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-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), 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 demonstrate notable fluctuations across the periods. Starting at approximately $5.9 billion in early 2020, there were increases mid-2020, followed by a sharp decline in late 2020. A substantial rise resumed throughout 2023, peaking at over $12 billion by mid-2025 before a decrease in the latest quarter. This volatility suggests active short-term financing management possibly to meet liquidity needs or capitalize on favorable borrowing conditions.
- Accounts Payable and Other Current Liabilities
- This liability category shows a generally increasing trend over the observed timeline. Beginning around $16.2 billion in early 2020, it rose steadily, reaching close to $24.8 billion by mid-2025. Minor fluctuations are present but the overall movement indicates escalating operating activities or extended payment terms with suppliers.
- Current Liabilities
- Total current liabilities followed an upward trajectory from about $22.1 billion in March 2020 to a peak surpassing $36 billion in the latter part of 2024, before settling near $31.5 billion in mid-2025. The peak and subsequent moderation could reflect strategic adjustments in short-term obligations or shifts in working capital components.
- Long-term Debt Obligations, Excluding Current Maturities
- Long-term debt levels showed a gradual decline from the high $35 billion range in early 2020 to just under $34 billion by mid-2022. However, the value fluctuated afterward with a rising trend to over $44 billion by mid-2025. These movements suggest active long-term debt issuance and repayments aligned with longer-term financial structuring and investment considerations.
- Deferred Income Taxes
- Deferred income taxes remained relatively stable yet showed a declining trajectory, dropping from around $4 billion to approximately $3.5 billion over the analyzed periods. The decrease suggests changes in tax liabilities possibly linked to adjustments in taxable temporary differences or tax planning strategies.
- Other Liabilities
- Other liabilities exhibited a modest decline from about $10 billion early in 2020 to below $8 billion by mid-2025. This diminishing trend may indicate the reduction of miscellaneous obligations or nonrecurring liabilities.
- Noncurrent Liabilities
- The total noncurrent liabilities gradually decreased from over $49 billion to around $48 billion into 2022 but then stabilized and rose moderately to exceed $55 billion by mid-2025. This pattern aligns with the previously noted fluctuations in long-term debt and other long-term obligations, reflecting adjustments in the company’s long-term liability profile.
- Total Liabilities
- Total liabilities maintained a general upward inclination from approximately $71.5 billion in early 2020 to a peak around $86.8 billion in mid-2025, followed by stabilization. This overall increase aligns with growth in both current and noncurrent liabilities, indicating expanding financial commitments concurrent with operational scale or financing strategies.
- Common Stock and Capital in Excess of Par Value
- Common stock par value remained constant throughout the periods, indicating no new issuance or retirement at par. Capital in excess of par value demonstrated moderate growth, increasing by roughly $600 million over the timeline, reflecting additional paid-in capital activities.
- Retained Earnings
- Retained earnings showed a consistent rise from approximately $61.9 billion in early 2020 to about $72.2 billion by mid-2025. This upward trend indicates sustained profitability and reinvestment of earnings over the periods.
- Accumulated Other Comprehensive Loss
- This component fluctuated negatively throughout, deepening from around -$15 billion to nearly -$17.6 billion by late 2024 before a slight recovery. The persistent and increasing loss balance suggests ongoing unrealized losses, potentially from foreign currency translation adjustments or other comprehensive income items.
- Repurchased Common Stock, In Excess of Par Value
- Share repurchases steadily increased in magnitude, with the balance moving from roughly -$37.2 billion to -$41.6 billion by mid-2025. This demonstrates continued shareholder return initiatives through buyback programs over the period analyzed.
- Total Common Shareholders’ Equity
- Common shareholders' equity experienced growth from about $13.5 billion in early 2020 to nearly $19.4 billion toward the end of the period, with some fluctuations in 2022 and 2023. The increase indicates an accumulation of net assets attributable to shareholders arising from retained earnings, capital contributions, and other equity changes.
- Noncontrolling Interests
- Noncontrolling interests remained relatively stable with minor increases, starting near $94 million and rising modestly to roughly $155 million by mid-2025, reflecting consistent minority ownership stakes in consolidated entities.
- Total Equity
- Total equity mirrored the trend of common equity, growing from approximately $13.6 billion to nearly $19.5 billion. This steady increase supports the view of improving net asset base funded by retained earnings and equity-related transactions.
- Total Liabilities and Equity
- The sum of liabilities and equity rose from about $85.1 billion in early 2020 to peak near $106.6 billion by mid-2025, exhibiting the overall balance sheet growth. The increase is consistent with rising liabilities and equity, indicating business expansion, capital investment, or other strategic developments impacting the financial position.