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: 2026-09-05), 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 capital structure exhibits a high degree of leverage, with total liabilities consistently representing approximately 80% to 85% of total liabilities and equity throughout the analyzed period. A gradual reduction in the overall liability ratio is observed, moving from a peak of 84.60% in March 2021 to 79.92% by September 2026, suggesting a marginal shift toward a more equity-heavy financing mix.
- Debt Obligations and Liabilities
- Long-term debt remains the primary component of the balance sheet, although its relative weight declined from 42.74% in March 2021 to 38.10% in September 2026. Conversely, short-term debt obligations showed increased volatility, peaking at 11.44% in June 2025 before moderating to 8.24% by the end of the period. Current liabilities generally trended upward, rising from 24.88% in early 2021 to a peak of 34.55% in June 2025, indicating a higher relative reliance on short-term financing and operational obligations.
- Noncurrent Liabilities and Other Obligations
- Noncurrent liabilities experienced a general contraction, decreasing from 59.72% to 49.08%. This trend is mirrored by a steady decline in deferred income taxes, which fell from 4.92% to 3.67%, and other liabilities, which decreased from 12.05% to 7.32% over the five-year span.
- Equity Structure and Shareholder Components
- Total equity remained relatively low, fluctuating between 15.40% and 20.26%. While retained earnings provided a strong foundation, they peaked at 73.55% in December 2022 before declining to 67.10% by September 2026. This decline in retained earnings is partially offset by a reduction in the impact of repurchased common stock, which moved from -42.06% to -37.87%, suggesting a moderation in the scale of share buybacks relative to the total balance sheet.
- Comprehensive Loss and Noncontrolling Interests
- Accumulated other comprehensive loss remained a persistent negative factor, generally ranging between -13% and -17%. Noncontrolling interests remained negligible and stable, consistently representing less than 0.20% of the total capital structure.
The intersection of these trends reveals a strategic transition in the liability profile, characterized by a reduction in long-term debt and a periodic increase in short-term obligations. The equity position is heavily influenced by aggressive treasury stock activity and comprehensive losses, which significantly offset the growth provided by retained earnings.
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