Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period PepsiCo’s balance sheet shows modest growth and a gradual strengthening of its capital structure. Total assets rose from $92,377m in 2021 to $107,399m in 2025 (an increase of $15,022m, ~16.3% total, roughly 3.8% annualized), with a notable jump into 2023 (to $100,495m), a slight pullback in 2024, then a larger increase in 2025. Total liabilities increased from $76,226m to $86,852m over the same interval (+$10,626m, ~13.9%), but grew more slowly than assets; as a result PepsiCo’s liabilities-to-assets ratio edged down from ~82.5% in 2021 to ~80.9% in 2025, indicating a modest reduction in leverage. Stockholders’ equity rose from $16,043m to $20,406m (+$4,363m, ~27.2%), improving the equity-to-assets ratio from ~17.4% to ~19.0%. One noteworthy fluctuation is the small dip in equity in 2024 (from $18,503m to $18,041m) despite only a slight fall in assets — this could reflect one-time charges, higher share repurchases, or other capital-return activity, whereas the 2023 asset/liability jump and the 2025 rebound may reflect working-capital swings, investments or acquisition-related balances. Overall the balance sheet trends are consistent with a large consumer‑staples company: steady asset growth, manageable increases in liabilities, and a gradual improvement in capitalization; investors should watch the composition of liabilities (short‑term vs. long‑term debt), working capital drivers, and capital‑return policies to understand future leverage and equity trends.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.