A method for managing persistent data in a multi-image code load system is disclosed. In one embodiment, such a method includes providing first and second code images for loading onto a computing system. The method stores, in a common repository, persistent data that is shared by each of the first and second code images. When changes are made to the shared persistent data associated with the first and second code images, the changes are recorded in the form of content deltas. When generating such content deltas, the method determines which of the first and second code images the content deltas apply to and marks the content deltas accordingly. A corresponding apparatus and computer program product are also disclosed and claimed herein.