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PepsiCo, Inc.

PEP Consumer Defensive Beverages Non Alcoholic

PepsiCo, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $93.9 billion, up 2.25% from fiscal 2024. In the quarter to September 2026, revenue grew 5.59%, EPS grew 137.0%, free cash flow grew 41.8% and total debt fell 3.30%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for twenty-five consecutive years, revenue growth for five.

125.97 2.37 −1.85%

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Market cap: $175.2B
P/E: 16.5×
Fwd P/E: 17.5×
Dividend yield: 4.61%
F-score: 5/9
Altman Z: 3.48
Beneish M: −2.54
Dividend safety: 43/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 6.15

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	2	—	—	—	1	—	—	—

Insider Ownership 0.44%

Capital & Financial Ratios $m

Market Cap 175,170.00

Revenue 98,241.00

Net Income 10,967.00

Free Cash Flow 10,816.00

Net Debt 31,495.00

Current Ratio 0.94

Debt/Equity 1.90

P/E ratio 16.51

Fwd P/E 17.50

P/S ratio 1.75

P/B ratio 7.65

Past 5Y EPS Growth 3.22%

This Y EPS Growth 4.23%

Next Y EPS Growth 3.58%

Next Y revenue growth 5.74%

Next 5Y EPS Growth 4.40%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 9.53%

10-year low 10-year high

P/S against its own 10 years 0.22%

10-year low 10-year high

P/B against its own 10 years 0.22%

10-year low 10-year high

EV/Sales against its own 10 years 0.22%

10-year low 10-year high

EV/FCF against its own 10 years 58.12%

10-year low 10-year high

Dividends

Payout Ratio 0.73

Annual Dividend Rate 5.81

Annual Dividend Yield 4.61%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	5.86	1.42 1.48 1.48
2025	5.62	1.36 1.42 1.42 1.42
2024	5.33	1.27 1.36 1.36 1.36
2023	4.95	1.15 1.27 1.27 1.27
2022	4.53	1.08 1.15 1.15 1.15
2021	4.25	1.02 1.08 1.08 1.08
2020	4.02	0.96 1.02 1.02 1.02
2019	3.79	0.93 0.96 0.96 0.96
2018	3.59	0.81 0.93 0.93 0.93
2017	3.17	0.75 0.81 0.81 0.81
2016	2.96	0.70 0.75 0.75 0.75

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	10,003	9,266	9,530	11,163
Receivables	10,815	10,333	11,506	13,623
Inventory	5,334	5,306	5,845	6,434
Other	—	—	—	—
	26,950	25,826	27,949	32,559

	2023	2024	2025	Q'26
Payables	25,137	24,454	25,903	25,306
ST’ Debt	—	—	—	—
Other	—	—	—	—
	31,647	31,536	32,764	34,529

Compound Annual Growth %

	10y	5y	3y
Sales	4.07%	5.94%	2.83%
Cash Flow	1.07%	2.64%	3.79%
Earnings	4.22%	2.96%	(2.57%)
Book Value	5.50%	8.68%	5.96%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	19,443	24,181	25,274	—	—
’25	17,919	22,726	23,937	29,343	93,925
’24	18,250	22,501	23,319	27,784	91,854
’23	17,846	22,322	23,453	27,850	91,471
’22	16,200	20,225	21,971	27,996	86,392
’21	14,820	19,217	20,189	25,248	79,474
’20	13,881	15,945	18,091	22,455	70,372

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	41	2,324	5,585	—	—
’25	(973)	1,969	4,472	6,619	12,087
’24	(1,041)	2,356	4,905	6,287	12,507
’23	(392)	2,411	5,611	5,812	13,442
’22	(174)	2,055	4,425	4,505	10,811
’21	(719)	3,059	4,294	4,982	11,616
’20	(749)	2,211	4,661	4,490	10,613

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(460)	1,563	4,687	—	—
’25	(2,644)	1,102	407	4,959	8,200
’24	(1,648)	1,389	3,775	3,984	7,531
’23	(954)	1,499	4,596	2,898	8,122
’22	(693)	1,297	3,374	1,877	5,855
’21	(1,185)	2,242	3,341	2,759	7,157
’20	(1,228)	1,520	3,783	2,353	6,428

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.70	2.18	2.25	—	—
’25	1.33	0.92	1.90	1.85	6.00
’24	1.48	2.23	2.13	1.11	6.95
’23	1.40	1.99	2.24	0.94	6.56
’22	3.06	1.03	1.95	0.37	6.42
’21	1.24	1.70	1.60	0.95	5.49
’20	0.96	1.18	1.65	1.33	5.12

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	93.25	101.06	95.94	106.73	101.42	128.32	153.37	155.83	149.71	127.60	Analyst estimates 2026–2028 Powerpack
	High	110.94	120.57	122.51	140.45	148.77	174.02	186.84	196.88	183.41	160.15
People
People	Employees	264,000	263,000	267,000	267,000	291,000	309,000	315,000	318,000	319,000	306,000
	Revenue/emp, $m	0.24	0.24	0.24	0.25	0.24	0.26	0.27	0.29	0.29	0.31
Income, $m
Income, $m	Revenue	62,799	63,525	64,661	67,161	70,372	79,474	86,392	91,471	91,854	93,925
	Gross margin, %	55.06	54.67	54.56	55.13	54.82	53.35	53.03	54.21	54.55	54.15
	EBT	8,553	9,602	9,189	9,312	9,069	9,821	10,705	11,417	11,946	10,244
	EBT margin, %	13.62	15.12	14.21	13.87	12.89	12.36	12.39	12.48	13.01	10.91
	Net income	6,379	4,908	12,559	7,353	7,175	7,679	8,978	9,155	9,626	8,295
	Depreciation	2,368	2,369	2,399	2,844	3,026	3,215	3,280	3,518	3,815	4,178
Per share, $
Per share, $	Revenue	43.64	44.58	45.70	48.01	50.81	57.51	62.60	66.48	66.90	68.61
	Earnings	4.40	3.41	8.78	5.20	5.12	5.49	6.42	6.56	6.95	6.00
	Cash flow	7.41	7.04	6.65	6.90	7.66	8.41	7.83	9.77	9.11	8.83
	Capex	(2.04)	(1.96)	(2.22)	(2.90)	(3.02)	(3.23)	(3.59)	(3.87)	(3.62)	(2.84)
	Free cash flow	5.37	5.08	4.43	3.99	4.64	5.18	4.24	5.90	5.49	5.99
	Book value	7.78	7.71	10.32	10.63	9.78	11.69	12.52	13.54	13.23	15.01
	Shares, m	1,439	1,425	1,415	1,399	1,385	1,382	1,380	1,376	1,373	1,369
Valuation, ×
Valuation, ×	P/E	23.95	34.93	12.54	26.33	25.53	29.64	33.79	23.30	21.88	23.92
	P/S	2.40	2.65	2.42	2.85	2.75	2.83	2.69	2.45	2.27	2.09
	P/B	13.27	15.11	10.71	12.86	15.16	14.86	14.33	12.77	11.49	9.56
	EV/Sales	2.62	2.87	2.69	3.20	3.17	3.18	3.02	2.74	2.58	2.44
	EV/FCF	21.31	25.21	27.71	38.41	19.95	22.19	26.58	18.80	31.43	61.80
Cash, $m
Cash, $m	Operating cash flow	10,663	10,030	9,415	9,649	10,613	11,616	10,811	13,442	12,507	12,087
	Capex	(2,941)	(2,789)	(3,148)	(4,062)	(4,185)	(4,459)	(4,956)	(5,320)	(4,976)	(3,887)
	Free cash flow	7,722	7,241	6,267	5,587	6,428	7,157	5,855	8,122	7,531	8,200
Balance, $m
Balance, $m	Working capital	5,315	10,525	(245)	(2,816)	(371)	(4,437)	(5,246)	(4,697)	(5,710)	(4,815)
	Total debt	30,053	33,796	28,295	29,148	40,370	36,026	35,657	37,595	37,224	42,321
	Net debt	13,928	14,286	17,305	23,410	30,819	30,038	30,309	27,592	27,958	32,791
	Shareholders’ equity	11,199	10,981	14,602	14,868	13,552	16,151	17,273	18,637	18,171	20,547
Returns, %
Returns, %	ROA	8.84	6.34	15.89	9.37	8.30	8.22	9.66	9.42	9.58	7.97
	ROIC	24.39	25.42	19.80	16.80	14.20	15.10	15.12	16.20	17.46	13.47
	ROE	53.81	43.20	97.23	49.64	50.11	51.29	53.31	50.54	52.04	42.56

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 9 Oct 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
KO CocaCola Company (The)	$377.6B	26.4×	24.2×	+6.74% (above 0%: growing)	+15.73% (above 0%: growing)	+51.42% (above 0%: growing)	62.89%	34.92%	Compare
PEP PepsiCo, Inc.	$175.2B	16.5×	17.5×	+5.59% (above 0%: growing)	+136.96% (above 0%: growing)	+41.83% (above 0%: growing)	54.42%	16.86%
MNST Monster Beverage Corporation	$85.5B	40.0×	39.7×	+20.17% (above 0%: growing)	+20.00% (above 0%: growing)	+8.01% (above 0%: growing)	55.95%	29.18%	Compare
CCEP Coca-Cola Europacific Partners	$45.9B	14.2×	18.7×	+36.01% (above 0%: growing)	+209.23% (above 0%: growing)	−33.36% (below 0%: shrinking)	35.80%	0.00%	Compare
KDP Keurig Dr Pepper, Inc	$42.5B	32.1×	15.0×	+75.57% (above 0%: growing)	−90.00% (below 0%: shrinking)	+120.43% (above 0%: growing)	41.95%	8.59%	Compare
COKE Coca-Cola Consolidated, Inc.	$12.8B	26.1×	— (loss-making)	+10.61% (above 0%: growing)	+11.16% (above 0%: growing)	−15.07% (below 0%: shrinking)	37.93%	13.22%	Compare
CELH Celsius Holdings Inc.	$6.9B	119×	18.9×	+10.64% (above 0%: growing)	−57.58% (below 0%: shrinking)	+479.43% (above 0%: growing)	48.13%	9.20%	Compare
KOF Coca Cola Femsa S.A.B. de C.V.	$5.8B	17.3×	15.7×	+17.31% (above 0%: growing)	+30.77% (above 0%: growing)	−24.76% (below 0%: shrinking)	47.09%	13.96%	Compare
COCO Vita Coco Company, Inc.	$3.2B	30.6×	43.2×	+28.08% (above 0%: growing)	+115.00% (above 0%: growing)	+287.22% (above 0%: growing)	48.72%	29.21%	Compare
Median of peers	$27.7B	28.5×	18.9×	+18.74%	+17.87%	+29.72%	47.61%	13.59%

All 17 Beverages Non Alcoholic stocks →

PepsiCo, Inc. (PEP) key facts

Concern: Net income was $8.3 billion, or $6.00 per share (basic), a net margin of 8.77%.
Strength: PepsiCo, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $93.9 billion, up 2.25% from fiscal 2024.
PepsiCo, Inc. (PEP) is a Beverages Non Alcoholic company in the Consumer Defensive sector, listed on Nasdaq.
As of October 9, 2026, PEP traded at $125.97, a market capitalization of $175.2 billion.
At that price the stock trades at 16.5× trailing-twelve-month earnings and 1.8× sales; its P/E is higher than 10% of its own readings over the past ten years.
PepsiCo, Inc. pays an annual dividend of $5.81 per share, a yield of 4.61%, with a payout ratio of 72.8%.
Return on equity was 42.6% and debt-to-equity 1.90.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.48 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 9, 2026.

Financial Analysis (summary)

Updated 8 October 2026

PepsiCo reported revenue of $93.9 billion in FY2025, while net income was $8.3 billion in FY2025 and free cash flow was $8.2 billion in FY2025. Revenue increased 2.25% in FY2025 against FY2024, whereas diluted EPS declined −13.7% in FY2025 against FY2024. Total debt was $42.3 billion in FY2025 and net debt was $32.8 billion in FY2025.

In Q2 FY2026, revenue was $24.2 billion, operating income was $4.0 billion and net income was $3.0 billion. Revenue rose 6.40% in Q2 FY2026 against Q2 FY2025, while diluted EPS rose 137.0% in Q2 FY2026 against Q2 FY2025. Free cash flow was $1.6 billion in Q2 FY2026.

Read the full analysis →