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: 2026-06-13), 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).
Liquidity metrics demonstrate a consistent pattern of current liabilities exceeding current assets throughout the analyzed period. While the ratios fluctuate quarterly, they remain within a relatively narrow band, suggesting a managed approach to short-term obligations rather than a systemic decline in liquidity.
- Current Ratio
- The ratio fluctuates between a minimum of 0.78 in June 2025 and a maximum of 0.93 in June 2026. A recurring trend of dipping toward 0.80 followed by recovery toward 0.90 is evident, indicating a cyclical management of working capital.
- Quick Ratio
- Values range from 0.56 to 0.69. The persistent gap between the current ratio and the quick ratio indicates that a substantial portion of current assets is comprised of inventory, which is excluded from this more stringent liquidity measure.
- Cash Ratio
- The most conservative liquidity measure shows a low of 0.20 in December 2022 and March 2023, with a subsequent strengthening trend. By the end of the period in June 2026, the ratio stabilized at 0.31, reflecting a higher proportion of immediate cash and cash equivalents relative to current liabilities.
Overall, the trend indicates a strengthening of the most liquid assets toward the end of the period. Despite the ratios remaining below 1.0, the stability and the upward trajectory of the cash ratio suggest an increased capacity to meet immediate obligations without relying on inventory liquidation.
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Current Ratio
PepsiCo Inc., current ratio calculation (quarterly data)
| 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 | 32,775) | 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 | 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 | 0.93 | 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. | 1.30 | 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. | 0.60 | 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. | 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: 2026-06-13), 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 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 32,775 ÷ 35,106 = 0.93
2 Click competitor name to see calculations.
The liquidity profile indicates a persistent trend where current liabilities exceed current assets, resulting in a current ratio that remains consistently below 1.0 throughout the observed timeframe. While both current assets and current liabilities experienced overall growth from March 2022 to June 2026, the current ratio fluctuated within a narrow band between 0.78 and 0.93.
- Current Asset and Liability Growth
- Current assets grew from US$ 22,342 million in March 2022 to US$ 32,775 million by June 2026. During the same period, current liabilities increased from US$ 25,824 million to US$ 35,106 million. This concurrent rise in both components suggests an expansion of the balance sheet size while maintaining a similar structural relationship between short-term resources and obligations.
- Current Ratio Fluctuations
- The current ratio exhibited periodic volatility, reaching a low of 0.78 in June 2025 before recovering to a period high of 0.93 in June 2026. Between December 2022 and March 2024, the ratio remained relatively stable, oscillating primarily between 0.80 and 0.88, indicating a consistent approach to managing short-term liquidity.
- Liquidity Positioning
- The sustained position of the current ratio below the 1.0 threshold implies that the entity operates with a negative net working capital. The reliance on a ratio below 1.0 suggests a strategy focused on high asset turnover or a reliance on continuous cash flows to meet short-term liabilities rather than maintaining a large buffer of liquid assets.
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Quick Ratio
PepsiCo Inc., quick ratio calculation (quarterly data)
| 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 | 10,251) | 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 | 465) | 353) | 371) | 535) | 342) | 314) | 761) | 743) | 315) | 303) | 292) | 266) | 338) | 434) | 394) | 327) | 287) | 343) | ||||||
| Accounts and notes receivable, less allowance | 13,496) | 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 | 24,212) | 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 | 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 | 0.69 | 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. | 0.80 | 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. | 0.27 | 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. | 0.47 | 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: 2026-06-13), 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 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 24,212 ÷ 35,106 = 0.69
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits a consistent pattern of fluctuation within a defined range over the analyzed period from March 2022 to June 2026. Throughout this timeframe, the quick ratio consistently remained below the 1.0 threshold, indicating a structural reliance on inventory or other current assets to satisfy short-term obligations.
- Total Quick Assets Trend
- A general upward trajectory in quick assets is observed, increasing from 16,328 million in March 2022 to a peak of 24,212 million by June 2026. While the growth was not linear, significant expansions occurred in late 2023 and throughout 2026, reflecting an increase in the most liquid components of the current asset base.
- Current Liabilities Expansion
- Current liabilities demonstrated a parallel increase, rising from 25,824 million in March 2022 to 35,106 million in June 2026. This growth in short-term obligations largely mirrors the increase in assets, preventing a significant shift in the overall liquidity ratio despite the absolute growth in figures.
- Quick Ratio Volatility and Stability
- The quick ratio fluctuated between a low of 0.56 in June 2025 and a high of 0.69 in June 2026. A recurring cyclical pattern is evident, with peaks often occurring in the third quarter of the calendar year (September 2022, 2023, and 2025). Despite these periodic variances, the ratio demonstrates relative stability, ending the period at its highest observed level of 0.69, which suggests a slight improvement in the immediate liquidity coverage over the four-year span.
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Cash Ratio
PepsiCo Inc., cash ratio calculation (quarterly data)
| 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 | 10,251) | 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 | 465) | 353) | 371) | 535) | 342) | 314) | 761) | 743) | 315) | 303) | 292) | 266) | 338) | 434) | 394) | 327) | 287) | 343) | ||||||
| Total cash assets | 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 | 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 | 0.31 | 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. | 0.65 | 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. | 0.08 | 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. | 0.23 | 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: 2026-06-13), 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 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 10,716 ÷ 35,106 = 0.31
2 Click competitor name to see calculations.
The liquidity profile reflects a period of fluctuation characterized by a gradual increase in both liquid assets and short-term obligations. While total cash assets have experienced volatility, the overall trend indicates a strengthened cash position toward the end of the analyzed period, though this is accompanied by a steady rise in current liabilities.
- Total Cash Assets
- Cash holdings exhibited a cyclical pattern, starting at 6,904 million USD in March 2022 and reaching a peak of 10,828 million USD by March 2026. A significant expansion occurred in the third quarter of 2023, where assets surpassed 10,000 million USD, establishing a higher liquidity baseline in the subsequent years compared to the 2022 period.
- Current Liabilities
- A consistent upward trajectory is observed in short-term obligations. Liabilities grew from 25,824 million USD in March 2022 to 35,106 million USD by June 2026. This steady increase suggests a growing volume of short-term debt or operational payables over the duration of the analysis.
- Cash Ratio
- The cash ratio remained consistently low, fluctuating between a minimum of 0.20 in late 2022 and early 2023, and a maximum of 0.32 in December 2023. Despite the increase in total liabilities, the ratio demonstrates a recovery and stabilization phase, ending the period at 0.31 in June 2026. This indicates that while the immediate cash buffer is insufficient to cover all current liabilities, the proportion of liquid assets relative to short-term debt has marginally improved and stabilized over the long term.
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