase to US$7,082 million in 2024. The balance decreased slightly in 2025 to US$6,861 million. Despite the fluctuations, the 2025 level remains significantly higher than the 2021 and 2022 levels.
- Long-Term Debt
- Long-term debt obligations, excluding current maturities, exhibited relative stability between 2021 and 2023, fluctuating between US$35,657 million and US$37,595 million. A modest decrease was observed in 2024 to US$37,224 million. However, a more pronounced increase occurred in 2025, reaching US$42,321 million. This increase in long-term debt contributed significantly to the overall increase in total debt obligations during the period.
The composition of the debt structure indicates a growing reliance on long-term financing, particularly in the most recent year. The increases in both short-term and long-term debt suggest increased financing activity or a shift in the company’s capital structure.
Total Debt (Fair Value)
| Dec 27, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total debt obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-27).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt obligations:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-27).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =