Compare · KO and PEP
Coca-Cola vs. PepsiCo
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Two of the largest drink companies, built differently. Coca-Cola mostly sells concentrates and syrups to bottling partners, which make and sell the finished drinks; PepsiCo sells foods as well as beverages, and its two North American businesses bring in most of its revenue. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing Coca-Cola fiscal 2025 (ended Dec 31, 2025) with PepsiCo fiscal 2025 (ended Dec 27, 2025)
Coca-ColaPepsiCo
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Coca-Cola (FY2024 to FY2025) | $47.1B | $47.9B | +1.9% |
| PepsiCo (FY2024 to FY2025) | $91.9B | $93.9B | +2.3% |
Coca-Cola reports net operating revenues: sales of concentrates, syrups and finished beverages, net of incentives and other deductions. PepsiCo reports net revenue: sales of snacks, beverages and other foods and drinks, after discounts.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Coca-Cola FY2025 | $47.9B | $13.8B | 28.7% | $13.1B | 27.3% |
| PepsiCo FY2025 | $93.9B | $11.5B | 12.2% | $8.2B | 8.8% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Coca-Cola FY2025 | $7.4B | $2.1B | $5.3B | $746M | $8.8B |
| PepsiCo FY2025 | $12.1B | $4.4B | $7.7B | $1.0B | $7.6B |
Capital spending is property and equipment for Coca-Cola, and the capital spending line for PepsiCo, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Coca-Cola
In concentrate operations, Coca-Cola sells concentrates and syrups to bottling partners, which add water and sweeteners, package the drinks and sell them to stores and restaurants. In finished product operations, it sells ready-to-drink beverages itself, mostly through company-owned bottlers and businesses such as fairlife.
It reports regional operating segments plus Bottling Investments, its company-owned bottlers. Its fiscal year is the calendar year.
PepsiCo
Its two North American businesses, one for foods and one for beverages, bring in most of its revenue. Four international segments cover Europe, the Middle East and Africa; Latin America; Asia Pacific; and its international beverage franchise business.
It sells to retailers, distributors and independent bottlers. Its fiscal year ends on the last Saturday of December.
Main risks each one lists
Coca-Cola
- Concerns about obesity and ingredients, and shifting tastes, could cut demand for sugary drinks.
- Rival brands and changes in how retailers sell drinks pressure sales and pricing.
- It relies on independent bottlers; weak relationships or bottler finances would hurt results.
- Prices of sweeteners, juices, packaging and energy, and supply disruptions, affect costs.
- Most revenue is earned abroad, so currency swings, emerging-market conditions and geopolitics matter.
PepsiCo
- Shifts toward healthier eating, or away from its categories, can hurt demand.
- It competes with large food and drink companies and with store brands.
- Prices of ingredients, packaging, energy and labor can squeeze margins.
- Rules on sugar, packaging, labeling and marketing can raise costs.
- Currency swings and economic or political conditions abroad affect results.
How they differ
- Size. PepsiCo reported $93.9B of revenue for fiscal 2025, and Coca-Cola $47.9B for fiscal 2025.
- Growth. Coca-Cola's revenue grew 1.9% in its latest year and PepsiCo's 2.3%.
- Margins. PepsiCo kept 8.8% of revenue as net income and Coca-Cola 27.3%.
- Business model. Coca-Cola's concentrate operations leave bottling and much of the distribution to partners. PepsiCo sells to retailers, distributors and independent bottlers, and has separate North American foods and beverages businesses.
- Where sales come from. Coca-Cola says most of its revenue is earned outside the US. PepsiCo's two North American businesses bring in most of its revenue.
- Where the money goes. In the latest year PepsiCo spent $1.0B on buybacks and $7.6B on dividends, and Coca-Cola $746M and $8.8B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Coca-Cola Form 10-K for fiscal 2025, filed Feb 20, 2026
- PepsiCo Form 10-K for fiscal 2025, filed Feb 3, 2026
Coca-Cola company file → · PepsiCo company file →
Common questions
Which is bigger by revenue, PepsiCo or Coca-Cola?
PepsiCo reported $93.9B of revenue for fiscal 2025 and Coca-Cola $47.9B for fiscal 2025.
Does Coca-Cola sell snacks like PepsiCo?
No. Coca-Cola's 10-K describes a beverage business: concentrates and syrups for bottlers, plus finished drinks. PepsiCo's includes a North American foods business alongside its beverage units.
How do their profit margins compare?
In the latest fiscal year PepsiCo's net margin was 8.8% and Coca-Cola's was 27.3%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.