Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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PepsiCo Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20).
A longitudinal analysis of the common-size balance sheet reveals a strategic shift in asset composition, characterized by a gradual increase in the proportion of current assets and a corresponding decline in non-current assets. The total share of current assets grew from 23.24% in March 2021 to 29.21% by June 2026, indicating an improvement in the company's liquidity profile over the period.
- Liquidity and Current Asset Composition
- Cash and cash equivalents exhibit a general upward trajectory, increasing from 6.21% in early 2021 to 9.14% by mid-2026, with a notable peak of 10.02% in September 2023. Accounts and notes receivable also showed an increase, rising from 9.74% to 12.03%, suggesting a higher proportion of total assets is tied up in customer credit. Inventories remained relatively stable but trended slightly upward from 4.99% to 6.00%, with finished goods comprising the largest portion of the inventory balance.
- Fixed Asset Dynamics
- Net property, plant, and equipment (PP&E) increased as a percentage of total assets, moving from 23.29% in March 2021 to a peak of 28.16% in December 2024, before settling at 26.54% in June 2026. This suggests a sustained investment in physical infrastructure relative to the growth of the total asset base. Accumulated depreciation consistently tracked as a significant contra-asset, remaining largely within the 26% to 28% range.
- Intangible Asset Erosion
- A significant downward trend is observed in the proportion of intangible assets, which fell from 41.78% in March 2021 to 30.55% by June 2026. This decline is primarily driven by a reduction in other indefinite-lived intangible assets, which dropped from 19.34% to 12.47%. Goodwill also experienced a steady decrease from 20.59% to 17.02%, indicating either impairment charges or a dilution of these assets as other asset categories grew.
- Other Non-Current Assets
- Other assets demonstrated a consistent increase, rising from 3.86% in March 2021 to 7.79% in June 2026, effectively doubling their share of the balance sheet. Conversely, investments in noncontrolled affiliates trended downward, moving from 3.04% to 1.94% over the same interval.
Overall, the balance sheet has evolved from being heavily weighted toward intangible assets toward a more balanced structure with higher liquidity and a larger relative investment in tangible fixed assets. The reduction in the weight of indefinite-lived intangibles is the most prominent structural change observed across the analysis period.