Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
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.

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.

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PepsiCo Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
Jun 14, 2025 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
Short-term debt obligations
Accounts payable and other current liabilities
Liabilities held for sale
Current liabilities
Long-term debt obligations, excluding current maturities
Deferred income taxes
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock, par value 1⅔¢ per share
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Repurchased common stock, in excess of par value
Total PepsiCo common shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).

Short-term debt obligations
The short-term debt obligations have exhibited notable fluctuations over the periods. Starting at 5,882 million USD in March 2020, the figure peaked at 12,056 million USD by June 2025. There was a particularly sharp increase observed between June 2023 and December 2023, from 7,613 million to 8,937 million USD, followed by another high in June 2025 at 12,056 million USD. This suggests variable reliance on short-term debt with upward pressure in recent periods.
Accounts payable and other current liabilities
This item generally trended upwards, increasing from 16,196 million USD in March 2020 to levels fluctuating around the 22,000 to 24,000 million USD range in 2024 and 2025. Peaks were distributed over time, with the highest point at 24,340 million USD in June 2025. The general growth indicates an increasing level of operational payables and short-term obligations.
Current liabilities
Current liabilities saw an overall increase from 22,078 million USD in March 2020 to 36,396 million USD in June 2025. The path featured some volatility, including a dip in late 2020 and subsequent rises into 2023 and 2024, with the highest values recorded in the latest periods. This denotes growing short-term obligations and working capital requirements.
Long-term debt obligations, excluding current maturities
Long-term debt generally declined from 35,361 million USD in March 2020 to levels in the mid to high 30,000 millions through 2023, with a slight increase toward 39,419 million USD in June 2025. The debt showed a gradual downward trend up to 2022, followed by stabilization and a modest rise toward mid-2025, reflecting strategic debt management with some refinancing or increased borrowing later.
Deferred income taxes
Deferred income taxes showed more variability, with an initial increase from 4,060 million USD in March 2020 to a peak of 5,072 million USD in March 2022, then a decline to 3,102 million USD by June 2025. This pattern implies changes in temporary differences affecting tax obligations, with reductions seen in later periods.
Other liabilities
Other liabilities decreased gradually from 10,004 million USD in March 2020 to 7,960 million USD in June 2025, suggesting controlled management or settlements of miscellaneous obligations.
Noncurrent liabilities
Noncurrent liabilities declined from 49,425 million USD in March 2020 to around 50,390 million USD in June 2025, with intermediate fluctuations. The overall stability and slight decrease indicate steady longer-term liability levels.
Total liabilities
Total liabilities increased moderately from 71,503 million USD in March 2020 to 86,786 million USD in June 2025. The gradual growth, combined with observed short-term and long-term debt patterns, suggests balanced liability expansion over the period.
Common stock and capital in excess of par value
Common stock remains constant at 23 million USD throughout. Capital in excess of par value slowly increased from 3,741 million to 4,299 million USD over this timeframe, indicating modest equity injections or retained capital increases.
Retained earnings
Retained earnings generally trended upward from 61,920 million USD in March 2020 to a peak of 72,607 million USD in September 2024, before a mild decrease to 71,547 million USD in June 2025. This reflects cumulative profitability with some recent minor declines.
Accumulated other comprehensive loss
The accumulated other comprehensive loss increased in magnitude, moving from -15,057 million USD in March 2020 to a high negative of -17,612 million USD in March 2025, then improved slightly to about -16,090 million USD by June 2025. This indicates worsening unrealized losses or adjustments offset somewhat in the final period.
Repurchased common stock, in excess of par value
The repurchased common stock amount has increasingly reflected share buyback activities, starting at -37,162 million USD in March 2020 and growing to -41,361 million USD by June 2025. This shows an ongoing commitment to returning value to shareholders through repurchases.
Total PepsiCo common shareholders’ equity
Common shareholders’ equity grew from 13,465 million USD in March 2020 to near 19,446 million USD in September 2024. A decline followed to 18,041 million USD by March 2025, with a slight recovery to 18,418 million USD by June 2025. Equity shows an overall upward trajectory, indicating strengthened shareholder value notwithstanding some periods of decline.
Noncontrolling interests
Noncontrolling interests fluctuated mildly between 94 million USD in March 2020 and 164 million USD in September 2023, settling at 141 million USD by June 2025. This stability indicates marginal changes in minority shareholder stakes.
Total equity
Total equity increased from 13,559 million USD in March 2020 to nearly 19,605 million USD in September 2024, followed by a retreat to 18,559 million USD in June 2025. The equity growth trend is supportive of balance sheet strengthening but shows some recent softness.
Total liabilities and equity
The combined total of liabilities and equity rose steadily from 85,062 million USD in March 2020 to 105,345 million USD in June 2025. This expansion is consistent with asset growth and reflects an increase in the company's overall scale and financing activity over the period.