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-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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
The financial structure over the observed periods reveals discernible trends related to liabilities and equity composition. The analysis focuses on percentage contributions to total liabilities and equity, emphasizing shifts and consistencies over time.
- Short-term debt obligations
- This component exhibits moderate volatility, beginning around 6.91% and fluctuating between lows near 3.29% and highs reaching above 11% in later periods. The trend indicates occasional reliance on short-term borrowing, with peaks notably around mid to late observed periods, suggesting variable liquidity management strategies.
- Accounts payable and other current liabilities
- This category maintains a relatively stable yet gradually increasing share, progressing from approximately 19% to the mid-20% range. The upward movement implies a consistent or slightly growing operational credit base, reflective of supplier relationships or accrued expenses management.
- Current liabilities
- Current liabilities as a whole show an increasing trend, rising from roughly 26% early on to over 30% in most recent periods. This accumulation aligns with the rise in accounts payable, signaling expanding short-term obligations that may correspond with business growth or working capital adjustments.
- Long-term debt obligations, excluding current maturities
- The proportion attributed to long-term debt demonstrates a decreasing tendency from about 42% to a low near 35%, followed by a slight rebound up to 41%. This pattern suggests active debt management, possibly paying down long-term liabilities or refinancing strategies impacting debt maturity profiles.
- Deferred income taxes
- Deferred tax liabilities trend downward from close to 5% to below 3.5%, indicating a reduction in future tax obligations or changes in tax positions affecting recorded deferred taxes. The decline could be reflective of tax planning outcomes or shifts in accounting estimates.
- Other liabilities
- The share of other liabilities gradually decreases from near 12% to approximately 7%, which indicates either repayments, reclassifications, or reductions in miscellaneous obligations over time.
- Noncurrent liabilities
- Noncurrent liabilities decline from about 58% to the low 50s, with some periods showing mild fluctuations. This decreasing trend correlates with the reduction in long-term debt and other liabilities, pointing to a gradual lowering of longer-term obligations.
- Total liabilities
- Total liabilities as a percentage of total liabilities and equity gently decrease from approximately 84% to the low 80s with minor variations, signifying a relatively stable leverage level with modest improvement in equity proportion.
- Common stock and capital in excess of par value
- Common stock remains almost negligible throughout the periods, steady near 0.02% to 0.03%. Capital in excess of par value fluctuates narrowly around 4% to 4.4%, showing stability in this equity component without significant share issuances or repurchases impacting this line.
- Retained earnings
- Retained earnings show variability but generally increase from about 69% to early highs near 73%, followed by a slight downward trend in recent periods toward approximately 68%. This pattern reflects changing profitability retention or dividend policies over time.
- Accumulated other comprehensive loss
- This component remains negative, moving from around -17.7% toward a less negative position near -14.6%, then trending back toward -16% to -17%. The oscillations indicate gains and losses not realized in net income but affecting equity, such as foreign currency translation or other comprehensive income items.
- Repurchased common stock, in excess of par value
- Significant negative values around -40% to -43% over the period show ongoing share repurchase programs. The less negative movement toward the end near -39% suggests some reduction in repurchase levels or holding of repurchased shares.
- Total common shareholders’ equity
- This equity segment increases moderately from about 14% to nearly 20%, peaking during mid-observed periods and experiencing some minor contractions afterward. The upward trend reflects accumulation of retained earnings and stable capital, tempered by repurchases and comprehensive losses.
- Noncontrolling interests and total equity
- Noncontrolling interests remain negligible and stable just above 0.1%. Total equity shows an increasing pattern from nearly 14% to just over 19% before a slight decline, indicating an overall strengthening of the equity base relative to total funding sources.
- Summary of capital structure
- The overall structure indicates a gradual shift towards a stronger equity position while maintaining a consistent total liability percentage slightly above 80%. The company appears to balance debt reduction, equity growth, and operational liabilities effectively. The persistent repurchase of stock and retained earnings movements demonstrate strategic equity management with considerations of shareholder value.