Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
PepsiCo Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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).
The composition of liabilities and stockholders’ equity exhibited several notable trends over the observed period from March 2021 to December 2025. Overall, total liabilities consistently represented a significant portion of the company’s total liabilities and equity, generally ranging between 81% and 85%. Equity, while smaller in proportion, demonstrated an increasing trend, particularly from 2021 through 2023, before stabilizing and experiencing a slight decline towards the end of the period.
- Short-Term Debt Obligations
- Short-term debt obligations as a percentage of total liabilities and equity fluctuated considerably. Initially around 5%, it increased to nearly 8% in mid-2023 before receding to approximately 6-7% by the end of 2025. This suggests a dynamic approach to short-term financing, potentially linked to operational needs or market conditions.
- Accounts Payable and Other Current Liabilities
- Accounts payable and other current liabilities consistently constituted the largest component of current liabilities, generally ranging from 19% to 25% of total liabilities and equity. A gradual increase was observed from 2021 to late 2022, followed by a slight decrease and then another increase in 2023, before stabilizing around 23-24% in the final periods. This pattern may reflect changes in supplier credit terms or the timing of payments.
- Long-Term Debt Obligations
- Long-term debt obligations, excluding current maturities, represented a substantial portion of the capital structure, typically between 35% and 43%. A general downward trend was evident from 2021 to 2022, followed by a period of relative stability and a slight increase towards the end of the period. This suggests a potential shift in the company’s debt management strategy, possibly involving debt repayment or refinancing.
- Deferred Income Taxes
- Deferred income taxes remained relatively stable, fluctuating between approximately 3.5% and 5.5% of total liabilities and equity. A slight downward trend was observed towards the end of the period, potentially indicating changes in tax-related liabilities.
- Other Liabilities
- Other liabilities consistently accounted for around 8% to 12% of the total. A general decline was observed from 2021 to 2025, suggesting a reduction in miscellaneous obligations.
- Total Liabilities
- Total liabilities consistently represented the majority of the company’s financing, generally between 81% and 85% of the total. A slight increase was observed in late 2022 and early 2023, followed by a stabilization and slight decrease towards the end of the period.
- Stockholders’ Equity Components
- Common stock remained a small percentage of total equity. Capital in excess of par value was relatively stable, fluctuating around 4%. Retained earnings exhibited a significant increase from 2021 to 2023, reflecting accumulated profits, before stabilizing. Accumulated other comprehensive loss consistently represented a negative component of equity, with a decreasing magnitude over time. Repurchased common stock, in excess of par value, consistently represented a substantial negative component of equity, remaining relatively stable throughout the period.
- Total Equity
- Total equity demonstrated an increasing trend from 2021 to 2023, rising from approximately 15% to nearly 20% of total liabilities and equity. Subsequently, equity experienced a slight decline, stabilizing around 18-19% by the end of 2025. This suggests a period of equity growth followed by a period of consolidation.
- Noncontrolling Interests
- Noncontrolling interests remained a small component of total equity, fluctuating between 0.11% and 0.17%.