PEPSICO INCPEP
PEPSICO INC Financial Overview 2021–2025
Updated Jul 10, 2026PepsiCo’s operating profit plunged 11% to $11.5 billion in FY2025, a surprising contraction for a consumer staple that has reliably passed inflation onto shoppers. However, this optical decline masks underlying resilience, as the drop was heavily skewed by a one-time $1.9 billion impairment charge on its Rockstar and Be & Cheery brands. Beneath these structural write-downs, PepsiCo’s strategic pricing power and portfolio reshaping continue to protect top-line growth and underwrite heavy shareholder returns.
The company has successfully navigated a volatile macroeconomic cycle, with earnings per share expanding from $5.49 in FY2021 to $6.00 in FY2025. Despite persistent volume headwinds and supply chain disruptions, net revenue grew 2% to reach $93.9 billion in FY2025. To reignite organic demand and pivot its portfolio toward healthier options, management aggressively shifted into high-growth categories by deploying $1.2 billion to acquire Siete and $1.95 billion for poppi. Meanwhile, the company continues to reward investors out of its robust cash flow, authorizing a new $10 billion share repurchase program alongside a 4% bump to its annualized dividend.
Despite near-term margin pressures from elevated commodity and operating costs, the market continues to assign a premium to PepsiCo's dependable cash flows. At the close of FY2025, the stock traded at $143.78, valuing the beverage and snack leader at 24.0x earnings.
Recent Developments (Q4 2025 and Q1 2026)
PepsiCo rebounded in Q1 2026. Net revenue increased 9% year-over-year to $19.44 billion. Broad-based productivity savings and strategic pricing drove a 24% increase in operating profit to $3.21 billion. Operating margins expanded by 210 basis points to 16.5%. The company also bolstered its balance sheet by issuing €2.482 billion in senior notes and renewing two $5 billion unsecured revolving credit facilities.
Bulls highlight the international momentum, as the EMEA and Latin America Foods segments posted 18% and 16% revenue growth, respectively. Bears caution that the North American beverage segment relies heavily on pricing to drive its 60% operating profit surge, masking ongoing organic volume declines. Trading at $158.38, the stock commands a premium 26.4x earnings multiple as of Q1 2026.
What to watch: organic volume recovery in North American beverages; pricing resilience amid currency fluctuations.
Rev
$93.92B
FY2025
NI
$8.24B
FY2025
EPS
$6.02
FY2025
OCF
$12.09B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
PEPSICO INC 8-K Report, Financial Results (Jul 9, 2026)
PepsiCo, Inc. (PEP) has filed an 8-K report on July 9, 2026, primarily to furnish its financial results for the 12 and 24 weeks ended June 13, 2026, as detailed in an attached press release (Exhibit 99.1). While this filing includes critical performance data, it's important for investors to note that the information furnished under Item 2.02 is not considered "filed" for certain regulatory purposes and is not automatically incorporated into other SEC filings unless explicitly stated. This means investors should rely on the press release itself for the specific financial figures and forward-looking statements, rather than expecting a more detailed analysis or incorporation into broader registration statements.
PEPSICO INC 8-K Report, Corporate Update (May 22, 2026)
PepsiCo, Inc. (PEP) has announced the termination of its 2025 364-day and five-year unsecured revolving credit agreements and the simultaneous entry into new, equivalent credit facilities. The company has replaced its $5 billion 364-day revolving credit agreement with a new $5 billion facility maturing on May 21, 2027, and its $5 billion five-year revolving credit agreement with a new $5 billion facility maturing on May 22, 2031. Both new agreements are with Citibank, N.A., as administrative agent and provide for potential increases in commitments up to $5.75 billion. Notably, there were no outstanding borrowings under the terminated agreements, indicating a proactive refinancing strategy rather than a response to immediate liquidity needs. These actions demonstrate PepsiCo's ongoing commitment to maintaining robust and flexible access to capital. The new credit agreements offer similar terms and capacities to the previous ones, ensuring continued financial flexibility for general corporate purposes, strategic investments, and potential acquisitions. The inclusion of features like a swing line subfacility for Euro-denominated borrowings in the five-year agreement and options for extension further underscore the company's strategic approach to treasury management and its ability to adapt to evolving market conditions. Investors can view this as a routine and prudent financial maneuver aimed at optimizing the company's liquidity and funding structure.
PEPSICO INC 8-K Report, Shareholder Vote Results (May 8, 2026)
PepsiCo, Inc. (PEP) filed its 8-K report on May 8, 2026, detailing the results of its 2026 Annual Meeting of Shareholders held on May 6, 2026. The report indicates strong shareholder support for the company's leadership and strategic direction. All 13 nominated directors were overwhelmingly elected, demonstrating confidence in the current board's ability to govern the company. Furthermore, shareholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for fiscal year 2026, a routine but crucial vote for financial transparency and integrity. Shareholders also approved, on an advisory basis, the company's executive compensation. However, several shareholder proposals did not receive majority support, including those concerning an independent board chair, a report on human rights oversight, and an evaluation of animal treatment within the supply chain. These outcomes suggest that while shareholders are satisfied with PepsiCo's financial oversight and executive pay, they did not broadly endorse the specific environmental, social, and governance (ESG) initiatives presented as shareholder proposals during this meeting.
PEPSICO INC 8-K Report, Financial Results (Apr 16, 2026)
PepsiCo Inc. (PEP) has filed a Current Report on Form 8-K dated April 16, 2026, primarily to report its financial results for the 12 weeks ended March 21, 2026. The key details of these results are contained within an attached press release (Exhibit 99.1). Investors should note that this information, while furnished, is not deemed "filed" for the purposes of Section 18 of the Exchange Act, meaning it carries different liability implications. This filing serves as the official notification of PepsiCo's recent performance. Investors and analysts will need to refer to the incorporated press release for specific financial metrics, such as revenue, earnings per share, and any segment-specific performance. The company's strategic commentary and forward-looking statements, if any, will also be found within this press release, providing crucial context for the reported figures and future outlook.
PEPSICO INC 8-K Report, Corporate Update (Feb 11, 2026)
PepsiCo, Inc. (PEP) has filed an 8-K report detailing its recent issuance of senior notes. The company successfully raised approximately €2.482 billion in net proceeds through the offering of four tranches of notes: €500 million in Floating Rate Notes due 2028, €650 million in 3.300% Senior Notes due 2034, €850 million in 3.700% Senior Notes due 2038, and €500 million in 4.150% Senior Notes due 2047. These unsecured senior notes rank equally with PepsiCo's other unsecured senior indebtedness. The primary purpose of this debt issuance is for general corporate purposes, with a specific mention of repaying commercial paper. This move indicates PepsiCo's proactive management of its debt structure and liquidity. Investors should note the varying maturities and interest rates, including a floating rate option for the 2028 notes, offering different risk and yield profiles within the company's debt.
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