Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year span the company's balance sheet shows modest net growth in total assets (from $16,284m in 2021 to $17,563m in 2025, +7.9%) but a clear and material shift in capital structure: total liabilities rose sharply (from $8,159m to $11,481m, +40.7%) while stockholders’ equity declined (from $8,125m to $6,083m, -25.1%). The most notable movement occurs between 2023 and 2024 when assets jumped ~35% (from $14,991m to $20,274m) while liabilities surged ~63% (from $7,701m to $12,580m). That 2024 step-up was followed by a partial normalization in 2025 (assets down ~13%, liabilities down ~9%), but equity fell further in 2025 (-20.9% versus 2024). The result is materially higher leverage: liabilities/asset ratio moved from roughly 50% in 2021–22 to about 65% by 2025, and equity/asset fell from ~50% to ~35%. These patterns are consistent with a large financing event (for example, an acquisition funded substantially with debt or increased borrowings to support operations or shareholder distributions) and/or subsequent asset re-measurements or shareholder returns. In a consumer-packaged-goods context, using leverage to fund M&A and return cash to shareholders is common, but the marked increase in leverage and declining equity warrant watching free-cash-flow generation, interest coverage and any related goodwill or impairment charges disclosed in the notes to assess sustainability and downside risk.
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.