Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

PepsiCo Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
Short-term debt obligations 6.39 7.12 6.48 3.70 4.66
Accounts payable 10.90 11.06 11.58 11.64 10.65
Accrued marketplace spending 3.27 3.48 3.51 3.95 3.34
Accrued compensation and benefits 2.08 2.27 2.67 2.73 2.52
Dividends payable 1.83 1.90 1.76 1.75 1.63
Current operating lease liabilities 0.67 0.65 0.55 0.52 0.48
Other current liabilities 5.37 5.24 4.94 4.76 4.29
Accounts payable and other current liabilities 24.12% 24.59% 25.01% 25.35% 22.91%
Liabilities held for sale 0.00 0.00 0.00 0.00 0.82
Current liabilities 30.51% 31.70% 31.49% 29.06% 28.38%
Long-term debt obligations, excluding current maturities 39.41 37.42 37.41 38.68 39.00
Deferred income taxes 3.54 3.50 3.88 4.48 5.22
Other liabilities 7.42 9.10 8.68 9.05 9.91
Noncurrent liabilities 50.36% 50.03% 49.96% 52.21% 54.13%
Total liabilities 80.87% 81.73% 81.45% 81.26% 82.52%
Common stock, par value 1⅔¢ per share 0.02 0.02 0.02 0.02 0.02
Capital in excess of par value 4.14 4.41 4.24 4.48 4.33
Retained earnings 67.77 72.65 69.69 73.55 70.54
Accumulated other comprehensive loss -13.99 -17.71 -15.46 -16.60 -16.13
Repurchased common stock, in excess of par value -38.95 -41.24 -40.08 -42.85 -41.40
Total PepsiCo common shareholders’ equity 19.00% 18.14% 18.41% 18.60% 17.37%
Noncontrolling interests 0.13 0.13 0.13 0.13 0.12
Total equity 19.13% 18.27% 18.55% 18.74% 17.48%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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 composition of liabilities and stockholders’ equity exhibited several notable trends between 2021 and 2025. Total liabilities consistently represented a significant portion of the company’s funding, averaging approximately 81.5% of the total liabilities and equity structure over the five-year period. While total liabilities fluctuated modestly, equity demonstrated a gradual increase as a percentage of the total.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity initially increased from 28.38% in 2021 to 31.49% in 2023, before declining slightly to 30.51% in 2025. Within this category, accounts payable and other current liabilities remained the largest component, consistently representing over 22% of the total. Accrued compensation and benefits showed a decreasing trend, moving from 2.52% to 2.08% over the period. Short-term debt obligations experienced volatility, peaking at 7.12% in 2024 before decreasing to 6.39% in 2025.
Noncurrent Liabilities
Noncurrent liabilities accounted for a substantial portion of the company’s obligations, averaging around 50.8% of the total. Long-term debt obligations, excluding current maturities, constituted the majority of this category, remaining relatively stable around 38-39%. Deferred income taxes decreased from 5.22% in 2021 to 3.54% in 2025, while other liabilities also showed a decline, falling from 9.91% to 7.42% during the same period.
Stockholders’ Equity
Total stockholders’ equity increased as a percentage of total liabilities and equity, rising from 17.37% in 2021 to 19.13% in 2025. Retained earnings were the dominant component of equity, although its percentage decreased from 70.54% to 67.77% over the period. Repurchased common stock consistently represented a significant deduction from equity, averaging approximately -39.8% of the total. Accumulated other comprehensive loss also had a notable negative impact, but its influence lessened, moving from -16.13% to -13.99%. Capital in excess of par value remained relatively stable, fluctuating between 4.14% and 4.48%.

The overall trend suggests a shift towards a greater reliance on equity financing, albeit gradual. The company maintained a substantial level of debt, with long-term obligations being a key component. Fluctuations within current liabilities appear to be driven by changes in accounts payable and short-term debt, while the decrease in certain noncurrent liability accounts may indicate debt repayment or changes in tax strategies. The consistent presence of significant share repurchases suggests a continued return of capital to shareholders.