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: 2026-06-13), 10-Q (reporting date: 2026-03-21), 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 company maintains a high-leverage capital structure, with total liabilities consistently representing over 80% of the total balance sheet. However, a gradual shift in the financing mix is evident, as total liabilities decreased from 84.60% in March 2021 to 80.15% by June 2026, while total equity increased from 15.40% to 19.85% over the same period.
- Current Liability Dynamics
- An upward trend is observed in current liabilities, which rose from 24.88% to 31.29%. This increase is largely attributed to the growth and volatility of short-term debt obligations, which climbed from 5.12% to a peak of 11.44% in June 2025 before moderating to 9.45% by June 2026. Accounts payable and other current liabilities remained relatively stable, fluctuating between 19.75% and 25.35%.
- Noncurrent Liability Trends
- Noncurrent liabilities experienced a sustained decline, moving from 59.72% to 48.86%. This reduction was primarily driven by long-term debt obligations, which decreased from 42.74% in early 2021 to 37.98% by mid-2026. A parallel downward trajectory is noted in deferred income taxes and other liabilities, both of which reduced their relative weight on the balance sheet over the five-year period.
- Equity Composition and Analysis
- The expansion of total equity was not driven by retained earnings, which peaked at 73.55% in December 2022 before declining to 66.06% by June 2026. Instead, the growth in the equity position resulted from the reduction of contra-equity accounts. Accumulated other comprehensive losses improved from -16.71% to -12.78%, and the relative impact of repurchased common stock decreased from -42.06% to -37.57%.
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