PEP
SP100NasdaqGSPepsiCo, Inc.
Consumer Defensive · Beverages - Non-Alcoholic · United States
PepsiCo, Inc. engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company operates through six segments: PepsiCo Foods North America; PepsiCo Beverages North America; International Beverages Franchise; Europe, Middle East and Africa; Latin America Foods; and Asia Pacific Foods. It offers cereals, chips, dips, granola bars, oatmeal, pasta, rice, and syrups and mixes; refrigerated dips and spreads; beverage concentrates, fountain syrups, and finished goods; and ready-to-drink tea and coffee products. The company also provides SodaStream sparkling water makers and related products, as well as various dairy products under the Agusha, Chudo, and Domik v Derevne brands. 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. PepsiCo, Inc. was founded in 1898 and is based in Purchase, New York.
www.pepsico.com ↗Shares trade at a moderate 22.6× trailing earnings, easing to 15.9× on forward estimates. Profitability shows a net margin of 9.1% and return on equity of 43.9%. Leverage is elevated at 2.2× net debt/EBITDA. Revenue grew 8.5% year-on-year. It yields 4.1% in dividends. The mean analyst target of USD165.55 sits 14.8% above the current price (Hold, 22 analysts).
business model
PepsiCo is a global food and beverage company that generates revenue by manufacturing, marketing, and distributing snacks and beverages, including a large convenient-foods (snacks) business alongside carbonated and non-carbonated drinks. It operates through owned and franchise bottling and direct-store-delivery systems, monetizing scale brands across retail, foodservice, and away-from-home channels.
revenue segments
Revenue is organized geographically and by division, including Frito-Lay North America, Quaker Foods North America, PepsiCo Beverages North America, and international segments covering Europe, Latin America, Africa/Middle East/South Asia, and Asia Pacific. Snacks and convenient foods contribute a large share of profit alongside beverages.
key dependencies
Depends on brand strength, retail shelf access, commodity inputs (grains, oils, packaging, aluminum, energy), an extensive distribution network, and consumer purchasing power. Pricing power and promotional strategy are critical to offsetting input-cost inflation and shifting consumer preferences.
competitors
Competes with Coca-Cola and Keurig Dr Pepper in beverages, and with Mondelez, Kellanova, General Mills, Campbell, and private-label brands in snacks and packaged foods. It also faces competition from smaller better-for-you and regional brands.
moat
Its moat comes from globally recognized brands, massive scale in manufacturing and direct-store-delivery distribution, deep retailer relationships, and marketing reach that are difficult for smaller players to replicate. The combined snacks-and-beverage portfolio provides diversification and cross-selling leverage.
risks
Risks include commodity and packaging cost inflation, currency volatility from large international exposure, shifting consumer preferences toward healthier options and away from sugary drinks and salty snacks, regulatory scrutiny of sugar and packaging, and volume softness when pricing outpaces consumer tolerance.
Financials & metrics
as of 27 Aug 2026Price is closer to the low end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $93.92B | $91.85B | $91.47B | $86.39B | — |
| Cost of revenue | $43.07B | $41.74B | $41.88B | $40.58B | — |
| Gross profit | $50.86B | $50.11B | $49.59B | $45.82B | — |
| Operating expense | $37.37B | $37.19B | $36.68B | $34.46B | — |
| Operating income | $13.49B | $12.92B | $12.91B | $11.36B | — |
| Interest expense | $1.12B | $919.00M | $819.00M | $939.00M | — |
| Pretax income | $10.24B | $11.95B | $11.42B | $10.71B | — |
| Tax provision | $1.95B | $2.32B | $2.26B | $1.73B | — |
| Net income | $8.24B | $9.58B | $9.07B | $8.91B | — |
| EBITDA | $15.54B | $16.68B | $15.75B | $14.92B | — |
| Diluted EPS | $6.00 | $6.95 | $6.56 | $6.42 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $107.40B | $99.47B | $100.50B | $92.19B | — |
| Current assets | $27.95B | $25.83B | $26.95B | $21.54B | — |
| Cash & equivalents | $9.16B | $8.51B | $9.71B | $4.95B | — |
| Inventory | $5.84B | $5.31B | $5.33B | $5.22B | — |
| Total liabilities | $86.85B | $81.30B | $81.86B | $74.91B | — |
| Current liabilities | $32.76B | $31.54B | $31.65B | $26.79B | — |
| Total debt | $49.90B | $44.95B | $44.66B | $39.55B | — |
| Long-term debt | $42.32B | $37.22B | $37.59B | $35.66B | — |
| Shareholders' equity | $20.41B | $18.04B | $18.50B | $17.15B | — |
| Retained earnings | $72.79B | $72.27B | $70.03B | $67.80B | — |
| Working capital | -$4.82B | -$5.71B | -$4.70B | -$5.25B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $12.09B | $12.51B | $13.44B | $10.81B | — |
| Investing cash flow | -$6.88B | -$5.47B | -$5.50B | -$2.43B | — |
| Financing cash flow | -$4.98B | -$7.56B | -$3.01B | -$8.52B | — |
| Capital expenditure | -$4.42B | -$5.32B | -$5.52B | -$5.21B | — |
| Free cash flow | $7.67B | $7.19B | $7.92B | $5.60B | — |
| Dividends paid | -$7.64B | -$7.23B | -$6.68B | -$6.17B | — |
| Share buybacks | -$1.00B | -$1.00B | -$1.00B | -$1.50B | — |
| End cash position | $9.20B | $8.55B | $9.76B | $5.10B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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