Analysis of Inventory
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Inventory Disclosure
PepsiCo Inc., balance sheet: inventory
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials and packaging | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
Overall inventory levels exhibited a general upward trend throughout the observed period. However, examination of the component parts reveals differing patterns. Raw materials and packaging, work-in-process, and finished goods all contributed to the overall increase, though at varying rates and with one instance of decline.
- Raw Materials and Packaging
- Raw materials and packaging consistently increased from US$1,898 million in 2021 to US$2,581 million in 2025. The growth was most pronounced between 2021 and 2022, with a US$468 million increase. Subsequent annual increases were more moderate, suggesting a stabilization of raw material procurement or potential price adjustments. The consistent rise may indicate anticipated production increases or strategic stockpiling.
- Work-in-Process
- Work-in-process inventory demonstrated a decreasing trend from 2021 to 2023, declining from US$151 million to US$104 million. This suggests improved production efficiency or a faster throughput of goods. However, in 2025, work-in-process increased to US$143 million, potentially indicating a slowdown in the completion of goods or a build-up related to new product introductions or production complexities.
- Finished Goods
- Finished goods inventory increased from US$2,298 million in 2021 to US$3,121 million in 2025. The largest increase occurred between 2021 and 2022, mirroring the trend in raw materials. A slight decrease was observed in 2024, falling to US$2,762 million, before rebounding in 2025. This fluctuation could be linked to promotional activities, seasonal demand, or shifts in distribution strategies.
- Total Inventories
- Total inventories increased from US$4,347 million in 2021 to US$5,845 million in 2025. The most significant increase occurred between 2021 and 2022, reaching US$5,222 million. Growth slowed in 2023 and 2024, with a slight decrease in 2024 to US$5,306 million, before resuming an upward trajectory in 2025. The overall increase in total inventories suggests either growing sales volume, anticipated demand, or a potential build-up of inventory that warrants further investigation.
The combined trends suggest a company actively managing its supply chain, with adjustments made to work-in-process to optimize production flow. The increases in raw materials and finished goods warrant monitoring to ensure alignment with sales and demand forecasts, and to avoid potential obsolescence or storage costs.