Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
PepsiCo Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 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).
The liquidity profile demonstrates a consistent pattern where current liabilities exceed current assets, as evidenced by all primary liquidity ratios remaining below 1.0 throughout the period. Despite this, a gradual strengthening of the liquidity position is observed toward the conclusion of the analyzed timeframe.
- Current Ratio
- The current ratio fluctuated within a range of 0.78 to 0.94. While the ratio experienced periodic dips, most notably reaching 0.78 in June 2025, it showed a sustained recovery throughout 2026, ending the period at its highest level of 0.94. This indicates an improving ability to cover short-term obligations with current assets.
- Quick Ratio
- The quick ratio moved in tandem with the current ratio, with values ranging from 0.56 to 0.72. The consistent gap between the current and quick ratios suggests that a significant portion of current assets is tied up in inventory. Similar to the current ratio, the quick ratio reached its peak of 0.72 in September 2026.
- Cash Ratio
- The cash ratio remained the most conservative measure, fluctuating between 0.20 and 0.32. A period of relative lows was observed between December 2022 and June 2023, followed by a gradual increase. The ratio concluded the period at 0.32, indicating an increase in the immediate cash available to meet liabilities.
Analysis of the combined metrics reveals a correlated upward trend across all liquidity indicators starting in mid-2025. The synchronized increase in the current, quick, and cash ratios suggests a shift toward a more liquid balance sheet during the final year of the observed period.
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Current Ratio
PepsiCo Inc., current ratio calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 32,559) | 32,775) | 30,916) | 27,949) | 28,722) | 28,210) | 26,288) | 25,826) | 26,852) | 25,703) | 26,005) | 26,950) | 28,649) | 24,954) | 22,427) | 21,539) | 23,543) | 22,633) | 22,342) | ||||||
| Current liabilities | 34,529) | 35,106) | 34,477) | 32,764) | 31,499) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.94 | 0.93 | 0.90 | 0.85 | 0.91 | 0.78 | 0.83 | 0.82 | 0.89 | 0.83 | 0.86 | 0.85 | 0.88 | 0.84 | 0.87 | 0.80 | 0.92 | 0.83 | 0.87 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 1.38 | 1.30 | 1.36 | 1.46 | 1.21 | 1.21 | 1.10 | 1.03 | 1.06 | 1.08 | 1.04 | 1.13 | 1.14 | 1.14 | 1.15 | 1.15 | 1.13 | 1.13 | 1.18 | ||||||
| Mondelēz International Inc. | 0.62 | 0.60 | 0.54 | 0.59 | 0.61 | 0.64 | 0.61 | 0.68 | 0.63 | 0.68 | 0.77 | 0.62 | 0.61 | 0.65 | 0.68 | 0.60 | 0.69 | 0.68 | 0.68 | ||||||
| Philip Morris International Inc. | 1.02 | 0.98 | 0.98 | 0.96 | 0.85 | 0.83 | 0.79 | 0.88 | 0.89 | 0.94 | 0.94 | 0.75 | 0.89 | 0.85 | 0.85 | 0.72 | 0.92 | 0.89 | 0.92 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 32,559 ÷ 34,529 = 0.94
2 Click competitor name to see calculations.
The analysis of liquidity metrics over the period from March 2022 to September 2026 reveals a consistent trend where current liabilities exceed current assets, resulting in a current ratio that remains below 1.00 throughout the entire duration. This indicates a structural reliance on short-term obligations or highly efficient working capital management characteristic of large-scale consumer goods operations.
- Current Ratio Volatility and Trends
- The current ratio fluctuated within a narrow range between a minimum of 0.78 in June 2025 and a maximum of 0.94 in September 2026. A period of relative stability was observed between 2022 and 2024, with the ratio generally oscillating between 0.80 and 0.92. A notable trough occurred in the first half of 2025, followed by a steady upward trajectory throughout 2026, suggesting a gradual improvement in the short-term liquidity position toward the end of the observed period.
- Current Asset Growth
- Current assets demonstrated a general upward trend, increasing from 22,342 million US$ in March 2022 to 32,559 million US$ by September 2026. While growth was steady, periodic contractions were observed, particularly in December 2022 and December 2024, reflecting seasonal fluctuations in asset levels.
- Current Liability Expansion
- Current liabilities followed a similar growth trajectory to assets, rising from 25,824 million US$ in March 2022 to 34,529 million US$ in September 2026. The increase in liabilities largely mirrors the increase in assets, which explains the relative stability of the current ratio despite the significant growth in the absolute values of both balance sheet items.
- Liquidity Positioning
- The convergence of the current ratio toward 0.94 by September 2026 represents the strongest liquidity position in the analyzed timeframe. This movement suggests a strategic realignment or an organic increase in liquid assets relative to short-term debt, reducing the gap between current assets and current liabilities compared to the levels observed in mid-2025.
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Quick Ratio
PepsiCo Inc., quick ratio calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 10,675) | 10,251) | 10,475) | 9,159) | 8,126) | 7,631) | 8,268) | 8,505) | 7,308) | 6,353) | 8,047) | 9,711) | 10,017) | 6,116) | 4,770) | 4,954) | 6,415) | 5,405) | 6,561) | ||||||
| Short-term investments | 488) | 465) | 353) | 371) | 535) | 342) | 314) | 761) | 743) | 315) | 303) | 292) | 266) | 338) | 434) | 394) | 327) | 287) | 343) | ||||||
| Accounts and notes receivable, less allowance | 13,623) | 13,496) | 12,171) | 11,506) | 12,634) | 12,390) | 10,800) | 10,333) | 12,088) | 11,942) | 10,938) | 10,815) | 11,782) | 11,456) | 10,469) | 10,163) | 10,739) | 10,498) | 9,424) | ||||||
| Total quick assets | 24,786) | 24,212) | 22,999) | 21,036) | 21,295) | 20,363) | 19,382) | 19,599) | 20,139) | 18,610) | 19,288) | 20,818) | 22,065) | 17,910) | 15,673) | 15,511) | 17,481) | 16,190) | 16,328) | ||||||
| Current liabilities | 34,529) | 35,106) | 34,477) | 32,764) | 31,499) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.72 | 0.69 | 0.67 | 0.64 | 0.68 | 0.56 | 0.62 | 0.62 | 0.66 | 0.60 | 0.64 | 0.66 | 0.68 | 0.60 | 0.61 | 0.58 | 0.68 | 0.59 | 0.63 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 0.83 | 0.80 | 0.78 | 0.89 | 0.88 | 0.84 | 0.75 | 0.72 | 0.78 | 0.80 | 0.75 | 0.72 | 0.78 | 0.82 | 0.81 | 0.77 | 0.80 | 0.78 | 0.80 | ||||||
| Mondelēz International Inc. | 0.29 | 0.27 | 0.25 | 0.28 | 0.26 | 0.25 | 0.28 | 0.27 | 0.25 | 0.20 | 0.21 | 0.29 | 0.27 | 0.25 | 0.29 | 0.30 | 0.35 | 0.32 | 0.35 | ||||||
| Philip Morris International Inc. | 0.52 | 0.47 | 0.45 | 0.42 | 0.37 | 0.36 | 0.36 | 0.39 | 0.40 | 0.44 | 0.41 | 0.28 | 0.36 | 0.37 | 0.31 | 0.29 | 0.48 | 0.47 | 0.44 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 24,786 ÷ 34,529 = 0.72
2 Click competitor name to see calculations.
The analysis of liquidity metrics from March 2022 through September 2026 reveals a general upward trajectory in both quick assets and current liabilities, with the quick ratio exhibiting periodic volatility followed by a strengthening trend in the final year of the period.
- Quick Asset Trends
- Total quick assets demonstrated a long-term growth pattern, increasing from 16,328 million USD in March 2022 to 24,786 million USD by September 2026. While there was an initial decline reaching a trough of 15,511 million USD in December 2022, a sustained recovery began in 2023, with a significant increase observed between June 2023 and September 2023, where assets rose from 17,910 million USD to 22,065 million USD.
- Current Liabilities Analysis
- Current liabilities showed a steady increase over the analyzed period, rising from 25,824 million USD in March 2022 to 34,529 million USD in September 2026. A peak in short-term obligations occurred in June 2025 at 36,396 million USD, after which liabilities stabilized in the 31,000 to 35,000 million USD range.
- Quick Ratio Performance
- The quick ratio consistently remained below 1.0, indicating that quick assets were insufficient to cover current liabilities without the liquidation of inventory. The ratio fluctuated between a low of 0.56 in June 2025 and a high of 0.72 in September 2026. Notably, after hitting the period low in mid-2025, the ratio entered a phase of consistent improvement, climbing from 0.56 to 0.72 over the final fifteen months. This suggests an improving immediate liquidity position and a more efficient alignment between liquid assets and short-term obligations toward the end of the observed timeframe.
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Cash Ratio
PepsiCo Inc., cash ratio calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 10,675) | 10,251) | 10,475) | 9,159) | 8,126) | 7,631) | 8,268) | 8,505) | 7,308) | 6,353) | 8,047) | 9,711) | 10,017) | 6,116) | 4,770) | 4,954) | 6,415) | 5,405) | 6,561) | ||||||
| Short-term investments | 488) | 465) | 353) | 371) | 535) | 342) | 314) | 761) | 743) | 315) | 303) | 292) | 266) | 338) | 434) | 394) | 327) | 287) | 343) | ||||||
| Total cash assets | 11,163) | 10,716) | 10,828) | 9,530) | 8,661) | 7,973) | 8,582) | 9,266) | 8,051) | 6,668) | 8,350) | 10,003) | 10,283) | 6,454) | 5,204) | 5,348) | 6,742) | 5,692) | 6,904) | ||||||
| Current liabilities | 34,529) | 35,106) | 34,477) | 32,764) | 31,499) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.32 | 0.31 | 0.31 | 0.29 | 0.27 | 0.22 | 0.27 | 0.29 | 0.27 | 0.21 | 0.28 | 0.32 | 0.31 | 0.22 | 0.20 | 0.20 | 0.26 | 0.21 | 0.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 0.69 | 0.65 | 0.62 | 0.74 | 0.70 | 0.65 | 0.58 | 0.58 | 0.64 | 0.65 | 0.60 | 0.58 | 0.63 | 0.65 | 0.61 | 0.59 | 0.62 | 0.57 | 0.55 | ||||||
| Mondelēz International Inc. | 0.07 | 0.08 | 0.06 | 0.10 | 0.06 | 0.08 | 0.07 | 0.07 | 0.07 | 0.06 | 0.05 | 0.10 | 0.09 | 0.08 | 0.10 | 0.11 | 0.15 | 0.14 | 0.14 | ||||||
| Philip Morris International Inc. | 0.27 | 0.23 | 0.21 | 0.19 | 0.15 | 0.15 | 0.16 | 0.18 | 0.18 | 0.21 | 0.18 | 0.12 | 0.14 | 0.15 | 0.11 | 0.12 | 0.26 | 0.25 | 0.23 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 11,163 ÷ 34,529 = 0.32
2 Click competitor name to see calculations.
The liquidity position demonstrates a cyclical pattern characterized by fluctuations in the cash ratio between a low of 0.20 and a high of 0.32. While the ratio experienced a decline during the first half of 2022 and early 2023, a general recovery trend is evident from late 2023 through the end of the observation period in September 2026.
- Total Cash Assets
- Cash reserves exhibited significant volatility, starting at 6,904 million USD in March 2022 and declining to a period low of 5,204 million USD by March 2023. A substantial increase occurred in the second half of 2023, with assets peaking above 10 billion USD. By September 2026, total cash assets reached their highest point at 11,163 million USD, representing a marked increase in absolute liquidity compared to the 2022 baseline.
- Current Liabilities
- Current liabilities showed a steady upward trajectory over the analyzed period. Obligations grew from 25,824 million USD in March 2022 to a peak of 36,396 million USD in June 2025. Despite a slight moderation in the final quarters, liabilities ended the period at 34,529 million USD, indicating an expansion of short-term financial obligations.
- Cash Ratio Trends
- The cash ratio reflects the interplay between growing liabilities and expanding cash reserves. After hitting a floor of 0.20 in late 2022 and early 2023, the ratio improved to 0.32 by December 2023. A temporary dip to 0.21 occurred in June 2024, followed by a consistent recovery. The period concludes with the ratio stabilizing at 0.31 to 0.32 throughout 2026, suggesting a reinforced ability to cover current liabilities using only the most liquid assets.
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