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Stocks · Consumer staples · Beverages

PepsiCo

PEP Clue Score43
United States Fiscal year ends December CIK 0000077476
$125.97 -1.85% Close, 9 Oct 2026
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Price $125.97 −19.37% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue62.80Operating income9.80Net income6.33EPS, diluted4.36Fiscal year 2017Revenue63.53 +1.2%Operating income10.28Net income4.86 −23.3%EPS, diluted3.38 −22.5%Fiscal year 2018Revenue64.66 +1.8%Operating income10.11Net income12.52 +157.7%EPS, diluted8.78 +159.8%Fiscal year 2019Revenue67.16 +3.9%Operating income10.29Net income7.31 −41.6%EPS, diluted5.20 −40.8%Fiscal year 2020Revenue70.37 +4.8%Operating income10.08Net income7.12 −2.7%EPS, diluted5.12 −1.5%Fiscal year 2021Revenue79.47 +12.9%Operating income11.16Net income7.62 +7.0%EPS, diluted5.49 +7.2%Fiscal year 2022Revenue86.39 +8.7%Operating income11.51Net income8.91 +17.0%EPS, diluted6.42 +16.9%Fiscal year 2023Revenue91.47 +5.9%Operating income11.99Net income9.07 +1.8%EPS, diluted6.56 +2.2%Fiscal year 2024Revenue91.85 +0.4%Operating income12.89Net income9.58 +5.6%EPS, diluted6.95 +5.9%Fiscal year 2025Revenue93.93 +2.3%Operating income11.50Net income8.24 −14.0%EPS, diluted6.00 −13.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 62.80 63.53 64.66 67.16 70.37 79.47 86.39 91.47 91.85 93.93
Growth +1.2% +1.8% +3.9% +4.8% +12.9% +8.7% +5.9% +0.4% +2.3%
Operating income 9.80 10.28 10.11 10.29 10.08 11.16 11.51 11.99 12.89 11.50
Net income 6.33 4.86 12.52 7.31 7.12 7.62 8.91 9.07 9.58 8.24
Growth −23.3% +157.7% −41.6% −2.7% +7.0% +17.0% +1.8% +5.6% −14.0%
EPS, diluted 4.36 3.38 8.78 5.20 5.12 5.49 6.42 6.56 6.95 6.00
Growth −22.5% +159.8% −40.8% −1.5% +7.2% +16.9% +2.2% +5.9% −13.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin55.1%Operating margin15.6%Net margin10.1%Free cash flow margin12.1%Fiscal year 2017Gross margin54.7%Operating margin16.2%Net margin7.6%Free cash flow margin11.1%Fiscal year 2018Gross margin54.6%Operating margin15.6%Net margin19.4%Free cash flow margin9.5%Fiscal year 2019Gross margin55.1%Operating margin15.3%Net margin10.9%Free cash flow margin8.1%Fiscal year 2020Gross margin54.8%Operating margin14.3%Net margin10.1%Free cash flow margin9.1%Fiscal year 2021Gross margin53.3%Operating margin14.0%Net margin9.6%Free cash flow margin8.8%Fiscal year 2022Gross margin53.0%Operating margin13.3%Net margin10.3%Free cash flow margin6.5%Fiscal year 2023Gross margin54.2%Operating margin13.1%Net margin9.9%Free cash flow margin8.7%Fiscal year 2024Gross margin54.6%Operating margin14.0%Net margin10.4%Free cash flow margin7.8%Fiscal year 2025Gross margin54.1%Operating margin12.2%Net margin8.8%Free cash flow margin8.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 55.1% 54.7% 54.6% 55.1% 54.8% 53.3% 53.0% 54.2% 54.6% 54.1%
Operating margin 15.6% 16.2% 15.6% 15.3% 14.3% 14.0% 13.3% 13.1% 14.0% 12.2%
Net margin 10.1% 7.6% 19.4% 10.9% 10.1% 9.6% 10.3% 9.9% 10.4% 8.8%
Free cash flow margin 12.1% 11.1% 9.5% 8.1% 9.1% 8.8% 6.5% 8.7% 7.8% 8.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow10.66Capital expenditure−3.04Free cash flow7.62Buybacks−3.00Dividends paid−4.23Fiscal year 2017Operating cash flow10.03Capital expenditure−2.97Free cash flow7.06 −7.4%Buybacks−2.00Dividends paid−4.47Fiscal year 2018Operating cash flow9.42Capital expenditure−3.28Free cash flow6.13 −13.1%Buybacks−2.00Dividends paid−4.93Fiscal year 2019Operating cash flow9.65Capital expenditure−4.23Free cash flow5.42 −11.7%Buybacks−3.00Dividends paid−5.30Fiscal year 2020Operating cash flow10.61Capital expenditure−4.24Free cash flow6.37 +17.6%Buybacks−2.00Dividends paid−5.51Fiscal year 2021Operating cash flow11.62Capital expenditure−4.63Free cash flow6.99 +9.7%Buybacks−0.11Dividends paid−5.82Fiscal year 2022Operating cash flow10.81Capital expenditure−5.21Free cash flow5.60 −19.8%Buybacks−1.50Dividends paid−6.17Fiscal year 2023Operating cash flow13.44Capital expenditure−5.52Free cash flow7.92 +41.4%Buybacks−1.00Dividends paid−6.68Fiscal year 2024Operating cash flow12.51Capital expenditure−5.32Free cash flow7.19 −9.3%Buybacks−1.00Dividends paid−7.23Fiscal year 2025Operating cash flow12.09Capital expenditure−4.42Free cash flow7.67 +6.7%Buybacks−1.00Dividends paid−7.64
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.66 10.03 9.42 9.65 10.61 11.62 10.81 13.44 12.51 12.09
Capital expenditure −3.04 −2.97 −3.28 −4.23 −4.24 −4.63 −5.21 −5.52 −5.32 −4.42
Free cash flow 7.62 7.06 6.13 5.42 6.37 6.99 5.60 7.92 7.19 7.67
Growth −7.4% −13.1% −11.7% +17.6% +9.7% −19.8% +41.4% −9.3% +6.7%
Buybacks −3.00 −2.00 −2.00 −3.00 −2.00 −0.11 −1.50 −1.00 −1.00 −1.00
Dividends paid −4.23 −4.47 −4.93 −5.30 −5.51 −5.82 −6.17 −6.68 −7.23 −7.64

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash9.16Total debt30.05Net cash (debt)−20.90Shareholders’ equity11.25Debt to equity2.67Fiscal year 2017Cash10.61Total debt33.80Net cash (debt)−23.19Shareholders’ equity11.05Debt to equity3.06Fiscal year 2018Cash8.72Total debt28.30Net cash (debt)−19.57Shareholders’ equity14.52Debt to equity1.95Fiscal year 2019Cash5.51Total debt29.15Net cash (debt)−23.64Shareholders’ equity14.79Debt to equity1.97Fiscal year 2020Cash8.19Total debt40.37Net cash (debt)−32.19Shareholders’ equity13.45Debt to equity3.00Fiscal year 2021Cash5.60Total debt36.03Net cash (debt)−30.43Shareholders’ equity16.04Debt to equity2.25Fiscal year 2022Cash4.95Total debt35.66Net cash (debt)−30.70Shareholders’ equity17.15Debt to equity2.08Fiscal year 2023Cash9.71Total debt37.60Net cash (debt)−27.88Shareholders’ equity18.50Debt to equity2.03Fiscal year 2024Cash8.51Total debt37.22Net cash (debt)−28.72Shareholders’ equity18.04Debt to equity2.06Fiscal year 2025Cash9.16Total debt42.32Net cash (debt)−33.16Shareholders’ equity20.41Debt to equity2.07
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 9.16 10.61 8.72 5.51 8.19 5.60 4.95 9.71 8.51 9.16
Total debt 30.05 33.80 28.30 29.15 40.37 36.03 35.66 37.60 37.22 42.32
Net cash (debt) −20.90 −23.19 −19.57 −23.64 −32.19 −30.43 −30.70 −27.88 −28.72 −33.16
Shareholders’ equity 11.25 11.05 14.52 14.79 13.45 16.04 17.15 18.50 18.04 20.41
Debt to equity 2.67 3.06 1.95 1.97 3.00 2.25 2.08 2.03 2.06 2.07

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2007 29 Dec 2007 FY2008 27 Dec 2008 FY2009 26 Dec 2009 FY2010 25 Dec 2010 FY2011 31 Dec 2011 FY2012 29 Dec 2012 FY2013 28 Dec 2013 FY2014 27 Dec 2014 FY2015 26 Dec 2015 FY2016 31 Dec 2016 FY2017 30 Dec 2017 FY2018 29 Dec 2018 FY2019 28 Dec 2019 FY2020 26 Dec 2020 FY2021 25 Dec 2021 FY2022 31 Dec 2022 FY2023 30 Dec 2023 FY2024 28 Dec 2024 FY2025 27 Dec 2025
Assets
0.91 2.06 3.94 5.94 4.07 6.30 9.38 6.13 9.10 9.16 10.61 8.72 5.51 8.19 5.60 4.95 9.71 8.51 9.16
n/a 2.52 2.62 3.37 3.83 3.58 3.41 3.14 2.72 2.72 2.95 3.13 3.34 4.17 4.35 5.22 5.33 5.31 5.85
n/a 11.66 12.67 19.06 19.70 19.14 18.58 17.24 16.32 16.59 17.24 17.59 19.31 21.37 22.41 24.29 27.04 28.01 29.91
n/a 5.12 6.53 14.66 16.80 16.97 16.61 14.97 14.18 14.43 14.74 14.81 15.50 18.76 18.38 18.20 17.73 17.53 18.92
n/a 35.99 39.85 68.15 72.88 74.64 77.48 70.51 69.67 73.49 79.80 77.65 78.55 92.92 92.38 92.19 100.50 99.47 107.40
Growth +10.7% +71.0% +6.9% +2.4% +3.8% −9.0% −1.2% +5.5% +8.6% −2.7% +1.2% +18.3% −0.6% −0.2% +9.0% −1.0% +8.0%
Liabilities
n/a n/a 0.10 0.11 n/a n/a n/a 2.20 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a 7.86 7.40 20.00 20.57 23.54 24.33 23.82 29.21 30.05 33.80 28.30 29.15 40.37 36.03 35.66 37.60 37.22 42.32
calc n/a 7.86 7.50 20.11 20.57 23.54 24.33 26.02 29.21 30.05 33.80 28.30 29.15 40.37 36.03 35.66 37.60 37.22 42.32
n/a 23.41 22.41 46.68 51.98 52.24 53.09 52.96 57.64 62.29 68.82 63.05 63.68 79.37 76.23 74.91 81.86 81.30 86.85
Equity
n/a 30.64 33.81 37.09 40.32 43.16 46.42 49.09 50.47 52.52 52.84 59.95 61.95 63.44 65.17 67.80 70.04 72.27 72.79
17.30 12.20 16.91 21.27 20.70 22.42 24.41 17.58 12.07 11.25 11.05 14.52 14.79 13.45 16.04 17.15 18.50 18.04 20.41
Growth −29.4% +38.6% +25.8% −2.7% +8.3% +8.9% −28.0% −31.3% −6.8% −1.8% +31.4% +1.8% −9.0% +19.2% +6.9% +7.9% −2.5% +13.1%
Per share and net cash
calc n/a −5.79 −3.56 −14.17 −16.50 −17.25 −14.96 −19.89 −20.12 −20.90 −23.19 −19.57 −23.64 −32.19 −30.43 −30.70 −27.88 −28.72 −33.16
n/a n/a 1,570 1,587 1,571 1,543 1,522 1,482 1,445 1,427 1,420 1,405 1,390 1,380 1,383 1,377 1,374 1,371 1,367
calc n/a n/a 10.77 13.41 13.18 14.53 16.03 11.86 8.35 7.88 7.78 10.34 10.64 9.75 11.60 12.45 13.46 13.15 14.93

Lines marked calc are worked out here from filed figures; point at one for how.