PepsiCo, Inc. (PEP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.21	$2.2	-0.5%	—	$24.2B	—
Q1 26	$1.55	$1.61	+3.9%	—	$19.4B	—
Q4 25	$2.24	$2.26	+0.9%	—	$29.3B	—
Q3 25	$2.26	$2.29	+1.3%	—	$23.9B	—
Q2 25	$2.03	$2.12	+4.4%	—	$22.7B	—
Q1 25	$1.49	$1.48	-0.7%	—	$17.9B	—
Q4 24	$1.94	$1.96	+1.0%	—	$27.8B	—
Q3 24	$2.29	$2.31	+0.9%	—	$23.3B	—
Q2 24	$2.16	$2.28	+5.6%	—	$22.5B	—
Q1 24	$1.52	$1.61	+5.9%	—	$18.3B	—
Q4 23	$1.72	$1.78	+3.5%	—	$27.9B	—
Q3 23	$2.15	$2.25	+4.7%	—	$23.5B	—
Q2 23	$1.96	$2.09	+6.6%	—	$22.3B	—
Q1 23	$1.39	$1.5	+7.9%	—	$17.8B	—
Q4 22	$1.65	$1.67	+1.2%	—	$28B	—
Q3 22	$1.85	$1.97	+6.5%	—	$22B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.03	—	—	$93.9B	—
FY24	—	$6.98	—	—	$91.9B	—
FY23	—	$6.59	—	—	$91.5B	—
FY22	—	$6.47	—	—	$86.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$62.8B	$63.5B	$64.7B	$67.2B	$70.4B	$79.5B	$86.4B	$91.5B	$91.9B	$93.9B
YoY change	-0.41%	+1.16%	+1.79%	+3.87%	+4.78%	+12.9%	+8.7%	+5.88%	+0.42%	+2.25%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	62.8B	63.5B	64.7B	67.2B	70.4B	79.5B	86.4B	91.5B	91.9B	93.9B
Cost of revenue	28.2B	28.8B	29.4B	30.1B	31.8B	37.1B	40.6B	41.9B	41.7B	43.1B
Gross profit	34.6B	34.7B	35.3B	37B	38.6B	42.4B	45.8B	49.6B	50.1B	50.9B
Gross margin	55.1%	54.7%	54.6%	55.1%	54.8%	53.3%	53%	54.2%	54.6%	54.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	24.8B	24.5B	25.2B	26.7B	28.5B	31.2B	34.5B	36.7B	37.2B	37.4B
Operating expenses	24.8B	24.5B	25.2B	26.7B	28.5B	31.2B	34.5B	36.7B	37.2B	37.4B
Operating income	9.8B	10.3B	10.1B	10.3B	10.1B	11.2B	11.4B	12.9B	12.9B	13.5B
Operating margin	15.6%	16.2%	15.6%	15.3%	14.4%	14%	13.1%	14.1%	14.1%	14.4%
Non-operating income, net	-19M	233M	298M	-44M	75M	522M	287M	-677M	-55M	-2.1B
Pretax income	8.6B	9.6B	9.2B	9.3B	9.1B	9.8B	10.7B	11.4B	11.9B	10.2B
Income tax	2.2B	4.7B	-3.4B	2B	1.9B	2.1B	1.7B	2.3B	2.3B	1.9B
Net income	6.4B	4.9B	12.6B	7.4B	7.2B	7.7B	9B	9.2B	9.6B	8.3B
Net margin	10.2%	7.73%	19.4%	10.9%	10.2%	9.66%	10.4%	10%	10.5%	8.83%
EBITDA	12.3B	13.1B	12.8B	13.1B	13.3B	14.9B	14.8B	16.7B	16.7B	17.5B
EPS	4.43	3.42	8.84	5.26	5.16	5.51	6.47	6.59	6.98	6.03
Diluted EPS	4.36	3.38	8.78	5.2	5.12	5.49	6.42	6.56	6.95	6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	23.5B	27.9B	18.3B	22.5B	23.3B	27.8B	17.9B	22.7B	23.9B	29.3B	19.4B	24.2B
Cost of revenue	10.7B	13.1B	8.2B	9.9B	10.4B	13.2B	7.9B	10.3B	11.1B	13.7B	8.7B	11.1B
Gross profit	12.8B	14.8B	10B	12.6B	12.9B	14.6B	10B	12.4B	12.8B	15.6B	10.7B	13.1B
Gross margin	54.5%	53%	54.8%	55.9%	55.4%	52.6%	55.8%	54.7%	53.6%	53.2%	55.2%	54.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.8B	12.1B	7.3B	8.5B	9.1B	12.3B	7.4B	8.8B	9.1B	12.1B	7.5B	9.1B
Operating expenses	8.8B	12.1B	7.3B	8.5B	9.1B	12.3B	7.4B	8.8B	9.1B	12.1B	7.5B	9.1B
Operating income	4B	2.6B	2.7B	4B	3.9B	2.3B	2.6B	3.6B	3.7B	3.6B	3.2B	4B
Operating margin	17.1%	9.35%	14.9%	18%	16.6%	8.22%	14.4%	16.1%	15.5%	12.1%	16.5%	16.6%
Non-operating income, net	62M	-854M	58M	56M	41M	-210M	23M	-1.8B	-107M	-224M	58M	59M
Pretax income	3.9B	1.5B	2.6B	3.9B	3.7B	1.8B	2.3B	1.6B	3.3B	3B	3B	3.9B
Income tax	760M	209M	520M	776M	749M	275M	499M	292M	713M	445M	632M	848M
Net income	3.1B	1.3B	2.1B	3.1B	2.9B	1.5B	1.8B	1.3B	2.6B	2.6B	2.3B	3B
Net margin	13.3%	4.75%	11.2%	13.8%	12.6%	5.52%	10.3%	5.63%	10.9%	8.71%	12%	12.4%
EBITDA	4.9B	3.8B	3.5B	5B	4.8B	3.3B	3.4B	4.7B	4.7B	4.7B	4.2B	5.2B
EPS	2.25	0.95	1.49	2.24	2.13	1.11	1.34	0.92	1.9	1.86	1.7	2.18
Diluted EPS	2.24	0.94	1.48	2.23	2.13	1.11	1.33	0.92	1.9	1.85	1.7	2.18

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	149.4B	170.3B	156.3B	190.1B	204.7B	240.2B	248.8B	233.7B	208.6B	196.2B	175.5B
Enterprise value	170.2B	190.1B	179.7B	216.9B	239.7B	275B	283B	268.4B	244.3B	236.6B	218.2B
Shares outstanding	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.4	34.7	12.4	25.9	28.5	31.3	27.7	25.5	21.7	23.7	16.8
P/S	2.38	2.68	2.42	2.83	2.91	3.02	2.88	2.55	2.27	2.09	1.81
P/B	13.3	15.5	10.7	12.8	15.1	14.9	14.4	12.5	11.5	9.55	7.93
EV/EBITDA	13.9	14.5	14	16.6	18.1	18.5	19.2	16.1	14.6	13.5	11.6
EV/Sales	2.71	2.99	2.78	3.23	3.41	3.46	3.28	2.93	2.66	2.52	2.25
Earnings yield	4.27%	2.88%	8.03%	3.87%	3.51%	3.2%	3.61%	3.92%	4.61%	4.23%	5.95%
FCF yield	5.1%	4.15%	3.92%	2.85%	3.11%	2.91%	2.25%	3.39%	3.45%	3.91%	4.46%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.1%	54.7%	54.6%	55.1%	54.8%	53.3%	53%	54.2%	54.6%	54.1%	54.2%
Operating margin	15.6%	16.2%	15.6%	15.3%	14.4%	14%	13.1%	14.1%	14.1%	14.4%	16.8%
Net margin	10.2%	7.73%	19.4%	10.9%	10.2%	9.66%	10.4%	10%	10.5%	8.83%	10.8%
ROE	57%	44.7%	86%	49.5%	52.9%	47.5%	52%	49.1%	53%	40.4%	51.5%
ROA	8.68%	6.15%	16.2%	9.36%	7.72%	8.31%	9.74%	9.11%	9.68%	7.72%	8.93%
ROIC	22.8%	17.1%	26.7%	19.5%	16.5%	17.1%	18.5%	19.4%	19.3%	17.9%	17.9%
Return on tangible assets	35.9%	21.7%	76.7%	47.6%	42.8%	42%	36.5%	26%	27.7%	21%	24.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.25	1.51	0.99	0.86	0.98	0.83	0.8	0.85	0.82	0.85	0.93
Quick ratio	1.12	1.37	0.85	0.7	0.81	0.66	0.61	0.68	0.65	0.67	0.74
Debt / equity	3.3	3.58	2.21	2.19	3.29	2.52	2.29	2.4	2.47	2.43	2.39
Debt / assets	0.5	0.49	0.42	0.41	0.48	0.44	0.43	0.44	0.45	0.46	0.47
Net debt / EBITDA	1.7	1.51	1.82	2.05	2.64	2.34	2.32	2.08	2.13	2.3	2.26
Interest coverage	7.37	9.34	8.54	11	9.04	6.27	12.4	14.9	14	10.1	12.7
Effective tax rate	25.4%	48.9%	0%	21%	20.9%	21.8%	16.1%	19.8%	19.4%	19%	20.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	44	44.7	45.7	48.3	51	57.5	62.7	66.5	66.9	68.7	70.9
EPS (basic)	4.43	3.42	8.84	5.26	5.16	5.51	6.47	6.59	6.98	6.03	6.03
EPS (diluted)	4.36	3.38	8.78	5.2	5.12	5.49	6.42	6.56	6.95	6	7.63
Book value per share	7.84	7.73	10.3	10.7	9.82	11.7	12.5	13.5	13.2	15	16.2
FCF per share	5.34	4.97	4.33	3.89	4.62	5.05	4.07	5.76	5.24	5.61	6.78
Cash per share	11.3	13.7	6.36	4.13	6.92	4.33	3.88	7.27	6.75	6.97	7.85
Capex per share	0.07	0.13	0.09	0.12	0.04	0.12	0.18	0.14	0.25	3.23	3.05

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.16%	0.28%	0.21%	0.25%	0.08%	0.21%	0.29%	0.22%	0.37%	4.7%	4.31%
Capex / operating cash flow	1.01%	1.78%	1.51%	1.73%	0.53%	1.43%	2.46%	1.64%	2.87%	36.5%	31%
Payout ratio	66.3%	91.1%	39.3%	72.1%	76.8%	75.7%	68.7%	73%	75.1%	92.1%	75.3%
Dividend yield	2.83%	2.63%	3.15%	2.79%	2.69%	2.42%	2.48%	2.86%	3.47%	3.89%	4.61%

Yield

4.61%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.48

ex-dividend Sep 4, 2026

Payout ratio

75%

of earnings

Dividend growth

27 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$1.48
Jun 5, 2026	$1.48
Mar 6, 2026	$1.4225

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$23.5B	$27.9B	$18.3B	$22.5B	$23.3B	$27.8B	$17.9B	$22.7B	$23.9B	$29.3B	$19.4B	$24.2B
YoY change	+6.75%	-0.52%	+2.26%	+0.8%	-0.57%	-0.24%	-1.81%	+1%	+2.65%	+5.61%	+8.5%	+6.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	16.1B	19.5B	9B	5.7B	9.6B	6B	5.3B	10B	9.3B	9.5B
Receivables	5.7B	6B	6.1B	6.4B	6.9B	7.2B	8.2B	8.7B	8.5B	9.3B
Inventory	2.7B	2.9B	3.1B	3.3B	4.2B	4.3B	5.2B	5.3B	5.3B	5.8B
Total current assets	26.4B	31B	21.9B	17.6B	23B	21.8B	21.5B	26.9B	25.8B	27.9B
Property, plant & equipment	8.3B	8.4B	8.6B	11.5B	12.8B	14.1B	15.8B	18.4B	19.5B	19.8B
Goodwill & intangibles	55.7B	57.2B	61.3B	63.1B	76.1B	74.1B	67.6B	65.3B	64.7B	68B
Total assets	73.5B	79.8B	77.6B	78.5B	92.9B	92.4B	92.2B	100.5B	99.5B	107.4B
Accounts payable	6.2B	6.7B	7.2B	8B	8.9B	9.8B	10.7B	11.6B	11B	11.7B
Short-term debt	6.9B	5.5B	4B	3.4B	4.2B	4.8B	3.9B	7.1B	7.7B	7.6B
Total current liabilities	21.1B	20.5B	22.1B	20.5B	23.4B	26.2B	26.8B	31.6B	31.5B	32.8B
Long-term debt	30.1B	33.8B	28.3B	29.1B	40.4B	36B	35.7B	37.6B	37.2B	42.3B
Total liabilities	62.3B	68.8B	63B	63.7B	79.4B	76.2B	74.9B	81.9B	81.3B	86.9B
Shareholders' equity	11.2B	11B	14.6B	14.9B	13.6B	16.2B	17.3B	18.6B	18.2B	20.5B
Total debt	36.9B	39.3B	32.3B	32.5B	44.6B	40.8B	39.6B	44.7B	44.9B	49.9B
Net debt	27.8B	28.7B	23.6B	27B	36.4B	35.2B	34.6B	35B	36.4B	40.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	10.3B	10B	8.3B	6.7B	8.1B	9.3B	8.6B	8B	8.7B	9.5B	10.8B	10.7B
Receivables	12B	8.7B	11.1B	12.1B	12.3B	8.5B	11.2B	12.6B	12.9B	9.3B	12.4B	13.7B
Inventory	5.6B	5.3B	5.6B	5.9B	5.6B	5.3B	5.7B	6.5B	6.1B	5.8B	6.2B	6.7B
Total current assets	28.6B	26.9B	26B	25.7B	26.9B	25.8B	26.3B	28.2B	28.7B	27.9B	30.9B	32.8B
Property, plant & equipment	-26.7B	18.4B	-27.7B	-28B	-28.3B	19.5B	-28.7B	-29.7B	-30.3B	19.8B	-31.7B	-32.2B
Goodwill & intangibles	66.8B	65.3B	65B	64.9B	65.1B	64.7B	67.5B	69B	67.4B	68B	68.3B	68.5B
Total assets	100B	100.5B	100B	99.5B	100.5B	99.5B	101.7B	105.3B	106.6B	107.4B	110.6B	112.2B
Accounts payable	23.7B	11.6B	22.1B	22.9B	23.8B	11B	22.4B	24.3B	24.8B	11.7B	24.3B	24.5B
Short-term debt	8.9B	7.1B	8.2B	8.3B	6.5B	7.7B	9.1B	12.1B	6.7B	7.6B	10.2B	10.6B
Total current liabilities	32.7B	31.6B	30.2B	31.1B	30.3B	31.5B	31.5B	36.4B	31.5B	32.8B	34.5B	35.1B
Long-term debt	35.8B	37.6B	37.7B	36.6B	38.5B	37.2B	39.4B	39.3B	44.1B	42.3B	42.6B	42.6B
Total liabilities	81B	81.9B	80.8B	80B	80.9B	81.3B	83.2B	86.8B	87B	86.9B	89.1B	89.9B
Shareholders' equity	19B	18.6B	19.2B	19.6B	19.6B	18.2B	18.5B	18.6B	19.5B	20.5B	21.5B	22.3B
Total debt	44.8B	44.7B	45.9B	44.9B	45B	44.9B	48.5B	51.4B	50.8B	49.9B	52.7B	53.2B
Net debt	34.8B	35B	37.8B	38.6B	37.7B	36.4B	40.3B	43.8B	42.7B	40.7B	42.3B	43B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6.4B	4.9B	12.6B	7.4B	7.2B	7.7B	9B	9.2B	9.6B	8.3B
Depreciation & amortization	2.4B	2.4B	2.4B	2.8B	3B	3.2B	3.3B	3.5B	3.8B	4.2B
Stock-based compensation	284M	292M	256M	237M	264M	301M	343M	380M	362M	288M
Change in working capital	557M	-169M	455M	-105M	-170M	529M	-1.1B	-634M	-1.6B	-1.4B
Operating cash flow	9.8B	10.1B	8.9B	9.8B	10.4B	11.6B	10.2B	12.1B	11.9B	12.1B
Capital expenditure	99M	180M	134M	170M	55M	166M	251M	198M	342M	-4.4B
Investing cash flow	-4.1B	-1.4B	7.8B	-2.2B	-7.4B	1.4B	2.8B	23M	-154M	-7.4B
Dividends paid	-4.2B	-4.5B	-4.9B	-5.3B	-5.5B	-5.8B	-6.2B	-6.7B	-7.2B	-7.6B
Share repurchases	-3B	-2B	-2B	-3B	-2B	-106M	-1.5B	-1B	-1B	-1B
Financing cash flow	-3.7B	-5.8B	-15.4B	-8.8B	-23M	-11.4B	-10.6B	-6.3B	-13.4B	-13B
Net change in cash	2B	2.9B	1.3B	-1.2B	3B	1.6B	2.3B	5.8B	-1.6B	-8.3B
Free cash flow	7.6B	7.1B	6.1B	5.4B	6.4B	7B	5.6B	7.9B	7.2B	7.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.1B	1.3B	2.1B	3.1B	2.9B	1.5B	1.8B	1.3B	2.6B	2.6B	2.3B	3B
Depreciation & amortization	841M	1.2B	768M	889M	899M	1.3B	829M	977M	998M	1.4B	904M	1.1B
Stock-based compensation	88M	113M	97M	86M	77M	102M	77M	54M	76M	81M	93M	69M
Change in working capital	1.1B	2.4B	-3.8B	-1B	477M	2.7B	-3.2B	-1.2B	622M	2.4B	-2.7B	-1.2B
Operating cash flow	5.1B	4.6B	-953M	2.9B	4.5B	5.5B	-939M	600M	4.5B	6.6B	41M	2.3B
Capital expenditure	9M	67M	7M	120M	50M	165M	132M	37M	-992M	-1.9B	-447M	-819M
Investing cash flow	68M	-135M	52M	195M	-362M	-39M	-629M	-2B	-1.2B	-1.9B	-490M	-973M
Dividends paid	-1.7B	-1.7B	-1.8B	-1.7B	-1.9B	-1.9B	-1.9B	-1.9B	-1.9B	-1.9B	-2B	-1.9B
Share repurchases	-298M	-249M	-146M	-315M	-299M	-240M	-183M	-311M	-258M	-248M	-182M	-297M
Financing cash flow	-1.7B	-5.2B	-1.7B	-3.5B	-4.5B	-3.8B	-401M	-281M	-5.8B	-6.5B	893M	-2.9B
Net change in cash	3.5B	-693M	-2.6B	-409M	-300M	1.7B	-2B	-1.7B	-2.6B	-1.8B	444M	-1.5B
Free cash flow	4.6B	2.8B	-1.7B	1.3B	3.8B	3.8B	-1.6B	1.1B	3.5B	4.7B	-406M	1.5B

Date	Ratio
May 29, 1996	2:1
Sep 5, 1990	3:1
May 29, 1986	3:1
May 31, 1977	3:1

PepsiCo, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history