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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.

Revenue
+5.59%
EPS
+18.5%
Free cash flow
+1,051.6%
Total debt
−3.30%

Quarter to September 2026, against a year earlier

137.34 3.55 +2.65%
Market cap
$182.3B
P/E
17.2×
Fwd P/E
16.5×
Dividend yield
4.23%
F-score
5/9
Altman Z
3.48
Beneish M
−2.54
Dividend safety
43/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • PepsiCo Beverages North America
  • PepsiCo Foods North America
  • Europe, Middle East & Africa (Segment)
  • Latin America Foods (Segment)
  • International Beverage Franchise
  • Asia Pacific Foods (Segment)

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 23.69
Sold, $m 10.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — 1 —
Sell — — — 2 — — — 1 — — 1 —
Insider Ownership 0.29%

Capital & Financial Ratios $m

Size
Market Cap 182,320.00
Revenue ttm 98,241.00
Net income ttm 10,967.00
Free cash flow ttm 10,816.00
Net debt Q 31,495.00
Valuation
P/E 17.20
Forward P/E 16.50
Price / sales 1.91
Forward P/S Powerpack
Price / FCF 29.52
Price / book 8.33 (above 6: high)
Financial health
Current ratio Q 0.94 (below 1: weak)
Debt / equity Q 1.90
Interest coverage Q 17.60
Growth
Revenue growth Q +5.59% (above 0%: growing)
Operating income growth Q +19.36% (above 0%: growing)
EPS, this year +3.13%
EPS, next year A +2.11%
Revenue, next year A +5.72%
EPS, past 5 yrs +3.22%
EPS, next 5 yrs A +3.61%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 2.8×; over the ten years it ranged from 2.1× in 2026 to 3.6× in 2022.
P/E against its own 10 years 10.36%
10-year low 10-year high
P/S against its own 10 years 1.25%
10-year low 10-year high
P/B against its own 10 years 1.47%
10-year low 10-year high
EV/Sales against its own 10 years 1.18%
10-year low 10-year high
EV/FCF against its own 10 years 64.27%
10-year low 10-year high

Dividends raised every year since 2016

Yield
4.23%
Annual rate
5.81
Payout ratio
72.8%
Growth, 2016–25
+7.39%/yr
  1. 2.96 ’16
  2. 3.17 ’17 +7%
  3. 3.59 ’18 +13%
  4. 3.79 ’19 +6%
  5. 4.02 ’20 +6%
  6. 4.25 ’21 +6%
  7. 4.53 ’22 +7%
  8. 4.95 ’23 +9%
  9. 5.33 ’24 +8%
  10. 5.62 ’25 +5%
  11. 5.85 ’26e +4%
paid forecast Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.29 Actual 2.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.24 2.26 Beat by 0.02
Q1 FY26 1.54 1.61 Beat by 0.07
Q2 FY26 2.19 2.20 Beat by 0.01
Q3 FY26 2.29 2.34 Beat by 0.05
Q4 FY26 2.24 — Reports 2 February 2027

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 98,241 +4.6% 99,301 101,773 105,151 +3.8%
Gross margin, % 55.06 54.67 54.56 55.13 54.82 53.35 53.03 54.21 54.55 54.15 54.17 (0.9) pt
EBT 8,553 9,602 9,189 9,312 9,069 9,821 10,705 11,417 11,946 10,244 13,726 +2.0%
EBT margin, % 13.62 15.12 14.21 13.87 12.89 12.36 12.39 12.48 13.01 10.91 13.97 (2.7) pt
Net income 6,379 4,908 12,559 7,353 7,175 7,679 8,978 9,155 9,626 8,295 10,967 +3.0%
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 72.02 +5.2%
Earnings 4.40 3.41 8.78 5.20 5.12 5.49 6.42 6.56 6.95 6.00 7.98 +3.5%
Cash flow 7.41 7.04 6.65 6.90 7.66 8.41 7.83 9.77 9.11 8.83 10.68 +2.0%
Capex (2.04) (1.96) (2.22) (2.90) (3.02) (3.23) (3.59) (3.87) (3.62) (2.84) (2.75) +3.7%
Free cash flow 5.37 5.08 4.43 3.99 4.64 5.18 4.24 5.90 5.49 5.99 7.93 +1.2%
Book value 7.78 7.71 10.32 10.63 9.78 11.69 12.52 13.54 13.23 15.01 16.49 +7.6%
Shares, m 1,439 1,425 1,415 1,399 1,385 1,382 1,380 1,376 1,373 1,369 1,367 (0.6%)
Valuation, ×
Valuation, × P/E 23.95 34.93 12.54 26.33 25.53 29.64 33.79 23.30 21.88 23.92 17.20 25.6
P/S 2.40 2.65 2.42 2.85 2.75 2.83 2.69 2.45 2.27 2.09 1.91 2.5
P/B 13.27 15.11 10.71 12.86 15.16 14.86 14.33 12.77 11.49 9.56 8.33 13.0
EV/Sales 2.62 2.87 2.69 3.20 3.17 3.18 3.02 2.74 2.58 2.44 2.23 2.8
EV/FCF 21.31 25.21 27.71 38.41 19.95 22.19 26.58 18.80 31.43 61.80 34.49 29.3
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 14,569 +1.4%
Capex (2,941) (2,789) (3,148) (4,062) (4,185) (4,459) (4,956) (5,320) (4,976) (3,887) (3,753) +3.1%
Free cash flow 7,722 7,241 6,267 5,587 6,428 7,157 5,855 8,122 7,531 8,200 10,816 +0.7%
Balance, $m
Balance, $m Working capital 5,315 10,525 (245) (2,816) (371) (4,437) (5,246) (4,697) (5,710) (4,815) (1,970) n/m
Net debt 13,928 14,286 17,305 23,410 30,819 30,038 30,309 27,592 27,958 32,791 31,495 +10.0%
Shareholders’ equity 11,199 10,981 14,602 14,868 13,552 16,151 17,273 18,637 18,171 20,547 22,487 +7.0%
Returns, %
Returns, % ROA 8.84 6.34 15.89 9.37 8.30 8.22 9.66 9.42 9.58 7.97 9.97 (0.9) pt
ROIC 24.39 25.42 19.80 16.80 14.20 15.10 15.12 16.20 17.46 13.47 17.43 (10.9) pt
ROE 53.81 43.20 97.23 49.64 50.11 51.29 53.31 50.54 52.04 42.56 51.85 (11.3) pt
People
People Employees 264,000 263,000 267,000 267,000 291,000 309,000 315,000 318,000 319,000 306,000 — +1.7%
Revenue/emp, $m 0.24 0.24 0.24 0.25 0.24 0.26 0.27 0.29 0.29 0.31 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 13 Oct 2026

Business profile

Updated

PepsiCo is a global beverage and convenient food company. It sells branded drinks, snacks and pantry foods through its own operations, authorized bottlers, contract manufacturers and other third parties. Its portfolio includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream.

The company’s food businesses make and sell products such as chips, dips, cereals, granola bars, oatmeal, pasta, rice, syrups and mixes. Its beverage businesses sell finished drinks, concentrates and fountain syrups. These include water, carbonated soft drinks, sports drinks, ready-to-drink tea and coffee, sparkling-water makers and related products. In some markets, PepsiCo also makes dairy products.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
PepsiCo Beverages North America 28,197 30.02%
PepsiCo Foods North America 27,528 29.31%
Europe, Middle East & Africa (Segment) 18,025 19.19%
Latin America Foods (Segment) 10,549 11.23%
International Beverage Franchise 4,997 5.32%
Asia Pacific Foods (Segment) 4,629 4.93%
Gross margin 54.15%
Operating margin 12.24%
Pre-tax margin 10.91%

Revenue by segment since 2009

PepsiCo, Inc. vs peers in Beverages Non Alcoholic (Q) = latest quarter vs a year earlier

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) $399.3B 28.3× 27.5× +6.74% (above 0%: growing) +15.73% (above 0%: growing) +51.42% (above 0%: growing) 62.89% 34.92% Compare
PEP PepsiCo, Inc. $182.3B 17.2× 16.5× +5.59% (above 0%: growing) +18.46% (above 0%: growing) +1,051.60% (above 0%: growing) 54.42% 16.86%
MNST Monster Beverage Corporation $90.8B 43.5× 41.2× +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 $49.2B 15.4× 23.3× +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 $48.0B 36.2× 23.5× +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. $13.9B 27.8× — (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. $7.1B 122× 24.4× +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. $6.1B 17.3× 17.2× +17.31% (above 0%: growing) +30.77% (above 0%: growing) −24.76% (below 0%: shrinking) 47.09% 13.96% Compare
FIZZ National Beverage Corp. $3.3B 18.8× 19.4× +0.04% (above 0%: growing) −16.67% (below 0%: shrinking) +10.33% (above 0%: growing) 35.02% 17.69% Compare
Median of peers $31.0B 28.1× 23.5× +13.97% +13.45% +9.17% 44.52% 13.59%

All 19 Beverages Non Alcoholic stocks →

From the latest earnings call

Updated

  • Ramon Laguarta said PepsiCo is continuing affordability investments while tailoring tactics by channel and consumer to improve returns in the second half.
  • Steve Schmitt said PepsiCo expects international operations to remain strong and North America to improve gradually at a more moderate pace than anticipated.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
JPMorgan Oct 19, 2026 Downgrade Hold —
Goldman Sachs Oct 8, 2026 Target cut Buy 180.00 → 165.00
Deutsche Bank Oct 7, 2026 Downgrade Hold —
Evercore ISI Oct 6, 2026 Target cut Hold 150.00 → 135.00
Barclays Oct 6, 2026 Target cut Hold 142.00 → 133.00
UBS Oct 6, 2026 Target cut Buy 159.00 → 145.00
RBC Oct 6, 2026 Target cut Hold 161.00 → 150.00
TD Cowen Sep 29, 2026 Target cut Hold 145.00 → 133.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.10%
Held by the ten largest 38.90%
Holder Shares Stake Change
Vanguard 141.10m 10.34% +1.43m
BlackRock 118.28m 8.67% +2.44m
State Street 60.41m 4.43% +987.58k
Invesco 43.11m 3.16% +2.37m
Charles Schwab 36.11m 2.65% +5.89m
Geode Capital Management 34.98m 2.56% +365.94k
JPMorgan Chase 30.60m 2.24% −4.20m
Morgan Stanley 26.62m 1.95% +34.03k
Bank of America 20.35m 1.49% −932.82k
Norges Bank 19.42m 1.42% +19.42m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.90m 1.40m 112.86
2024 28.81m 12.94m 114.99
2023 33.91m 36.54m 124.44
2022 28.39m 39.46m 128.69
2021 25.51m 42.88m 120.54
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

PepsiCo, Inc. (PEP) Latest News

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Insider Monkey
Impact 3 · · The Motley Fool
Impact 3 · · Trefis

28 Oct

Impact 4 · · Zacks
Impact 4 · · The Motley Fool
Impact 3 · · marketingdive.com

27 Oct

Impact 4 · · TheStreet
Impact 4 · · TheStreet
Impact 4 · · TIKR
Impact 3 · · MT Newswires

26 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · TIKR
Impact 3 · · 24/7 Wall St.

25 Oct

Impact 3 · · 24/7 Wall St.

24 Oct

Impact 4 · · The Motley Fool

23 Oct

Impact 4 · · TIKR
Impact 4 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Schaeffer's Investment Research
Impact 3 · · Zacks
Impact 3 · · just-drinks.com

22 Oct

Impact 4 · · MT Newswires
Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · Investing.com
Impact 3 · · The Motley Fool
Impact 3 · · InvestorsHub
Impact 3 · · Stocktwits
Impact 3 · · Simply Wall St.

PEP metrics, ten years each

stockrow.com/PEP · Data as of Oct 13, 2026 · For information only; not investment advice. · © 2026 stockrow.com