PEP PepsiCo FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-27 · FILED 2026-02-03 · 1,373M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company makes, markets, distributes and sells beverages and convenient foods through owned operations, authorized bottlers, contract manufacturers and other third parties. Operations are organized into segments covering convenient foods and beverages in North America, an international beverages franchise business, and combined food and beverage operations in Europe/Middle East/Africa, Latin America and Asia Pacific. Products are distributed through direct-store-delivery, customer warehouse and distributor networks as well as e-commerce, reaching wholesale and other distributors, foodservice customers, grocery and convenience retailers, mass merchandisers and authorized independent bottlers.

S&P 500 · CONSUMER STAPLES · CIK 77476
REVENUE$93.9B+2.3% YoY
NET INCOME$8.2B-14.0% YoY
OPERATING CASH FLOW$12.1B-3.4% YoY
71
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 7/10 on claims and 10/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG12 CHECKS · 1 red · 2 watchNEXT 10-Q ~OCT 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues93,92591,85491,4715
Cost of revenue43,06641,74441,881
Gross profit50,85950,11049,590
Research and development839813804
Selling, general and administrative37,36837,19036,677
Depreciation, depletion and amortization3,4513,1602,948
Impairments—498321
Operating income11,49812,88711,9862
Interest expense1,1219198191
Income before income taxes10,24411,94611,417
Income tax provision1,9492,3202,2621
— of which current1,9242,6942,6431
Net income incl. noncontrolling interests8,2959,6269,155
Less: noncontrolling interests554881
Net income attributable to common8,2409,5789,0741
Diluted earnings per share$6.00$6.95$6.561
Weighted-average diluted shares1,3731,3781,383
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests8,2959,6269,155
Depreciation, depletion and amortization3,4513,1602,948
Share-based compensation288362380
Deferred income taxes25(374)(381)
Change in inventories150314261
Change in payables(677)(943)420
Net cash provided by operating activities12,08712,50713,4422
Net cash used in investing activities(6,879)(5,472)(5,495)
Dividends paid7,6387,2296,682
Repurchases of common stock1,0001,0001,000
Debt issued8,1894,0425,482
Debt repaid4,0823,8863,005
Net cash used in financing activities(4,979)(7,556)(3,009)
Cash and equivalents at end of period9,2048,5539,761
Balance sheet · $ millions20252024
Cash and cash equivalents9,1598,505
Short-term investments371761
Receivables, net11,50610,3331
Inventories5,8455,3061
Total current assets27,94925,826
Property, plant and equipment, net29,90528,008
Goodwill18,91617,5341
Intangible assets, net1,2191,102
Total assets107,39999,4671
Accounts payable11,70410,997
Current debt6,8617,082
Total current liabilities32,76431,536
Long-term debt42,32137,224
Total liabilities86,85281,296
Stockholders' equity20,40618,041
Noncontrolling interests141130
Total equity20,54718,171
Segments · as filed in the segment note · $ millionsPepsi co beverages north americaPepsi co foods north americaEurope middle east africa segmentLatin america foods segmentInternational beverage franchiseAsia pacific foods segmentCorporate / unallocatedConsolidated
Net sales28,19727,52818,02510,5494,9974,629—93,925
Operating income1,0896,1732,1062,0101,769369(2,018)11,498
· operating margin3.9%22.4%11.7%19.1%35.4%8.0%—12.2%

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS107,39999,467+7,932+8.0%—
Total liabilities · BS86,85281,296+5,556+6.8%—
Long-term debt · BS42,32137,224+5,097+13.7%—
Debt issued · CF8,1894,042+4,147+102.6%—
Net cash used in financing activities · CF(4,979)(7,556)+2,577+34.1%—
Total equity · BS20,54718,171+2,376+13.1%—
Stockholders' equity · BS20,40618,041+2,365+13.1%—
Total current assets · BS27,94925,826+2,123+8.2%—
Total revenues · IS93,92591,854+2,071+2.3%—
Property, plant and equipment, net · BS29,90528,008+1,897+6.8%—
Income before income taxes · IS10,24411,946−1,702-14.2%—
Net cash used in investing activities · CF(6,879)(5,472)−1,407-25.7%—
Operating income · IS11,49812,887−1,389-10.8%—
Goodwill · BS18,91617,534+1,382+7.9%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
42.9%
sector median 17.7%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
-0.4%
sector median +0.0%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
2.41
sector median 0.64
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 10.9%
sector median 8.4%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues17,91922,72623,93719,44324,181
Cost of revenue7,92610,30411,1138,71211,070
Gross profit9,99312,42212,82410,73113,111
Selling, general and administrative7,4108,7739,1227,5189,088
Depreciation, depletion and amortization684807803742897
Impairments—1,900100——
Operating income2,5831,7893,5693,2134,023
Interest expense264260264301230
Income before income taxes2,3421,5713,3312,9703,852
Income tax provision499292713632848
Net income incl. noncontrolling interests1,8431,2792,6182,3383,004
Less: noncontrolling interests916151123
Net income attributable to common1,8341,2632,6032,3272,981
Diluted earnings per share$1.33$0.92$1.90$1.70$2.18
Weighted-average diluted shares1,3761,3731,3721,3711,369
Net cash provided by operating activities(973)——41—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues19,44324,181+4,738+24.4%
Gross profit10,73113,111+2,380+22.2%
Cost of revenue8,71211,070+2,358+27.1%
Impairments1,900100−1,800-94.7%
Selling, general and administrative7,5189,088+1,570+20.9%
Net cash provided by operating activities(973)41+1,014+104.2%
Income before income taxes2,9703,852+882+29.7%
Operating income3,2134,023+810+25.2%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$179,000M10-K cover · as of 2025-06-13
Insider Form 4s, 90d7 filings · 0 buys / 1 sellsnet selling · −$404,674
· Flavell DavidSELL $404,674Form 4 filed 2026-07-29 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from PepsiCo's Form 10-K for FY2025 (accession 0000077476-26-000007), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. PEP is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.