PepsiCo, Inc. (PEP) 10-Year Financial Performance & Capital Metrics

PEP •

Consumer DefensiveNon-Alcoholic BeveragesGlobal Soft Drink Brand Owners

AboutPepsiCo, Inc. manufactures, markets, distributes, and sells various beverages and convenient foods worldwide. The company operates through seven segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America; Latin America; Europe; Africa, Middle East and South Asia; and Asia Pacific, Australia and New Zealand and China Region. It provides dips, cheese-flavored snacks, and spreads, as well as corn, potato, and tortilla chips; cereals, rice, pasta, mixes and syrups, granola bars, grits, oatmeal, rice cakes, simply granola, and side dishes; beverage concentrates, fountain syrups, and finished goods; ready-to-drink tea, coffee, and juices; dairy products; and sparkling water makers and related products. It serves wholesale and other distributors, foodservice customers, grocery stores, drug stores, convenience stores, discount/dollar stores, mass merchandisers, membership stores, hard discounters, e-commerce retailers and authorized independent bottlers, and others through a network of direct-store-delivery, customer warehouse, and distributor networks, as well as directly to consumers through e-commerce platforms and retailers. The company was founded in 1898 and is headquartered in Purchase, New York.Show more

Revenue $93.92B +2.3%
EBITDA $14.3B -14.4%
Net Income $8.24B -14.0%
EPS (Diluted) 6.00 -13.7%
Gross Margin 54.15% -0.7%
EBITDA Margin 15.23% -16.3%
Operating Margin 12.24% -12.7%
Net Margin 8.77% -15.9%
ROE 42.56% -18.2%
ROIC 14.88% -16.7%
Debt/Equity 2.43 -1.8%
Interest Coverage 10.26 -26.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 25 years of consecutive increases
✓Excellent 3Y average ROE of 48.4%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.3%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Expensive at 11.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.07%

5Y5.94%

3Y2.83%

TTM2.25%

Profit (Net Income) CAGR

10Y4.22%

5Y2.96%

3Y-2.57%

TTM-13.97%

EPS CAGR

10Y5.04%

5Y3.26%

3Y-2.23%

TTM-13.67%

ROCE

10Y Avg17.55%

5Y Avg17.36%

3Y Avg17.61%

Latest16.13%

Peer Comparison

Global Soft Drink Brand Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PEPPepsiCo, Inc.	231.98B	169.74	28.29	2.25%	8.77%	40.1%	3.31%	2.43
KOThe Coca-Cola Company	350.84B	81.56	26.83	1.87%	27.34%	38.24%	1.51%	1.33
FIZZNational Beverage Corp.	3.4B	36.35	18.27	0.81%	15.45%	36.86%	5.01%	0.16
ZVIAZevia PBC	10.2M	1.34	-8.93	4.01%	-6.15%	-27.86%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	62.8B	63.52B	64.66B	67.16B	70.37B	79.47B	86.39B	91.47B	91.85B	93.92B
Revenue Growth %	-0.41%	1.16%	1.79%	3.87%	4.78%	12.93%	8.7%	5.88%	0.42%	2.25%
Cost of Goods Sold+	28.22B	28.8B	29.38B	30.13B	31.8B	37.08B	40.58B	41.88B	41.74B	43.07B
COGS % of Revenue	44.94%	45.33%	45.44%	44.87%	45.18%	46.65%	46.97%	45.79%	45.45%	45.85%
Gross Profit+	34.58B	34.73B	35.28B	37.03B	38.58B	42.4B	45.82B	49.59B	50.11B	50.86B
Gross Margin %	55.06%	54.67%	54.56%	55.13%	54.82%	53.35%	53.03%	54.21%	54.55%	54.15%
Gross Profit Growth %	0.73%	0.44%	1.59%	4.96%	4.18%	9.91%	8.06%	8.24%	1.05%	1.49%
Operating Expenses+	24.77B	24.45B	25.17B	26.74B	28.5B	31.24B	34.3B	37.6B	37.22B	39.36B
OpEx % of Revenue	39.45%	38.49%	38.93%	39.81%	40.49%	39.3%	39.71%	41.11%	40.52%	41.91%
Selling, General & Admin	24.77B	24.45B	25.17B	26.74B	28.45B	31.24B	34.46B	36.68B	37.19B	37.37B
SG&A % of Revenue	39.45%	38.49%	38.93%	39.81%	40.43%	39.3%	39.89%	40.1%	40.49%	39.78%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	42M	0	-155M	927M	33M	1.99B
Operating Income+	9.8B	10.28B	10.11B	10.29B	10.08B	11.16B	11.51B	11.99B	12.89B	11.5B
Operating Margin %	15.61%	16.18%	15.64%	15.32%	14.32%	14.04%	13.33%	13.1%	14.03%	12.24%
Operating Income Growth %	17.37%	4.81%	-1.62%	1.79%	-2.05%	10.73%	3.14%	4.12%	7.52%	-10.78%
EBITDA+	12.17B	12.64B	12.51B	13.13B	13.11B	14.38B	14.79B	15.5B	16.7B	14.3B
EBITDA Margin %	19.38%	19.91%	19.35%	19.56%	18.62%	18.09%	17.12%	16.95%	18.18%	15.23%
EBITDA Growth %	13.03%	3.89%	-1.08%	5%	-0.22%	9.7%	2.89%	4.81%	7.73%	-14.37%
D&A (Non-Cash Add-back)	2.37B	2.37B	2.4B	2.84B	3.03B	3.21B	3.28B	3.52B	3.81B	2.8B
EBIT	9.89B	10.75B	10.41B	10.25B	10.2B	11.68B	11.64B	12.24B	12.87B	11.59B
Net Interest Income+	-1.23B	-907M	-1.22B	-935M	-1.13B	-1.86B	-939M	-819M	-919M	-1.12B
Interest Income	110M	244M	306M	200M	0	0	0	0	0	0
Interest Expense	1.34B	1.15B	1.22B	935M	1.13B	1.86B	939M	819M	919M	1.12B
Other Income/Expense	-1.25B	-674M	-921M	-979M	-1.01B	-1.34B	-807M	-569M	-941M	-1.25B
Pretax Income+	8.55B	9.6B	9.19B	9.31B	9.07B	9.82B	10.71B	11.42B	11.95B	10.24B
Pretax Margin %	13.62%	15.12%	14.21%	13.87%	12.89%	12.36%	12.39%	12.48%	13.01%	10.91%
Income Tax+	2.17B	4.69B	-3.37B	1.96B	1.89B	2.14B	1.73B	2.26B	2.32B	1.96B
Effective Tax Rate %	74%	50.58%	136.2%	78.54%	78.51%	77.57%	83.23%	79.48%	80.18%	80.44%
Net Income+	6.33B	4.86B	12.52B	7.31B	7.12B	7.62B	8.91B	9.07B	9.58B	8.24B
Net Margin %	10.08%	7.65%	19.35%	10.89%	10.12%	9.59%	10.31%	9.92%	10.43%	8.77%
Net Income Growth %	16.09%	-23.26%	157.67%	-41.56%	-2.65%	6.99%	16.96%	1.84%	5.55%	-13.97%
Net Income (Continuing)	6.38B	4.91B	12.56B	7.35B	7.17B	7.68B	8.98B	9.15B	9.63B	8.28B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	104M	92M	84M	82M	98M	108M	124M	134M	130M	141M
EPS (Diluted)+	4.36	3.38	8.78	5.20	5.11	5.48	6.42	6.56	6.95	6.00
EPS Growth %	18.8%	-22.48%	159.76%	-40.77%	-1.73%	7.24%	17.15%	2.18%	5.95%	-13.67%
EPS (Basic)	4.39	3.42	8.84	5.23	5.14	5.51	6.46	6.59	6.98	6.01
Diluted Shares Outstanding	1.45B	1.44B	1.43B	1.41B	1.39B	1.39B	1.39B	1.38B	1.38B	1.37B
Basic Shares Outstanding	1.43B	1.42B	1.42B	1.4B	1.39B	1.38B	1.38B	1.38B	1.37B	1.37B
Dividend Payout Ratio	66.79%	92.07%	39.39%	72.52%	77.37%	76.33%	69.27%	73.64%	75.48%	92.69%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	26.45B	31.03B	21.89B	17.64B	23B	21.78B	21.54B	26.95B	25.83B	27.95B
Cash & Short-Term Investments	16.13B	19.51B	8.99B	5.74B	9.55B	5.99B	5.35B	10B	9.27B	9.53B
Cash Only	9.16B	10.61B	8.72B	5.51B	8.19B	5.6B	4.95B	9.71B	8.51B	9.16B
Short-Term Investments	6.97B	8.9B	272M	229M	1.37B	392M	394M	292M	761M	371M
Accounts Receivable	6.69B	7.02B	7.14B	7.82B	8.4B	8.68B	10.16B	10.81B	10.33B	11.51B
Days Sales Outstanding	38.91	40.36	40.32	42.51	43.59	39.86	42.94	43.16	41.06	44.71
Inventory	2.72B	2.95B	3.13B	3.34B	4.17B	4.35B	5.22B	5.33B	5.31B	5.84B
Days Inventory Outstanding	35.22	37.35	38.86	40.43	47.89	42.8	46.97	46.49	46.39	49.54
Other Current Assets	0	0	2B	0	0	1.79B	0	798M	921M	1.07B
Total Non-Current Assets+	47.04B	48.78B	55.76B	60.9B	69.92B	70.59B	70.65B	73.55B	73.64B	79.45B
Property, Plant & Equipment	16.59B	17.24B	17.59B	20.85B	23.04B	24.43B	26.66B	29.94B	31.39B	33.65B
Fixed Asset Turnover	3.79x	3.68x	3.68x	3.22x	3.05x	3.25x	3.24x	3.05x	2.93x	2.79x
Goodwill	14.43B	14.74B	14.81B	15.5B	18.76B	18.38B	18.2B	17.73B	17.53B	18.92B
Intangible Assets	13.43B	13.84B	15.82B	16.04B	19.32B	18.66B	15.59B	14.93B	14.8B	1.22B
Long-Term Investments	1.95B	2.04B	2.41B	2.68B	2.79B	2.63B	3.89B	4.33B	3.33B	4.57B
Other Non-Current Assets	636M	913M	760M	1.46B	1.64B	2.18B	2.11B	2.14B	2.22B	16.55B
Total Assets+	73.49B	79.8B	77.65B	78.55B	92.92B	92.38B	92.19B	100.5B	99.47B	107.4B
Asset Turnover	0.85x	0.80x	0.83x	0.86x	0.76x	0.86x	0.94x	0.91x	0.92x	0.87x
Asset Growth %	5.49%	8.59%	-2.7%	1.16%	18.3%	-0.58%	-0.21%	9.01%	-1.02%	7.97%
Total Current Liabilities+	21.14B	20.5B	22.14B	20.46B	23.37B	26.22B	26.79B	31.65B	31.54B	32.76B
Accounts Payable	6.16B	6.73B	7.21B	8.01B	8.85B	9.83B	10.73B	11.63B	11B	11.7B
Days Payables Outstanding	79.64	85.27	89.61	97.06	101.62	96.81	96.54	101.4	96.16	99.2
Short-Term Debt	6.89B	5.49B	4.03B	2.92B	3.78B	4.31B	3.41B	6.51B	7.08B	6.86B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	4.54B	4.74B	5.03B	4.97B	5.91B	7.04B	6.91B	7.66B	7.47B	8B
Current Ratio	1.25x	1.51x	0.99x	0.86x	0.98x	0.83x	0.80x	0.85x	0.82x	0.85x
Quick Ratio	1.12x	1.37x	0.85x	0.70x	0.81x	0.66x	0.61x	0.68x	0.65x	0.67x
Cash Conversion Cycle	-5.52	-7.55	-10.43	-14.12	-10.14	-14.15	-6.63	-11.76	-8.7	-4.94
Total Non-Current Liabilities+	41.16B	48.32B	40.91B	43.22B	55.99B	50.01B	48.13B	50.21B	49.76B	54.09B
Long-Term Debt	30.05B	33.8B	28.3B	29.15B	40.37B	36.03B	35.66B	37.59B	37.22B	42.32B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	4.43B	3.24B	3.5B	4.09B	4.28B	4.83B	4.13B	3.9B	3.48B	3.8B
Other Non-Current Liabilities	6.67B	11.28B	9.11B	9.98B	11.34B	9.15B	8.34B	8.72B	9.05B	7.96B
Total Liabilities	62.29B	68.82B	63.05B	63.68B	79.37B	76.23B	74.91B	81.86B	81.3B	86.85B
Total Debt+	36.95B	39.28B	32.32B	32.51B	44.61B	40.78B	39.55B	44.66B	44.95B	49.9B
Net Debt	27.79B	28.67B	23.6B	27B	36.42B	35.18B	34.6B	34.95B	36.44B	40.74B
Debt / Equity	3.30x	3.58x	2.21x	2.19x	3.29x	2.52x	2.29x	2.40x	2.47x	2.43x
Debt / EBITDA	3.04x	3.11x	2.58x	2.48x	3.40x	2.84x	2.67x	2.88x	2.69x	3.49x
Net Debt / EBITDA	2.28x	2.27x	1.89x	2.06x	2.78x	2.45x	2.34x	2.25x	2.18x	2.85x
Interest Coverage	7.31x	8.93x	8.29x	11.01x	8.94x	5.99x	12.26x	14.63x	14.02x	10.26x
Total Equity+	11.2B	10.98B	14.6B	14.87B	13.55B	16.15B	17.27B	18.64B	18.17B	20.55B
Equity Growth %	-6.91%	-1.95%	32.98%	1.82%	-8.85%	19.18%	6.95%	7.9%	-2.5%	13.08%
Book Value per Share	7.71	7.64	10.25	10.57	9.74	11.63	12.45	13.48	13.19	14.99
Total Shareholders' Equity	11.1B	10.89B	14.52B	14.79B	13.45B	16.04B	17.15B	18.5B	18.04B	20.41B
Common Stock	24M	24M	23M	23M	23M	23M	23M	23M	23M	23M
Retained Earnings	52.52B	52.84B	59.95B	61.95B	63.44B	65.17B	67.8B	70.03B	72.27B	72.79B
Treasury Stock	-31.47B	-32.76B	-34.29B	-36.77B	-38.45B	-38.25B	-39.51B	-40.28B	-41.02B	-41.83B
Accumulated OCI	-13.92B	-13.06B	-15.12B	-14.3B	-15.48B	-14.9B	-15.3B	-15.53B	-17.61B	-15.02B
Minority Interest	104M	92M	84M	82M	98M	108M	124M	134M	130M	141M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.4B	9.99B	9.41B	9.65B	10.61B	11.62B	10.81B	13.44B	12.51B	12.09B
Operating CF Margin %	16.57%	15.73%	14.56%	14.37%	15.08%	14.62%	12.51%	14.7%	13.62%	12.87%
Operating CF Growth %	-1.66%	-3.94%	-5.79%	2.49%	9.99%	9.45%	-6.93%	24.34%	-6.96%	-3.36%
Net Income	6.38B	4.91B	12.56B	7.35B	7.17B	7.68B	8.98B	9.15B	9.63B	8.29B
Depreciation & Amortization	2.37B	2.37B	2.4B	2.84B	3.03B	3.21B	3.28B	3.52B	3.81B	4.18B
Stock-Based Compensation	284M	292M	256M	237M	264M	301M	343M	380M	362M	288M
Deferred Taxes	452M	3.07B	-4.91B	445M	361M	488M	-787M	-271M	176M	71M
Other Non-Cash Items	25M	-158M	-1.8B	-751M	90M	-785M	-115M	997M	224M	900M
Working Capital Changes	896M	-487M	912M	-479M	-303M	718M	-888M	-337M	-1.7B	-1.65B
Change in Receivables	-349M	-202M	-253M	-650M	-420M	-651M	-1.76B	-793M	-138M	-580M
Change in Inventory	-75M	-168M	-174M	-190M	-516M	-582M	-1.14B	-261M	-314M	-150M
Change in Payables	981M	201M	882M	735M	766M	1.76B	1.84B	420M	-1.16B	-677M
Cash from Investing+	-7.15B	-4.4B	4.56B	-6.44B	-11.62B	-3.27B	-2.43B	-5.5B	-5.47B	-6.88B
Capital Expenditures	-3.04B	-2.97B	-3.28B	-4.23B	-4.24B	-4.63B	-5.21B	-5.52B	-5.32B	-4.42B
CapEx % of Revenue	4.84%	4.67%	5.08%	6.3%	6.03%	5.82%	6.03%	6.03%	5.79%	4.7%
Acquisitions	-127M	206M	-991M	-2.46B	-6.37B	108M	2.63B	-239M	-90M	-3.39B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	108M	209M	136M	-4.07B	97M	171M	262M	246M	356M	428M
Cash from Financing+	-2.94B	-4.19B	-13.77B	-8.49B	3.82B	-10.78B	-8.52B	-3.01B	-7.56B	-4.98B
Debt Issued (Net)	3.75B	2.05B	-6.96B	-355M	11.29B	-4.13B	-810M	4.77B	695M	3.75B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-4.23B	-4.47B	-4.93B	-5.3B	-5.51B	-5.82B	-6.17B	-6.68B	-7.23B	-7.64B
Share Repurchases	-3.01B	-2B	-2B	-3B	-2B	-106M	-1.5B	-1B	-1B	-1B
Other Financing	546M	241M	125M	170M	35M	-912M	66M	43M	-22M	-186M
Net Change in Cash	62M	1.45B	112M	-5.2B	2.68B	-2.55B	-607M	4.66B	-1.21B	651M
Free Cash Flow+	7.36B	7.03B	6.13B	5.42B	6.37B	6.99B	5.6B	7.92B	7.19B	7.67B
FCF Margin %	11.73%	11.06%	9.48%	8.07%	9.06%	8.8%	6.49%	8.66%	7.83%	8.17%
FCF Growth %	-5.86%	-4.6%	-12.7%	-11.67%	17.65%	9.7%	-19.84%	41.4%	-9.28%	6.72%
FCF per Share	5.07	4.89	4.30	3.85	4.58	5.03	4.04	5.73	5.22	5.60
FCF Conversion (FCF/Net Income)	1.64x	2.06x	0.75x	1.32x	1.49x	1.52x	1.21x	1.48x	1.31x	1.47x
Interest Paid	1.1B	1.12B	1.39B	1.08B	1.16B	1.18B	1.04B	1.4B	1.58B	1.75B
Taxes Paid	1.39B	1.96B	1.2B	2.23B	1.77B	1.93B	2.77B	2.53B	3.06B	3.09B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	54.49%	43.8%	97.84%	49.64%	50.11%	51.29%	53.31%	50.54%	52.04%	42.56%
Return on Invested Capital (ROIC)	19.55%	19.6%	19.48%	19.28%	16.46%	16.53%	16.73%	17.05%	17.87%	14.88%
Gross Margin	55.06%	54.67%	54.56%	55.13%	54.82%	53.35%	53.03%	54.21%	54.55%	54.15%
Net Margin	10.08%	7.65%	19.35%	10.89%	10.12%	9.59%	10.31%	9.92%	10.43%	8.77%
Debt / Equity	3.30x	3.58x	2.21x	2.19x	3.29x	2.52x	2.29x	2.40x	2.47x	2.43x
Interest Coverage	7.31x	8.93x	8.29x	11.01x	8.94x	5.99x	12.26x	14.63x	14.02x	10.26x
FCF Conversion	1.64x	2.06x	0.75x	1.32x	1.49x	1.52x	1.21x	1.48x	1.31x	1.47x
Revenue Growth	-0.41%	1.16%	1.79%	3.87%	4.78%	12.93%	8.7%	5.88%	0.42%	2.25%

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PepsiCo, Inc. (PEP) 10-Year Financial Performance & Capital Metrics

PEP •

Consumer DefensiveNon-Alcoholic BeveragesGlobal Soft Drink Brand Owners

Revenue $93.92B +2.3%
EBITDA $14.3B -14.4%
Net Income $8.24B -14.0%
EPS (Diluted) 6.00 -13.7%
Gross Margin 54.15% -0.7%
EBITDA Margin 15.23% -16.3%
Operating Margin 12.24% -12.7%
Net Margin 8.77% -15.9%
ROE 42.56% -18.2%
ROIC 14.88% -16.7%
Debt/Equity 2.43 -1.8%
Interest Coverage 10.26 -26.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 25 years of consecutive increases
✓Excellent 3Y average ROE of 48.4%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.3%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Expensive at 11.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.07%

5Y5.94%

3Y2.83%

TTM2.25%

Profit (Net Income) CAGR

10Y4.22%

5Y2.96%

3Y-2.57%

TTM-13.97%

EPS CAGR

10Y5.04%

5Y3.26%

3Y-2.23%

TTM-13.67%

ROCE

10Y Avg17.55%

5Y Avg17.36%

3Y Avg17.61%

Latest16.13%

Peer Comparison

Global Soft Drink Brand Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PEPPepsiCo, Inc.	231.98B	169.74	28.29	2.25%	8.77%	40.1%	3.31%	2.43
KOThe Coca-Cola Company	350.84B	81.56	26.83	1.87%	27.34%	38.24%	1.51%	1.33
FIZZNational Beverage Corp.	3.4B	36.35	18.27	0.81%	15.45%	36.86%	5.01%	0.16
ZVIAZevia PBC	10.2M	1.34	-8.93	4.01%	-6.15%	-27.86%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	62.8B	63.52B	64.66B	67.16B	70.37B	79.47B	86.39B	91.47B	91.85B	93.92B
Revenue Growth %	-0.41%	1.16%	1.79%	3.87%	4.78%	12.93%	8.7%	5.88%	0.42%	2.25%
Cost of Goods Sold+	28.22B	28.8B	29.38B	30.13B	31.8B	37.08B	40.58B	41.88B	41.74B	43.07B
COGS % of Revenue	44.94%	45.33%	45.44%	44.87%	45.18%	46.65%	46.97%	45.79%	45.45%	45.85%
Gross Profit+	34.58B	34.73B	35.28B	37.03B	38.58B	42.4B	45.82B	49.59B	50.11B	50.86B
Gross Margin %	55.06%	54.67%	54.56%	55.13%	54.82%	53.35%	53.03%	54.21%	54.55%	54.15%
Gross Profit Growth %	0.73%	0.44%	1.59%	4.96%	4.18%	9.91%	8.06%	8.24%	1.05%	1.49%
Operating Expenses+	24.77B	24.45B	25.17B	26.74B	28.5B	31.24B	34.3B	37.6B	37.22B	39.36B
OpEx % of Revenue	39.45%	38.49%	38.93%	39.81%	40.49%	39.3%	39.71%	41.11%	40.52%	41.91%
Selling, General & Admin	24.77B	24.45B	25.17B	26.74B	28.45B	31.24B	34.46B	36.68B	37.19B	37.37B
SG&A % of Revenue	39.45%	38.49%	38.93%	39.81%	40.43%	39.3%	39.89%	40.1%	40.49%	39.78%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	42M	0	-155M	927M	33M	1.99B
Operating Income+	9.8B	10.28B	10.11B	10.29B	10.08B	11.16B	11.51B	11.99B	12.89B	11.5B
Operating Margin %	15.61%	16.18%	15.64%	15.32%	14.32%	14.04%	13.33%	13.1%	14.03%	12.24%
Operating Income Growth %	17.37%	4.81%	-1.62%	1.79%	-2.05%	10.73%	3.14%	4.12%	7.52%	-10.78%
EBITDA+	12.17B	12.64B	12.51B	13.13B	13.11B	14.38B	14.79B	15.5B	16.7B	14.3B
EBITDA Margin %	19.38%	19.91%	19.35%	19.56%	18.62%	18.09%	17.12%	16.95%	18.18%	15.23%
EBITDA Growth %	13.03%	3.89%	-1.08%	5%	-0.22%	9.7%	2.89%	4.81%	7.73%	-14.37%
D&A (Non-Cash Add-back)	2.37B	2.37B	2.4B	2.84B	3.03B	3.21B	3.28B	3.52B	3.81B	2.8B
EBIT	9.89B	10.75B	10.41B	10.25B	10.2B	11.68B	11.64B	12.24B	12.87B	11.59B
Net Interest Income+	-1.23B	-907M	-1.22B	-935M	-1.13B	-1.86B	-939M	-819M	-919M	-1.12B
Interest Income	110M	244M	306M	200M	0	0	0	0	0	0
Interest Expense	1.34B	1.15B	1.22B	935M	1.13B	1.86B	939M	819M	919M	1.12B
Other Income/Expense	-1.25B	-674M	-921M	-979M	-1.01B	-1.34B	-807M	-569M	-941M	-1.25B
Pretax Income+	8.55B	9.6B	9.19B	9.31B	9.07B	9.82B	10.71B	11.42B	11.95B	10.24B
Pretax Margin %	13.62%	15.12%	14.21%	13.87%	12.89%	12.36%	12.39%	12.48%	13.01%	10.91%
Income Tax+	2.17B	4.69B	-3.37B	1.96B	1.89B	2.14B	1.73B	2.26B	2.32B	1.96B
Effective Tax Rate %	74%	50.58%	136.2%	78.54%	78.51%	77.57%	83.23%	79.48%	80.18%	80.44%
Net Income+	6.33B	4.86B	12.52B	7.31B	7.12B	7.62B	8.91B	9.07B	9.58B	8.24B
Net Margin %	10.08%	7.65%	19.35%	10.89%	10.12%	9.59%	10.31%	9.92%	10.43%	8.77%
Net Income Growth %	16.09%	-23.26%	157.67%	-41.56%	-2.65%	6.99%	16.96%	1.84%	5.55%	-13.97%
Net Income (Continuing)	6.38B	4.91B	12.56B	7.35B	7.17B	7.68B	8.98B	9.15B	9.63B	8.28B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	104M	92M	84M	82M	98M	108M	124M	134M	130M	141M
EPS (Diluted)+	4.36	3.38	8.78	5.20	5.11	5.48	6.42	6.56	6.95	6.00
EPS Growth %	18.8%	-22.48%	159.76%	-40.77%	-1.73%	7.24%	17.15%	2.18%	5.95%	-13.67%
EPS (Basic)	4.39	3.42	8.84	5.23	5.14	5.51	6.46	6.59	6.98	6.01
Diluted Shares Outstanding	1.45B	1.44B	1.43B	1.41B	1.39B	1.39B	1.39B	1.38B	1.38B	1.37B
Basic Shares Outstanding	1.43B	1.42B	1.42B	1.4B	1.39B	1.38B	1.38B	1.38B	1.37B	1.37B
Dividend Payout Ratio	66.79%	92.07%	39.39%	72.52%	77.37%	76.33%	69.27%	73.64%	75.48%	92.69%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	26.45B	31.03B	21.89B	17.64B	23B	21.78B	21.54B	26.95B	25.83B	27.95B
Cash & Short-Term Investments	16.13B	19.51B	8.99B	5.74B	9.55B	5.99B	5.35B	10B	9.27B	9.53B
Cash Only	9.16B	10.61B	8.72B	5.51B	8.19B	5.6B	4.95B	9.71B	8.51B	9.16B
Short-Term Investments	6.97B	8.9B	272M	229M	1.37B	392M	394M	292M	761M	371M
Accounts Receivable	6.69B	7.02B	7.14B	7.82B	8.4B	8.68B	10.16B	10.81B	10.33B	11.51B
Days Sales Outstanding	38.91	40.36	40.32	42.51	43.59	39.86	42.94	43.16	41.06	44.71
Inventory	2.72B	2.95B	3.13B	3.34B	4.17B	4.35B	5.22B	5.33B	5.31B	5.84B
Days Inventory Outstanding	35.22	37.35	38.86	40.43	47.89	42.8	46.97	46.49	46.39	49.54
Other Current Assets	0	0	2B	0	0	1.79B	0	798M	921M	1.07B
Total Non-Current Assets+	47.04B	48.78B	55.76B	60.9B	69.92B	70.59B	70.65B	73.55B	73.64B	79.45B
Property, Plant & Equipment	16.59B	17.24B	17.59B	20.85B	23.04B	24.43B	26.66B	29.94B	31.39B	33.65B
Fixed Asset Turnover	3.79x	3.68x	3.68x	3.22x	3.05x	3.25x	3.24x	3.05x	2.93x	2.79x
Goodwill	14.43B	14.74B	14.81B	15.5B	18.76B	18.38B	18.2B	17.73B	17.53B	18.92B
Intangible Assets	13.43B	13.84B	15.82B	16.04B	19.32B	18.66B	15.59B	14.93B	14.8B	1.22B
Long-Term Investments	1.95B	2.04B	2.41B	2.68B	2.79B	2.63B	3.89B	4.33B	3.33B	4.57B
Other Non-Current Assets	636M	913M	760M	1.46B	1.64B	2.18B	2.11B	2.14B	2.22B	16.55B
Total Assets+	73.49B	79.8B	77.65B	78.55B	92.92B	92.38B	92.19B	100.5B	99.47B	107.4B
Asset Turnover	0.85x	0.80x	0.83x	0.86x	0.76x	0.86x	0.94x	0.91x	0.92x	0.87x
Asset Growth %	5.49%	8.59%	-2.7%	1.16%	18.3%	-0.58%	-0.21%	9.01%	-1.02%	7.97%
Total Current Liabilities+	21.14B	20.5B	22.14B	20.46B	23.37B	26.22B	26.79B	31.65B	31.54B	32.76B
Accounts Payable	6.16B	6.73B	7.21B	8.01B	8.85B	9.83B	10.73B	11.63B	11B	11.7B
Days Payables Outstanding	79.64	85.27	89.61	97.06	101.62	96.81	96.54	101.4	96.16	99.2
Short-Term Debt	6.89B	5.49B	4.03B	2.92B	3.78B	4.31B	3.41B	6.51B	7.08B	6.86B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	4.54B	4.74B	5.03B	4.97B	5.91B	7.04B	6.91B	7.66B	7.47B	8B
Current Ratio	1.25x	1.51x	0.99x	0.86x	0.98x	0.83x	0.80x	0.85x	0.82x	0.85x
Quick Ratio	1.12x	1.37x	0.85x	0.70x	0.81x	0.66x	0.61x	0.68x	0.65x	0.67x
Cash Conversion Cycle	-5.52	-7.55	-10.43	-14.12	-10.14	-14.15	-6.63	-11.76	-8.7	-4.94
Total Non-Current Liabilities+	41.16B	48.32B	40.91B	43.22B	55.99B	50.01B	48.13B	50.21B	49.76B	54.09B
Long-Term Debt	30.05B	33.8B	28.3B	29.15B	40.37B	36.03B	35.66B	37.59B	37.22B	42.32B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	4.43B	3.24B	3.5B	4.09B	4.28B	4.83B	4.13B	3.9B	3.48B	3.8B
Other Non-Current Liabilities	6.67B	11.28B	9.11B	9.98B	11.34B	9.15B	8.34B	8.72B	9.05B	7.96B
Total Liabilities	62.29B	68.82B	63.05B	63.68B	79.37B	76.23B	74.91B	81.86B	81.3B	86.85B
Total Debt+	36.95B	39.28B	32.32B	32.51B	44.61B	40.78B	39.55B	44.66B	44.95B	49.9B
Net Debt	27.79B	28.67B	23.6B	27B	36.42B	35.18B	34.6B	34.95B	36.44B	40.74B
Debt / Equity	3.30x	3.58x	2.21x	2.19x	3.29x	2.52x	2.29x	2.40x	2.47x	2.43x
Debt / EBITDA	3.04x	3.11x	2.58x	2.48x	3.40x	2.84x	2.67x	2.88x	2.69x	3.49x
Net Debt / EBITDA	2.28x	2.27x	1.89x	2.06x	2.78x	2.45x	2.34x	2.25x	2.18x	2.85x
Interest Coverage	7.31x	8.93x	8.29x	11.01x	8.94x	5.99x	12.26x	14.63x	14.02x	10.26x
Total Equity+	11.2B	10.98B	14.6B	14.87B	13.55B	16.15B	17.27B	18.64B	18.17B	20.55B
Equity Growth %	-6.91%	-1.95%	32.98%	1.82%	-8.85%	19.18%	6.95%	7.9%	-2.5%	13.08%
Book Value per Share	7.71	7.64	10.25	10.57	9.74	11.63	12.45	13.48	13.19	14.99
Total Shareholders' Equity	11.1B	10.89B	14.52B	14.79B	13.45B	16.04B	17.15B	18.5B	18.04B	20.41B
Common Stock	24M	24M	23M	23M	23M	23M	23M	23M	23M	23M
Retained Earnings	52.52B	52.84B	59.95B	61.95B	63.44B	65.17B	67.8B	70.03B	72.27B	72.79B
Treasury Stock	-31.47B	-32.76B	-34.29B	-36.77B	-38.45B	-38.25B	-39.51B	-40.28B	-41.02B	-41.83B
Accumulated OCI	-13.92B	-13.06B	-15.12B	-14.3B	-15.48B	-14.9B	-15.3B	-15.53B	-17.61B	-15.02B
Minority Interest	104M	92M	84M	82M	98M	108M	124M	134M	130M	141M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.4B	9.99B	9.41B	9.65B	10.61B	11.62B	10.81B	13.44B	12.51B	12.09B
Operating CF Margin %	16.57%	15.73%	14.56%	14.37%	15.08%	14.62%	12.51%	14.7%	13.62%	12.87%
Operating CF Growth %	-1.66%	-3.94%	-5.79%	2.49%	9.99%	9.45%	-6.93%	24.34%	-6.96%	-3.36%
Net Income	6.38B	4.91B	12.56B	7.35B	7.17B	7.68B	8.98B	9.15B	9.63B	8.29B
Depreciation & Amortization	2.37B	2.37B	2.4B	2.84B	3.03B	3.21B	3.28B	3.52B	3.81B	4.18B
Stock-Based Compensation	284M	292M	256M	237M	264M	301M	343M	380M	362M	288M
Deferred Taxes	452M	3.07B	-4.91B	445M	361M	488M	-787M	-271M	176M	71M
Other Non-Cash Items	25M	-158M	-1.8B	-751M	90M	-785M	-115M	997M	224M	900M
Working Capital Changes	896M	-487M	912M	-479M	-303M	718M	-888M	-337M	-1.7B	-1.65B
Change in Receivables	-349M	-202M	-253M	-650M	-420M	-651M	-1.76B	-793M	-138M	-580M
Change in Inventory	-75M	-168M	-174M	-190M	-516M	-582M	-1.14B	-261M	-314M	-150M
Change in Payables	981M	201M	882M	735M	766M	1.76B	1.84B	420M	-1.16B	-677M
Cash from Investing+	-7.15B	-4.4B	4.56B	-6.44B	-11.62B	-3.27B	-2.43B	-5.5B	-5.47B	-6.88B
Capital Expenditures	-3.04B	-2.97B	-3.28B	-4.23B	-4.24B	-4.63B	-5.21B	-5.52B	-5.32B	-4.42B
CapEx % of Revenue	4.84%	4.67%	5.08%	6.3%	6.03%	5.82%	6.03%	6.03%	5.79%	4.7%
Acquisitions	-127M	206M	-991M	-2.46B	-6.37B	108M	2.63B	-239M	-90M	-3.39B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	108M	209M	136M	-4.07B	97M	171M	262M	246M	356M	428M
Cash from Financing+	-2.94B	-4.19B	-13.77B	-8.49B	3.82B	-10.78B	-8.52B	-3.01B	-7.56B	-4.98B
Debt Issued (Net)	3.75B	2.05B	-6.96B	-355M	11.29B	-4.13B	-810M	4.77B	695M	3.75B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-4.23B	-4.47B	-4.93B	-5.3B	-5.51B	-5.82B	-6.17B	-6.68B	-7.23B	-7.64B
Share Repurchases	-3.01B	-2B	-2B	-3B	-2B	-106M	-1.5B	-1B	-1B	-1B
Other Financing	546M	241M	125M	170M	35M	-912M	66M	43M	-22M	-186M
Net Change in Cash	62M	1.45B	112M	-5.2B	2.68B	-2.55B	-607M	4.66B	-1.21B	651M
Free Cash Flow+	7.36B	7.03B	6.13B	5.42B	6.37B	6.99B	5.6B	7.92B	7.19B	7.67B
FCF Margin %	11.73%	11.06%	9.48%	8.07%	9.06%	8.8%	6.49%	8.66%	7.83%	8.17%
FCF Growth %	-5.86%	-4.6%	-12.7%	-11.67%	17.65%	9.7%	-19.84%	41.4%	-9.28%	6.72%
FCF per Share	5.07	4.89	4.30	3.85	4.58	5.03	4.04	5.73	5.22	5.60
FCF Conversion (FCF/Net Income)	1.64x	2.06x	0.75x	1.32x	1.49x	1.52x	1.21x	1.48x	1.31x	1.47x
Interest Paid	1.1B	1.12B	1.39B	1.08B	1.16B	1.18B	1.04B	1.4B	1.58B	1.75B
Taxes Paid	1.39B	1.96B	1.2B	2.23B	1.77B	1.93B	2.77B	2.53B	3.06B	3.09B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	54.49%	43.8%	97.84%	49.64%	50.11%	51.29%	53.31%	50.54%	52.04%	42.56%
Return on Invested Capital (ROIC)	19.55%	19.6%	19.48%	19.28%	16.46%	16.53%	16.73%	17.05%	17.87%	14.88%
Gross Margin	55.06%	54.67%	54.56%	55.13%	54.82%	53.35%	53.03%	54.21%	54.55%	54.15%
Net Margin	10.08%	7.65%	19.35%	10.89%	10.12%	9.59%	10.31%	9.92%	10.43%	8.77%
Debt / Equity	3.30x	3.58x	2.21x	2.19x	3.29x	2.52x	2.29x	2.40x	2.47x	2.43x
Interest Coverage	7.31x	8.93x	8.29x	11.01x	8.94x	5.99x	12.26x	14.63x	14.02x	10.26x
FCF Conversion	1.64x	2.06x	0.75x	1.32x	1.49x	1.52x	1.21x	1.48x	1.31x	1.47x
Revenue Growth	-0.41%	1.16%	1.79%	3.87%	4.78%	12.93%	8.7%	5.88%	0.42%	2.25%

PepsiCo, Inc. (PEP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare PEP vs Peers

vs KO

vs FIZZ

Compare Top 4

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

PepsiCo, Inc. (PEP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare PEP vs Peers

vs KO

vs FIZZ

Compare Top 4

Profit & Loss

Balance Sheet

Cash Flow

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