Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

PepsiCo Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Short-term debt obligations	7,082)	6,510)	3,414)	4,308)	3,780)
Accounts payable	10,997)	11,635)	10,732)	9,834)	8,853)
Accrued marketplace spending	3,458)	3,523)	3,637)	3,087)	2,935)
Accrued compensation and benefits	2,256)	2,687)	2,519)	2,324)	2,059)
Dividends payable	1,885)	1,767)	1,610)	1,508)	1,430)
Current operating lease liabilities	642)	556)	483)	446)	460)
Other current liabilities	5,216)	4,969)	4,390)	3,960)	3,855)
Accounts payable and other current liabilities	24,454)	25,137)	23,371)	21,159)	19,592)
Liabilities held for sale	—)	—)	—)	753)	—)
Current liabilities	31,536)	31,647)	26,785)	26,220)	23,372)
Long-term debt obligations, excluding current maturities	37,224)	37,595)	35,657)	36,026)	40,370)
Deferred income taxes	3,484)	3,895)	4,133)	4,826)	4,284)
Other liabilities	9,052)	8,721)	8,339)	9,154)	11,340)
Noncurrent liabilities	49,760)	50,211)	48,129)	50,006)	55,994)
Total liabilities	81,296)	81,858)	74,914)	76,226)	79,366)
Common stock, par value 1⅔¢ per share	23)	23)	23)	23)	23)
Capital in excess of par value	4,385)	4,261)	4,134)	4,001)	3,910)
Retained earnings	72,266)	70,035)	67,800)	65,165)	63,443)
Accumulated other comprehensive loss	(17,612)	(15,534)	(15,302)	(14,898)	(15,476)
Repurchased common stock, in excess of par value	(41,021)	(40,282)	(39,506)	(38,248)	(38,446)
Total PepsiCo common shareholders’ equity	18,041)	18,503)	17,149)	16,043)	13,454)
Noncontrolling interests	130)	134)	124)	108)	98)
Total equity	18,171)	18,637)	17,273)	16,151)	13,552)
Total liabilities and equity	99,467)	100,495)	92,187)	92,377)	92,918)

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).

The annual financial data reveals several notable trends in the company’s liabilities and equity over the five-year period under review.

Current Liabilities: Short-term debt obligations show a fluctuating but generally upward trend, increasing sharply between 2022 and 2024 from 3,414 million USD to 7,082 million USD. Accounts payable steadily increased until 2023, peaking at 11,635 million USD, followed by a slight decrease in 2024. Accrued marketplace spending rose until 2022 but declined in subsequent years. Accrued compensation and benefits rose consistently through 2023 before decreasing in 2024. Dividends payable have shown steady growth year-over-year. Current operating lease liabilities and other current liabilities also exhibit a general upward trend. Aggregating accounts payable and other current liabilities, there is a consistent increase from 19,592 million USD in 2020 to 24,454 million USD in 2024. Total current liabilities increased notably from 23,372 million USD in 2020 to a peak of 31,647 million USD in 2023 before slightly declining in 2024.
Noncurrent Liabilities: Long-term debt obligations excluding current maturities decreased from 40,370 million USD in 2020 to 35,657 million USD in 2022 but then rose moderately and stabilized around 37,000 million USD in the following years. Deferred income taxes have trended downward steadily, falling from 4,284 million USD to 3,484 million USD. Other liabilities declined significantly from 11,340 million USD in 2020 to 8,339 million USD in 2022 but then showed moderate increases to 9,052 million USD by 2024. Overall, noncurrent liabilities decreased initially but rebounded slightly, ending near 49,760 million USD in 2024.
Total Liabilities: Total liabilities declined from 79,366 million USD in 2020 to 74,914 million USD in 2022 but increased notably to 81,858 million USD in 2023 before a minor reduction to 81,296 million USD in 2024. The increase in total liabilities in the later years is mainly driven by growth in current liabilities.
Equity: Common shareholders’ equity increased steadily from 13,454 million USD in 2020 to a peak of 18,503 million USD in 2023, followed by a slight decrease in 2024. Capital in excess of par value displayed a consistent upward movement, reflecting ongoing equity injections or stock issuances. Retained earnings showed continuous growth over the period, reaching 72,266 million USD in 2024, indicating sustained profitability and earnings retention. Accumulated other comprehensive loss increased negatively, reaching a loss of 17,612 million USD in 2024, which slightly offsets equity growth. The repurchased common stock in excess of par value increased its negative balance, reflecting ongoing share repurchases and capital return strategies. Total equity followed a pattern similar to common shareholders’ equity, increasing over the years and peaking in 2023, with a moderate decline in 2024.
Overall Financial Position: The total of liabilities and equity has generally increased, albeit with some fluctuations, reflecting growth in the company’s financial structure. Notably, the company's leverage through current liabilities has increased in recent years, particularly due to the sharp rise in short-term debt obligations. Meanwhile, equity growth driven by retained earnings reflects robust operational results, partially offset by increasing comprehensive losses and share repurchases. The balance between liabilities and equity suggests a stable but evolving capital structure, with attention required on rising current debt levels in the most recent years.

Download chart

PepsiCo Inc. (NASDAQ:PEP)

Balance Sheet: Liabilities and Stockholders’ Equity