PepsiCo
PEP Nasdaq Soft Drinks & Non-alcoholic Beverages Financials FY2016–FY2025
PepsiCo's revenue rose 2.2% to $93.9 billion in fiscal 2025. Its operating margin was 12.2%, down from 14.0% a year earlier. Free cash flow was $7.7 billion, up 6.7%. It paid out $8.6 billion in dividends and buybacks, 113% of free cash flow. The diluted share count fell 0.4%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What PepsiCo does
PepsiCo makes and sells snacks and drinks in more than 200 countries and territories. Its brands include Lay's, Doritos, Cheetos, Tostitos and Quaker foods, and Pepsi, Mountain Dew, Gatorade, Aquafina and SodaStream drinks. It sells to grocery stores, big-box chains, convenience and dollar stores, restaurants and vending operators, and sells drink concentrate to independent bottlers, which make and sell the finished drinks in their own areas.
It reports six segments: foods in North America, drinks in North America, an international drinks business that mostly sells concentrate to bottlers, and three regional segments for Europe, the Middle East and Africa, Latin America, and Asia Pacific. Drinks made up 42% of revenue in 2025 and snacks and other foods 58%. Sales outside the United States brought in 44%. Sales to Walmart and its Sam's Club stores made up about 14% of revenue. PepsiCo says Coca-Cola is its main drink competitor in many countries, and it also names Keurig Dr Pepper, Kraft Heinz, Mars, Mondelēz, Monster, Nestlé and Red Bull, along with store brands.
PepsiCo employed about 306,000 people at the end of 2025, about 125,000 of them in the United States. It delivers many products straight to store shelves with its own trucks and staff. It also distributes drinks owned by others, such as Celsius energy drinks and some Dr Pepper brands, and makes ready-to-drink teas and coffees through joint ventures with Unilever and Starbucks.
- Legal name
- PEPSICO INC
- Fiscal year ends
- December 27, 2025
- Latest annual report
- 10-K · Feb 3, 2026
- Accession · CIK
- 0000077476-26-000007
0000077476
Revenue and margins
PepsiCo had $93.9B of revenue in fiscal 2025, up 2.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.7B in fiscal 2025, 8.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
PepsiCo returned $8.6B to shareholders in fiscal 2025, 113% of free cash flow. The diluted share count fell 0.4%.
Value PepsiCo yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$39.7B and divides by 1,373.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.1x · peers — · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably PepsiCo can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.0B | $5.3B | $10.0B | $9.3B | $9.5B |
| Debt incl. finance leases | $40.3B | $39.1B | $44.1B | $44.3B | $49.2B |
| Net debt / EBITDA | 2.5x | 2.4x | 2.3x | 2.2x | 2.7x |
| Debt / equity | 2.5x | 2.3x | 2.4x | 2.5x | 2.4x |
| Interest coverage | 6.0x | 12.3x | 14.6x | 14.0x | 10.3x |
| Current ratio | 0.8x | 0.8x | 0.9x | 0.8x | 0.9x |
| Quick ratio | 0.7x | 0.6x | 0.7x | 0.7x | 0.7x |
| Total assets | $92.4B | $92.2B | $100.5B | $99.5B | $107.4B |
| Total liabilities | $76.2B | $74.9B | $81.9B | $81.3B | $86.9B |
| Shareholders' equity | $16.0B | $17.1B | $18.5B | $18.0B | $20.4B |
| Net debt (− = net cash) | $34.3B | $33.7B | $34.1B | $35.0B | $39.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$23.7M
1 insider
Sold, 12 months
$6.2M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 14, 2026 | Robert C PohladDirector | Bought | 184,646 | $128.28 | $23.7M | Form 4 |
| Jul 27, 2026 | David FlavellEVP, Gen Counsel & Corp Sec | Sold | 2,900 | $139.54 | $0.4M | Form 4 |
| Mar 4, 2026 | Eugene WillemsenCEO, International Beverages | Sold | 6,500 | $164.45 | $1.1M | Form 4 |
| Mar 2, 2026 | Ramon LaguartaChairman and CEO, Director | Sold | 27,945 | $167.39 | $4.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 8 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −4.5% | −2.9% | −3.7% |
| Altman Z'' | 3.01 | 3.10 | 2.88 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| PepsiCo PEP | $185.6B | 2.3% | 12.2% | 8.2% | 16.4% | 17.1x | 6 | |
| Coca-Cola KO | $400.0B | 1.9% | 28.7% | 11.1% | 18.3% | 29.2x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $62.8B | $63.5B | $64.7B | $67.2B | $70.4B | $79.5B | $86.4B | $91.5B | $91.9B | $93.9B |
| Gross profit | $34.6B | $34.7B | $35.3B | $37.0B | $38.6B | $42.4B | $45.8B | $49.6B | $50.1B | $50.9B |
| Research and development | $760M | $737M | $680M | $711M | $719M | $752M | $771M | $804M | $813M | $839M |
| Operating income | $9.8B | $10.3B | $10.1B | $10.3B | $10.1B | $11.2B | $11.5B | $12.0B | $12.9B | $11.5B |
| Interest expense | $1.3B | $1.2B | $1.2B | $935M | $1.1B | $1.9B | $939M | $819M | $919M | $1.1B |
| 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 | $2.0B | $1.9B | $2.1B | $1.7B | $2.3B | $2.3B | $1.9B |
| Net income | $6.3B | $4.9B | $12.5B | $7.3B | $7.1B | $7.6B | $8.9B | $9.1B | $9.6B | $8.2B |
| Diluted EPS | $4.36 | $3.38 | $8.78 | $5.20 | $5.12 | $5.49 | $6.42 | $6.56 | $6.95 | $6.00 |
| Diluted shares | 1.45B | 1.44B | 1.43B | 1.41B | 1.39B | 1.39B | 1.39B | 1.38B | 1.38B | 1.37B |
| Cash flow | ||||||||||
| Cash from operations | $10.7B | $10.0B | $9.4B | $9.6B | $10.6B | $11.6B | $10.8B | $13.4B | $12.5B | $12.1B |
| Capital expenditure | $3.0B | $3.0B | $3.3B | $4.2B | $4.2B | $4.6B | $5.2B | $5.5B | $5.3B | $4.4B |
| Free cash flow | $7.6B | $7.1B | $6.1B | $5.4B | $6.4B | $7.0B | $5.6B | $7.9B | $7.2B | $7.7B |
| Depreciation and amortization | $2.4B | $2.4B | $2.4B | $2.4B | $2.5B | $2.7B | $2.8B | $2.9B | $3.2B | $3.5B |
| Stock-based compensation | $284M | $292M | $256M | $237M | $264M | $301M | $343M | $380M | $362M | $288M |
| Acquisitions | $212M | $61.0M | $1.5B | $2.7B | $6.4B | $61.0M | $873M | $314M | $256M | $3.4B |
| Share buybacks | $3.0B | $2.0B | $2.0B | $3.0B | $2.0B | $106M | $1.5B | $1.0B | $1.0B | $1.0B |
| Dividends paid | $4.2B | $4.5B | $4.9B | $5.3B | $5.5B | $5.8B | $6.2B | $6.7B | $7.2B | $7.6B |
| Dividends and buybacks | $7.2B | $6.5B | $6.9B | $8.3B | $7.5B | $5.9B | $7.7B | $7.7B | $8.2B | $8.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $16.1B | $19.5B | $9.0B | $5.7B | $9.6B | $6.0B | $5.3B | $10.0B | $9.3B | $9.5B |
| Total debt | $36.9B | $39.3B | $32.3B | $32.1B | $44.2B | $40.3B | $39.1B | $44.1B | $44.3B | $49.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $26.5B | $31.0B | $21.9B | $17.6B | $23.0B | $21.8B | $21.5B | $27.0B | $25.8B | $27.9B |
| Current liabilities | $21.1B | $20.5B | $22.1B | $20.5B | $23.4B | $26.2B | $26.8B | $31.6B | $31.5B | $32.8B |
| Inventory | $2.7B | $2.9B | $3.1B | $3.3B | $4.2B | $4.3B | $5.2B | $5.3B | $5.3B | $5.8B |
| Property and equipment, net | $16.6B | $17.2B | $17.6B | $19.3B | $21.4B | $22.4B | $24.3B | $27.0B | $28.0B | $29.9B |
| Total assets | $73.5B | $79.8B | $77.6B | $78.5B | $92.9B | $92.4B | $92.2B | $100.5B | $99.5B | $107.4B |
| Total liabilities | $62.3B | $68.8B | $63.0B | $63.7B | $79.4B | $76.2B | $74.9B | $81.9B | $81.3B | $86.9B |
| Shareholders' equity | $11.2B | $11.0B | $14.5B | $14.8B | $13.5B | $16.0B | $17.1B | $18.5B | $18.0B | $20.4B |
| Margins | ||||||||||
| Gross margin | 55.1% | 54.7% | 54.6% | 55.1% | 54.8% | 53.4% | 53.0% | 54.2% | 54.6% | 54.2% |
| Operating margin | 15.6% | 16.2% | 15.6% | 15.3% | 14.3% | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% |
| EBITDA margin | 19.4% | 19.9% | 19.4% | 18.9% | 17.9% | 17.5% | 16.5% | 16.3% | 17.5% | 15.9% |
| Net margin | 10.1% | 7.7% | 19.4% | 10.9% | 10.1% | 9.6% | 10.3% | 9.9% | 10.4% | 8.8% |
| FCF margin | 12.1% | 11.1% | 9.5% | 8.1% | 9.1% | 8.8% | 6.5% | 8.7% | 7.8% | 8.2% |
| Returns | ||||||||||
| Return on capital | 22.4% | 16.7% | 29.4% | 20.5% | 17.9% | 17.7% | 19.0% | 18.5% | 19.6% | 16.4% |
| Return on capital employed | 18.8% | 18.4% | 17.6% | 18.1% | 15.8% | 16.5% | 17.5% | 17.9% | 18.8% | 16.1% |
| Return on equity | 54.3% | 43.6% | 97.9% | 49.9% | 50.4% | 51.7% | 53.7% | 50.9% | 52.4% | 42.9% |
| Return on assets | 8.8% | 6.3% | 15.9% | 9.4% | 8.3% | 8.2% | 9.7% | 9.4% | 9.6% | 8.0% |
| Growth | ||||||||||
| Revenue growth | −0.4% | 1.2% | 1.8% | 3.9% | 4.8% | 12.9% | 8.7% | 5.9% | 0.4% | 2.3% |
| Net income growth | 16.1% | −23.3% | 157.7% | −41.6% | −2.7% | 7.0% | 17.0% | 1.8% | 5.6% | −14.0% |
| EPS growth | 18.8% | −22.5% | 159.8% | −40.8% | −1.5% | 7.2% | 16.9% | 2.2% | 6.0% | −13.7% |
| FCF growth | −6.0% | −7.4% | −13.1% | −11.7% | 17.7% | 9.7% | −19.8% | 41.4% | −9.3% | 6.7% |
| Share count change | −2.2% | −1.0% | −0.9% | −1.3% | −1.1% | −0.2% | −0.1% | −0.3% | −0.4% | −0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.7x | 1.6x | 1.9x | 2.1x | 2.7x | 2.5x | 2.4x | 2.3x | 2.2x | 2.7x |
| Debt / equity | 3.3x | 3.6x | 2.2x | 2.2x | 3.3x | 2.5x | 2.3x | 2.4x | 2.5x | 2.4x |
| Interest coverage | 7.3x | 8.9x | 8.3x | 11.0x | 8.9x | 6.0x | 12.3x | 14.6x | 14.0x | 10.3x |
| Current ratio | 1.3x | 1.5x | 1.0x | 0.9x | 1.0x | 0.8x | 0.8x | 0.9x | 0.8x | 0.9x |
| Quick ratio | 1.1x | 1.4x | 0.9x | 0.7x | 0.8x | 0.7x | 0.6x | 0.7x | 0.7x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.8% | 4.7% | 5.1% | 6.3% | 6.0% | 5.8% | 6.0% | 6.0% | 5.8% | 4.7% |
| Stock comp / revenue | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% |
| Payouts / FCF | 94.8% | 91.7% | 113.0% | 153.3% | 117.8% | 84.7% | 136.9% | 97.0% | 114.5% | 112.6% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 6.0 | 5.0 | 6.0 | 6.0 | 5.0 | 7.0 | 8.0 | 6.0 | 6.0 |
| Altman Z'' | 3.9 | 4.1 | 3.6 | 3.5 | 3.1 | 3.0 | 3.1 | 3.0 | 3.1 | 2.9 |
| Accruals ratio | −6.1% | −6.8% | 3.9% | −3.0% | −4.1% | −4.3% | −2.1% | −4.5% | −2.9% | −3.7% |
Source: SEC EDGAR XBRL filings (CIK 0000077476). Data updated October 13, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.