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
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 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).
Over the observed period, spanning from March 2021 to December 2025, the company’s balance sheet exhibits notable fluctuations in both liabilities and stockholders’ equity. Total liabilities generally remained stable, with periodic increases, while total equity demonstrated a generally increasing trend, albeit with some quarterly variations.
- Short-Term Debt Obligations
- Short-term debt obligations experienced considerable volatility. Initially around US$4.6 billion, they decreased before rising significantly in the first half of 2023, peaking at US$7.6 billion in June 2023. Subsequently, these obligations decreased, but increased again in early 2025, reaching US$12.056 billion in June 2025 before decreasing slightly. This suggests active management of short-term financing needs and potentially strategic borrowing for specific purposes.
- Current Liabilities
- Current liabilities demonstrated a consistent upward trend overall, increasing from US$22.693 billion in March 2021 to US$32.764 billion in December 2025. This growth was primarily driven by increases in accounts payable and other current liabilities, which rose from US$18.019 billion to US$25.903 billion over the same period. The presence of 'Liabilities held for sale' in September and December 2021 suggests potential divestitures or restructuring activities during that period.
- Long-Term Debt Obligations
- Long-term debt obligations, excluding current maturities, showed a decreasing trend from US$38.991 billion in March 2021 to a low of US$33.247 billion in June 2022. However, they subsequently increased, reaching US$42.321 billion in December 2025. This indicates a potential shift in the company’s long-term financing strategy, possibly involving new long-term borrowings or refinancing of existing debt.
- Total Liabilities
- Total liabilities remained relatively stable between approximately US$77 billion and US$82 billion for much of the period. A noticeable increase occurred in the first half of 2023, peaking at US$80.983 billion in September 2023, followed by a slight decrease and then another increase to US$86.852 billion in December 2025. This suggests a dynamic liability structure influenced by both short-term and long-term debt management.
- Stockholders’ Equity
- Total stockholders’ equity exhibited a clear upward trend, increasing from US$14.053 billion in March 2021 to US$20.547 billion in December 2025. This growth was primarily attributable to increases in retained earnings, which rose from US$63.740 billion to US$72.788 billion. The accumulated other comprehensive loss remained consistently negative, partially offsetting the gains in retained earnings. Repurchased common stock also remained consistently negative, indicating ongoing share buyback programs.
- Capital Structure
- The ratio of total liabilities to total equity generally remained above 5:1 throughout the period, indicating a relatively leveraged capital structure. While equity increased, liabilities also increased, maintaining this leverage. The fluctuations in short-term debt suggest a degree of operational flexibility in managing financing needs.
In conclusion, the company’s balance sheet reflects a dynamic financial position characterized by active debt management, consistent growth in retained earnings, and a generally leveraged capital structure. The observed trends suggest a proactive approach to financing and a commitment to returning value to shareholders through share repurchases.