PepsiCo Inc. (NASDAQ:PEP)

The analysis of the quarterly financial data reveals several notable trends across various asset categories expressed as percentages of total assets over the observed periods.

Cash and Cash Equivalents

There is a general decline in cash and cash equivalents as a percentage of total assets from 13.04% in March 2020 to around a lower range fluctuating near 5-10% in subsequent years, including a low point near 5.13% in March 2023, followed by a moderate recovery towards 8.13% by March 2025. This suggests a reduction in liquid assets relative to total assets over the longer term, with some volatility.

Short-Term Investments

This category remains relatively stable at a low percentage, mostly fluctuating below 1%, starting from 0.19% in March 2020 and ending near 0.31% by March 2025, with minor peaks and troughs. The limited variation indicates a consistent small allocation of total assets in short-term investments.

Accounts and Notes Receivable (net)

The proportion of accounts and notes receivable exhibits modest fluctuations, generally rising from approximately 9.97% in early 2020 to peaks around 12% by mid-2024 before a slight decrease to 10.62% by March 2025. This upward trend reflects an increasing share of receivables in total assets, which may signal higher sales on credit or changes in collection periods.

Inventories (Raw Materials, Work-in-Process, Finished Goods)

Inventory components demonstrate a mild increasing trend in their total share of assets, beginning at 4.23% in March 2020 and rising to levels exceeding 5.5% in most recent quarters. The growth is led primarily by increases in raw materials and finished goods, while work-in-process remains relatively low and stable. This pattern suggests enhanced stocking or production activities over time.

Prepaid Expenses and Other Current Assets

These assets show variability but typically remain within a narrow band around 1% throughout the periods, with fluctuations likely reflecting timing differences in expense recognition or operational adjustments.

Current Assets

Current assets as a whole account for roughly 23-28% of total assets, showing a slight decline from approximately 28.53% in early 2020 to a range closer to 25-26% by 2025. This trend indicates a relatively stable proportion of short-term assets relative to total assets, with minor fluctuations.

Property, Plant, and Equipment (PP&E) and Accumulated Depreciation

Gross PP&E consistently comprises about 48%-56% of total assets, with a gradual increase evident toward the later quarters, peaking near 56.31% by late 2024. Accumulated depreciation remains relatively stable near -27% to -28%, resulting in net PP&E percentages increasing marginally from about 22.31% in early 2020 to approximately 27.73% by the end of March 2025. This suggests ongoing investments in fixed assets alongside consistent aging and usage represented by depreciation.

Intangible Assets (Goodwill, Other Indefinite-Lived, Amortizable)

Total intangible assets represent a significant portion of total assets, ranging from around 33% to above 41% in earlier periods, then gradually declining to near 33% by 2025. Goodwill remains relatively stable around 17-20%, while other indefinite-lived intangible assets steadily decrease from over 19% to below 14%. Amortizable intangible assets diminish slightly as well. The downward trend indicates possible impairment, amortization, or changes in valuation of these assets over time.

Investments in Noncontrolled Affiliates

These investments hold a small but fluctuating share of total assets, starting near 3.2% and declining toward approximately 2% by the final period. Such a decrease may be indicative of asset sales, write-downs, or strategic changes in investment holdings.

Deferred Income Taxes

This category remains quite stable throughout the periods, consistently near 4-5% of total assets without major trends, reflecting steady deferred tax positions.

Other Assets

Other noncurrent assets increase gradually from about 3.87% in March 2020 to over 7% more recently, suggesting either accumulation of miscellaneous long-term assets or reclassification effects.

Noncurrent Assets

The overall proportion of noncurrent assets maintains a high ratio near 70-76% of total assets, with slight fluctuations but no dramatic shifts. This stability suggests a consistent asset structure with a heavy weighting toward long-term investments and fixed assets.

In summary, the data depict a firm with a predominant allocation to noncurrent assets, notably property and intangible assets, with moderate variability in liquidity represented by cash and short-term investments. The gradual increase in net fixed assets and the decline in intangible assets as a proportion of total assets may reflect capital expenditures combined with amortization or impairment effects. Accounts receivable and inventories show mild growth as a percentage of assets, possibly aligned with operational expansion or working capital management adjustments. The steadiness in deferred taxes and current assets percentage indicates stable tax planning and current asset management practices.