Company file · PEP
PepsiCo
PepsiCo's revenue grew slightly in 2025, while net income fell
Net revenue rose 2.3% to $93.9B. Net income fell 14.0% to $8.2B.
Key facts
In fiscal 2025, which ended Dec 27, 2025, PepsiCo (Nasdaq: PEP) took in $93.9B of net revenue (up 2.3% on fiscal 2024); net income to PepsiCo was $8.2B (down 14.0%). The most recent quarter, ended Sep 5, 2026, brought net revenue of $25.3B, up 5.6% year over year, with net income of $3.0B. PepsiCo Beverages North America was the biggest single line by segment: 30% of fiscal 2025 net revenue. Sources: 10-K for fiscal 2025 (filed Feb 3, 2026) and 10-Q for the quarter ended Sep 5, 2026 (filed Oct 8, 2026).
Source: 10-K FY2025, filed Feb 3, 2026
Source: 10-Q filed Apr 16, 2026 · 10-Q filed Jul 9, 2026 · 10-Q filed Oct 8, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- PepsiCo Beverages North America$28.2B30%+1.5%
- PepsiCo Foods North America$27.5B29%+0.4%
- Europe, Middle East and Africa$18.0B19%+8.2%
- Latin America Foods$10.5B11%−0.2%
- International Beverages Franchise$5.0B5%+2.4%
- Asia Pacific Foods$4.6B5%+1.8%
Source: 10-K FY2025, XBRL breakdown
PepsiCo Beverages North America was 30% of 2025 revenue and PepsiCo Foods North America 29%. Europe, Middle East and Africa was 19%.
Source: 10-K FY2025
What changed last quarter
Comparing Q3 2026 (Jun to Aug 2026) compared with Q3 2025 (Jun to Aug 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: PepsiCo 10-Q for the quarter ended Sep 5, 2026, filed Oct 8, 2026
By segment
Source: PepsiCo 10-Q for the quarter ended Sep 5, 2026, filed Oct 8, 2026
The bull case and the bear case
The bull case
- Net revenue rose 2.3% in 2025 to $93.9B, and Europe, Middle East and Africa revenue grew 8.2%. 10-K, FY2025
- Revenue in the quarter ended Sep 5, 2026 was $25.3B, up 5.6%, and net income rose 17.1% to $3.0B. 10-Q, quarter ended Sep 5, 2026
- Operating cash flow was $12.1B in 2025. 10-K, FY2025
The bear case
- Net income fell 14.0% in 2025 to $8.2B. 10-K, FY2025
- PepsiCo Foods North America revenue grew only 0.4% in 2025. 10-K, FY2025
- Total debt was $49.2B at the end of 2025, up 11.0%. 10-K, FY2025
- The 10-K lists changing consumer tastes, competition, costs and regulation of food and drinks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
PepsiCo makes and sells snacks and drinks, including Lay's, Doritos, Gatorade, Pepsi and Quaker, in more than 200 countries and territories.
Its two North American businesses, one for foods and one for beverages, bring in most of its revenue. Four international segments cover Europe, the Middle East and Africa; Latin America; Asia Pacific; and its international beverage franchise business.
It sells to retailers, distributors and independent bottlers. Its fiscal year ends on the last Saturday of December.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in PepsiCo's latest 10-K. Read the original for the full list.
- Consumer tastesShifts toward healthier eating, or away from its categories, can hurt demand.
- CompetitionIt competes with large food and drink companies and with store brands.
- CostsPrices of ingredients, packaging, energy and labor can squeeze margins.
- RegulationRules on sugar, packaging, labeling and marketing can raise costs.
- InternationalCurrency swings and economic or political conditions abroad affect results.
- Supply chainDisruptions in manufacturing or distribution can hurt sales.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenue | $91.5B | $91.9B | $93.9B |
| Net income to PepsiCo | $9.1B | $9.6B | $8.2B |
| Operating cash flow | $13.4B | $12.5B | $12.1B |
| Cash & equivalents (year end) | $9.7B | $8.5B | $9.2B |
| Total debt (year end) | $44.1B | $44.3B | $49.2B |
| Diluted shares | 1.38B | 1.38B | 1.37B |
- Net revenue: Sales of snacks, beverages and other foods and drinks, after discounts.
- Net income to PepsiCo: Net income attributable to PepsiCo, after the share belonging to minority owners.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term debt obligations plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Segment figures are net revenue as reported for each segment, which add up to total net revenue.
Recent filings
Latest filings
- Oct 234:00 PM ET
Form 4
PepsiCo CEO Ramon Laguarta reports selling 30,000 shares
The filing reports 30,000 shares in an open-market or private sale (code S) at $135.13, about $4.1 million in total.
- Oct 164:30 PM ET
8-K
PepsiCo files an 8-K on other events
PepsiCo filed a Form 8-K on Oct 16, 2026 at 4:30 PM ET under Item 8.01 (Other Events).
- Oct 164:02 PM ET
Form 4
PepsiCo director Robert C. Pohlad reports buying 184,646 shares
The filing reports 184,646 shares in an open-market or private purchase (code P) at $128.28, about $23.7 million in total.
- Oct 75:57 PM ET
8-K
PepsiCo files an 8-K on quarterly results
PepsiCo filed a Form 8-K on Oct 7, 2026 at 5:57 PM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 54:04 PM ET
Form 4
PepsiCo director Alberto Weisser reports an award of about 2,928 shares
The filing reports about 2,928 shares in a grant or award (code A).
Common questions about PepsiCo
How does PepsiCo make money?
In fiscal 2025, net revenue totaled $93.9B. PepsiCo Beverages North America was 30% of 2025 revenue and PepsiCo Foods North America 29%. Europe, Middle East and Africa was 19%. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
What was PepsiCo's revenue in fiscal 2025?
Net revenue came to $93.9B in the year ended Dec 27, 2025. Going back two years, it was $91.5B in fiscal 2023 and $91.9B in fiscal 2024, so the latest year was up 2.3%. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
Is PepsiCo profitable?
Yes, by US accounting rules (GAAP): net income to PepsiCo was $8.2B in fiscal 2025, down 14.0% from $9.6B a year earlier. For the quarter ended Sep 5, 2026, net income was $3.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 3, 2026.
What did PepsiCo report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 5, 2026 shows net revenue of $25.3B, against $23.9B in the same quarter a year before (up 5.6%), and net income of $3.0B, against $2.6B (up 17.1%). Source: 10-Q for the quarter ended Sep 5, 2026, filed Oct 8, 2026.
What are the main risks PepsiCo lists?
Item 1A of the fiscal 2025 10-K (filed Feb 3, 2026) sets out the risks. Grouped, they fall into 6 areas: Consumer tastes; competition; costs; regulation; international; supply chain. To start with the first: Shifts toward healthier eating, or away from its categories, can hurt demand. Source: 10-K, Item 1A Risk Factors.
Where do these PepsiCo numbers come from?
Two filings PepsiCo made with the SEC: its fiscal 2025 10-K, filed Feb 3, 2026, and its 10-Q for the quarter ended Sep 5, 2026, filed Oct 8, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in PEP
- The editor holds no position in PepsiCo (PEP). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell PEP from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PEP, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PepsiCoPEP | FY2025 | $93.9B | +2.3% | $8.2B |
| Coca-ColaKO | FY2025 | $47.9B | +1.9% | $13.1B |
| Procter & GamblePG | FY2026 | $87.0B | +3.3% | $16.0B |
| MondelezMDLZ | FY2025 | $38.5B | +5.8% | $2.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.