Balance Sheet: Assets
Quarterly Data
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.
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PepsiCo Inc. pages available for free this week:
- 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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PepsiCo Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 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).
Over the observed period, the company’s total assets generally exhibited an increasing trend, although with some quarterly fluctuations. A notable increase in total assets is observed between September 2023 and December 2023, followed by a slight decrease in the subsequent quarters. The composition of assets reveals shifts within current and noncurrent categories, warranting further examination.
- Cash and Cash Equivalents
- Cash and cash equivalents demonstrated considerable volatility. After peaking at approximately US$10.017 billion in September 2023, the balance decreased to US$8.505 billion by December 2024, before recovering to US$9.159 billion by December 2025. This suggests active cash management or significant operational or investment activities impacting cash flow.
- Short-Term Investments
- Short-term investments fluctuated significantly, with a peak of US$964 million in March 2021 and a subsequent decline to US$266 million by September 2022. A temporary increase to US$761 million in December 2024 was followed by a decrease to US$371 million by December 2025. This variability could be linked to investment strategies or the availability of alternative investment opportunities.
- Accounts and Notes Receivable
- Accounts and notes receivable consistently remained a substantial component of current assets, generally trending upwards from US$8.885 billion in March 2021 to US$11.506 billion in December 2025. This increase suggests growing sales or changes in credit terms offered to customers.
- Inventory
- Inventory levels showed a general upward trend, increasing from US$4.556 billion in March 2021 to US$5.845 billion in December 2025. Seasonal fluctuations were apparent, with peaks typically observed around June, potentially reflecting increased production to meet seasonal demand.
- Property, Plant, and Equipment (Net)
- Net property, plant, and equipment exhibited a steady increase over the period, rising from US$21.249 billion in March 2021 to US$29.905 billion in December 2025. This indicates ongoing investment in long-term assets, potentially supporting expansion or modernization efforts. Accumulated depreciation consistently reduced the gross value of these assets.
- Intangible Assets
- Intangible assets, encompassing both amortizable and indefinite-lived components, remained relatively stable, fluctuating between US$32.657 billion and US$34.475 billion. Goodwill constituted a significant portion of this category. A slight decrease in other indefinite-lived intangible assets was observed towards the end of the period.
- Other Assets & Deferred Income Taxes
- Both other assets and deferred income taxes demonstrated an increasing trend throughout the period. Other assets increased significantly from US$3.522 billion to US$8.984 billion, while deferred income taxes rose from US$4.370 billion to US$4.541 billion. These increases require further investigation to understand the underlying drivers.
In summary, the asset base experienced overall growth, driven primarily by increases in property, plant, and equipment, accounts receivable, and inventory. Cash and short-term investments exhibited more volatility, suggesting active liquidity management. The trends observed warrant continued monitoring to assess their impact on the company’s financial position and performance.