Coca-Cola
KO · Soft Drinks & Non-alcoholic Beverages
$92.71
2.8%PepsiCo
PEP · Soft Drinks & Non-alcoholic Beverages
$135.77
2.2%The short version
- PepsiCo is the larger business, with $93.9B of revenue in fiscal 2025 against $47.9B for Coca-Cola, about 2.0 times as much.
- Coca-Cola kept more of each dollar of sales as operating profit (28.7% operating margin, against 12.2% operating margin).
- Coca-Cola turned more of its sales into free cash flow (11.1% FCF margin, against 8.2% FCF margin).
- Coca-Cola earned a higher return on the capital invested in it (18.3%, against 16.4%).
- Investors pay more for each dollar of Coca-Cola’s earnings: a P/E of 29.2x against 17.1x for PepsiCo.
| Latest fiscal year | KO · FY25 | PEP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $400.0B | $185.6B |
| Revenue | $47.9B | $93.9B |
| Free cash flow | $5.3B | $7.7B |
| Net income | $13.1B | $8.2B |
| Growth | ||
| Revenue growth | 1.9% | 2.3% |
| 5-year growth | 7.8% | 5.9% |
| Share count change | −0.2% | −0.4% |
| Profitability | ||
| Gross margin | 61.6% | 54.2% |
| Operating margin | 28.7% | 12.2% |
| Net margin | 27.3% | 8.8% |
| FCF margin | 11.1% | 8.2% |
| Return on capital | 18.3% | 16.4% |
| Return on equity | 46.0% | 42.9% |
| Balance sheet | ||
| Net debt | $31.6B | $39.7B |
| Net debt / EBITDA | 2.1x | 2.7x |
| Dividends and buybacks | $9.5B | $8.6B |
| Valuation & quality | ||
| P/E | 29.2x | 17.1x |
| Piotroski F-score | 7 | 6 |
FY16
KO $41.9B
PEP $62.8B
FY17
KO $36.2B
PEP $63.5B
FY18
KO $34.3B
PEP $64.7B
FY19
KO $37.3B
PEP $67.2B
FY20
KO $33.0B
PEP $70.4B
FY21
KO $38.7B
PEP $79.5B
FY22
KO $43.0B
PEP $86.4B
FY23
KO $45.8B
PEP $91.5B
FY24
KO $47.1B
PEP $91.9B
FY25
KO $47.9B
PEP $93.9B
KO
PEP
FY16
KO 20.7%
PEP 15.6%
FY17
KO 21.4%
PEP 16.2%
FY18
KO 26.7%
PEP 15.6%
FY19
KO 27.1%
PEP 15.3%
FY20
KO 27.3%
PEP 14.3%
FY21
KO 26.7%
PEP 14.0%
FY22
KO 25.4%
PEP 13.3%
FY23
KO 24.7%
PEP 13.1%
FY24
KO 21.2%
PEP 14.0%
FY25
KO 28.7%
PEP 12.2%
KO
PEP
FY16
KO $6.5B
PEP $7.6B
FY17
KO $5.3B
PEP $7.1B
FY18
KO $6.1B
PEP $6.1B
FY19
KO $8.4B
PEP $5.4B
FY20
KO $8.7B
PEP $6.4B
FY21
KO $11.3B
PEP $7.0B
FY22
KO $9.5B
PEP $5.6B
FY23
KO $9.7B
PEP $7.9B
FY24
KO $4.7B
PEP $7.2B
FY25
KO $5.3B
PEP $7.7B
KO
PEP
FY16
KO 13.3%
PEP 22.4%
FY17
KO 7.6%
PEP 16.7%
FY18
KO 14.1%
PEP 29.4%
FY19
KO 15.7%
PEP 20.5%
FY20
KO 12.9%
PEP 17.9%
FY21
KO 14.5%
PEP 17.7%
FY22
KO 16.1%
PEP 19.0%
FY23
KO 16.8%
PEP 18.5%
FY24
KO 14.2%
PEP 19.6%
FY25
KO 18.3%
PEP 16.4%
KO
PEP
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.