Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

PepsiCo Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Mar 22, 2025	Dec 28, 2024	Sep 7, 2024	Jun 15, 2024	Mar 23, 2024	Dec 30, 2023	Sep 9, 2023	Jun 17, 2023	Mar 25, 2023	Dec 31, 2022	Sep 3, 2022	Jun 11, 2022	Mar 19, 2022	Dec 25, 2021	Sep 4, 2021	Jun 12, 2021	Mar 20, 2021	Dec 26, 2020	Sep 5, 2020	Jun 13, 2020	Mar 21, 2020
Cash and cash equivalents	8,268)	8,505)	7,308)	6,353)	8,047)	9,711)	10,017)	6,116)	4,770)	4,954)	6,415)	5,405)	6,561)	5,596)	6,506)	5,449)	5,661)	8,185)	9,094)	8,927)	11,089)
Short-term investments	314)	761)	743)	315)	303)	292)	266)	338)	434)	394)	327)	287)	343)	392)	344)	328)	964)	1,366)	611)	196)	158)
Accounts and notes receivable, less allowance	10,800)	10,333)	12,088)	11,942)	10,938)	10,815)	11,782)	11,456)	10,469)	10,163)	10,739)	10,498)	9,424)	8,680)	9,545)	9,722)	8,885)	8,404)	9,295)	8,780)	8,477)
Raw materials and packaging	2,673)	2,440)	2,559)	2,635)	2,465)	2,388)	2,456)	2,638)	2,435)	2,366)	2,303)	2,403)	2,017)	1,898)	1,926)	2,081)	1,827)	1,720)	1,798)	1,869)	1,502)
Work-in-process	118)	104)	131)	121)	97)	104)	119)	110)	115)	114)	150)	158)	154)	151)	178)	381)	308)	205)	275)	344)	277)
Finished goods	2,869)	2,762)	2,954)	3,131)	3,007)	2,842)	2,983)	3,221)	3,147)	2,742)	2,566)	2,726)	2,591)	2,298)	2,260)	2,544)	2,421)	2,247)	2,062)	2,101)	1,821)
Inventories	5,660)	5,306)	5,644)	5,887)	5,569)	5,334)	5,558)	5,969)	5,697)	5,222)	5,019)	5,287)	4,762)	4,347)	4,364)	5,006)	4,556)	4,172)	4,135)	4,314)	3,600)
Prepaid expenses and other current assets	1,246)	921)	1,069)	1,206)	1,148)	798)	1,026)	1,075)	1,057)	806)	1,043)	1,156)	1,252)	980)	1,058)	1,092)	1,130)	874)	925)	972)	944)
Assets held for sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,788)	1,893)	—)	—)	—)	—)	—)	—)
Current assets	26,288)	25,826)	26,852)	25,703)	26,005)	26,950)	28,649)	24,954)	22,427)	21,539)	23,543)	22,633)	22,342)	21,783)	23,710)	21,597)	21,196)	23,001)	24,060)	23,189)	24,268)
Property, plant and equipment	56,942)	56,005)	55,466)	55,040)	54,510)	54,439)	51,585)	50,804)	50,022)	49,784)	48,100)	47,902)	46,533)	46,828)	45,688)	47,404)	46,544)	46,340)	44,116)	43,018)	42,696)
Accumulated depreciation	(28,729)	(27,997)	(28,278)	(27,998)	(27,718)	(27,400)	(26,732)	(26,304)	(25,794)	(25,493)	(25,300)	(25,208)	(24,516)	(24,421)	(24,431)	(25,785)	(25,295)	(24,971)	(24,390)	(23,831)	(23,716)
Property, plant and equipment, net	28,213)	28,008)	27,188)	27,042)	26,792)	27,039)	24,853)	24,500)	24,228)	24,291)	22,800)	22,694)	22,017)	22,407)	21,257)	21,619)	21,249)	21,369)	19,726)	19,187)	18,980)
Amortizable intangible assets, net	1,157)	1,102)	1,132)	1,151)	1,173)	1,199)	1,208)	1,232)	1,250)	1,277)	1,314)	1,348)	1,497)	1,538)	1,584)	1,686)	1,690)	1,703)	1,515)	1,465)	1,443)
Goodwill	18,364)	17,534)	17,709)	17,648)	17,646)	17,728)	17,892)	17,997)	18,089)	18,202)	18,388)	18,547)	18,112)	18,381)	18,531)	18,893)	18,779)	18,757)	18,603)	17,845)	15,465)
Other indefinite-lived intangible assets	14,206)	13,699)	13,725)	13,675)	13,680)	13,730)	14,293)	14,330)	14,273)	14,309)	15,838)	15,743)	16,603)	17,127)	17,291)	17,738)	17,641)	17,612)	17,671)	17,530)	14,536)
Intangible assets	33,727)	32,335)	32,566)	32,474)	32,499)	32,657)	33,393)	33,559)	33,612)	33,788)	35,540)	35,638)	36,212)	37,046)	37,406)	38,317)	38,110)	38,072)	37,789)	36,840)	31,444)
Investments in noncontrolled affiliates	1,996)	1,985)	2,645)	2,674)	2,734)	2,714)	2,955)	3,038)	3,123)	3,073)	3,224)	3,519)	3,595)	2,627)	2,791)	2,774)	2,777)	2,792)	2,752)	2,715)	2,719)
Deferred income taxes	4,350)	4,362)	4,321)	4,465)	4,444)	4,474)	4,165)	4,186)	4,211)	4,204)	4,324)	4,345)	4,301)	4,310)	4,357)	4,370)	4,370)	4,372)	4,357)	4,351)	4,357)
Other assets	7,163)	6,951)	6,941)	7,175)	7,566)	6,661)	5,938)	5,669)	5,441)	5,292)	5,030)	4,274)	4,495)	4,204)	3,733)	3,708)	3,522)	3,312)	3,357)	3,243)	3,294)
Noncurrent assets	75,449)	73,641)	73,661)	73,830)	74,035)	73,545)	71,304)	70,952)	70,615)	70,648)	70,918)	70,470)	70,620)	70,594)	69,544)	70,788)	70,028)	69,917)	67,981)	66,336)	60,794)
Total assets	101,737)	99,467)	100,513)	99,533)	100,040)	100,495)	99,953)	95,906)	93,042)	92,187)	94,461)	93,103)	92,962)	92,377)	93,254)	92,385)	91,224)	92,918)	92,041)	89,525)	85,062)

Cash and Cash Equivalents: The cash and cash equivalents exhibited volatility across the reported periods. There was a notable decline in early 2021, reaching a low around March 2021, followed by a recovery and peak in September 2023. However, subsequent quarters through March 2025 saw a decrease again, settling near levels lower than the previous peak.
Short-term Investments: Short-term investments fluctuated without a clear long-term trend. Peaks were observed in early 2021 and again towards the end of 2024, while troughs appeared mid-2021 and in early 2023, indicating potential tactical liquidity management or market-driven reallocations.
Accounts and Notes Receivable: The accounts and notes receivable generally increased over time, with some quarterly variability. The upward trend suggests growth in sales or extended credit terms, peaking around September 2023 and remaining relatively high through early 2025.
Inventories: Raw materials and packaging, work-in-process, and finished goods combined to form the inventory figures. Inventories increased from early 2020 to mid-2021 but showed a decline towards the end of 2021, followed by another increase peaking in mid-2023. Subsequently, slight dips occurred but the overall inventory level remained elevated compared to the start of the period, indicating fluctuating stock accumulation potentially tied to demand or supply chain considerations.
Prepaid Expenses and Other Current Assets: This category showed irregular changes with spikes occurring in some quarters such as March 2022 and June 2024, while other periods saw declines. The variability may reflect changes in expense timing and other operational adjustments.
Assets Held for Sale: Assets held for sale were recognized only in late 2020 and early 2021 before disappearing from the records, suggesting a completed divestiture or reclassification of assets during that timeframe.
Current Assets: Current assets as a whole fluctuated but showed an upward movement starting mid-2022 through late 2023, peaking around September 2023. The increase corresponds largely with changes in inventories and prepaid expenses, indicating growth in short-term resource holdings.
Property, Plant, and Equipment (PP&E) and Net PP&E: Gross PP&E steadily increased across the entire time span, indicating continuous investment in fixed assets. Accumulated depreciation also rose, but net PP&E followed an increasing trend, especially pronounced from late 2022 onward, reflecting net asset growth and capital expenditure outweighing depreciation expenses.
Intangible Assets: Amortizable intangible assets decreased gradually, implying ongoing amortization charges surpassing new additions. Goodwill and other indefinite-lived intangible assets declined modestly over time, with some stabilization or slight recovery near the end of the series. Overall intangible asset values showed a subtle downward trend with modest fluctuations.
Investments in Noncontrolled Affiliates: This asset category showed a decline from 2022 onward, with a significant reduction by early 2025, indicating disposals, impairments, or reclassifications impacting equity investments.
Deferred Income Taxes: Deferred tax assets remained relatively stable throughout the periods, showing only minor fluctuations and no significant trend, suggesting consistent tax deferral positions.
Other Assets: Other assets gradually increased over time with some variability. The steady growth indicates the accumulation of miscellaneous long-term assets, which may include investments, deposits, or intangible rights not classified elsewhere.
Noncurrent Assets and Total Assets: Noncurrent assets increased moderately over the analyzed quarters, reflecting additions in PP&E and other long-term asset categories. Total assets showed a slight upward trajectory with periodic fluctuations, ending higher in 2025 relative to 2020, suggesting incremental growth in the overall asset base.

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PepsiCo Inc. (NASDAQ:PEP)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data