FirmAtlas
Company handbook · PEP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
PEP · CIK 77476 · LATEST FILING: 10-Q SEP '26 · FILED OCT 8, 2026
PepsiCo, Inc.
$131.49
+3.11 (+2.42%)
Close, Oct 16, 2026 · 52-week $123–171
Last fiscal year
PepsiCo, Inc. reported revenue of $93.9B for the year ended Dec 27, 2025 (FY25), up 2.3% from FY24. Net income was $8.2B, operating cash flow $12.1B and free cash flow $7.7B. Source: 10-K filed Feb 3, 2026.
Market cap
$180.5B
P/E
21.9
EV/EBITDA
14.5x
P/B
8.2
Div yield
4.42%
ROIC
17.4%
Revenue 1Y
2.3%/yr
EPS 1Y
−13.7%/yr
Shares 1Y
−0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORamon L. Laguarta
HQPurchase, NY
AuditorKPMG LLP
Employees306,000
Year endsDecember
Revenue by segment · FY25
North America Beverages30%
Pepsi Co Foods North America29%
Europe Middle East Africa19%
Latin America Foods11%
International Beverage Franchise5%
Asia Pacific Foods5%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
2.1%
−3.7%
−6.5%
−13.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$26.6B deployed
Capex
$9.7B
36.6%
Dividends
$14.9B
55.9%
Buybacks
$2.0B
7.5%
Operating cash flow over the period: $24.6B. Total debt changed by +$5.1B. R&D of $1.7B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Dec 27, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Income
Revenue
91,854
93,925+2.3%
YoY
+2.3%
Gross profit
50,110
50,859+1.5%
Gross margin
54.6%
54.1%−0.4 pp
Operating income
12,887
11,498−10.8%
Operating margin
14.0%
12.2%−1.8 pp
EBITDA
16,047
14,949−6.8%
EBITDA margin
17.5%
15.9%−1.6 pp
Interest expense
919
1,121+22.0%
Interest coverage
17.46x
13.34x−4.13x
Net income
9,578
8,240−14.0%
YoY
−14.0%
Net margin
10.4%
8.8%−1.7 pp
EPS (diluted, $)
6.95
6.00−13.7%
YoY
−13.7%
Balance sheet
Total assets
99,467
107,399+8.0%
Cash & short-term investments
9,314
9,575+2.8%
Inventory
5,306
5,845+10.2%
Net PP&E
28,008
29,905+6.8%
Other assets
56,839
62,074+9.2%
Total liabilities
81,426
86,993+6.8%
Accounts payable
10,997
11,704+6.4%
Total debt
41,228
46,351+12.4%
Other liabilities
29,201
28,938−0.9%
Shareholders’ equity
18,041
20,406+13.1%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
12,507
12,087−3.4%
Net income
9,626
8,295−13.8%
Depreciation & amortization
3,160
3,451+9.2%
Stock-based compensation
362
288−20.4%
Working capital & other
(641)
53n/m
Cash from investing
(5,472)
(6,879)n/m
Capex
(5,318)
(4,415)n/m
PP&E sold
342
528+54.4%
Investments bought
(425)
(190)n/m
Investments sold / matured
0
605n/m
Other investing
(71)
(3,407)n/m
Cash from financing
(7,556)
(4,979)n/m
Debt raised
4,042
8,189+102.6%
Debt repaid
(3,886)
(4,082)n/m
Dividends
(7,229)
(7,638)n/m
Buybacks
(1,000)
(1,000)n/m
Shares issued
166
97−41.6%
Other financing
351
(545)−255.3%
Net change in cash
(1,208)
651n/m
Free cash flow (OCF − capex)
7,189
7,672+6.7%
Where the cash went
Operating cash flow
12,507
12,087−3.4%
Reinvested in the business
5,318
4,415−17.0%
% of operating cash flow
42.5%
36.5%
Capex
5,318
4,415−17.0%
R&D (memo, already in costs)
813
839+3.2%
Free cash flow
7,189
7,672+6.7%
YoY
+6.7%
Returned to shareholders
8,229
8,638+5.0%
% of free cash flow
114.5%
112.6%
Dividends
7,229
7,638+5.7%
Buybacks
1,000
1,000+0.0%
Change in total debt
—
5,123
Cash left over
—
4,157
FCF conversion (FCF ÷ net income)
75.1%
93.1%+18.0 pp
Owner earnings
—
7,444
Owner earnings margin
—
7.9%
Buyback yield
0.5%
0.5%+0.0 pp
Returns & ratios
ROIC (all capital)
20.8%
17.4%−3.4 pp
ROIC (operating)
46.5%
40.2%−6.4 pp
Net debt / EBITDA
1.99x
2.46x+0.47x
Debt / equity
2.29x
2.27x−0.01x
ROE
53.1%
40.4%−12.7 pp
ROA
9.6%
7.7%−2.0 pp
ROCE
19.0%
15.4%−3.6 pp
NOPAT
10,384
9,310−10.3%
Invested capital (operating)
22,317
24,046+7.7%
Invested capital (all)
49,955
57,182+14.5%
Reinvestment rate
—
18.6%
Inventory days
46
50+3 d
Days payable
96
99+3 d
Income
Mar '25
Jun '25
Mar '26
Jun '26
Revenue
17,919
22,726
19,443+8.5%
24,181+6.4%
vs year-ago quarter
+8.5%
+6.4%
Gross profit
9,993
12,422
10,731+7.4%
13,111+5.5%
Gross margin
55.8%
54.7%
55.2%−0.6 pp
54.2%−0.4 pp
Operating income
2,583
1,789
3,213+24.4%
4,023+124.9%
Net income
1,834
1,263
2,327+26.9%
2,981+136.0%
vs year-ago quarter
+26.9%
+136.0%
Net margin
10.2%
5.6%
12.0%+1.7 pp
12.3%+6.8 pp
EPS (diluted, $)
1.33
0.92
1.70+27.8%
2.18+137.0%
vs year-ago quarter
+27.8%
+137.0%
Balance sheet
Mar '25
Jun '25
Mar '26
Jun '26
Total assets
101,737
105,345
110,646+8.8%
112,189+6.5%
Cash & equivalents
8,319
7,712
10,551+26.8%
10,303+33.6%
Total debt
39,419
39,328
42,577+8.0%
42,612+8.4%
Shareholders’ equity
18,389
18,418
21,383+16.3%
22,098+20.0%
Cash flow
Mar '25
Jun '25
Mar '26
Jun '26
Operating cash flow
(973)
1,969
41n/m
2,324+18.0%
Capex
603
904
447−25.9%
819−9.4%
Free cash flow
(1,576)
1,065
(406)n/m
1,505+41.3%
vs year-ago quarter
n/m
+41.3%