Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

PepsiCo Inc., consolidated balance sheet: assets

US$ in millions

	Dec 27, 2025	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021
Cash and cash equivalents	9,159)	8,505)	9,711)	4,954)	5,596)
Short-term investments	371)	761)	292)	394)	392)
Accounts and notes receivable, net	11,506)	10,333)	10,815)	10,163)	8,680)
Inventories	5,845)	5,306)	5,334)	5,222)	4,347)
Prepaid expenses and other current assets	1,068)	921)	798)	806)	980)
Assets held for sale	—)	—)	—)	—)	1,788)
Current assets	27,949)	25,826)	26,950)	21,539)	21,783)
Property, plant and equipment, net	29,905)	28,008)	27,039)	24,291)	22,407)
Amortizable intangible assets, net	1,219)	1,102)	1,199)	1,277)	1,538)
Goodwill	18,916)	17,534)	17,728)	18,202)	18,381)
Other indefinite-lived intangible assets	13,847)	13,699)	13,730)	14,309)	17,127)
Intangible assets	33,982)	32,335)	32,657)	33,788)	37,046)
Investments in noncontrolled affiliates	2,038)	1,985)	2,714)	3,073)	2,350)
Deferred income taxes	4,541)	4,362)	4,474)	4,204)	4,310)
Noncurrent notes and accounts receivable	136)	111)	200)	202)	111)
Deferred marketplace spending	205)	100)	103)	123)	119)
Pension plans	1,449)	1,190)	1,057)	948)	1,260)
Operating lease right-of-use assets	3,745)	3,383)	2,905)	2,373)	2,020)
Other investments	2,526)	1,346)	1,616)	813)	277)
Other	923)	821)	780)	833)	694)
Other assets	8,984)	6,951)	6,661)	5,292)	4,481)
Noncurrent assets	79,450)	73,641)	73,545)	70,648)	70,594)
Total assets	107,399)	99,467)	100,495)	92,187)	92,377)

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, the company’s total assets demonstrate a general upward trend over the five-year period, increasing from US$92.377 billion in 2021 to US$107.399 billion in 2025. However, this growth wasn’t consistent year-over-year, with a slight decrease observed between 2021 and 2022, followed by more substantial increases in subsequent years. A closer examination of the asset composition reveals varying patterns across current and noncurrent asset categories.

Current Assets: Current assets experienced fluctuations throughout the period. After remaining relatively stable between 2021 and 2022, a significant increase occurred in 2023, rising to US$26.950 billion. This was followed by a decrease in 2024, but then a further increase in 2025, reaching US$27.949 billion. The primary drivers of these changes appear to be accounts and notes receivable, and inventories, both of which show consistent growth over the period. Cash and cash equivalents also exhibited volatility, with a notable increase in 2023 before decreasing slightly in 2024 and then increasing again in 2025.
Noncurrent Assets: Noncurrent assets have generally increased over the five years, moving from US$70.594 billion in 2021 to US$79.450 billion in 2025. Property, plant, and equipment, net, represents a substantial portion of these assets and demonstrates consistent growth throughout the period. Goodwill experienced a slight decrease between 2021 and 2023, but increased in 2025. Other indefinite-lived intangible assets decreased from 2021 to 2023, and remained relatively stable thereafter. Other investments show a significant increase from 2022 to 2025.
Intangible Assets: The value of intangible assets decreased from US$37.046 billion in 2021 to US$32.335 billion in 2024, before increasing to US$33.982 billion in 2025. This decline was primarily driven by decreases in amortizable intangible assets and other indefinite-lived intangible assets between 2021 and 2024. The increase in 2025 was modest and did not fully offset the prior declines.
Assets Held for Sale: Assets held for sale were present in 2021 at US$1.788 billion, but were absent in subsequent years, suggesting the completion of related divestitures.
Other Asset Categories: Other assets, encompassing deferred marketplace spending, pension plans, operating lease right-of-use assets, and other miscellaneous items, collectively increased from US$4.481 billion in 2021 to US$8.984 billion in 2025. Operating lease right-of-use assets and other investments contributed significantly to this growth, particularly in the later years of the period.

In summary, the company’s asset base has expanded over the five-year period, driven by growth in property, plant, and equipment, accounts receivable, and certain other noncurrent asset categories. While fluctuations exist within specific asset classes, the overall trend indicates a strengthening asset position.

PepsiCo Inc. (NASDAQ:PEP)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items