NASDAQ : PEP
PepsiCo, Inc. — Financial statements
Consumer Staples · Beverages - Non-Alcoholic · United States
Last price 137.34 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 187.16B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
PepsiCo, Inc. (PEP) reported revenue of 98.24B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 98.24B | 93.92B | 91.85B | 91.47B | 86.39B | 79.47B |
| Cost of Revenue | 44.87B | 42.77B | 41.44B | 41.73B | 40.34B | 37.05B |
| Gross Profit | 53.37B | 51.15B | 50.42B | 49.74B | 46.05B | 42.43B |
| Selling, General & Admin | 37.04B | 35.33B | 34.72B | 34.94B | 32.95B | 29.81B |
| Research & Development | 839.00M | 839.00M | 813.00M | 804.00M | 771.00M | 752.00M |
| Other Operating Expenses | -271.00M | 4.00M | 7.00M | 1.00M | 15.00M | 4.00M |
| Operating Expenses | 37.61B | 36.17B | 35.54B | 35.74B | 33.74B | 30.57B |
| Operating Income | 15.76B | 14.98B | 14.88B | 14.00B | 12.31B | 11.86B |
| Interest Expense | -1.11B | -1.12B | -926.00M | -828.00M | -780.00M | -1.80B |
| Currency Exchange Gain (Loss) | -169.00M | -133.00M | 46.00M | -31.00M | ||
| EBT Excluding Unusual Items | 14.49B | 13.73B | 14.00B | 13.14B | 11.53B | 10.06B |
| Merger & Restructuring Charges | -687.00M | -983.00M | -727.00M | -445.00M | -1.06B | -247.00M |
| Gain (Loss) on Sale of Investments | -376.00M | -321.00M | ||||
| Gain (Loss) on Sale of Assets | 108.00M | 3.32B | 18.00M | |||
| Asset Writedown | 14.00M | -1.95B | -714.00M | -927.00M | -2.88B | |
| Other Unusual Items | -90.00M | -556.00M | -238.00M | -135.00M | -209.00M | -9.00M |
| Pretax Income | 13.73B | 10.24B | 11.95B | 11.42B | 10.71B | 9.82B |
| Income Tax Expense | 2.76B | 1.95B | 2.32B | 2.26B | 1.73B | 2.14B |
| Earnings From Continuing Operations | 10.97B | 8.29B | 9.63B | 9.15B | 8.98B | 7.68B |
| Minority Interest in Earnings | -71.00M | -55.00M | -48.00M | -81.00M | -68.00M | -61.00M |
| Net Income | 10.90B | 8.24B | 9.58B | 9.07B | 8.91B | 7.62B |
| Net Income to Common | 10.90B | 8.24B | 9.58B | 9.07B | 8.91B | 7.62B |
| Shares Outstanding (Basic) | 1.37B | 1.37B | 1.37B | 1.38B | 1.38B | 1.38B |
| Shares Outstanding (Diluted) | 1.37B | 1.37B | 1.38B | 1.38B | 1.39B | 1.39B |
| EPS (Basic) | 7.98 | 6.02 | 6.98 | 6.59 | 6.46 | 5.51 |
| EPS (Diluted) | 7.95 | 6.00 | 6.95 | 6.56 | 6.42 | 5.49 |
| Free Cash Flow | 10.47B | 7.67B | 7.19B | 7.92B | 5.60B | 6.99B |
| Free Cash Flow Per Share | 7.64 | 5.59 | 5.22 | 5.73 | 4.04 | 5.03 |
| Dividend Per Share | 5.80 | 5.62 | 5.33 | 4.95 | 4.53 | 4.25 |
| Gross Margin | 54.33% | 54.46% | 54.89% | 54.38% | 53.30% | 53.39% |
| Operating Margin | 16.05% | 15.95% | 16.20% | 15.30% | 14.25% | 14.92% |
| Profit Margin | 11.09% | 8.77% | 10.43% | 9.92% | 10.31% | 9.59% |
| Free Cash Flow Margin | 10.66% | 8.17% | 7.83% | 8.66% | 6.49% | 8.80% |
| EBITDA | 19.17B | 18.17B | 17.84B | 16.79B | 14.95B | 14.43B |
| EBITDA Margin | 19.51% | 19.35% | 19.42% | 18.35% | 17.30% | 18.16% |
| D&A For EBITDA | 3.41B | 3.19B | 2.96B | 2.79B | 2.64B | 2.58B |
| EBIT | 15.76B | 14.98B | 14.88B | 14.00B | 12.31B | 11.86B |
| EBIT Margin | 16.05% | 15.95% | 16.20% | 15.30% | 14.25% | 14.92% |
| Effective Tax Rate | 20.10% | 19.03% | 19.42% | 19.81% | 16.13% | 21.81% |
| Advertising Expenses | 3.50B | 3.50B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.68B | 9.16B | 8.51B | 9.71B | 4.95B | 5.60B |
| Short-Term Investments | 488.00M | 371.00M | 761.00M | 292.00M | 394.00M | 392.00M |
| Cash & Short-Term Investments | 11.16B | 9.53B | 9.27B | 10.00B | 5.35B | 5.99B |
| Accounts Receivable | 13.62B | 9.04B | 8.13B | 8.50B | 8.04B | 7.03B |
| Other Receivables | 2.47B | 2.20B | 2.31B | 2.12B | 1.66B | |
| Receivables | 13.62B | 11.51B | 10.33B | 10.81B | 10.16B | 8.68B |
| Inventory | 6.43B | 5.84B | 5.31B | 5.33B | 5.22B | 4.35B |
| Prepaid Expenses | 1.34B | 1.02B | 863.00M | 731.00M | 766.00M | 927.00M |
| Other Current Assets | 48.00M | 58.00M | 67.00M | 40.00M | 1.84B | |
| Total Current Assets | 32.56B | 27.95B | 25.83B | 26.95B | 21.54B | 21.78B |
| Property, Plant & Equipment | 29.73B | 33.65B | 31.39B | 29.94B | 26.66B | 24.43B |
| Long-Term Investments | 4.04B | 4.56B | 3.33B | 4.33B | 3.89B | 2.63B |
| Goodwill | 18.88B | 18.92B | 17.53B | 17.73B | 18.20B | 18.38B |
| Other Intangible Assets | 15.14B | 15.07B | 14.80B | 14.93B | 15.59B | 18.66B |
| Long-Term Deferred Tax Assets | 4.33B | 4.54B | 4.36B | 4.47B | 4.20B | 4.31B |
| Long-Term Deferred Charges | 205.00M | 100.00M | 103.00M | 123.00M | 119.00M | |
| Other Long-Term Assets | 7.29B | 2.37B | 2.01B | 1.84B | 1.78B | 1.95B |
| Total Assets | 111.98B | 107.40B | 99.47B | 100.50B | 92.19B | 92.38B |
| Accounts Payable | 25.31B | 11.70B | 11.00B | 11.63B | 10.73B | 9.83B |
| Accrued Expenses | 5.74B | 5.71B | 6.21B | 6.16B | 5.41B | |
| Short-Term Debt | 9.22B | 2.83B | 3.08B | 2.59B | 318.00M | 436.00M |
| Current Portion of Long-Term Debt | 4.03B | 4.00B | 3.92B | 3.10B | 3.87B | |
| Current Portion of Leases | 719.00M | 642.00M | 556.00M | 483.00M | 446.00M | |
| Other Current Liabilities | 7.74B | 7.10B | 6.74B | 6.00B | 6.22B | |
| Total Current Liabilities | 34.53B | 32.76B | 31.54B | 31.65B | 26.79B | 26.22B |
| Long-Term Debt | 42.66B | 42.32B | 37.22B | 37.59B | 35.66B | 36.03B |
| Long-Term Leases | 3.13B | 2.80B | 2.40B | 1.93B | 1.60B | |
| Pension & Post-Retirement Benefits | 1.24B | 1.59B | 1.35B | 1.14B | 1.67B | |
| Long-Term Deferred Tax Liabilities | 4.11B | 3.80B | 3.48B | 3.90B | 4.13B | 4.83B |
| Other Long-Term Liabilities | 8.20B | 3.60B | 4.66B | 4.97B | 5.27B | 5.89B |
| Total Liabilities | 89.49B | 86.85B | 81.30B | 81.86B | 74.91B | 76.23B |
| Common Stock | 23.00M | 23.00M | 23.00M | 23.00M | 23.00M | 23.00M |
| Additional Paid-In Capital | 4.52B | 4.45B | 4.38B | 4.26B | 4.13B | 4.00B |
| Retained Earnings | 75.14B | 72.79B | 72.27B | 70.03B | 67.80B | 65.17B |
| Treasury Stock | -42.41B | -41.83B | -41.02B | -40.28B | -39.51B | -38.25B |
| Comprehensive Income & Other | -14.99B | -15.02B | -17.61B | -15.53B | -15.30B | -14.90B |
| Total Common Equity | 22.29B | 20.41B | 18.04B | 18.50B | 17.15B | 16.04B |
| Minority Interest | 195.00M | 141.00M | 130.00M | 134.00M | 124.00M | 108.00M |
| Shareholders' Equity | 22.49B | 20.55B | 18.17B | 18.64B | 17.27B | 16.15B |
| Total Liabilities & Equity | 111.98B | 107.40B | 99.47B | 100.50B | 92.19B | 92.38B |
| Total Debt | 51.88B | 53.03B | 47.75B | 47.06B | 41.49B | 42.38B |
| Net Cash (Debt) | -40.72B | -43.50B | -38.48B | -37.06B | -36.14B | -36.39B |
| Net Cash Per Share | -29.72 | -31.68 | -27.93 | -26.80 | -26.06 | -26.20 |
| Filing Date Shares Outstanding | 1.36B | 1.37B | 1.37B | 1.37B | 1.38B | 1.38B |
| Total Common Shares Outstanding | 1.36B | 1.37B | 1.37B | 1.37B | 1.38B | 1.38B |
| Working Capital | -1.97B | -4.82B | -5.71B | -4.70B | -5.25B | -4.44B |
| Book Value Per Share | 16.34 | 14.93 | 13.15 | 13.47 | 12.45 | 11.60 |
| Tangible Book Value | -11.73B | -13.58B | -14.29B | -14.15B | -16.64B | -21.00B |
| Tangible Book Value Per Share | -8.60 | -9.93 | -10.42 | -10.30 | -12.08 | -15.19 |
| Land | 1.11B | 1.14B | 1.16B | 1.14B | 1.12B | |
| Buildings | 13.88B | 11.94B | 11.58B | 10.82B | 10.28B | |
| Machinery | 41.11B | 36.99B | 36.01B | 33.34B | 31.49B | |
| Construction In Progress | 4.81B | 5.94B | 5.70B | 4.49B | 3.94B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.90B | 8.24B | 9.58B | 9.07B | 8.91B | 7.62B |
| Depreciation & Amortization | 4.18B | 3.92B | 3.62B | 3.36B | 3.16B | 3.08B |
| Other Amortization | 260.00M | 260.00M | 199.00M | 159.00M | 123.00M | 135.00M |
| Loss (Gain) From Sale of Assets | -3.32B | |||||
| Asset Writedown & Restructuring Costs | 154.00M | 2.13B | 1.00B | 1.24B | 3.81B | -9.00M |
| Stock-Based Compensation | 321.00M | 288.00M | 362.00M | 380.00M | 343.00M | 301.00M |
| Other Operating Activities | -1.02B | -1.11B | -775.00M | -434.00M | -1.32B | -227.00M |
| Change in Accounts Receivable | -957.00M | -580.00M | -138.00M | -793.00M | -1.76B | -651.00M |
| Change in Inventory | -289.00M | -150.00M | -314.00M | -261.00M | -1.14B | -582.00M |
| Change in Accounts Payable | 612.00M | -677.00M | -943.00M | 420.00M | 1.84B | 1.76B |
| Change in Income Taxes | -24.00M | -433.00M | -123.00M | 310.00M | 57.00M | 30.00M |
| Change in Other Net Operating Assets | 445.00M | 195.00M | 40.00M | -13.00M | 118.00M | 159.00M |
| Operating Cash Flow | 14.57B | 12.09B | 12.51B | 13.44B | 10.81B | 11.62B |
| Capital Expenditures | -4.10B | -4.42B | -5.32B | -5.52B | -5.21B | -4.62B |
| Sale of Property, Plant & Equipment | 345.00M | 528.00M | 342.00M | 198.00M | 251.00M | 166.00M |
| Cash Acquisitions | -363.00M | -3.39B | -256.00M | -314.00M | -873.00M | -61.00M |
| Divestitures | 39.00M | 39.00M | 166.00M | 75.00M | 3.50B | 169.00M |
| Investment in Securities | 103.00M | 460.00M | -420.00M | 16.00M | -117.00M | 1.08B |
| Other Investing Activities | -15.00M | -100.00M | 14.00M | 48.00M | 11.00M | 5.00M |
| Investing Cash Flow | -3.99B | -6.88B | -5.47B | -5.50B | -2.43B | -3.27B |
| Short-Term Debt Issued | 7.56B | 6.18B | 5.43B | 1.97B | 442.00M | |
| Long-Term Debt Issued | 8.19B | 4.04B | 5.48B | 3.38B | 4.12B | |
| Total Debt Issued | 10.50B | 15.75B | 10.22B | 10.91B | 5.35B | 4.56B |
| Short-Term Debt Repaid | -7.92B | -5.64B | -3.13B | -1.98B | -397.00M | |
| Long-Term Debt Repaid | -4.08B | -3.89B | -3.00B | -4.17B | -8.30B | |
| Total Debt Repaid | -9.48B | -12.00B | -9.53B | -6.14B | -6.16B | -8.70B |
| Net Debt Issued (Repaid) | 1.02B | 3.75B | 695.00M | 4.77B | -810.00M | -4.13B |
| Issuance of Common Stock | 128.00M | 97.00M | 166.00M | 116.00M | 138.00M | 185.00M |
| Repurchase of Common Stock | -1.08B | -1.11B | -1.14B | -1.14B | -1.61B | -198.00M |
| Common Dividends Paid | -7.88B | -7.64B | -7.23B | -6.68B | -6.17B | -5.82B |
| Dividends Paid | -7.88B | -7.64B | -7.23B | -6.68B | -6.17B | -5.82B |
| Other Financing Activities | -56.00M | -73.00M | -53.00M | -73.00M | -72.00M | -820.00M |
| Financing Cash Flow | -7.88B | -4.98B | -7.56B | -3.01B | -8.52B | -10.78B |
| Foreign Exchange Rate Adjustments | -148.00M | 422.00M | -687.00M | -277.00M | -465.00M | -114.00M |
| Net Cash Flow | 2.56B | 651.00M | -1.21B | 4.66B | -607.00M | -2.55B |
| Free Cash Flow | 10.47B | 7.67B | 7.19B | 7.92B | 5.60B | 6.99B |
| Free Cash Flow Margin | 10.66% | 8.17% | 7.83% | 8.66% | 6.49% | 8.80% |
| Free Cash Flow Per Share | 7.64 | 5.59 | 5.22 | 5.73 | 4.04 | 5.03 |
| Levered Free Cash Flow | 9.04B | 8.23B | 7.20B | 7.57B | 6.68B | 5.19B |
| Unlevered Free Cash Flow | 9.74B | 8.93B | 7.78B | 8.08B | 7.17B | 6.31B |
| Cash Interest Paid | 1.75B | 1.75B | 1.58B | 1.40B | 1.04B | 1.18B |
| Cash Income Tax Paid | 3.08B | 3.08B | 3.06B | 2.53B | 2.77B | 1.93B |
| Change in Working Capital | -213.00M | -1.65B | -1.48B | -337.00M | -888.00M | 718.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 191.36B | 196.60B | 212.20B | 236.28B | 251.83B | 237.48B |
| Enterprise Value | 232.07B | 238.94B | 249.32B | 270.93B | 284.49B | 272.00B |
| Last Close Price | 137.34 | 139.53 | 142.67 | 153.57 | 158.80 | 145.35 |
| PE Ratio | 17.66 | 23.86 | 22.16 | 26.04 | 28.26 | 31.17 |
| Forward PE | 16.58 | 16.93 | 18.05 | 21.23 | 25.22 | 26.10 |
| PS Ratio | 1.94 | 2.09 | 2.31 | 2.58 | 2.92 | 2.99 |
| PB Ratio | 8.40 | 9.57 | 11.68 | 12.68 | 14.58 | 14.70 |
| P/FCF Ratio | 18.22 | 25.62 | 29.52 | 29.82 | 44.94 | 33.97 |
| P/OCF Ratio | 13.10 | 16.27 | 16.97 | 17.58 | 23.29 | 20.44 |
| PEG Ratio | 2.93 | 4.00 | 3.23 | 2.52 | 3.29 | 2.77 |
| EV/Sales Ratio | 2.36 | 2.54 | 2.71 | 2.96 | 3.29 | 3.42 |
| EV/EBITDA Ratio | 12.08 | 13.15 | 13.97 | 16.14 | 19.03 | 18.85 |
| EV/EBIT Ratio | 14.69 | 15.95 | 16.75 | 19.36 | 23.11 | 22.94 |
| EV/FCF Ratio | 22.11 | 31.14 | 34.68 | 34.19 | 50.77 | 38.91 |
| Debt / Equity Ratio | 2.31 | 2.58 | 2.63 | 2.52 | 2.40 | 2.62 |
| Debt / EBITDA Ratio | 2.49 | 2.68 | 2.47 | 2.59 | 2.57 | 2.72 |
| Debt / FCF Ratio | 4.96 | 6.91 | 6.64 | 5.94 | 7.40 | 6.06 |
| Net Debt / Equity Ratio | 1.81 | 2.12 | 2.12 | 1.99 | 2.09 | 2.25 |
| Net Debt / EBITDA Ratio | 2.12 | 2.39 | 2.16 | 2.21 | 2.42 | 2.52 |
| Net Debt / FCF Ratio | 3.89 | 5.67 | 5.35 | 4.68 | 6.45 | 5.21 |
| Asset Turnover | 0.90 | 0.91 | 0.92 | 0.95 | 0.94 | 0.86 |
| Inventory Turnover | 7.16 | 7.67 | 7.79 | 7.91 | 8.43 | 8.70 |
| Quick Ratio | 0.72 | 0.64 | 0.62 | 0.66 | 0.58 | 0.56 |
| Current Ratio | 0.94 | 0.85 | 0.82 | 0.85 | 0.80 | 0.83 |
| Return on Equity (ROE) | 52.19% | 42.85% | 52.30% | 50.99% | 53.72% | 51.70% |
| Return on Assets (ROA) | 9.02% | 9.05% | 9.30% | 9.08% | 8.34% | 8.00% |
| Return on Invested Capital (ROIC) | 19.68% | 20.10% | 21.35% | 20.57% | 19.49% | 18.11% |
| Return on Capital Employed (ROCE) | 20.40% | 20.10% | 21.90% | 20.30% | 18.80% | 17.90% |
| Earnings Yield | 5.66% | 4.19% | 4.51% | 3.84% | 3.54% | 3.21% |
| FCF Yield | 5.49% | 3.90% | 3.39% | 3.35% | 2.23% | 2.94% |
| Dividend Yield | 4.22% | 3.91% | 3.45% | 2.88% | 2.47% | 2.47% |
| Payout Ratio | 74.47% | 92.69% | 75.48% | 73.64% | 69.27% | 76.33% |
| Buyback Yield / Dilution | 0.26% | 0.36% | 0.36% | 0.29% | 0.14% | 0.22% |
| Total Shareholder Return | 4.48% | 4.27% | 3.81% | 3.16% | 2.62% | 2.69% |