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.

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

US$ in millions

	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	12,056)	9,099)	7,082)	6,524)	8,289)	8,161)	6,510)	8,937)	7,613)	4,281)	3,414)	3,109)	6,032)	5,459)	4,308)	4,234)	4,264)	4,674)	3,780)	6,692)	6,607)	5,882)
Accounts payable and other current liabilities	24,340)	22,412)	24,454)	23,791)	22,859)	22,073)	25,137)	23,723)	22,005)	21,556)	23,371)	22,544)	21,191)	20,365)	21,159)	20,060)	19,359)	18,019)	19,592)	19,317)	17,220)	16,196)
Liabilities held for sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	753)	783)	—)	—)	—)	—)	—)	—)
Current liabilities	36,396)	31,511)	31,536)	30,315)	31,148)	30,234)	31,647)	32,660)	29,618)	25,837)	26,785)	25,653)	27,223)	25,824)	26,220)	25,077)	23,623)	22,693)	23,372)	26,009)	23,827)	22,078)
Long-term debt obligations, excluding current maturities	39,328)	39,419)	37,224)	38,490)	36,638)	37,707)	37,595)	35,837)	36,008)	37,486)	35,657)	36,136)	33,247)	34,590)	36,026)	37,023)	38,034)	38,991)	40,370)	37,879)	38,371)	35,361)
Deferred income taxes	3,102)	3,541)	3,484)	3,684)	3,908)	4,087)	3,895)	4,047)	4,113)	4,039)	4,133)	4,724)	4,838)	5,072)	4,826)	4,529)	4,625)	4,491)	4,284)	4,217)	4,203)	4,060)
Other liabilities	7,960)	8,737)	9,052)	8,419)	8,259)	8,822)	8,721)	8,439)	8,342)	8,505)	8,339)	8,813)	9,121)	9,156)	9,154)	10,635)	10,705)	10,996)	11,340)	10,341)	10,537)	10,004)
Noncurrent liabilities	50,390)	51,697)	49,760)	50,593)	48,805)	50,616)	50,211)	48,323)	48,463)	50,030)	48,129)	49,673)	47,206)	48,818)	50,006)	52,187)	53,364)	54,478)	55,994)	52,437)	53,111)	49,425)
Total liabilities	86,786)	83,208)	81,296)	80,908)	79,953)	80,850)	81,858)	80,983)	78,081)	75,867)	74,914)	75,326)	74,429)	74,642)	76,226)	77,264)	76,987)	77,171)	79,366)	78,446)	76,938)	71,503)
Common stock, par value 1⅔¢ per share	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)	23)
Capital in excess of par value	4,299)	4,274)	4,385)	4,281)	4,203)	4,132)	4,261)	4,154)	4,082)	3,996)	4,134)	4,036)	3,970)	3,893)	4,001)	3,924)	3,863)	3,800)	3,910)	3,848)	3,772)	3,741)
Retained earnings	71,547)	72,238)	72,266)	72,607)	71,545)	70,331)	70,035)	70,479)	69,135)	68,142)	67,800)	68,872)	67,763)	67,934)	65,165)	65,336)	64,605)	63,740)	63,443)	63,013)	62,145)	61,920)
Accumulated other comprehensive loss	(16,090)	(17,078)	(17,612)	(16,652)	(15,786)	(15,179)	(15,534)	(15,794)	(15,780)	(15,601)	(15,302)	(14,743)	(14,416)	(15,343)	(14,898)	(15,125)	(14,859)	(15,246)	(15,476)	(15,357)	(15,778)	(15,057)
Repurchased common stock, in excess of par value	(41,361)	(41,068)	(41,021)	(40,806)	(40,539)	(40,260)	(40,282)	(40,056)	(39,775)	(39,518)	(39,506)	(39,211)	(38,787)	(38,305)	(38,248)	(38,286)	(38,333)	(38,370)	(38,446)	(38,044)	(37,671)	(37,162)
Total PepsiCo common shareholders’ equity	18,418)	18,389)	18,041)	19,453)	19,446)	19,047)	18,503)	18,806)	17,685)	17,042)	17,149)	18,977)	18,553)	18,202)	16,043)	15,872)	15,299)	13,947)	13,454)	13,483)	12,491)	13,465)
Noncontrolling interests	141)	140)	130)	152)	134)	143)	134)	164)	140)	133)	124)	158)	121)	118)	108)	118)	99)	106)	98)	112)	96)	94)
Total equity	18,559)	18,529)	18,171)	19,605)	19,580)	19,190)	18,637)	18,970)	17,825)	17,175)	17,273)	19,135)	18,674)	18,320)	16,151)	15,990)	15,398)	14,053)	13,552)	13,595)	12,587)	13,559)
Total liabilities and equity	105,345)	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)

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.

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PepsiCo Inc. (NASDAQ:PEP)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data