Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

Microsoft Excel
Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Short-term debt obligations
Accounts payable
Accrued marketplace spending
Accrued compensation and benefits
Dividends payable
Current operating lease liabilities
Other current liabilities
Accounts payable and other current liabilities
Liabilities held for sale
Current liabilities
Long-term debt obligations, excluding current maturities
Deferred income taxes
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock, par value 1⅔¢ per share
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Repurchased common stock, in excess of par value
Total PepsiCo common shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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 proportion of short-term debt obligations relative to total liabilities and equity exhibited fluctuations over the period. It started at 4.07% in 2020, increased gradually until 2021, then declined notably in 2022, only to rise sharply to 7.12% by 2024. This represents a net increase, suggesting a growing reliance on short-term financing in recent years.
Accounts payable
Accounts payable as a percentage of total liabilities and equity showed a consistent upward trend from 9.53% in 2020 to a peak of 11.64% in 2022, followed by slight decreases but remaining elevated above 11% in subsequent years. This indicates an increasing proportion of liabilities tied to operational payables.
Accrued marketplace spending
The accrued marketplace spending increased steadily from 3.16% in 2020 to a peak of 3.95% in 2022, then decreased modestly and stabilized around 3.48% in 2024. This suggests a moderate rise in accrued expenses related to marketplace activities prior to stabilization.
Accrued compensation and benefits
This item increased gradually from 2.22% in 2020 to 2.73% in 2022 before declining slightly, reaching 2.27% in 2024. The trend indicates a small rise followed by a reduction in accrued employee-related liabilities.
Dividends payable
There is a consistent upward trajectory in dividends payable over the five-year period, from 1.54% in 2020 to 1.9% in 2024, demonstrating an increased liability for shareholder distributions.
Current operating lease liabilities
The ratio of current operating lease liabilities showed a gradual, modest increase from 0.5% in 2020 to 0.65% in 2024, indicating slightly higher lease-related short-term liabilities.
Other current liabilities
Other current liabilities increased steadily from 4.15% in 2020 to 5.24% in 2024, reflecting growth in miscellaneous short-term obligations.
Accounts payable and other current liabilities
Combined accounts payable and other current liabilities rose from 21.09% in 2020 to a peak of 25.35% in 2022 before declining slightly to 24.59% in 2024. Overall, this represents an increase in total current liabilities related to payables and expenses.
Liabilities held for sale
Data for liabilities held for sale is available only in 2021 at 0.82%, indicating a one-time or short-term classification of such liabilities during that year only.
Current liabilities
Current liabilities as a percentage of total liabilities and equity trended upwards from 25.15% in 2020 to 31.7% in 2024, highlighting an expanding share of near-term obligations in the company's liability structure.
Long-term debt obligations, excluding current maturities
Long-term debt obligations decreased consistently from 43.45% of total liabilities and equity in 2020 to 37.42% in 2024. This indicates a reduction in extended debt financing relative to the company’s overall capital structure.
Deferred income taxes
The deferred income taxes liability peaked at 5.22% in 2021 but declined thereafter to 3.5% by 2024, suggesting decreasing deferred tax liabilities over time.
Other liabilities
Other liabilities decreased from 12.2% in 2020 to 8.68% in 2023, followed by a slight increase to 9.1% in 2024. The overall trend indicates a reduction, albeit with some recent stabilization.
Noncurrent liabilities
Noncurrent liabilities showed a consistent decline from 60.26% in 2020 to around 50.03% in 2024, indicating a shrinking proportion of long-term obligations within the company’s capital structure.
Total liabilities
Total liabilities declined steadily from 85.42% of total liabilities and equity in 2020 to a low of 81.26% in 2022, then remained relatively stable around 81.7% through 2024. This suggests a modest decrease and subsequent stabilization in total liabilities relative to total capital.
Common stock, par value
The proportion of common stock par value remained constant at 0.02% throughout the entire period, indicating no significant changes in this nominal capital structure component.
Capital in excess of par value
This item showed modest variation, fluctuating between 4.21% and 4.48% before settling near 4.41% in 2024, reflecting relative stability in capital paid exceeding par value.
Retained earnings
Retained earnings increased from 68.28% in 2020 to a peak of 73.55% in 2022, then declined to 69.69% in 2023 before recovering to 72.65% in 2024. This reflects an overall growth in accumulated profits retained in the company, with some short-term volatility.
Accumulated other comprehensive loss
The accumulated other comprehensive loss ranged between -16.66% and -17.71%, showing moderate fluctuation but no clear trend towards improvement or deterioration, reflecting ongoing unrealized losses.
Repurchased common stock, in excess of par value
This liability component remained substantial and relatively stable, fluctuating around -41% throughout the period, signifying continued share repurchase programs affecting equity deductions.
Total PepsiCo common shareholders' equity
Common shareholders’ equity increased from 14.48% in 2020 to a peak of 18.6% in 2022, then slightly declined to 18.14% by 2024. This trend indicates strengthening equity capitalization with mild recent contraction.
Noncontrolling interests
Noncontrolling interests remained marginal and stable around 0.11% to 0.13%, signifying minimal minority shareholder influence within the equity structure.
Total equity
Total equity followed a similar pattern to common shareholders’ equity, increasing from 14.58% in 2020 to 18.74% in 2022, subsequently easing to 18.27% in 2024. The overall trend suggests growth with stabilization near the later years.
Total liabilities and equity
The total of liabilities and equity consistently summed to 100% across all periods, ensuring the integrity of the proportionate analysis.