— Know what they know.
/
Not Investment Advice

PEP

NASDAQ · USD
PepsiCo, Inc.
Consumer Defensive · Beverages - Non-Alcoholic
CEO Ramon Luis Laguarta Employees 306,000 R&D / revenue 0.0%
Last price
$131.49+2.42%last session
Market cap
$179.2B
P/E (TTM)
16.5x
From 52w high
−23.3%
From 52w low
+6.5%
1-year return
−13.0%
RSI 14 · vs SMA200
54.4 · −10.0%
IS score
68.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PEP   SPY   XLP (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLP 111PEP 87

Score DNA

Each bar is a 0-100 score within the scored universe
66
Profitability
67
Growth
49
Value
89
Momentum
80
Risk (safety)
72
Quality
45
Balance sheet
79
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for PEP (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 9 / 9Altman Z 3.5Beta 0.364 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
4
$23.69M bought
Form 144 notices (12m): 7, $10.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
13
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−140
157 new holders, 245 closed
3,427 filers hold 81.9% · 1,341 added, 1,538 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+375
1,674 funds adding shares
1,299 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
48.8%
20-day avg 44.7%, 50-day avg 43.7%
Latest 4.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$93.9B
Revenue growth YoY+2.3%
Gross margin54.1%
Operating income$13.5B
Operating margin14.4%
Net income$8.2B
Net margin8.8%
EPS (diluted)$6.00
Cash flow
Operating cash flow$12.1B
Capital expenditure$4.4B
Free cash flow$7.7B
FCF conversion (FCF / OCF)63.5%
Stock-based compensation$288.0M
FCF less SBC$7.4B
Buybacks$1.0B
Dividends$7.6B
Balance sheet & returns
Cash & short-term investments$9.5B
Total debt$49.2B
Net debt$39.7B
Shareholders' equity$20.5B
Goodwill & intangibles$34.0B
Debt / equity2.33
ROE (TTM)50.6%
ROIC (TTM)13.9%
Operating margin by fiscal year
14.4%FY202113.5%FY202215.3%FY202315.5%FY202414.8%FY2025
Revenue $79.5B (FY2021) to $93.9B (FY2025), a 4.3% CAGR.

Valuation

P/E (TTM)16.5x
EV / EBITDA11.4x
Price / sales1.82x
Price / FCF17.1x
FCF yield5.84%
Buyback yield0.56%
SBC / revenue0.3%
Price / book8.05x
Forward P/E FY202615.6x
Forward P/E FY202615.3x
Forward P/E FY202715.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $142.85 across 13 analysts last quarter is theirs, not ours.

PEP vs industry median

78 companies in Beverages - Non-Alcoholic
Gross margin 54.2% 37.9% Operating margin 15.3% 8.0% Net margin 11.1% 4.5% ROIC 13.9% 10.8%
PEP (TTM)Industry median Asset turnover 0.88 vs industry 0.77 · financial leverage 5.02

Earnings delivery

Next report 2027-02-02 · consensus EPS $2.24
92%
beat rate, 11 of 12 quarters
+2.8%
median EPS surprise
6
longest beat streak
+5+3+6+6+1+1-1+4+1+1+5+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-10 to 2026-10-08. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PEP PepsiCo, Inc. $179.2B16.5x50.6%11.1%+2.3% −13.0%
MNST Monster Beverage Corporation $89.6B42.0x25.7%23.0%+20.4% +30.4%
KO The Coca-Cola Company $404.0B28.2x44.2%33.1%+6.5% +39.8%
KDP Keurig Dr Pepper Inc. $47.1B34.8x5.7%1.9%+27.5% +24.9%
FMX Fomento Económico Mexicano, $43.1B23.0x31.1%2.4%−70.9% +32.6%
BUD Anheuser-Busch InBev SA/NV $163.3B14.0x18.6%19.8%+2.9% —
MO Altria Group, Inc. $125.4B15.8x-269.2%42.9%+8.0% —
PM Philip Morris International $319.8B29.5x-105.8%25.2%+9.1% —
12-month window: SPY +15.9%, sector ETF XLP +11.4%. Past returns describe history only.

Recent 8-K filings

2026-10-16Other Events; Exhibits
2026-10-08Earnings Release; Exhibits
2026-09-17Officer/Director Change
2026-07-09Earnings Release; Exhibits
2026-05-22Other Events; Exhibits
2026-05-08Shareholder Vote

Context

Shares outstanding1,362,741,196
Free float99.8%
Institutional ownership81.9%
Beta0.36
Dividend yield4.41%
Last dividend$1.48 on 2026-09-04
50 / 200-day average$134.61 / $146.36
Large-cap Consumer Defensive median P/E23.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PEP sits among 10 scored companies in Beverages - Non-Alcoholic (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePEPIndustry medianIndustry percentileSector median
P/E (TTM) 16.4x 30.4x
11th		 20.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.64 1.71
25th		 1.14
Price / sales 1.8x 2.3x
22nd		 1.1x
Price / book 8.0x 8.0x
50th		 2.5x
Price / tangible book —
Price / free cash flow 17.1x 22.1x
22nd		 14.7x
Price / operating cash flow 12.3x 17.5x
22nd		 9.4x
Enterprise value $219.9B $15.7B
89th		 $5.1B
EV / sales 2.2x 2.7x
12th		 1.3x
EV / EBITDA 11.4x 19.9x
12th		 12.3x
EV / EBIT 14.8x 21.8x
12th		 16.5x
EV / free cash flow 21.0x 29.4x
25th		 18.2x
Earnings yield 6.1% 3.3%
89th		 3.9%
FCF yield 5.8% 4.6%
78th		 6.5%
Operating cash flow yield 8.1% 5.7%
78th		 10.4%
Graham number (per share) $54.11 $16.45
88th		 $35.68

Profitability (TTM)

MeasurePEPIndustry medianIndustry percentileSector median
Gross margin 54.2% 44.9%
78th		 34.4%
EBITDA margin 19.6% 19.8%
44th		 10.7%
Operating margin 15.3% 16.1%
44th		 7.6%
EBIT margin 15.1% 15.1%
44th		 6.9%
Net margin 11.1% 9.1%
56th		 3.3%
NOPAT margin 12.2% 12.5%
44th		 4.8%
FCF margin 10.7% 12.2%
44th		 7.6%
Operating cash flow margin 14.8% 15.3%
44th		 11.1%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 38.8% 27.9%
100th		 21.1%
Stock comp / revenue 0.3% 0.5%
33rd		 0.5%
Effective tax rate 20.1% 23.5%
22nd		 23.2%

Returns on capital

MeasurePEPIndustry medianIndustry percentileSector median
ROE (on average equity) 52.3% 31.2%
89th		 10.4%
ROA 10.0% 10.5%
44th		 4.9%
ROIC 19.1% 19.3%
44th		 8.2%
ROCE 19.2% 25.4%
33rd		 9.1%
Return on tangible assets 13.6% 17.8%
33rd		 7.2%
Cash ROIC (OCF / invested capital) 23.1% 25.8%
38th		 15.0%
Gross profitability (GP / assets) 47.5% 46.3%
56th		 32.4%
ROIC, 3-yr average 14.6% 18.7%
17th		 6.4%
ROIC, 5-yr average 17.4% 18.7%
43rd		 7.8%
ROE, 5-yr average 45.9% 31.5%
71st		 11.4%
Incremental ROIC 158.9% 27.1%
89th		 12.8%

Growth

MeasurePEPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.4% 15.5%
22nd		 3.8%
Revenue growth (QoQ) 4.5% 10.8%
11th		 4.3%
Revenue CAGR, 3 yr 2.3% 5.7%
25th		 3.8%
Revenue CAGR, 5 yr 5.1% 7.1%
29th		 5.1%
Gross profit CAGR, 3 yr 2.4% 6.3%
25th		 4.0%
Operating income CAGR, 3 yr 3.7% 9.2%
29th		 4.3%
Net income growth (TTM YoY) 51.0% -5.9%
88th		 5.6%
Net income CAGR, 3 yr 9.6% 7.2%
57th		 5.4%
EPS growth (TTM YoY) 51.6% -5.8%
88th		 4.7%
EPS CAGR, 3 yr 10.0% 6.9%
57th		 6.8%
EPS CAGR, 5 yr 6.4% 6.4%
50th		 4.1%
FCF growth (TTM YoY) 54.3% 35.3%
62nd		 23.4%
FCF CAGR, 3 yr 14.7% 14.7%
50th		 14.6%
Operating cash flow CAGR, 3 yr 6.3% 10.9%
25th		 6.4%
Book value CAGR, 3 yr 6.2% 3.5%
57th		 5.3%
Dividend CAGR, 3 yr 1.8% 6.3%
20th		 1.7%
Sustainable growth rate 14.5% 6.2%
67th		 8.3%

Margin history & stability

MeasurePEPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 54.4% 49.9%
75th		 34.7%
Operating margin, 3-yr average 15.1% 15.7%
38th		 6.7%
Net margin, 3-yr average 9.7% 10.4%
25th		 4.2%
FCF margin, 3-yr average 8.3% 13.7%
25th		 6.5%
Revenue stability (0-1) 0.86 0.90
38th		 0.81
Earnings stability (0-1) 0.09 0.24
12th		 0.34
Margin stability (0-1) 0.99 0.96
100th		 0.95

Liquidity (latest quarter)

MeasurePEPIndustry medianIndustry percentileSector median
Cash & short-term investments $11.2B $1.1B
78th		 $279.3M
Net cash (− = net debt) −$40.7B −$1.2B
0th		 −$1.0B
Working capital −$2.0B $321.0M
11th		 $285.9M
Current ratio 0.94 1.26
11th		 1.43
Quick ratio 0.76 1.12
12th		 0.86
Cash ratio (cash + ST investments / current liabilities) 0.32 0.63
33rd		 0.28
Defensive interval (days) 237 days 386 days
22nd		 251 days

Leverage & solvency (latest quarter)

MeasurePEPIndustry medianIndustry percentileSector median
Total debt $51.9B $4.2B
100th		 $1.8B
Debt / equity 2.33 1.17
100th		 0.75
Net debt / equity 1.83 0.01
100th		 0.55
Debt / assets 46.3% 35.4%
78th		 31.6%
Debt / capital 69.9% 53.9%
100th		 43.0%
Debt / EBITDA 2.69 2.29
67th		 2.69
Net debt / EBITDA 2.11 0.76
67th		 2.14
Interest coverage (EBIT / interest) 13.4x 6.6x
86th		 4.7x
Cash interest coverage 13.2x 9.8x
86th		 8.2x
Debt payback (years of OCF) 3.6 yrs 2.0 yrs
78th		 2.8 yrs
Liabilities / assets 79.9% 63.5%
89th		 56.2%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 138
78th		 225

Efficiency

MeasurePEPIndustry medianIndustry percentileSector median
Asset turnover 0.90 0.91
44th		 0.94
Fixed asset turnover 3.30 4.71
33rd		 4.44
Inventory turnover 7.2 5.2
67th		 6.0
Receivables turnover 7.5 10.3
33rd		 12.1
Days sales outstanding 49 days 36 days
67th		 30 days
Days inventory outstanding 51 days 70 days
33rd		 61 days
Days payables outstanding 203 days 47 days
89th		 38 days
Cash conversion cycle (days) −103 days 36 days
11th		 37 days
Capex / revenue 4.2% 3.3%
78th		 3.1%
Capex / depreciation 0.92 1.12
33rd		 0.92
Operating expense ratio 37.6% 27.4%
89th		 24.8%

Cash flow & earnings quality

MeasurePEPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.34 1.53
44th		 1.87
FCF / net income 0.96 1.15
11th		 1.28
FCF / operating cash flow 71.9% 82.3%
33rd		 71.9%
Capex / operating cash flow 28.1% 17.7%
67th		 29.5%
Accruals ratio -3.4% -3.9%
56th		 -6.1%
Sloan accruals ratio -3.3% -4.6%
56th		 -3.9%
Earnings quality score (0-1) 1.00 1.00
44th		 0.75

Dividends & buybacks

MeasurePEPIndustry medianIndustry percentileSector median
Dividend yield 4.4% 2.3%
78th		 1.8%
Dividend per share (TTM) $5.80 $0.96
89th		 $0.64
Payout ratio (dividends / net income) 72.3% 74.7%
44th		 32.1%
Dividends / FCF 75.3% 54.4%
67th		 27.4%
Dividend growth (YoY) 4.7% 6.0%
33rd		 1.8%
Buyback yield 0.6% 0.6%
44th		 0.9%
Shareholder yield (dividends + buybacks) 4.9% 4.0%
56th		 3.6%
Share count change (YoY) -0.4% 0.1%
22nd		 -0.2%
Buybacks, last 5 years $5.0B $1.2B
78th		 $184.1M

Scores & forensic checks

MeasurePEPIndustry medianIndustry percentileSector median
IS score 69 62
67th		 53
IS profitability 66 61
56th		 32
IS growth 67 57
67th		 50
IS value 49 44
67th		 49
IS momentum 89 81
67th		 73
IS risk (safety) 80 95
22nd		 80
IS quality 72 70
56th		 65
IS balance sheet 45 64
33rd		 53
IS earnings quality 79 76
67th		 76
IS cash flow 65 65
44th		 57
Piotroski F-score (0-9) 9 6
89th		 6
Altman Z-score 3.5 4.6
33rd		 3.2
Beneish M-score −2.57 −2.55
38th		 −2.71
Ohlson O-score −7.38 −8.53
67th		 −7.61
IS credit score 60 74
22nd		 64

Per share

MeasurePEPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.98 $1.84
78th		 $2.03
Book value per share $16.31 $8.27
78th		 $16.28
Tangible book per share −$8.46 $2.50
33rd		 $3.52
Revenue per share $71.87 $13.66
78th		 $41.08
FCF per share $7.66 $1.93
78th		 $3.18
Operating cash flow per share $10.66 $2.22
78th		 $4.93
Cash per share $8.17 $2.52
89th		 $2.81

Size (TTM)

MeasurePEPIndustry medianIndustry percentileSector median
Market cap $179.2B $29.8B
89th		 $4.0B
Revenue $98.2B $8.5B
89th		 $5.2B
EBITDA $19.3B $2.0B
78th		 $426.9M
Net income $10.9B $988.5M
89th		 $167.0M
Free cash flow $10.5B $1.3B
78th		 $345.6M
Total assets $112.0B $11.0B
100th		 $4.8B
Shareholders' equity $22.3B $6.2B
78th		 $1.6B
Employees 306,000 14,000
89th		 9,700

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-14Pohlad Robert C
Director
 Open-market buy 84,507$128.28$10.8M332,870
2026-10-14Pohlad Robert C
Director
 Open-market buy 45,075$128.28$5.8M377,945
2026-10-14Pohlad Robert C
Director
 Open-market buy 45,075$128.28$5.8M423,020
2026-10-14Pohlad Robert C
Director
 Open-market buy 9,989$128.28$1.3M433,009
2026-10-01Weisser Alberto
Director
 Award / grant 1,592$125.60$200,00035,239
2026-10-01Vasella Daniel
Director
 Award / grant 1,592$125.60$200,00095,259
2026-10-01Diamond Susan M
Director
 Award / grant 1,592$125.60$200,00010,024
2026-10-01Cook Ian M
Director
 Award / grant 1,592$125.60$200,00051,287
2026-10-01Cooper Edith W
Director
 Award / grant 1,592$125.60$200,00010,476
2026-10-01Dublon Dina
Director
 Award / grant 1,592$125.60$200,00051,722
2026-10-01Bailey Jennifer
Director
 Award / grant 1,592$125.60$200,0009,713
2026-10-01Conde Cesar
Director
 Award / grant 1,592$125.60$200,00020,596

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3031,925$2.4M
Open-market buyAcquired4184,646$23.7M
Open-market saleDisposed12,900$404,674
OtherDisposed2901,320$184,312
OtherAcquired386,739$978,527
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 7 notices · 65,157 shares · $10.8M
FiledFilerShares proposedEst. proceeds
2026-07-27David Flavell2,900$404,674
2026-03-04Wilwal Ltd.2,702$444,323
2026-03-04Eugene Willemsen3,798$624,600
2026-03-02Steven Williams13,441$2.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 41 trades (15 purchases) · Senate 6 (3 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$15,001 - $50,0002026-10-09
2026-09-11Ro KhannaHousePurchase$15,001 - $50,0002026-10-09
2026-09-04Ro KhannaHousePurchase$15,001 - $50,0002026-10-09
2026-08-26Scott Mr FranklinHousePurchase$1,001 - $15,0002026-09-18
2026-04-23Gary PetersSenatePurchase$15,001 - $50,0002026-05-11
2026-04-23Gary C. PetersSenatePurchase$15,001 - $50,0002026-05-11
2026-03-30Sheldon WhitehouseSenateSale$1,001 - $15,0002026-04-08
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.118,281,854$16.0B8.68%
VANGUARD CAPITAL MANAGEMENT LLC89,257,968$12.1B6.55%
STATE STREET CORP60,406,932$8.2B4.43%
Invesco Ltd.43,113,398$5.8B3.16%
VANGUARD PORTFOLIO MANAGEMENT LLC37,159,425$5.0B2.73%
GEODE CAPITAL MANAGEMENT, LLC34,977,755$4.7B2.57%
JPMORGAN CHASE & CO25,645,502$3.6B1.88%
MORGAN STANLEY20,848,790$2.8B1.53%
BANK OF AMERICA CORP /DE/20,350,877$2.8B1.49%
NORGES BANK19,416,811$2.6B1.42%
GOLDMAN SACHS GROUP INC16,937,736$2.3B1.24%
FRANKLIN RESOURCES INC12,327,903$1.7B0.90%
WELLS FARGO & COMPANY/MN11,271,489$1.5B0.83%
NORTHERN TRUST CORP10,922,510$1.5B0.80%
Bank of New York Mellon Corp9,959,606$1.3B0.73%

Institutional ownership by quarter

2023-092026-0681.9%
% of shares held by 13F filers
2023-092026-063,427
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,42781.9%1571,3411,538245
2026-03-313,56776.6%2591,4341,510151
2025-12-313,52177.2%4031,1831,533122
2025-09-303,32174.2%2101,3881,405166
2025-06-303,33775.8%1901,3181,511237
2025-03-313,43575.6%1921,4251,485181
2024-12-313,48475.6%3921,0911,640186
2024-09-303,35174.4%1871,3591,424127
2024-06-303,33374.3%1701,4631,335158
2024-03-313,37473.9%1911,4561,373124
2023-12-313,35273.8%3271,3431,333114
2023-09-303,19673.8%1461,3821,246126

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%102,764,037
2025-06-05SCHEDULE 13G/AThe Vanguard Group10.0%137,677,940
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.24%$5.5B
VTSAX0.24%$5.5B
VSMPX0.24%$5.5B
VTI0.24%$5.5B
VFFSX0.26%$4.5B
VFIAX0.26%$4.5B

Share structure

Shares outstanding1,362,741,196
Float1,359,647,670
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$79.5B$86.4B$91.5B$91.9B$93.9B
Cost of revenue$36.9B$40.8B$41.6B$41.5B$43.1B
Gross profit$42.5B$45.6B$49.8B$50.4B$50.9B
R&D$752.0M$771.0M$804.0M$813.0M$0
SG&A$30.3B$33.5B$34.9B$35.3B$37.4B
Operating income$11.5B$11.3B$14.1B$14.3B$13.5B
EBITDA$14.3B$14.2B$15.2B$16.7B$15.5B
Pretax income$9.8B$10.7B$11.4B$11.9B$10.2B
Income tax$2.1B$1.7B$2.3B$2.3B$1.9B
Net income$7.6B$8.9B$9.1B$9.6B$8.2B
EPS, diluted$5.48$6.42$6.56$6.95$6.00
Diluted shares1.4B1.4B1.4B1.4B1.4B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$6.0B$5.3B$10.0B$9.3B$9.5B
Receivables$8.7B$10.2B$10.8B$10.3B$11.5B
Inventory$4.3B$5.2B$5.3B$5.3B$5.8B
Total current assets$21.8B$21.5B$26.9B$25.8B$27.9B
PP&E, net$24.4B$26.7B$29.9B$31.4B$33.6B
Goodwill & intangibles$37.0B$33.8B$32.7B$32.3B$34.0B
Total assets$92.4B$92.2B$100.5B$99.5B$107.4B
Accounts payable$9.8B$10.7B$11.6B$11.0B$11.7B
Total current liabilities$26.2B$26.8B$31.6B$31.5B$32.8B
Long-term debt$36.0B$35.7B$37.6B$37.2B$42.3B
Total liabilities$76.2B$74.9B$81.9B$81.3B$86.9B
Shareholders' equity$16.2B$17.3B$18.6B$18.2B$20.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$7.7B$9.0B$9.1B$9.6B$8.3B
Depreciation & amortization$3.2B$3.3B$3.5B$3.8B$4.2B
Stock-based compensation$301.0M$343.0M$380.0M$362.0M$288.0M
Change in working capital$718.0M−$888.0M−$1.1B−$1.7B−$1.6B
Operating cash flow$11.6B$10.8B$13.4B$12.5B$12.1B
Capital expenditure−$4.6B−$5.2B−$5.5B−$5.3B−$4.4B
Free cash flow$7.0B$5.6B$7.9B$7.2B$7.7B
Investing cash flow−$3.3B−$2.4B−$5.5B−$5.5B−$6.9B
Net debt issued / repaid−$4.1B−$810.0M$4.8B$695.0M$3.7B
Buybacks−$106.0M−$1.5B−$1.0B−$1.0B−$1.0B
Dividends paid−$5.8B−$6.2B−$6.7B−$7.2B−$7.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin53.5%53.1%54.5%54.8%54.2%
Operating margin14.4%13.5%15.3%15.5%14.8%
Net margin9.6%10.3%9.9%10.4%8.8%
FCF margin8.8%6.5%8.7%7.8%8.2%
ROE51.7%53.7%50.9%52.4%42.9%
ROIC17.6%19.0%21.1%21.3%18.5%
ROA8.2%9.7%9.4%9.6%8.0%
Debt / equity2.542.312.412.492.45
Interest coverage6.2x12.4x14.9x14.0x10.2x
Current ratio0.830.800.850.820.85
Revenue growth+12.9%+8.7%+5.9%+0.4%+2.3%
EPS growth+6.8%+17.4%+2.1%+5.8%−13.5%
P/E at year end28.0x25.4x24.1x21.0x23.9x
EV / EBITDA at year end17.3x18.1x15.4x14.2x15.2x
FCF yield at year end3.28%2.47%3.63%3.57%3.89%
Dividend payout76.3%69.3%73.6%75.5%92.7%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
PepsiCo Beverages North America$25.3B$26.2B$27.6B$27.8B$28.2B
PepsiCo Foods North America————$27.5B
Frito Lay North America$19.6B$23.3B$24.9B$24.8B—
Africa, Middle East and South Asia$6.1B$6.4B$6.1B$6.2B$18.0B
Europe (Segment)$13.0B$12.7B$13.2B$13.9B—
Latin America (Segment)$8.1B$9.8B$11.7B$11.7B$10.5B
International Beverage Franchise————$5.0B
Asia Pacific, Australia and New Zealand, and China Region$4.6B$4.8B$4.8B$4.8B$4.6B
Quaker Foods North America$2.8B$3.2B$3.1B$2.7B—

Revenue by region · FY2025

UNITED STATES$52.2B · 56%
All Other Countries$17.9B · 19%
MEXICO$6.9B · 7%
Russia$4.8B · 5%
CANADA$3.7B · 4%
CHINA$2.6B · 3%
UNITED KINGDOM$2.1B · 2%
BRAZIL$1.8B · 2%
SOUTH AFRICA$1.8B · 2%

Street estimates by fiscal year

Next report 2027-02-02 · consensus EPS $2.24 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$99.3B$98.9B – $99.7B$8.41$8.30 – $8.621115.6x
2026$97.5B$96.3B – $99.2B$8.57$8.40 – $8.651015.3x
2027$101.8B$101.3B – $102.5B$8.59$8.24 – $9.101315.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-10-08$2.29$2.34+2.2%$25.0B$25.3B+1.3%
2026-04-16$1.54$1.61+4.5%$18.9B$19.4B+2.6%
2026-02-03$2.24$2.26+0.9%$29.0B$29.3B+1.3%
2025-10-09$2.26$2.29+1.3%$23.8B$23.9B+0.4%
2025-07-17$2.03$2.12+4.4%$22.3B$22.7B+2.0%
2025-04-24$1.49$1.48−0.7%$17.8B$17.9B+0.9%
2025-02-04$1.95$1.96+0.5%$27.9B$27.8B−0.4%
2024-10-08$2.29$2.31+0.9%$23.9B$23.3B−2.3%
2024-07-11$2.16$2.28+5.6%$22.6B$22.5B−0.4%
2024-04-23$1.52$1.61+5.9%$18.1B$18.2B+0.9%
2024-02-09$1.72$1.78+3.5%$28.4B$27.9B−1.9%
2023-10-10$2.15$2.25+4.7%$26.1B$23.5B−10.2%
2023-07-13$1.96$2.09+6.6%$19.8B$22.3B+12.7%
2023-04-25$1.39$1.50+7.9%$17.2B$17.8B+3.6%
2023-02-09$1.64$1.67+1.8%$26.8B$28.0B+4.4%
2022-10-12$1.84$1.97+7.1%—$22.0B—
2022-07-12$1.73$1.86+7.5%$19.5B$20.2B+3.6%
2022-04-26$1.24$1.29+4.0%$15.5B$16.2B+4.3%
2022-02-10$1.53$1.530.0%$24.2B$25.2B+4.2%
2021-10-05$1.73$1.79+3.5%$24.2B$20.2B−16.6%
2021-07-13$1.53$1.72+12.4%$18.0B$19.2B+7.0%
2021-04-15$1.12$1.21+8.0%$13.6B$14.8B+8.7%
2021-02-11$1.46$1.47+0.7%$22.3B$22.5B+0.7%
2020-10-01$1.49$1.66+11.4%$16.2B$18.1B+11.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.006-151.006-221.206-291.807-061.107-131.007-201.307-270.808-030.708-100.908-170.708-240.808-31
Week ofNotionalSharesTrades
2026-08-31$836.6M5,985,597128,036
2026-08-24$693.2M4,874,384115,128
2026-08-17$904.8M6,404,349130,906
2026-08-10$727.6M5,246,101121,702
2026-08-03$770.8M5,557,161129,075
2026-07-27$1.3B8,884,541159,948

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1548.8%
DateShort shareShort volumeTotal volume
2026-10-1548.8%2,207,6304,520,914
2026-10-1448.0%1,479,4783,080,033
2026-10-1348.9%1,301,5532,663,725
2026-10-1251.1%1,366,1062,672,184
2026-10-0950.9%1,975,7503,877,835
2026-10-0857.4%3,951,5016,889,628
2026-10-0753.6%2,737,4945,111,569
2026-10-0655.1%2,080,7363,773,191
2026-10-0534.3%1,194,1393,482,440
2026-10-0241.9%963,7782,297,506
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.7Jan-0.4Feb+2.5Mar+0.9Apr+0.7May+0.7Jun+2.0Jul+0.6Aug-0.2Sep+0.4Oct+1.8Nov-0.0Dec
MonthAvg returnUp yearsYears
Jan−0.7%45%20
Feb−0.4%50%20
Mar+2.5%76%21
Apr+0.9%65%20
May+0.7%60%20
Jun+0.7%65%20
Jul+2.0%85%20
Aug+0.6%60%20
Sep−0.2%55%20
Oct+0.4%50%20
Nov+1.8%55%20
Dec−0.0%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1454.4
MFI62.8
ADX25.7
Stochastic %K / %D74.2 / 65.7
Williams %R-17.1
CCI128
TSI / signal-18.6 / -31.5
Chaikin money flow0.11
ATR$2.72
Bollinger width6.2%
Volume vs 20-day avg1.05x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$127.78 (+2.9%)
SMA 50$134.20 (−2.0%)
SMA 200$146.09 (−10.0%)
EMA 21$129.11 (+1.8%)
EMA 50$132.74 (−0.9%)
EMA 200$141.43 (−7.0%)
Bollinger upper$131.76 (−0.2%)
Bollinger lower$123.81 (+6.2%)
Parabolic SAR$124.41 (+5.7%)
Open the live chart, 110+ indicators

About PepsiCo, Inc.

PepsiCo, Inc. is a global enterprise that creates, promotes, and supplies a diverse array of drinks and easy-to-prepare food items across the globe. Its operations are structured into seven primary divisions: Frito-Lay North America, Quaker Foods North America, PepsiCo Beverages North America, Latin America, Europe, Africa/Middle East/South Asia, and the Asia Pacific, Australia, New Zealand, and China Region. The company's extensive product catalog encompasses popular snack foods like various dips, cheese snacks, spreads, and a range of chips (including corn, potato, and tortilla varieties). Its pantry staples feature cereals, rice, pasta, baking mixes, beverage syrups, granola bars, grits, oatmeal, rice cakes, and ready-made side dishes. In the beverage sector, PepsiCo offers concentrated syrups, fountain beverages, pre-packaged drinks, ready-to-consume teas, coffees, fruit juices, dairy-based items, and home carbonation systems with associated goods. PepsiCo reaches its broad clientele, which includes wholesale partners, food service providers, various retail outlets like supermarkets, pharmacies, convenience shops, discount stores, large-format retailers, membership-based stores, hard discount retailers, online merchants, and approved independent bottlers. This widespread distribution is achieved via direct store delivery, customer warehouse systems, and comprehensive distributor networks, along with direct sales to consumers through digital commerce channels and retail partners. Established in 1898, the corporation maintains its principal office in Purchase, New York.

https://www.pepsico.com

Key executives

NameTitlePayBorn
Ramon Luis LaguartaChairman & Chief Executive Officer$8.2M1964
Rebecca SchmittExecutive Vice President & Chief People Officer$3.9M1974
Silviu Yeugeniu PopoviciChief Executive Officer of Europe, Middle East & Africa$3.6M1968
Stephen SchmittExecutive Vice President & Chief Financial Officer$3.2M1974
Steven C. WilliamsExecutive VP, Vice Chairman of Global Chief Commercial Officer & Corporate Affairs and Chairman$2.6M1966
David J. FlavellExecutive Vice President, General Counsel & Corporate Secretary—1972
James AndrewExecutive Vice President & Chief Sustainability Officer—1962
Jane Caroline WakelyExecutive Vice President, Chief Consumer & Marketing Officer and Chief Growth Officer of International Foods—1972

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Ramon L. Laguarta Chairman of the Board and Chief Executive Officer2025$1.8M$11.6M$5.8M$23.9M
Steve Schmitt EVP and CFO2025$121,154$7.0M$1.1M$10.2M
Steven Williams CEO, NA2025$999,231$3.8M$1.5M$7.8M
Silviu Popovici CEO, EMEA2025$841,667$2.4M$1.6M$6.4M
Becky Schmitt EVP and CPO2025$746,154$1.8M$1.2M$5.7M
Jamie Caulfield Former EVP and CFO2025$742,308$2.1M$790,990$4.7M

Employees

267k2018267k2019291k2020309k2021315k2022318k2023319k2024306k2025

Dividends

Ex-dateAmountPaid
2026-09-04$1.482026-09-30
2026-06-05$1.482026-06-30
2026-03-06$1.4232026-03-31
2025-12-05$1.4232026-01-06
2025-09-05$1.4232025-09-30
2025-06-06$1.4232025-06-30
2025-03-07$1.3552025-03-31
2024-12-06$1.3552025-01-06

Moat model

None · Efficient Scale · 2026-09-05
Cost advantage30
Intangibles26
Switching costs12
Network effect55
Efficient scale95
Our component scores (0-100) and overall 38.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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