Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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PepsiCo Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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PepsiCo Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-27), 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).
The composition of liabilities and stockholders’ equity exhibited several notable trends between 2021 and 2025. Total liabilities consistently represented a significant portion of the company’s funding, averaging approximately 81.5% of the total liabilities and equity structure over the five-year period. While total liabilities fluctuated modestly, equity demonstrated a gradual increase as a percentage of the total.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity initially increased from 28.38% in 2021 to 31.49% in 2023, before declining slightly to 30.51% in 2025. Within this category, accounts payable and other current liabilities remained the largest component, consistently representing over 22% of the total. Accrued compensation and benefits showed a decreasing trend, moving from 2.52% to 2.08% over the period. Short-term debt obligations experienced volatility, peaking at 7.12% in 2024 before decreasing to 6.39% in 2025.
- Noncurrent Liabilities
- Noncurrent liabilities accounted for a substantial portion of the company’s obligations, averaging around 50.8% of the total. Long-term debt obligations, excluding current maturities, constituted the majority of this category, remaining relatively stable around 38-39%. Deferred income taxes decreased from 5.22% in 2021 to 3.54% in 2025, while other liabilities also showed a decline, falling from 9.91% to 7.42% during the same period.
- Stockholders’ Equity
- Total stockholders’ equity increased as a percentage of total liabilities and equity, rising from 17.37% in 2021 to 19.13% in 2025. Retained earnings were the dominant component of equity, although its percentage decreased from 70.54% to 67.77% over the period. Repurchased common stock consistently represented a significant deduction from equity, averaging approximately -39.8% of the total. Accumulated other comprehensive loss also had a notable negative impact, but its influence lessened, moving from -16.13% to -13.99%. Capital in excess of par value remained relatively stable, fluctuating between 4.14% and 4.48%.
The overall trend suggests a shift towards a greater reliance on equity financing, albeit gradual. The company maintained a substantial level of debt, with long-term obligations being a key component. Fluctuations within current liabilities appear to be driven by changes in accounts payable and short-term debt, while the decrease in certain noncurrent liability accounts may indicate debt repayment or changes in tax strategies. The consistent presence of significant share repurchases suggests a continued return of capital to shareholders.