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.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 93,925 | 91,854 | 91,471 | 5 |
| · PepsiCo Beverages North America | 28,197 | 27,769 | 27,626 | |
| · PepsiCo Foods North America | 27,528 | 27,431 | 28,015 | |
| · Europe, Middle East & Africa | 18,025 | 16,658 | 16,210 | |
| · Latin America Foods | 10,549 | 10,568 | 10,576 | |
| · International Beverage Franchise | 4,997 | 4,879 | 4,559 | |
| · Asia Pacific Foods | 4,629 | 4,549 | 4,485 | |
| Cost of revenue | 43,066 | 41,744 | 41,881 | |
| Gross profit | 50,859 | 50,110 | 49,590 | |
| Research and development | 839 | 813 | 804 | |
| Selling, general and administrative | 37,368 | 37,190 | 36,677 | |
| Depreciation, depletion and amortization | 3,451 | 3,160 | 2,948 | |
| Impairments | — | 498 | 321 | |
| Operating income | 11,498 | 12,887 | 11,986 | 2 |
| Interest expense | 1,121 | 919 | 819 | 1 |
| Income before income taxes | 10,244 | 11,946 | 11,417 | |
| Income tax provision | 1,949 | 2,320 | 2,262 | 1 |
| — of which current | 1,924 | 2,694 | 2,643 | 1 |
| Net income incl. noncontrolling interests | 8,295 | 9,626 | 9,155 | |
| Less: noncontrolling interests | 55 | 48 | 81 | |
| Net income attributable to common | 8,240 | 9,578 | 9,074 | 1 |
| Diluted earnings per share | $6.00 | $6.95 | $6.56 | 1 |
| Weighted-average diluted shares | 1,373 | 1,378 | 1,383 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 8,295 | 9,626 | 9,155 | |
| Depreciation, depletion and amortization | 3,451 | 3,160 | 2,948 | |
| Share-based compensation | 288 | 362 | 380 | |
| Deferred income taxes | 25 | (374) | (381) | |
| Change in inventories | 150 | 314 | 261 | |
| Change in payables | (677) | (943) | 420 | |
| Net cash provided by operating activities | 12,087 | 12,507 | 13,442 | 2 |
| Net cash used in investing activities | (6,879) | (5,472) | (5,495) | |
| Dividends paid | 7,638 | 7,229 | 6,682 | |
| Repurchases of common stock | 1,000 | 1,000 | 1,000 | |
| Debt issued | 8,189 | 4,042 | 5,482 | |
| Debt repaid | 4,082 | 3,886 | 3,005 | |
| Net cash used in financing activities | (4,979) | (7,556) | (3,009) | |
| Cash and equivalents at end of period | 9,204 | 8,553 | 9,761 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 9,159 | 8,505 | |
| Short-term investments | 371 | 761 | |
| Receivables, net | 11,506 | 10,333 | 1 |
| Inventories | 5,845 | 5,306 | 1 |
| Total current assets | 27,949 | 25,826 | |
| Property, plant and equipment, net | 29,905 | 28,008 | |
| Goodwill | 18,916 | 17,534 | 1 |
| Intangible assets, net | 1,219 | 1,102 | |
| Total assets | 107,399 | 99,467 | 1 |
| Accounts payable | 11,704 | 10,997 | |
| Current debt | 6,861 | 7,082 | |
| Total current liabilities | 32,764 | 31,536 | |
| Long-term debt | 42,321 | 37,224 | |
| Total liabilities | 86,852 | 81,296 | |
| Stockholders' equity | 20,406 | 18,041 | |
| Noncontrolling interests | 141 | 130 | |
| Total equity | 20,547 | 18,171 |
| Segments · as filed in the segment note · $ millions | PepsiCo Beverages North America | PepsiCo Foods North America | Europe, Middle East & Africa | Latin America Foods | International Beverage Franchise | Asia Pacific Foods | Corporate / other | Consolidated |
|---|---|---|---|---|---|---|---|---|
| Net sales | 28,197 | 27,528 | 18,025 | 10,549 | 4,997 | 4,629 | — | 93,925 |
| Operating income | 1,089 | 6,173 | 2,106 | 2,010 | 1,769 | 369 | (2,018) | 11,498 |
| · operating margin | 3.9% | 22.4% | 11.7% | 19.1% | 35.4% | 8.0% | — | 12.2% |
No product revenue tagged.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 52,228 | 55.6% |
| All Other Countries | 17,941 | 19.1% |
| Mexico | 6,947 | 7.4% |
| Russian Federation | 4,768 | 5.1% |
| Canada | 3,729 | 4.0% |
| China | 2,621 | 2.8% |
| United Kingdom | 2,142 | 2.3% |
| Brazil | 1,782 | 1.9% |
| South Africa | 1,767 | 1.9% |
| Total revenues, as filed | 93,925 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 107,399 | 99,467 | +7,932 | +8.0% | — |
| Total liabilities · BS | 86,852 | 81,296 | +5,556 | +6.8% | — |
| Long-term debt · BS | 42,321 | 37,224 | +5,097 | +13.7% | — |
| Debt issued · CF | 8,189 | 4,042 | +4,147 | +102.6% | — |
| Net cash used in financing activities · CF | (4,979) | (7,556) | +2,577 | +34.1% | — |
| Total equity · BS | 20,547 | 18,171 | +2,376 | +13.1% | — |
| Stockholders' equity · BS | 20,406 | 18,041 | +2,365 | +13.1% | — |
| Total current assets · BS | 27,949 | 25,826 | +2,123 | +8.2% | — |
| Total revenues · IS | 93,925 | 91,854 | +2,071 | +2.3% | — |
| Property, plant and equipment, net · BS | 29,905 | 28,008 | +1,897 | +6.8% | — |
| Income before income taxes · IS | 10,244 | 11,946 | −1,702 | -14.2% | — |
| Net cash used in investing activities · CF | (6,879) | (5,472) | −1,407 | -25.7% | — |
| Operating income · IS | 11,498 | 12,887 | −1,389 | -10.8% | — |
| Goodwill · BS | 18,916 | 17,534 | +1,382 | +7.9% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| 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 5 | consistent |
| 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 · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 17,919 | 22,726 | 23,937 | 19,443 | 24,181 |
| Cost of revenue | 7,926 | 10,304 | 11,113 | 8,712 | 11,070 |
| Gross profit | 9,993 | 12,422 | 12,824 | 10,731 | 13,111 |
| Selling, general and administrative | 7,410 | 8,773 | 9,122 | 7,518 | 9,088 |
| Depreciation, depletion and amortization | 684 | 807 | 803 | 742 | 897 |
| Impairments | — | 1,900 | 100 | — | — |
| Operating income | 2,583 | 1,789 | 3,569 | 3,213 | 4,023 |
| Interest expense | 264 | 260 | 264 | 301 | 230 |
| Income before income taxes | 2,342 | 1,571 | 3,331 | 2,970 | 3,852 |
| Income tax provision | 499 | 292 | 713 | 632 | 848 |
| Net income incl. noncontrolling interests | 1,843 | 1,279 | 2,618 | 2,338 | 3,004 |
| Less: noncontrolling interests | 9 | 16 | 15 | 11 | 23 |
| Net income attributable to common | 1,834 | 1,263 | 2,603 | 2,327 | 2,981 |
| Diluted earnings per share | $1.33 | $0.92 | $1.90 | $1.70 | $2.18 |
| Weighted-average diluted shares | 1,376 | 1,373 | 1,372 | 1,371 | 1,369 |
| Net cash provided by operating activities | (973) | — | — | 41 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 19,443 | 24,181 | +4,738 | +24.4% |
| Gross profit | 10,731 | 13,111 | +2,380 | +22.2% |
| Cost of revenue | 8,712 | 11,070 | +2,358 | +27.1% |
| Impairments | 1,900 | 100 | −1,800 | -94.7% |
| Selling, general and administrative | 7,518 | 9,088 | +1,570 | +20.9% |
| Net cash provided by operating activities | (973) | 41 | +1,014 | +104.2% |
| Income before income taxes | 2,970 | 3,852 | +882 | +29.7% |
| Operating income | 3,213 | 4,023 | +810 | +25.2% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $179,000M | 10-K cover · as of 2025-06-13 |
| Insider Form 4s, 90d | 8 filings · 0 buys / 1 sells | net selling · −$404,674 |
| · Flavell David | SELL $404,674 | Form 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 |
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.