Adjustments to Financial Statements
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- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Adjustments to Current Assets
PepsiCo Inc., adjusted current assets
US$ in millions
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current assets | ||||||
| Adjustments | ||||||
| Add: Allowance | ||||||
| After Adjustment | ||||||
| Adjusted current assets | ||||||
Based on: 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), 10-K (reporting date: 2020-12-26).
- Current Assets Trend
- The current assets show a decreasing trend from 2020 through 2022, declining from 23,001 million US dollars in 2020 to 21,539 million in 2022. This represents a reduction over the three-year period. However, in 2023, there is a notable increase to 26,950 million US dollars, followed by a slight decrease to 25,826 million in 2024. Overall, current assets demonstrate volatility with a significant rebound in the latter two years.
- Adjusted Current Assets Trend
- Adjusted current assets follow a similar pattern to the unadjusted figure. They decrease modestly from 23,202 million US dollars in 2020 to 21,689 million in 2022, then sharply increase to 27,125 million in 2023, before slightly declining to 26,182 million in 2024. The adjusted figures consistently remain slightly higher than the reported current assets each year, suggesting some accounting or valuation adjustments that increase the asset base.
- Comparative Analysis
- The consistent gap between adjusted and unadjusted current assets implies the company applies adjustments that marginally elevate its liquidity measurements. The decline in assets during the first three years could indicate liquidity tightening or asset optimization, while the recovery in the last two years suggests improved asset accumulation or operational liquidity enhancement.
- Overall Insights
- The data points to fluctuating working capital resources over the five-year span. The initial declines may reflect strategic divestitures or operational challenges, whereas the rebound hints at improved financial positioning or favorable market conditions affecting current asset levels.
Adjustments to Total Assets
PepsiCo Inc., adjusted total assets
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets. See details »
- Total assets
- The total assets remained relatively stable from 2020 to 2022, with a slight decrease from 92,918 million USD in 2020 to 92,187 million USD in 2022. However, there was a notable increase in 2023 to 100,495 million USD, followed by a slight decrease to 99,467 million USD in 2024. This indicates a period of asset growth beginning in 2023 after maintaining a steady level in previous years.
- Adjusted total assets
- Adjusted total assets followed a similar pattern to total assets, beginning with a gradual decline from 88,747 million USD in 2020 to 88,133 million USD in 2022. In 2023, adjusted total assets increased significantly to 96,196 million USD, aligning with the overall asset growth observed. The value slightly declined to 95,461 million USD in 2024. The adjusted figures suggest that after a period of stability, the company experienced asset expansion starting in 2023, though the adjusted assets remain consistently lower than total assets, reflecting specific adjustments applied to the asset base.
Adjustments to Total Liabilities
PepsiCo Inc., adjusted total liabilities
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
The analysis of the annual financial data reveals several insights regarding the liabilities of the company over the observed periods.
- Total Liabilities
- Total liabilities demonstrate a fluctuating trend across the five years. Beginning at 79,366 million US dollars in 2020, there is a decrease observed in 2021 and 2022, with values falling to 76,226 million and 74,914 million respectively. This downward trend is interrupted in 2023, where total liabilities increase significantly to 81,858 million. In 2024, there is a slight decrease to 81,296 million, but the liabilities remain higher than the previous two years prior to 2023.
- Adjusted Total Liabilities
- Adjusted total liabilities follow a similar overall trend to total liabilities, though at consistently lower figures. Starting at 74,955 million in 2020, adjusted liabilities decline steadily through 2021 and 2022 to 71,329 million and 70,585 million respectively. In 2023, adjusted liabilities rise to 77,766 million, mirroring the increase seen in total liabilities during the same year. By 2024, adjusted liabilities slightly decrease to 77,448 million but maintain elevated levels compared to the years before 2023.
Overall, the data points towards a period of liability reduction from 2020 through 2022, followed by a notable increase in liabilities in 2023, with a minor decrease in 2024. The adjusted liabilities trend mirrors the total liabilities closely, suggesting that adjustments do not significantly alter the overall pattern but consistently reflect a slightly lower liability base. The increase in liabilities in 2023 may warrant further investigation to identify underlying causes and potential impacts on the company’s financial stability.
Adjustments to Stockholders’ Equity
PepsiCo Inc., adjusted total PepsiCo common shareholders’ equity
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26).
1 Net deferred tax assets (liabilities). See details »
- Total PepsiCo common shareholders’ equity
- The total common shareholders’ equity showed an overall upward trend from 2020 to 2023, increasing from 13,454 million US dollars in 2020 to a peak of 18,503 million US dollars in 2023. However, in 2024, there was a slight decrease to 18,041 million US dollars, indicating a small decline after several years of growth.
- Adjusted total equity
- Adjusted total equity followed a similar pattern as the total common shareholders’ equity. It exhibited steady growth from 13,792 million US dollars in 2020 to a high of 18,430 million US dollars in 2023. In 2024, adjusted total equity also experienced a marginal decline, falling to 18,013 million US dollars.
- General observations
- Both equity measures demonstrate a consistent expansion from 2020 through 2023, which reflects strengthening financial positions during this period. The slight contraction in 2024 signals a potential stabilization or minor downturn in shareholders’ equity. The close alignment between the total common shareholders’ equity and the adjusted total equity values suggests minimal adjustments or discrepancies between these two metrics.
Adjustments to Capitalization Table
PepsiCo Inc., adjusted capitalization table
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Current operating lease liabilities. See details »
3 Non-current operating lease liabilities (classified in Other liabilities). See details »
4 Net deferred tax assets (liabilities). See details »
The financial data reveals several notable trends in the company's capital structure over the five-year period from 2020 to 2024.
- Total reported debt
- This figure shows a decline from 44,150 million USD in 2020 to 39,071 million USD in 2022, indicating a reduction in reported debt over the initial years. However, it increases again to 44,105 million USD in 2023 and slightly further to 44,306 million USD in 2024, returning almost to the 2020 level.
- Total PepsiCo common shareholders’ equity
- Equity demonstrates a consistent upward trajectory from 13,454 million USD in 2020 to 18,503 million USD in 2023, reflecting growth in shareholders’ equity. In 2024, there is a slight decline to 18,041 million USD, though this remains significantly higher than the initial 2020 value.
- Total reported capital
- This metric generally trends upwards, with an initial dip from 57,604 million USD in 2020 to 56,220 million USD in 2022. Subsequently, it rises markedly to 62,608 million USD in 2023 and stabilizes around 62,347 million USD in 2024.
- Adjusted total debt
- Adjusted debt follows a similar pattern to reported debt, starting high at 45,843 million USD in 2020, declining to 41,487 million USD in 2022, before climbing again to 47,061 million USD in 2023 and reaching 47,751 million USD in 2024.
- Adjusted total equity
- Adjusted equity increases steadily from 13,792 million USD in 2020 to 18,430 million USD in 2023, reflecting sustained growth, then experiences a slight dip to 18,013 million USD in 2024.
- Adjusted total capital
- Adjusted capital remains relatively stable in the range between 59,635 and 59,035 million USD from 2020 to 2022, before rising significantly to 65,491 million USD in 2023 and marginally increasing to 65,764 million USD in 2024.
Overall, the analysis indicates that the company initially focused on reducing its debt levels until 2022, after which there was a reversal with debt values rising back to or above their initial levels by 2024. Concurrently, equity showed a strong growth trend through 2023 and held steady in 2024, resulting in an expansion of total capital in later years. This pattern suggests a strategic balance between financing through debt and equity, with increased capital investment or leverage strategies employed during the later years.
Adjustments to Reported Income
PepsiCo Inc., adjusted net income attributable to PepsiCo
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26).
1 Deferred income tax expense (benefit). See details »
- Net income attributable to PepsiCo
- The net income shows a consistent upward trend over the five-year period. Starting from $7,120 million in 2020, it increased steadily each year, reaching $9,578 million in 2024. This represents a total growth of approximately 34.5% over the period. The growth appears stable with a slight deceleration from 2022 to 2023 but resumes an upward trajectory in 2024.
- Adjusted net income
- The adjusted net income demonstrates more variability compared to the net income. Beginning at $6,210 million in 2020, it rose significantly to $8,588 million in 2021, marking a substantial increase. However, this was followed by a decline in 2022 to $8,011 million, then a recovery to $8,568 million in 2023. In 2024, adjusted net income decreased notably to $7,522 million. Overall, the adjusted net income exhibits fluctuations rather than a steady upward trend, ending slightly above the 2020 level but below the peak in 2021.
- Comparative insights
- While the net income consistently grows over the years, the adjusted net income reflects more irregular performance, suggesting that certain adjustments or non-recurring items have significant impacts on earnings. The divergence between these two measures indicates that adjustments fluctuate year-to-year and may be influential in understanding the company’s underlying profitability and operational efficiency.