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PEPPepsiCo

Consumer staples · Beverages · Nasdaq
PEP quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 2.3%, free cash flow up to $7.7B

XBRL, from each 10-K
RevenueStatements ↓
$93.9B
from $91.9B in FY2024
FY2016FY2025
Net incomeStatements ↓
$8.2B
from $9.6B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$7.7B
from $7.2B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$6.00
from $6.95 in FY2024
FY2016FY2025
Operating marginStatements ↓
12.2%
from 14.0% in FY2024
FY2016FY2025
Total debtStatements ↓
$53.2B
from $48.3B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)7.95Sales (ttm)98.2BNet income (ttm)10.9BSales growth+2.3%EPS growth-13.7%Sales Q/Q+5.6%
Free cash flow10.5BGross margin54.2%Oper. margin15.3%Net margin11.1%FCF margin10.7%ROE48.9%
ROA9.7%R&D / sales0.9%Dividend5.62Debt/Eq2.13Curr. ratio0.94Cash10.7B
Op. cash flow (ttm)14.6BEBITDA14.9BEBITDA margin15.9%Net debt36.8BQuick ratio0.77Interest cover10.26
ROIC13.3%Payout ratio93.7%Tax rate19.0%Stock pay / sales0.3%Shares out.1.4BShares Y/Y-0.4%
Book / share16.36Cash / share7.83Sales / share72.09Asset turnover0.88Inventory turns7.37Sales 3Y CAGR+2.8%
Sales 5Y CAGR+5.9%EPS 3Y CAGR-2.2%EPS 5Y CAGR+3.2%Employees306,000Sales / employee321K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

PEP against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
PEPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+2.3%16th of 33 · median +2.1%
Net margin
11.1%13th of 33 · median 8.0%
Return on equity
48.9%2nd of 29 · median 18.6%
Free cash flow margin
10.7%17th of 33 · median 10.7%
Debt / equity (less is better)
2.1326th of 29 · median 0.82
PEP and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PEP PepsiCo$98.2B +2.3%54.2%11.1%48.9%10.7%2.13
TGT Target Corporation$107.7B -1.7%29.3%4.1%24.6%4.1%0.86
BG Bunge Global$93.5B +32.4%5.1%1.2%7.1%-2.8%1.03
PG Procter & Gamble$87.9B +3.3%49.8%18.2%29.0%17.4%0.70
SYY Sysco$85.1B +3.9%18.5%2.1%44.7%2.6%3.42
ADM Archer Daniels Midland$84.1B -6.2%7.4%3.0%10.4%0.4%0.37
Where each dollar goes

From $79.5B of sales to $7.6B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $42.4BRevenue to Cost of revenue: $37.1BGross profit to Operating profit: $11.2BGross profit to Operating expenses: $31.2BOperating profit to Net profit: $7.6BOperating profit to Tax & other: $3.5BOperating expenses to R&D: $752.0MOperating expenses to SG&A: $30.5B Revenue: $79.5B Revenue$79.5B +13% Y/Y Gross profit: $42.4B · 53% margin Gross profit$42.4B53% margin +10% Y/Y Cost of revenue: $37.1B · 47% of revenue Cost of revenue$37.1B47% of revenue Operating profit: $11.2B · 14% margin Operating profit$11.2B14% margin +11% Y/Y Operating expenses: $31.2B · 39% of revenue Operating expenses$31.2B39% of revenue Net profit: $7.6B · 10% margin Net profit$7.6B10% margin +7% Y/Y Tax & other: $3.5B · 4% of revenue Tax & other$3.5B4% of revenue R&D: $752.0M · 1% of revenue R&D$752.0M1% of revenue SG&A: $30.5B · 38% of revenue SG&A$30.5B38% of revenue

Swipe sideways for the whole flow →

From $86.4B of sales to $8.9B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $45.8BRevenue to Cost of revenue: $40.6BGross profit to Operating profit: $11.5BGross profit to Operating expenses: $34.3BOperating profit to Net profit: $8.9BOperating profit to Tax & other: $2.6BOperating expenses to R&D: $771.0MOperating expenses to SG&A: $33.5B Revenue: $86.4B Revenue$86.4B +9% Y/Y Gross profit: $45.8B · 53% margin Gross profit$45.8B53% margin +8% Y/Y Cost of revenue: $40.6B · 47% of revenue Cost of revenue$40.6B47% of revenue Operating profit: $11.5B · 13% margin Operating profit$11.5B13% margin +3% Y/Y Operating expenses: $34.3B · 40% of revenue Operating expenses$34.3B40% of revenue Net profit: $8.9B · 10% margin Net profit$8.9B10% margin +17% Y/Y Tax & other: $2.6B · 3% of revenue Tax & other$2.6B3% of revenue R&D: $771.0M · 1% of revenue R&D$771.0M1% of revenue SG&A: $33.5B · 39% of revenue SG&A$33.5B39% of revenue

Swipe sideways for the whole flow →

From $91.5B of sales to $9.1B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $49.6BRevenue to Cost of revenue: $41.9BGross profit to Operating profit: $12.0BGross profit to Operating expenses: $37.6BOperating profit to Net profit: $9.1BOperating profit to Tax & other: $2.9BOperating expenses to R&D: $804.0MOperating expenses to SG&A: $36.8B Revenue: $91.5B Revenue$91.5B +6% Y/Y Gross profit: $49.6B · 54% margin Gross profit$49.6B54% margin +8% Y/Y Cost of revenue: $41.9B · 46% of revenue Cost of revenue$41.9B46% of revenue Operating profit: $12.0B · 13% margin Operating profit$12.0B13% margin +4% Y/Y Operating expenses: $37.6B · 41% of revenue Operating expenses$37.6B41% of revenue Net profit: $9.1B · 10% margin Net profit$9.1B10% margin +2% Y/Y Tax & other: $2.9B · 3% of revenue Tax & other$2.9B3% of revenue R&D: $804.0M · 1% of revenue R&D$804.0M1% of revenue SG&A: $36.8B · 40% of revenue SG&A$36.8B40% of revenue

Swipe sideways for the whole flow →

From $91.9B of sales to $9.6B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $50.1BRevenue to Cost of revenue: $41.7BGross profit to Operating profit: $12.9BGross profit to Operating expenses: $37.2BOperating profit to Net profit: $9.6BOperating profit to Tax & other: $3.3BOperating expenses to R&D: $813.0MOperating expenses to SG&A: $36.4B Revenue: $91.9B Revenue$91.9B +0% Y/Y Gross profit: $50.1B · 55% margin Gross profit$50.1B55% margin +1% Y/Y Cost of revenue: $41.7B · 45% of revenue Cost of revenue$41.7B45% of revenue Operating profit: $12.9B · 14% margin Operating profit$12.9B14% margin +8% Y/Y Operating expenses: $37.2B · 41% of revenue Operating expenses$37.2B41% of revenue Net profit: $9.6B · 10% margin Net profit$9.6B10% margin +6% Y/Y Tax & other: $3.3B · 4% of revenue Tax & other$3.3B4% of revenue R&D: $813.0M · 1% of revenue R&D$813.0M1% of revenue SG&A: $36.4B · 40% of revenue SG&A$36.4B40% of revenue

Swipe sideways for the whole flow →

From $93.9B of sales to $8.2B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $50.9BRevenue to Cost of revenue: $43.1BGross profit to Operating profit: $11.5BGross profit to Operating expenses: $39.4BOperating profit to Net profit: $8.2BOperating profit to Tax & other: $3.3BOperating expenses to R&D: $839.0MOperating expenses to SG&A: $38.5B Revenue: $93.9B Revenue$93.9B +2% Y/Y Gross profit: $50.9B · 54% margin Gross profit$50.9B54% margin +1% Y/Y Cost of revenue: $43.1B · 46% of revenue Cost of revenue$43.1B46% of revenue Operating profit: $11.5B · 12% margin Operating profit$11.5B12% margin −11% Y/Y Operating expenses: $39.4B · 42% of revenue Operating expenses$39.4B42% of revenue Net profit: $8.2B · 9% margin Net profit$8.2B9% margin −14% Y/Y Tax & other: $3.3B · 3% of revenue Tax & other$3.3B3% of revenue R&D: $839.0M · 1% of revenue R&D$839.0M1% of revenue SG&A: $38.5B · 41% of revenue SG&A$38.5B41% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median11.1% vs 8.0%
  • !
    Gross margin down over 5 years54.8% → 54.1%
  • ✓
    Return on equity above 15%48.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 10.1% → 8.8%

Balance sheet

1 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 10.3× interest expense
  • !
    Debt larger than equityDebt / equity 2.13 on the latest balance sheet (peer median 0.82)
  • !
    Current ratio below 1Current ratio 0.94
  • !
    Net debt over 3 years of free cash flow$36.4B net debt, 3.5 years
Debt / equity at each year end, FY2016 to FY2025: 3.26 → 2.61
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$7.7B last year
  • ✓
    Share count down over 5 years−1.4%
  • ✓
    Dividend per share up over 5 years$4.02 → $5.62
  • ✓
    Cash from operations above net income$12.1B vs $8.2B
Free cash flow, FY2016 to FY2025: 7.6B → 7.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 93.9B Net income 8.2B
FY2016 revenue 62.8B · Revenues, 0000077476-19-000017 FY2016 net income 6.3B · NetIncomeLoss, 0000077476-19-000017 62.8B FY2016 FY2017 revenue 63.5B · Revenues, 0000077476-20-000015 FY2017 net income 4.9B · NetIncomeLoss, 0000077476-20-000015 63.5B FY2017 FY2018 revenue 64.7B · Revenues, 0000077476-21-000007 FY2018 net income 12.5B · NetIncomeLoss, 0000077476-21-000007 64.7B FY2018 FY2019 revenue 67.2B · Revenues, 0000077476-22-000010 FY2019 net income 7.3B · NetIncomeLoss, 0000077476-22-000010 67.2B FY2019 FY2020 revenue 70.4B · Revenues, 0000077476-23-000007 FY2020 net income 7.1B · NetIncomeLoss, 0000077476-23-000007 70.4B FY2020 FY2021 revenue 79.5B · Revenues, 0000077476-24-000008 FY2021 net income 7.6B · NetIncomeLoss, 0000077476-24-000008 79.5B FY2021 FY2022 revenue 86.4B · Revenues, 0000077476-25-000007 FY2022 net income 8.9B · NetIncomeLoss, 0000077476-25-000007 86.4B FY2022 FY2023 revenue 91.5B · Revenues, 0000077476-26-000007 FY2023 net income 9.1B · NetIncomeLoss, 0000077476-26-000007 91.5B FY2023 FY2024 revenue 91.9B · Revenues, 0000077476-26-000007 FY2024 net income 9.6B · NetIncomeLoss, 0000077476-26-000007 91.9B FY2024 FY2025 revenue 93.9B · Revenues, 0000077476-26-000007 FY2025 net income 8.2B · NetIncomeLoss, 0000077476-26-000007 93.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PEP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue93.9B
FY2016: 62.8BFY2017: 63.5BFY2018: 64.7BFY2019: 67.2BFY2020: 70.4BFY2021: 79.5BFY2022: 86.4BFY2023: 91.5BFY2024: 91.9BFY2025: 93.9B FY2017FY2019FY2021FY2023FY2025
Net income8.2B
FY2016: 6.3BFY2017: 4.9BFY2018: 12.5BFY2019: 7.3BFY2020: 7.1BFY2021: 7.6BFY2022: 8.9BFY2023: 9.1BFY2024: 9.6BFY2025: 8.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow7.7B
FY2016: 7.6BFY2017: 7.1BFY2018: 6.1BFY2019: 5.4BFY2020: 6.4BFY2021: 7.0BFY2022: 5.6BFY2023: 7.9BFY2024: 7.2BFY2025: 7.7B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)6.00
FY2016: 4.36FY2017: 3.38FY2018: 8.78FY2019: 5.20FY2020: 5.12FY2021: 5.49FY2022: 6.42FY2023: 6.56FY2024: 6.95FY2025: 6.00 FY2017FY2019FY2021FY2023FY2025
Dividend per share5.62
FY2016: 2.96FY2017: 3.17FY2018: 3.59FY2019: 3.79FY2020: 4.02FY2021: 4.25FY2022: 4.53FY2023: 4.95FY2024: 5.33FY2025: 5.62 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.4B
FY2016: 1.5BFY2017: 1.4BFY2018: 1.4BFY2019: 1.4BFY2020: 1.4BFY2021: 1.4BFY2022: 1.4BFY2023: 1.4BFY2024: 1.4BFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-03

Compared with the 10-K of Feb 4, 2025: new segments Asia Pacific Foods, Europe Middle East Africa, International Beverage Franchise, Latin America Foods, Pepsi Co Foods North America; no longer reported: Africa Middle Eastand South Asia, Asia Pacific Australiaand New Zealandand China Region, Europe, Frito Lay North America, Latin America, Quaker Foods North America.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 27, 2025
RevenueSharevs year before
Pepsi Co Beverages North America 28.2B30.0% +1.5%
Pepsi Co Foods North America 27.5B29.3% +0.4%
Europe Middle East Africa 18.0B19.2% +8.2%
Latin America Foods 10.5B11.2% -0.2%
International Beverage Franchise 5.0B5.3% +2.4%
Asia Pacific Foods 4.6B4.9% +1.8%

10-K 0000077476-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 27, 2025
RevenueSharevs year before
UNITED STATES 52.2B55.6% +1.1%
All Other Countries 17.9B19.1% +5.4%
MEXICO 6.9B7.4% -2.5%
RUSSIAN FEDERATION 4.8B5.1% +22.9%
CANADA 3.7B4.0% -0.9%
CHINA 2.6B2.8% -3.2%
UNITED KINGDOM 2.1B2.3% +3.8%
BRAZIL 1.8B1.9% +1.0%
SOUTH AFRICA 1.8B1.9% -4.9%

10-K 0000077476-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue62.8B63.5B64.7B67.2B70.4B79.5B86.4B91.5B91.9B93.9B
Cost of revenue28.2B28.8B29.4B30.1B31.8B37.1B40.6B41.9B41.7B43.1B
Gross profit34.6B34.7B35.3B37.0B38.6B42.4B45.8B49.6B50.1B50.9B
R&D760.0M737.0M680.0M711.0M719.0M752.0M771.0M804.0M813.0M839.0M
SG&A24.8B24.5B25.2B26.7B28.5B31.2B34.5B36.7B37.2B37.4B
Operating income9.8B10.3B10.1B10.3B10.1B11.2B11.5B12.0B12.9B11.5B
Interest expense1.3B1.2B1.2B935.0M1.1B1.9B939.0M819.0M919.0M1.1B
Pretax income8.6B9.6B9.2B9.3B9.1B9.8B10.7B11.4B11.9B10.2B
Income tax2.2B4.7B-3.4B2.0B1.9B2.1B1.7B2.3B2.3B1.9B
Net income6.3B4.9B12.5B7.3B7.1B7.6B8.9B9.1B9.6B8.2B
EPS (diluted)4.363.388.785.205.125.496.426.566.956.00
Diluted shares1.5B1.4B1.4B1.4B1.4B1.4B1.4B1.4B1.4B1.4B
Depreciation & amortization2.4B2.4B2.4B2.4B2.5B2.7B2.8B2.9B3.2B3.5B
EBITDA12.2B12.6B12.5B12.7B12.6B13.9B14.3B14.9B16.0B14.9B
Gross margin55.1%54.7%54.6%55.1%54.8%53.3%53.0%54.2%54.6%54.1%
Operating margin15.6%16.2%15.6%15.3%14.3%14.0%13.3%13.1%14.0%12.2%
Net margin10.1%7.6%19.4%10.9%10.1%9.6%10.3%9.9%10.4%8.8%
Revenue growth-+1.2%+1.8%+3.9%+4.8%+12.9%+8.7%+5.9%+0.4%+2.3%
EPS growth--22.5%+160%-40.8%-1.5%+7.2%+16.9%+2.2%+5.9%-13.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash9.2B10.6B8.7B5.5B8.2B5.6B5.0B9.7B8.5B9.2B
Short-term investments7.0B8.9B272.0M229.0M1.4B392.0M394.0M292.0M761.0M371.0M
Inventory2.7B2.9B3.1B3.3B4.2B4.3B5.2B5.3B5.3B5.8B
Current assets26.4B31.0B21.9B17.6B23.0B21.8B21.5B26.9B25.8B27.9B
Property & equipment16.6B17.2B17.6B19.3B21.4B22.4B24.3B27.0B28.0B29.9B
Goodwill14.4B14.7B14.8B15.5B18.8B18.4B18.2B17.7B17.5B18.9B
Total assets73.5B79.8B77.6B78.5B92.9B92.4B92.2B100.5B99.5B107.4B
Accounts payable6.2B6.7B7.2B8.0B8.9B9.8B10.7B11.6B11.0B11.7B
Current liabilities21.1B20.5B22.1B20.5B23.4B26.2B26.8B31.6B31.5B32.8B
Total debt36.7B39.2B36.3B34.9B47.5B44.2B42.2B48.0B48.3B53.2B
Total liabilities62.3B68.8B63.0B63.7B79.4B76.2B74.9B81.9B81.3B86.9B
Shareholders' equity11.2B11.0B14.5B14.8B13.5B16.0B17.1B18.5B18.0B20.4B
Retained earnings52.5B52.8B59.9B61.9B63.4B65.2B67.8B70.0B72.3B72.8B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow10.7B10.0B9.4B9.6B10.6B11.6B10.8B13.4B12.5B12.1B
Capital spending3.0B3.0B3.3B4.2B4.2B4.6B5.2B5.5B5.3B4.4B
Free cash flow7.6B7.1B6.1B5.4B6.4B7.0B5.6B7.9B7.2B7.7B
Stock-based pay (added back)284.0M292.0M256.0M237.0M264.0M301.0M343.0M380.0M362.0M288.0M
Dividends paid4.2B4.5B4.9B5.3B5.5B5.8B6.2B6.7B7.2B7.6B
Buybacks3.0B2.0B2.0B3.0B2.0B106.0M1.5B1.0B1.0B1.0B
Debt raised7.8B7.5B04.6B13.8B4.1B3.4B5.5B4.0B8.2B
Debt repaid3.1B4.4B4.0B4.0B1.8B3.5B2.5B3.0B3.9B4.1B
Investing cash flow-7.2B-4.4B4.6B-6.4B-11.6B-3.3B-2.4B-5.5B-5.5B-6.9B
Financing cash flow-3.2B-4.2B-13.8B-8.5B3.8B-10.8B-8.5B-3.0B-7.6B-5.0B
Dividend per share2.963.173.593.794.024.254.534.955.335.62

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)284.0M292.0M256.0M237.0M264.0M301.0M343.0M380.0M362.0M288.0M
Stock-based pay / revenue0.5%0.5%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.3%
Operating lease cost---474.0M539.0M563.0M585.0M666.0M788.0M880.0M
Operating lease cash paid---478.0M555.0M567.0M573.0M655.0M775.0M866.0M
Right-of-use assets--01.5B1.7B2.0B2.4B2.9B3.4B3.7B
Operating lease liabilities---1.6B1.7B2.0B2.4B3.0B3.4B3.8B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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