Sunday 1 November 2026 Export PEP’s income statement to Excel — free account

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%

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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 Segments Filings

PepsiCo, Inc. (PEP) revenue by segment, product and region

Where the money comes from and where it goes

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 $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
PepsiCo Beverages North America	28,197 30.02%	27,769 30.23%	27,626 30.20%	26,213 30.34%	25,276 31.80%	22,559 32.06%	21,730 32.36%	21,072 32.59%	20,936 32.96%	21,312 33.94%	20,618 32.70%	20,171 30.25%	20,083 30.24%	—	—	—	—
PepsiCo Foods North America	27,528 29.31%	27,431 29.86%	28,015 30.63%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Europe, Middle East & Africa (Segment)	18,025 19.19%	16,658 18.14%	16,210 17.72%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Latin America Foods (Segment)	10,549 11.23%	10,568 11.51%	10,576 11.56%	—	—	—	—	—	—	—	—	—	—	7,780 11.88%	7,156 10.76%	6,315 10.92%	5,703 13.19%
International Beverage Franchise	4,997 5.32%	4,879 5.31%	4,559 4.98%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Asia Pacific Foods (Segment)	4,629 4.93%	4,549 4.95%	4,485 4.90%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Frito Lay North America	—	—	—	23,291 26.96%	19,608 24.67%	18,189 25.85%	17,078 25.43%	16,346 25.28%	15,798 24.87%	15,549 24.76%	14,782 23.44%	14,502 21.75%	14,126 21.27%	13,574 20.73%	13,322 20.03%	12,573 21.74%	12,421 28.73%
Europe	—	—	—	12,724 14.73%	13,038 16.41%	11,922 16.94%	11,728 17.46%	10,973 16.97%	10,522 16.56%	—	—	—	—	13,441 20.52%	13,560 20.39%	9,602 16.60%	7,028 16.26%
Latin America	—	—	—	9,779 11.32%	8,108 10.20%	6,942 9.86%	7,573 11.28%	7,354 11.37%	7,208 11.35%	6,820 10.86%	8,228 13.05%	9,425 14.13%	9,335 14.06%	—	—	—	—
Africa, Middle East and South Asia	—	—	—	6,438 7.45%	6,078 7.65%	4,573 6.50%	3,651 5.44%	3,657 5.66%	3,674 5.78%	—	—	—	—	—	—	—	—
Asia Pacific, Australia and New Zealand, and China Region	—	—	—	4,787 5.54%	4,615 5.81%	3,445 4.90%	2,919 4.35%	2,794 4.32%	2,884 4.54%	—	—	—	—	—	—	—	—
Quaker Foods North America	—	—	—	3,160 3.66%	2,751 3.46%	2,742 3.90%	2,482 3.70%	2,465 3.81%	2,503 3.94%	2,564 4.08%	2,543 4.03%	2,568 3.85%	2,612 3.93%	2,636 4.02%	2,656 3.99%	2,656 4.59%	2,687 6.22%
Europe Sub-Saharan Africa	—	—	—	—	—	—	—	—	—	10,216 16.27%	10,510 16.67%	13,399 20.09%	13,828 20.82%	—	—	—	—
Asia, Middle East and North Africa	—	—	—	—	—	—	—	—	—	6,338 10.09%	6,375 10.11%	6,618 9.92%	6,431 9.68%	—	—	—	—
Corporate Unallocated	—	—	—	—	—	—	—	—	—	0 0.00%	—	—	—	—	—	—	—
Corporate, Non-Segment	—	—	—	—	—	—	—	—	—	—	0 0.00%	0 0.00%	—	—	—	—	—
Pepsico Americas Beverages	—	—	—	—	—	—	—	—	—	—	—	—	—	21,408 32.69%	22,418 33.71%	20,401 35.27%	10,116 23.40%
Pepsico Asia Middle East And Africa	—	—	—	—	—	—	—	—	—	—	—	—	—	6,653 10.16%	7,392 11.12%	6,291 10.88%	5,277 12.21%
Total Division	—	—	—	—	—	—	—	—	—	—	—	—	—	—	66,504	57,838	43,232
Revenue	93,925	91,854	91,471	86,392	79,474	70,372	67,161	64,661	63,525	62,799	63,056	66,683	66,415	65,492	66,504	57,838	43,232

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
PepsiCo Foods North America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe, Middle East & Africa (Segment)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Latin America Foods (Segment)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
International Beverage Franchise	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
PepsiCo Beverages North America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia Pacific Foods (Segment)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Frito Lay North America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Latin America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Africa, Middle East and South Asia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Quaker Foods North America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia Pacific, Australia and New Zealand, and China Region	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Division	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe Sub-Saharan Africa	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia, Middle East and North Africa	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate, Non-Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Pension Lump Sum Settlement Charges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Restructuring And Impairment Charges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Net Impact Of Mark To Market On Commodity Hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Venezuela Currency Devaluation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pepsico Americas Beverages	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pepsico Asia Middle East And Africa	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Fifty Three Week	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Merger And Integration Charges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Foundation Contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Asset Write Off	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Unallocated Merger And Integration Costs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
UNITED STATES	52,228 55.61%	51,668 56.25%	52,165 57.03%	49,390 57.17%	44,545 56.05%	40,800 57.98%	38,644 57.54%	37,148 57.45%	36,546 57.53%	36,732 58.49%	35,266 55.93%	34,219 51.32%	33,626 50.63%	33,348 50.92%	33,053 49.70%	30,618 52.94%	22,446 51.92%
All Other Countries	17,941 19.10%	17,023 18.53%	16,872 18.45%	15,826 18.32%	15,477 19.47%	14,754 20.97%	14,805 22.04%	14,369 22.22%	13,366 21.04%	14,254 22.70%	15,374 24.38%	16,951 25.42%	16,389 24.68%	16,070 24.54%	16,643 25.03%	14,248 24.63%	12,748 29.49%
MEXICO	6,947 7.40%	7,123 7.75%	7,011 7.66%	5,472 6.33%	4,580 5.76%	3,924 5.58%	4,190 6.24%	3,878 6.00%	3,650 5.75%	3,431 5.46%	3,687 5.85%	4,113 6.17%	4,347 6.55%	3,955 6.04%	4,782 7.19%	4,531 7.83%	3,210 7.43%
RUSSIAN FEDERATION	4,768 5.08%	3,880 4.22%	3,566 3.90%	4,118 4.77%	3,426 4.31%	3,009 4.28%	3,263 4.86%	3,191 4.93%	3,232 5.09%	2,648 4.22%	2,797 4.44%	4,414 6.62%	4,908 7.39%	4,861 7.42%	4,749 7.14%	1,890 3.27%	1,006 2.33%
CANADA	3,729 3.97%	3,764 4.10%	3,722 4.07%	3,536 4.09%	3,405 4.28%	2,989 4.25%	2,831 4.22%	2,736 4.23%	2,691 4.24%	2,692 4.29%	2,677 4.25%	3,022 4.53%	3,195 4.81%	3,290 5.02%	3,364 5.06%	3,081 5.33%	1,996 4.62%
CHINA	2,621 2.79%	2,709 2.95%	2,703 2.96%	2,752 3.19%	2,679 3.37%	1,732 2.46%	1,300 1.94%	1,164 1.80%	963 1.52%	—	—	—	—	—	—	—	—
UNITED KINGDOM	2,142 2.28%	2,063 2.25%	1,946 2.13%	1,844 2.13%	2,102 2.64%	1,882 2.67%	1,723 2.57%	1,743 2.70%	1,650 2.60%	1,737 2.77%	1,966 3.12%	2,174 3.26%	2,115 3.18%	2,102 3.21%	2,075 3.12%	1,888 3.26%	1,826 4.22%
BRAZIL	1,782 1.90%	1,765 1.92%	1,779 1.94%	1,617 1.87%	1,252 1.58%	—	—	—	1,427 2.25%	1,305 2.08%	1,289 2.04%	1,790 2.68%	1,835 2.76%	1,866 2.85%	1,838 2.76%	—	—
SOUTH AFRICA	1,767 1.88%	1,859 2.02%	1,707 1.87%	1,837 2.13%	2,008 2.53%	1,282 1.82%	405 0.60%	432 0.67%	—	—	—	—	—	—	—	—	—
Other, not broken out	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,582 2.74%	—
Revenue	93,925	91,854	91,471	86,392	79,474	70,372	67,161	64,661	63,525	62,799	63,056	66,683	66,415	65,492	66,504	57,838	43,232

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Asia Pacific Foods Convenient Foods volume	Q3 FY2026	11.0%	3.00%	—
Europe, Middle East and Africa Beverages volume	Q3 FY2026	4.00%	1.50%	—
Europe, Middle East and Africa Convenient Foods volume	Q3 FY2026	−1.00%	−1.00%	—
Frito-Lay North America Convenient Foods volume	Q2 FY2026	−2.00%	−2.00%	—
International Beverages Franchise Beverages volume	Q3 FY2026	5.00%	−1.00%	—
International Beverages Franchise Convenient Foods volume	Q3 FY2026	7.00%	—	—
Latin America Foods Convenient Foods volume	Q3 FY2026	3.00%	—	—
PepsiCo Beverages North America Beverages volume	Q3 FY2026	−2.00%	−3.00%	—
Total Beverages volume	Q3 FY2026	3.00%	−1.00%	—
Total Convenient Foods volume	Q3 FY2026	1.00%	−1.00%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Asia Pacific Foods Convenient Foods volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe, Middle East and Africa Beverages volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe, Middle East and Africa Convenient Foods volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Frito-Lay North America Convenient Foods volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
International Beverages Franchise Beverages volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
International Beverages Franchise Convenient Foods volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Latin America Foods Convenient Foods volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
PepsiCo Beverages North America Beverages volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Beverages volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Convenient Foods volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.