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

	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	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	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	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	39,419)	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	3,541)	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	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	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	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)
Capital in excess of par value	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	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	(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	(41,068)	(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	18,389)	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	140)	130)	152)	134)	143)	134)	164)	140)	133)	124)	158)	121)	118)	108)	118)	99)	106)	98)	112)	96)	94)
Total equity	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	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 exhibit substantial fluctuations over the periods. There is an initial rise from 5,882 million USD in March 2020 to 6,692 million USD in September 2020, followed by a sharp decline to 3,780 million USD by December 2020. After some volatility, there is a notable peak in September 2023 reaching 8,937 million USD, followed by varying values and ultimately increasing again to 9,099 million USD in March 2025.
Accounts payable and other current liabilities: This category shows a general upward trend with some fluctuations, starting at 16,196 million USD in March 2020 and increasing steadily to reach a peak of 25,137 million USD in December 2023, before slightly declining to 22,412 million USD in March 2025. The progression highlights increasing operational liabilities over time.
Liabilities held for sale: Liabilities held for sale appear only briefly, showing a small value of 783 million USD in September 2021, which then diminishes, indicating a temporary classification of certain liabilities during that period.
Current liabilities: Current liabilities mostly increase over the examined periods, starting at 22,078 million USD in March 2020 and rising to a maximum of 32,660 million USD in September 2023. Despite some decreases in late periods, the overall level remains elevated around 31,500 million USD, reflecting a growing short-term obligation profile.
Long-term debt obligations, excluding current maturities: Long-term debt shows an initial slight increase from 35,361 million USD in March 2020 to 40,370 million USD in December 2020, followed by a gradual decline. However, in the later periods post-2023, the trend reverses with an increase reaching 39,419 million USD in March 2025, suggesting strategic debt management involving refinancing or new long-term borrowing.
Deferred income taxes: Deferred income taxes fluctuate moderately, starting at 4,060 million USD, peaking at 5,072 million USD in March 2022, then generally declining to around 3,500 million USD by early 2025. This decline could reflect changes in tax strategies or asset/liability adjustments.
Other liabilities: Other liabilities generally decrease over time from 10,004 million USD in March 2020 to values averaging between 8,700 and 9,000 million USD in later periods, indicating some reduction or reclassification of miscellaneous obligations.
Noncurrent liabilities: Noncurrent liabilities decline from 49,425 million USD in March 2020 to about 48,818 million USD by March 2022, followed by fluctuations around this level, slightly increasing to 51,697 million USD by March 2025. This points to relative stability with a slight upward trend in longer-term obligations.
Total liabilities: Total liabilities show a growing trend, rising from 71,503 million USD in March 2020 to a peak nearing 81,858 million USD in December 2023, before settling around 83,208 million USD by March 2025. The rise reflects increased borrowing and obligations over the years.
Common stock and capital in excess of par value: Common stock remains steady at 23 million USD throughout all periods, while capital in excess of par value shows a modest upward trend, moving from 3,741 million USD to around 4,274 million USD by March 2025, indicating incremental equity capital additions.
Retained earnings: Retained earnings increase consistently from 61,920 million USD in March 2020 to a peak of approximately 72,607 million USD in September 2024 before stabilizing near 72,238 million USD in March 2025, reflecting accumulated profitability over time.
Accumulated other comprehensive loss: This account reflects a growing loss position, starting at a negative 15,057 million USD and reaching a low of around negative 17,612 million USD in September 2024, then slightly recovering to negative 17,078 million USD by March 2025, suggesting increased unrealized losses or adverse currency and investment valuation effects.
Repurchased common stock, in excess of par value: Repurchased common stock shows a continuous increase in the repurchase amount from negative 37,162 million USD to negative 41,068 million USD, revealing a steady share buyback strategy aimed at returning capital to shareholders and possibly enhancing earnings per share.
Total PepsiCo common shareholders’ equity: Common shareholders’ equity generally increases, with fluctuations, starting at 13,465 million USD and rising to a peak near 19,453 million USD in September 2024 before declining to 18,389 million USD in March 2025, indicating equity growth tempered by recent decreases potentially due to market or operational factors.
Noncontrolling interests: Noncontrolling interests remain relatively stable with mild variation in the 90 to 164 million USD range, indicating consistent minority shareholder holdings without significant changes.
Total equity: Total equity follows the trend of common shareholders’ equity, rising from 13,559 million USD to a high of 19,605 million USD in September 2024 before declining to 18,529 million USD in March 2025, showing a general increase in equity base but some recent contraction.
Total liabilities and equity: Total liabilities and equity combined demonstrate continuous growth from 85,062 million USD in March 2020 to over 101,737 million USD in March 2025, representing an overall expansion in the company's financial base and size during the period analyzed.

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PepsiCo Inc. (NASDAQ:PEP)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data