Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
PepsiCo Inc., solvency ratios (quarterly data)
Based on: 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).
- Debt to Equity Ratio
- The debt to equity ratio initially increased from 3.06 in March 2020 to a peak of 3.6 in June 2020, indicating a rise in leverage relative to equity during this period. Subsequently, the ratio exhibited a general declining trend through late 2021, reaching a low point of 2.07 in September 2022. This decrease suggests a reduction in reliance on debt financing compared to equity over this timeframe. However, from late 2022 onward, the ratio gradually increased again, reaching 2.79 by June 2025, implying a moderate resurgence in leveraging activity.
- Debt to Capital Ratio
- The debt to capital ratio started at 0.75 in March 2020 and slightly increased to 0.78 in June 2020. After this peak, the ratio showed a gradual downward movement, stabilizing in the range of approximately 0.67 to 0.72 between late 2020 and early 2023. From March 2023 forward, the ratio showed a slight increasing trend, rising from 0.71 in early 2023 to 0.74 by June 2025. Overall, the debt to capital ratio remained relatively stable with modest fluctuations throughout the period.
- Debt to Assets Ratio
- The debt to assets ratio mirrored a pattern similar to the debt to capital ratio. Starting at 0.48 in March 2020, it rose modestly to 0.50 in June 2020, then declined steadily to around 0.42 by late 2022, indicating a gradual reduction in the proportion of assets financed through debt. From early 2023 onwards, the ratio experienced a moderate increase, finishing near 0.49 in mid-2025. Throughout the period, the ratio maintained values between 0.42 and 0.50, reflecting a relatively consistent debt financing level in relation to total assets.
- Financial Leverage Ratio
- Financial leverage started high at 6.32 in March 2020, increased to a peak of 7.17 in June 2020 consistent with higher leverage levels observed in that quarter, and then declined steadily over the following two years, reaching a low of approximately 4.98 in September 2022. This decline reflects a reduction in leverage and reliance on debt for financing within the overall capital structure. From late 2022 onward, financial leverage began to rise moderately, reaching 5.72 in June 2025. This suggests a cautious increase in leverage following the previous period of deleveraging.
- Overall Trends and Insights
- The data indicate that leverage ratios for the company increased sharply early in the observed period, peaking around mid-2020, possibly reflecting responses to external economic conditions or strategic capital structure decisions. Following this peak, leverage decreased significantly through late 2022, demonstrating a trend towards deleveraging and potentially enhanced financial stability. However, from late 2022 onward, there is evidence of a gradual and moderate increase in leverage metrics. This may imply a strategic pivot towards utilizing more debt financing again or adapting to changing market or operational requirements. The stability and relatively narrow ranges of the debt to capital and debt to assets ratios indicate a consistent approach to balancing debt with overall capital and asset bases. The financial leverage ratio's sharper fluctuations suggest more dynamic adjustments in equity and asset management relative to debt levels.
Debt Ratios
Debt to Equity
PepsiCo Inc., debt to equity calculation (quarterly data)
| 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 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt obligations | 12,056) | 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) | |||||||
| Long-term debt obligations, excluding current maturities | 39,328) | 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) | |||||||
| Total debt | 51,384) | 48,518) | 44,306) | 45,014) | 44,927) | 45,868) | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | 40,334) | 41,257) | 42,298) | 43,665) | 44,150) | 44,571) | 44,978) | 41,243) | |||||||
| Total PepsiCo common shareholders’ equity | 18,418) | 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) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 2.79 | 2.64 | 2.46 | 2.31 | 2.31 | 2.41 | 2.38 | 2.38 | 2.47 | 2.45 | 2.28 | 2.07 | 2.12 | 2.20 | 2.51 | 2.60 | 2.76 | 3.13 | 3.28 | 3.31 | 3.60 | 3.06 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 1.87 | 1.79 | 1.74 | 1.69 | 1.61 | 1.62 | 1.53 | 1.60 | 1.68 | 1.62 | 1.74 | 1.82 | 1.68 | 1.86 | 1.88 | 1.89 | 2.21 | 2.22 | 2.84 | 2.99 | 2.78 | |||||||
| Mondelēz International Inc. | — | 0.76 | 0.66 | 0.71 | 0.71 | 0.67 | 0.69 | 0.70 | 0.74 | 0.79 | 0.85 | 0.81 | 0.70 | 0.70 | 0.69 | 0.72 | 0.69 | 0.72 | 0.73 | 0.75 | 0.76 | 0.77 | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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).
1 Q2 2025 Calculation
Debt to equity = Total debt ÷ Total PepsiCo common shareholders’ equity
= 51,384 ÷ 18,418 = 2.79
2 Click competitor name to see calculations.
The analysis of the financial data over multiple quarters reveals notable trends in the company's capital structure and leverage.
- Total Debt
- The total debt level exhibited an initial increase from approximately $41.2 billion in March 2020 to nearly $44.9 billion by June 2020. Following this peak, the debt gradually declined, reaching a low point around $39 billion by the end of 2022. Subsequently, from early 2023 onward, total debt again showed an upward trend, rising steadily and reaching around $51.4 billion by June 2025. This pattern indicates periods of both debt reduction and accumulation over the analyzed timeframe.
- Total PepsiCo Common Shareholders’ Equity
- Shareholders’ equity experienced some fluctuations but generally showed growth from around $13.5 billion in March 2020 to a peak of nearly $19.5 billion in late 2024. It decreased slightly toward mid-2025, ending near $18.4 billion. The equity growth trend amidst some volatility suggests an overall strengthening of the company’s net worth, although some periods indicate possible equity contractions or share buybacks.
- Debt to Equity Ratio
- The debt to equity ratio started high at 3.06 in early 2020, increasing to a peak of 3.6 by mid-2020, which corresponds with the peak in debt and some decline in equity during that period. Afterward, the ratio steadily declined to about 2.07 by late 2022, reflecting the reduction in debt relative to equity growth. However, in 2023 and beyond, this ratio increased again, reaching 2.79 by mid-2025, indicating that debt levels grew faster than equity during these quarters. The movement of this ratio highlights shifts in leverage, with the company initially deleveraging but then moderately increasing its leverage in the later periods.
Overall, the data suggests a dynamic capital management approach, with phases of both deleveraging and renewed borrowing. Shareholders’ equity generally increased, supporting financial stability, though the rising leverage ratio in recent periods may warrant monitoring of debt servicing capacity and financial risk.
Debt to Capital
PepsiCo Inc., debt to capital calculation (quarterly data)
| Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt obligations | 12,056) | 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) | |||||||
| Long-term debt obligations, excluding current maturities | 39,328) | 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) | |||||||
| Total debt | 51,384) | 48,518) | 44,306) | 45,014) | 44,927) | 45,868) | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | 40,334) | 41,257) | 42,298) | 43,665) | 44,150) | 44,571) | 44,978) | 41,243) | |||||||
| Total PepsiCo common shareholders’ equity | 18,418) | 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) | |||||||
| Total capital | 69,802) | 66,907) | 62,347) | 64,467) | 64,373) | 64,915) | 62,608) | 63,580) | 61,306) | 58,809) | 56,220) | 58,222) | 57,832) | 58,251) | 56,377) | 57,129) | 57,597) | 57,612) | 57,604) | 58,054) | 57,469) | 54,708) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 0.74 | 0.73 | 0.71 | 0.70 | 0.70 | 0.71 | 0.70 | 0.70 | 0.71 | 0.71 | 0.69 | 0.67 | 0.68 | 0.69 | 0.72 | 0.72 | 0.73 | 0.76 | 0.77 | 0.77 | 0.78 | 0.75 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 0.65 | 0.64 | 0.64 | 0.63 | 0.62 | 0.62 | 0.60 | 0.62 | 0.63 | 0.62 | 0.63 | 0.65 | 0.63 | 0.65 | 0.65 | 0.65 | 0.69 | 0.69 | 0.74 | 0.75 | 0.74 | |||||||
| Mondelēz International Inc. | — | 0.43 | 0.40 | 0.42 | 0.42 | 0.40 | 0.41 | 0.41 | 0.43 | 0.44 | 0.46 | 0.45 | 0.41 | 0.41 | 0.41 | 0.42 | 0.41 | 0.42 | 0.42 | 0.43 | 0.43 | 0.44 | |||||||
| Philip Morris International Inc. | — | 1.28 | 1.35 | 1.25 | 1.25 | 1.26 | 1.31 | 1.25 | 1.25 | 1.23 | 1.26 | 1.51 | 1.48 | 1.52 | 1.57 | 1.57 | 1.62 | 1.65 | 1.66 | 1.70 | 1.68 | 1.84 | |||||||
Based on: 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).
1 Q2 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 51,384 ÷ 69,802 = 0.74
2 Click competitor name to see calculations.
- Total Debt
-
The total debt exhibited fluctuation over the observed periods, starting at $41,243 million and rising to $44,978 million in mid-2020. It then experienced a gradual decline reaching a trough of approximately $39,071 million by the end of 2022. Following this period, total debt showed an increasing trend again, ultimately peaking at $51,384 million by mid-2025. This indicates periods of both debt reduction and accumulation, with a notable increase in the latter stages of the timeline.
- Total Capital
-
Total capital followed a somewhat parallel trajectory with debt but demonstrated a generally upward tendency. Initially valued at $54,708 million, it rose steadily, peaking around $63,580 million by late 2023. After a slight decrease, it surged to $69,802 million by mid-2025. The growth in total capital, especially toward the end of the period, suggests expansion or increased financing activities beyond debt alone.
- Debt to Capital Ratio
-
The debt to capital ratio (leverage ratio) began at 0.75 and increased slightly to 0.78 early in the period, signaling relatively high leverage. The ratio then steadily declined to a low of approximately 0.67 by mid-2022, reflecting reduced leverage and a stronger equity position relative to debt. However, from late 2022 onward, the ratio increased once again, reaching 0.74 by mid-2025. This upward movement in leverage corresponds with the observed increase in total debt relative to total capital in the latter periods, indicating a moderate increase in financial risk.
- Overall Insights
-
The data points to a dynamic balance between debt and capital structure over the observed quarters. The initial phase shows efforts toward deleveraging, with a reduction in debt and improved debt to capital ratio. Later periods reveal a shift to increased borrowing and capital expansion, potentially to fund growth, investments, or operational needs. The rising debt to capital ratio after 2022 suggests a cautious approach towards leverage, maintaining it near historically high levels but with some fluctuation. These trends highlight the company's changing financial strategy in response to evolving market conditions or strategic objectives.
Debt to Assets
PepsiCo Inc., debt to assets calculation (quarterly data)
| 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 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt obligations | 12,056) | 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) | |||||||
| Long-term debt obligations, excluding current maturities | 39,328) | 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) | |||||||
| Total debt | 51,384) | 48,518) | 44,306) | 45,014) | 44,927) | 45,868) | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | 40,334) | 41,257) | 42,298) | 43,665) | 44,150) | 44,571) | 44,978) | 41,243) | |||||||
| Total assets | 105,345) | 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) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.49 | 0.48 | 0.45 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.42 | 0.43 | 0.44 | 0.44 | 0.46 | 0.48 | 0.48 | 0.48 | 0.50 | 0.48 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 0.48 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.41 | 0.42 | 0.44 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.46 | 0.47 | 0.50 | 0.49 | 0.54 | 0.55 | 0.54 | |||||||
| Mondelēz International Inc. | — | 0.28 | 0.26 | 0.27 | 0.27 | 0.25 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.32 | 0.29 | 0.29 | 0.29 | 0.30 | 0.29 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | |||||||
| Philip Morris International Inc. | — | 0.76 | 0.74 | 0.74 | 0.75 | 0.77 | 0.73 | 0.76 | 0.77 | 0.76 | 0.70 | 0.67 | 0.68 | 0.70 | 0.67 | 0.70 | 0.72 | 0.74 | 0.70 | 0.75 | 0.76 | 0.76 | |||||||
Based on: 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).
1 Q2 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 51,384 ÷ 105,345 = 0.49
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company's debt and asset levels between March 2020 and June 2025. The total debt demonstrates a fluctuating pattern with an initial increase, followed by a substantial decline, and subsequently a gradual rise towards the end of the period.
Total debt started at approximately 41.2 billion US dollars in March 2020, rising to a peak near 45.0 billion by June 2020, before generally trending downward and reaching a low around 39.1 billion by December 2022. From that point onwards, total debt displays an upward trajectory, rising to about 51.4 billion by June 2025, indicating increased leverage in the later periods.
Total assets, on the other hand, display a steady upward trend throughout the reviewed quarters. Beginning at roughly 85.1 billion US dollars in March 2020, asset values gradually increase, surpassing 105.3 billion by June 2025. This gradual asset growth suggests continued investments or asset accumulation over time.
The debt-to-assets ratio, which measures financial leverage by comparing total debt to total assets, reflects the interplay between these two financial indicators. Initially, this ratio is around 0.48 to 0.50 in early 2020, indicating nearly half of assets are financed through debt. It then decreases consistently to approximately 0.42 by late 2022, coinciding with a reduction in debt levels and an increase in assets. However, starting in early 2023, the ratio rises again, reaching about 0.49 by mid-2025, which aligns with the increase in total debt during the same period.
Overall, the data suggests that the company experienced a phase of deleveraging from 2020 to 2022, reducing its financial risk by lowering debt in relation to assets. After this period, there is a clear shift towards increased debt usage, possibly to finance expansion or other strategic initiatives, as reflected by the rising debt-to-assets ratio. Meanwhile, total assets consistently grow, indicating an expanding asset base throughout the observed timeframe.
Financial Leverage
PepsiCo Inc., financial leverage calculation (quarterly data)
| 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 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 105,345) | 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) | |||||||
| Total PepsiCo common shareholders’ equity | 18,418) | 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) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 5.72 | 5.53 | 5.51 | 5.17 | 5.12 | 5.25 | 5.43 | 5.31 | 5.42 | 5.46 | 5.38 | 4.98 | 5.02 | 5.11 | 5.76 | 5.88 | 6.04 | 6.54 | 6.91 | 6.83 | 7.17 | 6.32 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 3.88 | 4.05 | 4.01 | 3.91 | 3.76 | 3.77 | 3.71 | 3.78 | 3.86 | 3.85 | 4.05 | 4.05 | 3.79 | 4.10 | 4.09 | 4.05 | 4.42 | 4.52 | 5.22 | 5.42 | 5.18 | |||||||
| Mondelēz International Inc. | — | 2.67 | 2.54 | 2.59 | 2.64 | 2.73 | 2.52 | 2.48 | 2.51 | 2.58 | 2.65 | 2.55 | 2.40 | 2.41 | 2.37 | 2.43 | 2.41 | 2.45 | 2.46 | 2.46 | 2.47 | 2.48 | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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).
1 Q2 2025 Calculation
Financial leverage = Total assets ÷ Total PepsiCo common shareholders’ equity
= 105,345 ÷ 18,418 = 5.72
2 Click competitor name to see calculations.
- Total Assets
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Total assets showed a general upward trend over the observed periods, increasing from approximately $85.1 billion in March 2020 to about $105.3 billion by June 2025. This growth was not entirely linear; after steady increases through 2021 and early 2022, a mild fluctuation period occurred from late 2022 through early 2024 where assets slightly declined and then recovered. The asset base expanded substantially toward the end of the timeline, indicating possible investments or acquisitions contributing to growth in total assets.
- Total Common Shareholders’ Equity
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Common shareholders’ equity experienced growth from around $13.5 billion in March 2020 to a peak approximately $19.4 billion during 2024, with some volatility thereafter. Notably, equity increased steadily through mid-2022, reaching a high point near the end of 2023. However, there was a decline noted around early 2024 which was partially recovered by mid-2025, albeit not returning fully to previous peaks. This pattern suggests fluctuations in retained earnings or equity adjustments possibly related to earnings performance, dividend payouts, or share buybacks.
- Financial Leverage
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The financial leverage ratio demonstrated a clear downward trend from 6.32 in March 2020 to a low near the 5.0 range through late 2021 to early 2023, indicating a reduction in reliance on debt relative to equity. After this period of decreased leverage, the ratio started to increase gradually again, reaching about 5.7 by mid-2025. This suggests a cautious shift back toward increased debt financing or a relatively slower growth in equity compared to liabilities during the later periods.
Overall, the movement in financial leverage reflects dynamic capital structuring possibly aligned with strategic financial management aiming to optimize the cost of capital while sustaining growth.