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PEP · PEPSICO INC

50 filings

10-Q

PEP 10-Q Quarterly Reports

PEPSICO INC - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K145

PEP filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 145 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 5, 2026

    PepsiCo, Inc. reported a strong financial performance for the 36 weeks ended September 5, 2026, with net revenue increasing by 7% to $68.9 billion and operating profit surging by 45% to $11.5 billion compared to the prior year period. This growth was primarily driven by productivity savings, prior-year impairment charges, effective net pricing, and favorable acquisition/divestiture impacts. The company demonstrated robust cash generation, with net cash provided by operating activities increasing to $8.0 billion and free cash flow reaching $5.9 billion for the same period. Significant positive trends were observed across multiple segments, with particularly strong operating profit growth in PBNA (416%) and LatAm Foods (28%). The company also continued its commitment to shareholder returns, with announced plans to return approximately $8.9 billion in 2026 through dividends and share repurchases. Despite some segment-level volume declines, overall revenue growth and profit expansion indicate resilient demand and effective cost management. Investors should note the ongoing impact of restructuring charges and the company's strategic initiatives to drive future efficiency.

    Oct 8, 2026
  2. 2026-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 13, 2026

    PepsiCo Inc. reported robust financial performance for the 24 weeks ended June 13, 2026, showcasing significant growth in both net revenue and operating profit compared to the prior year period. Net revenue increased by 7% to $43.6 billion, while operating profit saw a substantial rise of 65% to $7.2 billion. This growth was primarily driven by strong net pricing, productivity savings, and favorable foreign exchange impacts, particularly from the appreciation of the Mexican peso and Russian ruble. The company also benefited from the absence of significant impairment charges recorded in the prior year, such as the Rockstar and Be & Cheery brand impairments. Despite some volume declines in key segments like PBNA (PepsiCo Beverages North America), overall profitability was enhanced by effective cost management and strategic pricing initiatives. The company continues to focus on returning value to shareholders, announcing a 4% increase in its annualized dividend and a new $10 billion share repurchase program. Management's outlook remains positive, with expectations of continued growth and profitability, supported by ongoing productivity initiatives and strategic investments.

    Jul 9, 2026
  3. 2026-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 21, 2026

    PepsiCo, Inc. reported strong financial results for the twelve weeks ended March 21, 2026, demonstrating robust growth and profitability. Net revenue increased by 9% year-over-year to $19.44 billion, driven by a combination of effective net pricing and favorable foreign exchange translation, particularly from the strengthening Mexican peso and Russian ruble. Operating profit saw a significant jump of 24% to $3.21 billion, reflecting broad-based productivity savings, net revenue growth, and favorable impacts from commodity derivative mark-to-market gains and acquisition/divestiture-related items. The company highlighted effective management of its diverse business segments, with notable revenue growth in EMEA (18%) and Latin America Foods (16%), partly supported by currency tailwinds. While PBNA experienced a slight organic volume decline, strong pricing and acquisition benefits led to a substantial 60% increase in operating profit for the segment. Overall, PepsiCo demonstrated resilience and effective execution, with a notable improvement in operating margins. Investors can take comfort in the company's continued focus on productivity initiatives and strategic pricing actions, which are successfully offsetting cost pressures. The company also reiterated its commitment to returning capital to shareholders through dividends and share repurchases, signaling confidence in its ongoing financial strength and future prospects.

    Apr 16, 2026
  4. 2025-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 6, 2025

    PepsiCo Inc. reported its financial results for the 12 and 36 weeks ended September 6, 2025. For the 12-week period, net revenue increased by 3% to $23.9 billion, but operating profit saw a significant decrease of 8% to $3.6 billion, largely attributed to higher operating costs, increased commodity expenses (including tariffs), and acquisition-related charges. Diluted EPS for the quarter also declined 11% to $1.90. Over the 36-week period, net revenue grew 1% to $64.6 billion, while operating profit fell 25% to $7.9 billion. This substantial operating profit decline was significantly impacted by impairment charges related to the Rockstar brand and increased commodity costs. Diluted EPS for the year-to-date period decreased 29% to $4.15. The company made strategic acquisitions, including poppi and Siete, which impacted its financial performance and balance sheet. Despite these challenges, PepsiCo continues to return capital to shareholders through dividends and share repurchases.

    Oct 9, 2025
  5. 2025-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 14, 2025

    PepsiCo Inc. reported mixed financial results for the 12 weeks ended June 14, 2025. While net revenue saw a modest 1% increase to $22.7 billion, the company experienced a significant 56% decline in operating profit, falling to $1.8 billion. This sharp decrease in profitability was largely driven by a substantial $1.9 billion impairment charge related to the Rockstar and Be & Cheery brands. Excluding this one-time charge, operating profit showed a more moderate decline. For the 24-week period, net revenue remained flat at $40.6 billion, while operating profit declined 35% to $4.4 billion, also impacted by brand impairments and higher costs. The company completed significant acquisitions during the period, including Siete and poppi, which are expected to contribute to future growth. Despite the profitability challenges in the current quarter, PepsiCo continues to return capital to shareholders through dividends and share repurchases and has access to substantial credit facilities.

    Jul 17, 2025
  6. 2025-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 22, 2025

    PepsiCo, Inc. reported its first-quarter results for the period ending March 22, 2025, with a net revenue of $17.9 billion, a 2% decrease compared to the prior year's $18.25 billion. This decline was primarily attributed to unfavorable foreign exchange impacts and higher commodity costs, partially offset by productivity savings and effective net pricing. Operating profit saw a 5% decrease, falling to $2.58 billion from $2.72 billion in the same period last year, with operating margin contracting slightly to 14.4% from 14.9%. Net income attributable to PepsiCo decreased by 10% to $1.83 billion, resulting in diluted earnings per share of $1.33, down from $1.48 in the prior year. The company highlighted strategic investments, including the acquisition of Siete for $1.2 billion, which contributed to a significant increase in investing activities. Despite revenue pressures, PepsiCo continued to return capital to shareholders, with a 5% increase in its annualized dividend and ongoing share repurchase programs.

    Apr 24, 2025
  7. 2024-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 7, 2024

    PepsiCo, Inc. reported financial results for the 12 and 36 weeks ended September 7, 2024. For the 12-week period, net revenue saw a slight decrease of 1%, while operating profit declined by 4%. This was primarily attributed to increased operating costs, a decline in organic volume, and higher restructuring charges, partially offset by effective net pricing and productivity savings. The 36-week period presented a more positive picture, with net revenue increasing by 1% and operating profit growing by 3%, driven by effective net pricing and productivity savings, despite some operating cost increases and a decline in organic volume. Net income attributable to PepsiCo for the 12-week period decreased by 5% to $2.93 billion, resulting in diluted EPS of $2.13. However, for the 36-week period, net income increased by 4% to $8.06 billion, with diluted EPS at $5.84. The company highlighted operational challenges and strategic investments, particularly the impact of the Quaker Recall in the Quaker Foods North America division, which significantly affected its performance in the 36-week period. Despite these headwinds, PepsiCo demonstrated resilience through effective pricing strategies and ongoing productivity initiatives.

    Oct 8, 2024
  8. 2024-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 15, 2024

    PepsiCo, Inc. (PEP) reported solid financial results for the period ending June 15, 2024. For the twelve weeks ended June 15, 2024, Net Revenue increased by 1% to $22,501 million, and Operating Profit saw a significant increase of 11% to $4,048 million. Diluted Net Income Attributable to PepsiCo per common share rose by 13% to $2.23. For the twenty-four weeks ended June 15, 2024, Net Revenue grew by 1.5% to $40,751 million, and Operating Profit increased by 8% to $6,765 million. Diluted Net Income Attributable to PepsiCo per common share was up 10% to $3.71. The company highlighted effective net pricing and productivity savings as key drivers for these improvements, while also noting some operating cost increases and a decline in organic volume that partially offset gains. The Quaker Foods North America (QFNA) division was significantly impacted by a product recall, leading to a substantial decline in its net revenue and operating profit.

    Jul 11, 2024
  9. 2024-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 23, 2024

    PepsiCo Inc. reported solid financial results for the first quarter of fiscal year 2024, with net revenue increasing by 2% to $18.25 billion and operating profit rising by 3% to $2.72 billion compared to the same period last year. This growth was driven by effective net pricing strategies across its divisions, particularly in Latin America and Europe, which more than offset a slight decline in organic volume globally. A significant factor impacting profitability was the voluntary recall of certain Quaker products, which resulted in an $167 million charge and negatively affected the Quaker Foods North America (QFNA) segment's operating profit. Despite this, the company demonstrated resilience, with strong performance in international segments like Latin America and Europe contributing positively to overall results. Management's focus on productivity savings and strategic pricing actions are key to navigating cost pressures and maintaining margin expansion.

    Apr 23, 2024
  10. 2023-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 9, 2023

    PepsiCo, Inc. reported solid financial results for the period ending September 9, 2023. For the 36 weeks ended September 9, 2023, Net Revenue increased by 9% to $63.6 billion, and Net Income Attributable to PepsiCo decreased by 7% to $7.8 billion, compared to the same period in the prior year. This decrease in net income was largely influenced by a significant gain recognized in the prior year from the Juice Transaction, which did not recur in the current period, partially offset by charges taken in the prior year related to the Russia-Ukraine conflict and brand impairments. The company demonstrated strong top-line growth driven by effective net pricing across its diverse business segments. Operating profit for the 36-week period saw a slight decrease of 4% to $10.3 billion, impacted by higher operating costs, commodity price increases, and decreased organic volume. However, the 12-week period showed a robust 20% increase in operating profit to $4.0 billion, highlighting improved performance in the most recent quarter due to effective net pricing, productivity savings, and favorable mark-to-market gains on commodity derivatives.

    Oct 10, 2023
  11. 2023-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 17, 2023

    PepsiCo, Inc. (PEP) reported strong top-line growth in its second-quarter and year-to-date filings, with net revenue increasing by 10% for both the 12-week and 24-week periods ending June 17, 2023. This growth was primarily driven by effective net pricing across its divisions, particularly in Frito-Lay North America and Quaker Foods North America. While consolidated operating profit saw a significant increase of 76% for the 12-week period, largely due to favorable year-over-year comparisons related to impairment charges from the previous year, it decreased by 14% for the 24-week period. This latter decline was influenced by a substantial gain from the Juice Transaction in the prior year and increased operating costs, including commodity and marketing expenses. The company continues to manage inflationary pressures through strategic pricing and productivity savings. Despite a slight decrease in organic volume for some divisions, overall revenue growth indicates resilience in consumer demand. PepsiCo also demonstrated strong cash flow generation, with free cash flow increasing to $628 million for the 24-week period, supporting its capital allocation strategy which includes dividends and share repurchases.

    Jul 13, 2023
  12. 2023-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 25, 2023

    PepsiCo, Inc. reported a net revenue of $17.85 billion for the 12 weeks ended March 25, 2023, representing a 10% increase compared to the same period in the prior year. However, operating profit saw a significant decrease of 50% to $2.63 billion. This decline is largely attributed to a substantial gain in the prior year related to the Juice Transaction, coupled with increased operating costs, including higher commodity prices and supply chain expenses. Despite the drop in reported operating profit, the company's 'core' operating profit, which excludes certain items affecting comparability, increased by 17% on a reported basis and 19% on a constant currency basis, indicating underlying business strength. While the company faced challenges from rising costs and unfavorable foreign exchange impacts in certain regions, effective net pricing and productivity savings helped to mitigate some of these pressures. The Frito-Lay North America and Quaker Foods North America segments showed robust net revenue growth, driven by pricing strategies. The international divisions also demonstrated resilience, with Latin America showing strong growth, though some regions like APAC experienced a slight decline in net revenue. The company continues to navigate a complex economic environment with a focus on pricing, efficiency, and strategic investments. From a cash flow perspective, the company used $0.39 billion in operating activities for the quarter, a slight increase in usage compared to the prior year. Investing activities used $0.53 billion, primarily for capital spending. Financing activities provided $0.78 billion, mainly from long-term debt issuances, while also returning capital to shareholders through $1.6 billion in dividend payments and $0.16 billion in share repurchases. The company reiterated its commitment to shareholder returns through dividends and share repurchases, alongside managing its debt obligations.

    Apr 25, 2023
  13. 2022-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 3, 2022

    PepsiCo, Inc. reported strong financial results for the 36 weeks ended September 3, 2022, with net revenue increasing by 8% to $58.4 billion and operating profit rising by 24% to $10.7 billion. This robust performance was significantly boosted by a substantial gain from the divestiture of its juice brands (Tropicana, Naked, etc.) recognized in the period. Excluding this one-time gain, operating profit still showed healthy growth, indicating underlying business strength. Despite ongoing inflationary pressures on commodity and transportation costs, which impacted gross margins, PepsiCo demonstrated effective pricing strategies across its divisions, contributing to revenue growth. The company also highlighted its commitment to returning capital to shareholders, with significant dividend payments and share repurchases. Management indicated confidence in liquidity to meet operational and investment needs.

    Oct 12, 2022
  14. 2022-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 11, 2022

    PepsiCo Inc. reported solid top-line growth for the 24 weeks ended June 11, 2022, with net revenue increasing by 7% to $36.4 billion, driven by effective net pricing and organic volume growth across most divisions. The company also experienced a significant operating profit increase of 35% to $7.3 billion, largely bolstered by a substantial gain from the Juice Transaction (sale of Tropicana, Naked, and other juice brands). However, this gain was partially offset by considerable charges related to the Russia-Ukraine conflict and brand portfolio impairments, particularly in the Europe division. Despite these headwinds, key divisions like Frito-Lay North America (FLNA) and Quaker Foods North America (QFNA) demonstrated consistent revenue and operating profit growth. PepsiCo Beverages North America (PBNA) saw a slight revenue decrease but a significant operating profit increase due to the aforementioned Juice Transaction gain. The company continues to navigate inflationary pressures on commodity and transportation costs, which impacted margins, but remains focused on productivity savings and strategic pricing to offset these increases. Overall, PepsiCo is demonstrating resilience in a challenging economic environment, supported by strong brand performance and strategic portfolio management.

    Jul 12, 2022
  15. 2022-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 19, 2022

    PepsiCo, Inc. reported strong financial results for the 12 weeks ended March 19, 2022, with net revenue increasing by 9% to $16.2 billion. This growth was significantly boosted by the divestiture of its juice portfolio (Tropicana, Naked, and other select brands) which resulted in a substantial gain. Excluding the impact of this transaction and other items affecting comparability, core operating profit saw a healthy increase, demonstrating the underlying strength of the business. The company navigated inflationary pressures and geopolitical uncertainties, including the conflict in Ukraine, with strategic pricing and productivity initiatives. Key financial highlights include a significant increase in operating profit, largely due to the gain from the Juice Transaction. Despite some segment-level challenges and cost pressures from commodities and transportation, the overall revenue growth was robust, driven by effective net pricing across most divisions. Investors should note the company's ongoing commitment to returning capital to shareholders through dividends and share repurchases, alongside strategic capital allocation for future growth.

    Apr 26, 2022
  16. 2021-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 4, 2021

    PepsiCo, Inc. reported strong financial performance for the period ending September 4, 2021. For the 36 weeks ended, net revenue increased by 13% to $54.2 billion, and operating profit saw a significant increase of 19% to $8.6 billion. Diluted earnings per share also grew by 20% to $4.54. The company highlighted robust organic revenue growth across its segments, driven by a combination of effective net pricing and volume increases, particularly in the Frito-Lay North America, PepsiCo Beverages North America, and international segments. Acquisitions in AMESA and APAC also contributed positively to revenue growth. Despite facing increased commodity and transportation costs, PepsiCo demonstrated effective cost management and productivity savings, which helped to offset these pressures and improve operating margins in several divisions. The company also noted a recovery in consumer demand following the COVID-19 pandemic, especially in its beverage and snack businesses. PepsiCo continues to manage its financial resources effectively, generating substantial operating cash flow and free cash flow, which supports its capital allocation strategies including dividends and share repurchases. The planned divestiture of certain juice brands is also expected to provide further financial flexibility.

    Oct 5, 2021
  17. 2021-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 12, 2021

    PepsiCo Inc. demonstrated robust financial performance in the quarter ending June 12, 2021, with significant year-over-year increases in net revenue and operating profit. Net revenue surged by 21% for the 12-week period, reaching $19.2 billion, while operating profit saw a substantial 35% jump to $3.1 billion. This growth was driven by strong performance across key segments, particularly PepsiCo Beverages North America (PBNA), which experienced a 24% net revenue increase. The company also saw improvements in operating profit margin, indicating effective cost management and operational efficiencies. Despite ongoing economic uncertainties and inflationary pressures, such as higher commodity costs, PepsiCo successfully navigated these challenges. The company's ability to grow revenue through a combination of volume increases and effective net pricing, coupled with productivity savings and favorable foreign exchange rates, underpinned its strong results. Significant contributions from acquisitions, including Pioneer Foods and Be & Cheery, also played a role in driving top-line growth, particularly in the AMESA and APAC regions. The company's financial health is further supported by strong operating cash flow, providing resources for shareholder returns and strategic investments.

    Jul 13, 2021
  18. 2021-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 20, 2021

    PepsiCo, Inc. reported strong financial results for the twelve weeks ended March 20, 2021, demonstrating significant growth and improved profitability. Net revenue increased by 7% year-over-year to $14.82 billion, driven by a combination of effective net pricing and organic volume growth, although overall unit volume saw a slight decline. Operating profit saw a substantial 20% increase to $2.31 billion, with operating profit margin expanding by 1.7 percentage points to 15.6%. This improvement was bolstered by effective net pricing, productivity savings, and favorable mark-to-market adjustments on commodity derivatives, as well as a notable gain from a short-term investment. Diluted earnings per share (EPS) grew by 29% to $1.24, reflecting the strong operational performance and effective cost management. The company also continued its commitment to returning capital to shareholders, with significant dividend payments and ongoing share repurchase programs.

    Apr 15, 2021
  19. 2020-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 5, 2020

    PepsiCo Inc.'s (PEP) third-quarter 2020 report for the period ending September 5, 2020, shows a robust performance driven by strong net revenue growth and effective cost management. The company reported an increase in net revenue for both the 12-week and 36-week periods, reflecting resilience in its diverse portfolio of snacks and beverages amidst evolving consumer demand during the COVID-19 pandemic. While the pandemic presented certain operating challenges and incurred additional costs, PepsiCo demonstrated its ability to adapt and maintain growth through strategic pricing, productivity savings, and favorable volume shifts in key segments like Frito-Lay North America and Quaker Foods North America. Significant strategic acquisitions, including Pioneer Foods, Rockstar Energy Beverages, and Be & Cheery, contributed positively to revenue growth and expanded the company's global footprint and product offerings, particularly in emerging markets. Despite some international currency headwinds, PepsiCo's operational execution and financial management enabled it to deliver solid results, underscoring its strong market position and adaptability. The company also continued its commitment to returning value to shareholders through dividends and share repurchases, signaling confidence in its ongoing financial health and future prospects.

    Oct 1, 2020
  20. 2020-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 13, 2020

    PepsiCo, Inc. reported its second-quarter 2020 results, which were significantly impacted by the COVID-19 pandemic. While consolidated net revenue saw a slight decrease of 3% to $15.9 billion for the 12-week period, and a 10% decrease in operating profit, the company demonstrated resilience, particularly in its Frito-Lay North America (FLNA) and Quaker Foods North America (QFNA) divisions, which experienced revenue growth. These divisions benefited from increased consumer demand for snacks and pantry staples amid stay-at-home orders. The beverage segment, particularly PepsiCo Beverages North America (PBNA), faced headwinds due to reduced demand in away-from-home channels. The company also made strategic acquisitions during the period, including Rockstar Energy Beverages and Pioneer Foods, which are expected to contribute to future growth but also incurred integration costs. The company highlighted substantial investments in productivity and operational improvements, alongside significant charges related to the pandemic, such as increased employee costs, protective equipment, and credit loss allowances. Despite these challenges, PepsiCo maintained its commitment to returning capital to shareholders through dividends and share repurchases, signaling confidence in its long-term outlook and operational strength. The filing also detailed ongoing restructuring efforts and noted that the company's liquidity remains strong, with no material impact expected from COVID-19 on its financial resources.

    Jul 13, 2020
  21. 2020-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 21, 2020

    PepsiCo reported its first-quarter 2020 results, with net revenue increasing by 8% year-over-year to $13.88 billion. This growth was primarily driven by an 8% organic revenue increase, with a significant portion attributed to consumer demand shifts influenced by the COVID-19 pandemic, particularly in at-home consumption. Despite revenue growth, operating profit saw a 4% decrease to $1.92 billion. This decline was impacted by several factors, including a significant unfavorable mark-to-market net impact on commodity derivatives and specific charges related to the COVID-19 pandemic. The company also highlighted strategic acquisitions, including the acquisition of Pioneer Foods in South Africa and the subsequent announcement of the acquisition of Rockstar Energy Beverages, indicating a focus on portfolio expansion. The balance sheet remained robust, though the company noted the use of significant debt financing in the quarter to fund operations and acquisitions.

    Apr 28, 2020
  22. 2019-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 7, 2019

    PepsiCo, Inc. reported its third-quarter and year-to-date financial results for the period ending September 7, 2019. For the 12 weeks ended September 7, 2019, net revenue increased by 4% to $17.19 billion, while operating profit remained flat at $2.86 billion. Diluted earnings per share (EPS) saw a decline of 15% to $1.49, largely due to a higher tax rate and restructuring charges. For the 36 weeks ended September 7, 2019, net revenue grew 3% to $46.52 billion, but operating profit decreased by 1% to $7.59 billion. Diluted EPS fell by 1% to $3.94. The company's overall volume increased, driven by strong performance in snacks and growth in certain beverage categories, although some beverage segments experienced declines. The acquisition of SodaStream significantly contributed to revenue growth, particularly in the ESSA segment. Management highlighted productivity savings as a key offset to increased operating costs and commodity expenses.

    Oct 3, 2019
  23. 2019-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 15, 2019

    PepsiCo, Inc. reported solid revenue growth for the first half of fiscal year 2019, with net revenue increasing by 2% to $29.3 billion compared to the same period in 2018. While operating profit saw a slight decrease of 2% to $4.7 billion, this was largely due to higher restructuring charges and an unfavorable comparison to a gain in the prior year. The company successfully managed its costs and benefited from productivity savings, contributing to a 9% increase in net income attributable to PepsiCo to $3.4 billion. Key drivers of performance include strong volume growth across most divisions, particularly in snacks (Frito-Lay North America) and international markets. The acquisition of SodaStream is beginning to contribute positively, especially in the ESSA segment. Despite facing headwinds from unfavorable foreign exchange rates and increased commodity costs, PepsiCo demonstrated resilience through effective net pricing strategies and ongoing productivity initiatives. The company continues to return value to shareholders through dividends and share repurchases, underscoring its commitment to financial discipline and long-term growth.

    Jul 9, 2019
  24. 2019-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 23, 2019

    PepsiCo Inc. reported solid financial results for the 12 weeks ended March 23, 2019, demonstrating revenue and profit growth compared to the prior year period. Net revenue increased by 3% to $12.88 billion, while operating profit saw a more significant rise of 11% to $2.01 billion, indicating improved operational efficiency and margin expansion. This growth was driven by a combination of increased net revenue and effective productivity savings, alongside favorable items like the impact of the Tax Cuts and Jobs Act and mark-to-market adjustments on commodity derivatives. Key strategic moves, such as the acquisition of SodaStream, are beginning to be integrated, contributing to segment performance, particularly in ESSA. Despite headwinds from unfavorable foreign exchange rates impacting certain international markets, the company maintained a strong focus on shareholder returns through significant share repurchases and dividend payments. The company's liquidity remains strong, supporting ongoing operations and strategic investments.

    Apr 17, 2019
  25. 2018-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 8, 2018

    PepsiCo Inc. reported solid financial results for the 12 and 36 weeks ended September 8, 2018. Net revenue saw a modest increase of 1.5% for the quarter and 3% year-to-date, reaching $16.5 billion and $45.1 billion, respectively. Diluted earnings per share (EPS) showed more robust growth, up 18% to $1.75 for the quarter and 3% to $3.97 year-to-date. This EPS growth was significantly influenced by a substantial tax benefit from resolved international tax audits and the impact of the Tax Cuts and Jobs Act (TCJ Act), which lowered the corporate tax rate. Operationally, the company demonstrated resilience with positive volume growth across most divisions, particularly in Frito-Lay North America and the international segments. However, operating profit experienced a slight decline of 3% for the quarter, impacted by higher commodity costs, increased advertising and marketing expenses, and unfavorable foreign exchange, despite revenue growth and cost-reduction efforts. The company also highlighted its ongoing productivity initiatives and commitment to returning capital to shareholders through dividends and share repurchases.

    Oct 2, 2018
  26. 2018-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 16, 2018

    PepsiCo Inc. reported financial results for the 12 and 24 weeks ended June 16, 2018, reflecting steady revenue growth and operational adjustments. For the 24-week period, net revenue increased by 3% to $28.7 billion, while operating profit saw a modest 1% rise to $4.8 billion. The company's diluted earnings per share (EPS) for the 24-week period decreased by 7% to $2.21, impacted by a significant provisional net tax expense related to the Tax Cuts and Jobs Act (TCJ Act) and other items affecting comparability. Key operational highlights include volume growth across most divisions, particularly in snacks and beverages outside North America, alongside effective net pricing strategies. However, rising commodity costs presented a headwind, impacting operating profit growth. The company also completed significant pension contributions and continued its restructuring efforts under the 2014 Productivity Plan, which are expected to yield future efficiencies. PepsiCo maintained a strong liquidity position, with substantial cash reserves and access to credit facilities, and continued to return capital to shareholders through dividends and share repurchases.

    Jul 10, 2018
  27. 2018-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 24, 2018

    PepsiCo Inc.'s Q1 2018 report shows a 4% increase in net revenue to $12.6 billion, driven primarily by volume growth and effective net pricing across its divisions, particularly in Latin America, ESSA, and AMENA. While operating profit saw a slight decrease of 3% to $1.8 billion due to increased operating costs, commodity inflation, and a one-time bonus related to the Tax Cuts and Jobs Act (TCJA), net income attributable to PepsiCo rose by 2% to $1.34 billion, resulting in diluted EPS of $0.94, a 3% increase year-over-year. The company also saw a favorable impact from foreign exchange rates, which contributed positively to net revenue growth in several international segments. Financially, PepsiCo ended the quarter with a strong cash position of $13.4 billion and increased its cash dividend by 15.2% in February 2018, signaling confidence in its future performance and commitment to returning capital to shareholders. The company continues to manage its productivity initiatives and global business transformation, while navigating the complexities of the TCJA and its provisional tax expense. Investors should note the impact of the TCJA on the tax rate and the company's ongoing evaluation of its financial implications.

    Apr 26, 2018
  28. 2017-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 9, 2017

    PepsiCo, Inc. reported solid financial results for the period ending September 9, 2017. The company demonstrated growth in net revenue and operating profit for both the 12-week and 36-week periods compared to the prior year. Net income attributable to PepsiCo also saw a significant increase, reflecting effective cost management and strategic pricing initiatives across its diverse segments, including Frito-Lay North America and Europe/Sub-Saharan Africa. The company continued to return value to shareholders through dividend increases and share repurchases, underscoring its commitment to financial stewardship.

    Oct 4, 2017
  29. 2017-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 17, 2017

    PepsiCo Inc.'s (PEP) second quarter of 2017 filing shows steady revenue growth, with net revenue increasing by 2% to $15.7 billion for the 12-week period and $27.8 billion for the 24-week period, compared to the prior year. Diluted earnings per share (EPS) also saw a healthy increase, rising by 6% to $1.46 for the 12-week period and by 18% to $2.38 for the 24-week period. The company's operating profit experienced growth across most segments, with notable increases in Europe Sub-Saharan Africa (ESSA) and Asia, Middle East and North Africa (AMENA), partly driven by strategic initiatives and a gain from the sale of a minority stake in Britvic. The company continued its productivity initiatives, incurring restructuring charges but also realizing cost savings. Despite some headwinds from commodity cost inflation and unfavorable foreign exchange, particularly in AMENA and Latin America, PepsiCo demonstrated resilience through effective net pricing and cost management. The company also reaffirmed its commitment to returning capital to shareholders, announcing a 7.0% increase in its annualized dividend and expecting to return approximately $6.5 billion in 2017 through dividends and share repurchases.

    Jul 11, 2017
  30. 2017-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 25, 2017

    PepsiCo reported strong first-quarter 2017 results, with net revenue increasing by 2% to $12.05 billion, driven by effective net pricing across its divisions. Net income attributable to PepsiCo surged by 41% to $1.32 billion, with diluted EPS growing by 43% to $0.91. This robust performance was significantly bolstered by a prior-year impairment charge related to the Tingyi transaction, which, when excluded, shows a more modest but still positive underlying growth. The company highlighted operational improvements across several segments, including growth in Frito-Lay North America and North America Beverages. Europe Sub-Saharan Africa also showed a significant rebound in operating profit. While Latin America faced challenges with declining operating profit due to cost increases and currency headwinds, the overall financial health of PepsiCo appears strong, supported by effective cost management and strategic pricing initiatives.

    Apr 26, 2017
  31. 2016-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 3, 2016

    PepsiCo Inc.'s Q3 2016 filing shows a mixed financial performance for the 36 weeks ended September 3, 2016, compared to the same period in 2015. While consolidated net revenue saw a slight decline of 3% to $43.3 billion, operating profit experienced a significant increase of 21% to $7.4 billion. This growth was largely driven by the absence of significant impairment charges related to Venezuela in the prior year, which heavily impacted the previous period's results. Excluding these "items affecting comparability," operating profit still showed a healthy increase. The company's performance was influenced by several factors, including volume growth in key segments like Frito-Lay North America and North America Beverages, offset by declines in Latin America due to its deconsolidation and unfavorable foreign exchange impacts. Strategic cost reductions and productivity initiatives contributed positively to profitability. Investors should note the ongoing focus on returning capital to shareholders through dividends and share repurchases, which remained a priority.

    Sep 29, 2016
  32. 2016-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 11, 2016

    PepsiCo, Inc. reported its financial results for the second quarter ended June 11, 2016. The company experienced a slight decrease in net revenue, down 3% to $15.4 billion for the 12-week period and down 3% to $27.3 billion for the 24-week period, compared to the prior year. This revenue decline was largely attributed to unfavorable foreign exchange rates and the deconsolidation of Venezuelan operations. Despite the revenue dip, operating profit saw a modest increase of 2% to $2.96 billion for the 12-week period, driven by productivity initiatives and effective net pricing, although it decreased by 2% to $4.58 billion for the 24-week period, impacted by an impairment charge related to an investment in Tingyi. Net income attributable to PepsiCo showed a slight increase of 1% to $2.01 billion for the 12-week period but decreased by 8% to $2.94 billion for the 24-week period. Diluted earnings per share followed a similar trend, rising 4% to $1.38 for the 12-week period and declining 6% to $2.01 for the 24-week period. The company continued to return capital to shareholders, with dividends declared per common share increasing for both the 12-week and 24-week periods, and significant share repurchases executed during the quarter.

    Jul 7, 2016
  33. 2016-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 19, 2016

    PepsiCo Inc. reported net revenue of $11.86 billion for the 12 weeks ended March 19, 2016, a decrease from $12.22 billion in the prior year's comparable period. This revenue decline was primarily attributed to unfavorable foreign exchange rates and the deconsolidation of Venezuelan operations. Net income attributable to PepsiCo also saw a significant decrease, falling to $931 million from $1.22 billion in the prior year, impacted by a substantial $373 million impairment charge related to an investment in Tingyi-Asahi Beverages Holding Co. Ltd. (TAB) within the AMENA segment. Despite the overall decline, key divisions like Frito-Lay North America and North America Beverages showed revenue and operating profit growth, indicating resilience in core markets. Management remains focused on productivity initiatives and capital returns to shareholders, with plans for significant share repurchases and dividend payments.

    Apr 18, 2016
  34. 2015-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 5, 2015

    PepsiCo, Inc. reported its third-quarter 2015 financial results, reflecting a significant impact from a substantial impairment charge related to its Venezuelan operations. For the 12 weeks ended September 5, 2015, net revenue decreased 5% year-over-year to $16.3 billion, while operating profit saw a steep decline of 50% to $1.4 billion, largely due to a $1.4 billion impairment charge for its Venezuelan subsidiaries and joint venture. Despite the significant hit from Venezuela, the company demonstrated resilience in its core operations. Frito-Lay North America and North America Beverages showed solid revenue and operating profit growth. However, unfavorable foreign exchange rates significantly impacted results in international divisions like Latin America, Europe Sub-Saharan Africa, and Asia, Middle East and North Africa. Investors should note the company's ongoing restructuring efforts and commitment to returning capital to shareholders through dividends and share repurchases.

    Oct 6, 2015
  35. 2015-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 13, 2015

    PepsiCo, Inc. reported its financial results for the period ending June 13, 2015. For the first 24 weeks of 2015, the company saw a slight decrease in net revenue of 5% to $28.14 billion compared to the same period in 2014. Net income attributable to PepsiCo remained stable year-over-year at $3.20 billion, and diluted earnings per share saw a modest increase of 3% to $2.14. The company's operational performance was impacted by foreign exchange headwinds, particularly from the Russian ruble and Venezuelan bolivar, which negatively affected revenue growth. Despite the revenue challenges, PepsiCo demonstrated strong operating profit, which was flat year-over-year due to effective net pricing and cost reduction initiatives. The company continues to execute its productivity plans, aimed at strengthening its core businesses and driving efficiency. PepsiCo also returned significant capital to shareholders through dividends and share repurchases, underscoring its commitment to shareholder value. The company's liquidity remains strong, with substantial cash generated from operations and available credit facilities.

    Jul 9, 2015
  36. 2015-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 21, 2015

    PepsiCo, Inc. reported its first-quarter 2015 results, showing a slight decrease in net revenue to $12.217 billion from $12.623 billion in the same period last year, primarily due to unfavorable foreign exchange rates which impacted revenue by 8 percentage points. Despite the revenue dip, net income attributable to PepsiCo remained stable at $1.221 billion, leading to a slight increase in diluted earnings per share to $0.81 from $0.79 year-over-year. The company continued its focus on productivity initiatives, with significant restructuring charges incurred under its 2014 and 2012 multi-year productivity plans. The company also highlighted its commitment to returning capital to shareholders, announcing a new $12 billion share repurchase program and a 7% increase in its annualized dividend. Liquidity remains strong, with substantial cash, cash equivalents, and short-term investments. However, challenges persist, particularly with the volatile economic and political situation in Venezuela, which significantly impacts reported results and presents ongoing currency translation risks.

    Apr 23, 2015
  37. 2014-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 6, 2014

    PepsiCo, Inc. (PEP) reported solid financial results for the 36 weeks ended September 6, 2014, demonstrating continued top-line growth and improved profitability. Net revenue increased by 1% to $46.7 billion, driven by a combination of effective net pricing and volume growth across key segments. Operating profit saw a 3% increase to $7.55 billion, with operating margins expanding by 0.4 percentage points, reflecting successful cost management and productivity initiatives. The company also highlighted its commitment to returning value to shareholders, announcing a 15% increase in its annualized dividend and continuing its share repurchase program. While facing some headwinds from foreign currency fluctuations and specific market challenges, such as in Venezuela and Russia, PepsiCo's diversified business model and strategic initiatives appear to be effectively navigating these complexities.

    Oct 9, 2014
  38. 2014-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 14, 2014

    PepsiCo, Inc. reported modest revenue growth for the first half of fiscal year 2014, with net revenue increasing by 0.5% to $16.9 billion for the 12 weeks ended June 14, 2014, and remaining relatively flat at $29.5 billion for the 24 weeks ended the same date, compared to the prior year periods. Net income attributable to PepsiCo for the 24-week period rose by 3.5% to $3.2 billion, with diluted EPS growing by 5.5% to $2.08. The company is actively managing its costs through multi-year productivity plans, incurring significant restructuring and impairment charges. International operations contributed approximately 47% of net revenue, highlighting the company's global reach and exposure to currency fluctuations, particularly the weakening of the Russian ruble and Brazilian real impacting reported results. Key financial activities during the period include significant capital allocation towards share repurchases and dividends, totaling $4.0 billion in the first half of 2014. The company also issued new debt to manage its capital structure. Management is focused on driving organic growth through volume increases and effective net pricing, while navigating challenges such as commodity cost inflation and foreign currency headwinds. The company continues to monitor geopolitical risks, particularly in Russia and Venezuela, with specific accounting treatments applied to the Venezuelan operations due to highly inflationary conditions.

    Jul 23, 2014
  39. 2014-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 22, 2014

    PepsiCo Inc.'s first quarter 2014 results, ending March 22, 2014, showed a modest increase in net revenue, growing slightly to $12.623 billion from $12.581 billion in the prior year period. Net income attributable to PepsiCo also saw a healthy rise, up 13% to $1.216 billion, translating to diluted earnings per share of $0.79, a 15% increase from $0.69 in the prior year. The company highlighted a significant restructuring and impairment charge of $96 million related to its new 2014 Productivity Plan, impacting profitability in the short term but aimed at long-term efficiency gains. Despite currency headwinds, particularly from the weakening Russian ruble and Venezuelan bolivar, PepsiCo demonstrated resilience in its divisional performance. Frito-Lay North America and Europe showed solid revenue and operating profit growth. However, PepsiCo Americas Beverages experienced a notable decline in operating profit, partly due to restructuring charges and challenging market conditions. The company also announced a 15% increase in its annualized dividend to $2.62 per share, signaling confidence in its financial health and commitment to returning capital to shareholders.

    Apr 17, 2014
  40. 2013-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 7, 2013

    PepsiCo, Inc. reported solid financial results for the 36 weeks ended September 7, 2013, with net income attributable to PepsiCo increasing by 11% to $4.998 billion compared to $4.517 billion in the prior year period. Diluted earnings per share saw a corresponding 12% increase, rising to $3.20 from $2.86. The company demonstrated strong operating cash flow generation, with net cash provided by operating activities reaching $6.662 billion for the period, an increase from $5.118 billion in the prior year, aided by improved working capital management and a significant reduction in discretionary pension contributions compared to the previous year. While overall net revenue saw a modest increase of 2% to $46.297 billion, driven by effective net pricing and volume growth in key segments like Frito-Lay North America and Latin America Foods, the company navigated some headwinds. Foreign currency fluctuations negatively impacted reported revenue growth by 1 percentage point. Strategic investments in business capabilities and higher advertising and marketing expenses were also noted factors affecting profitability, alongside some operating cost increases and higher commodity costs in certain segments. Despite these challenges, the company continued to return capital to shareholders, with significant dividend payments and share repurchases planned for the full year.

    Oct 16, 2013
  41. 2013-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 15, 2013

    PepsiCo, Inc. reported solid financial results for the second quarter of 2013, showcasing an increase in net revenue and operating profit. For the 24 weeks ended June 15, 2013, net revenue grew by 2% to $29.39 billion, and operating profit saw a significant increase of 10% to $4.53 billion. This growth was driven by a combination of effective net pricing, planned cost reductions, and volume increases across several segments. Key factors contributing to the positive performance include strong results from Frito-Lay North America (FLNA) and Latin America Foods (LAF), which demonstrated robust revenue and profit growth. The company also saw positive impacts from strategic initiatives and productivity plans aimed at enhancing cost competitiveness. While the company faced some headwinds, such as unfavorable foreign currency movements impacting international segments like Europe and AMEA, overall performance remained strong, supported by a 4% increase in total servings. PepsiCo also continued its commitment to shareholder returns, announcing a dividend increase and a new share repurchase program.

    Jul 24, 2013
  42. 2013-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 23, 2013

    PepsiCo Inc. reported modest revenue growth for the first quarter of 2013, with net revenue increasing by 1% to $12.58 billion compared to the prior year period. However, operating profit saw a decline of 4% to $1.66 billion, primarily due to significant one-time charges, including a $111 million after-tax hit from the Venezuelan currency devaluation and $11 million in restructuring charges. Excluding these items, operating profit showed a positive trend, increasing by 5% on a constant currency basis. Diluted earnings per share (EPS) decreased by 3% to $0.69, also impacted by these comparability items. Despite the slight dip in profitability, the company demonstrated strong operational execution in several segments, with Latin America Foods, PepsiCo Americas Beverages, Europe, and Asia, Middle East & Africa segments showing positive operating profit growth on a constant currency basis. The company also highlighted a 4% increase in total servings and initiated a new share repurchase program alongside a planned dividend increase, signaling confidence in its future cash generation and commitment to returning capital to shareholders. The balance sheet remains solid with healthy cash and cash equivalents.

    Apr 19, 2013
  43. 2012-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 8, 2012

    PepsiCo, Inc.'s (PEP) third-quarter 2012 filing shows a decrease in net revenue and net income compared to the same period in the prior year, primarily driven by unfavorable foreign currency impacts and higher commodity costs. For the 12 weeks ended September 8, 2012, net revenue was $16.65 billion, down 5% from $17.58 billion in the prior year. Net income attributable to PepsiCo was $1.90 billion, a decrease from $2.00 billion in the prior year. Diluted earnings per share also saw a decline to $1.21 from $1.25. The company experienced a mixed performance across its divisions. While Frito-Lay North America and Quaker Foods North America showed modest revenue growth or stability, PepsiCo Americas Beverages and Asia, Middle East & Africa divisions faced significant revenue declines. The company is actively managing these challenges through productivity plans and strategic cost management, aiming to strengthen its competitive position.

    Oct 17, 2012
  44. 2012-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 16, 2012

    PepsiCo's Q2 2012 10-Q (12 and 24 weeks ended June 16, 2012) shows flat top-line performance with weaker profitability. Net revenue was $16.5 billion for the quarter, down 2% from $16.8 billion, and was flat year-to-date at $28.9 billion. Reported operating profit fell 14% to $2.4 billion, with operating margin down 2.0 points to 14.4%. Year-to-date operating profit declined 9% to $4.1 billion. Management attributed the decline mainly to roughly $350 million of quarterly commodity cost inflation (about $700 million year-to-date), which only partly offset effective net pricing. Items affecting comparability also weighed, including a $137 million Tingyi transaction charge, $77 million of Productivity Plan restructuring charges, and an $79 million mark-to-market loss on commodity hedges. Reported diluted EPS fell 20% to $0.94 for the quarter and 12% to $1.65 year-to-date. Excluding the listed items, diluted EPS fell 7% to $1.12 in the quarter and 7% to $1.81 year-to-date. Division performance was uneven: Europe (operating profit up 11%) and LAF (up 2% year-to-date) grew, while AMEA (down 45% reported in the quarter) and PAB (down 15%) declined sharply. Cash generation was weak year-to-date, with operating cash flow of $1.2 billion versus $2.4 billion a year earlier, largely due to $1.0 billion of discretionary pension and retiree medical contributions. Management still expects dividends and buybacks above $6 billion in 2012, and it extended its revolving credit facilities. For investors, the central issues are margin pressure from commodity inflation, the cost of the multi-year Productivity Plan (about $910 million total pre-tax, with roughly $315 million more expected in the rest of 2012), and whether free cash flow can keep covering shareholder returns. Net debt rose with long-term debt increasing to $21.3 billion, while the company repurchased 14.3 million shares in the quarter.

    Jul 25, 2012
  45. 2012-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 24, 2012

    PepsiCo Inc. reported its first-quarter results for 2012, showing a slight decrease in net income attributable to the company to $1,127 million from $1,143 million in the prior year period. Diluted earnings per share remained flat at $0.71. Net revenue saw a 4% increase to $12,428 million, driven by effective net pricing and volume growth in several divisions, though offset by declines in others and a negative impact from foreign exchange. The company is implementing a multi-year Productivity Plan aimed at enhancing cost-competitiveness and funding future innovation. This plan involves restructuring and impairment charges, which impacted operating profit in the current quarter. Significant capital allocation activities included substantial dividend payments and share repurchases, totaling $958 million in the quarter, with over $6 billion anticipated for the full year. The company also completed a strategic transaction in China, contributing its bottling operations in exchange for an indirect equity interest in Tingyi-Asahi Beverages Holding Co Ltd.

    Apr 26, 2012
  46. 2011-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 3, 2011

    PepsiCo's third-quarter 2011 10-Q (12 weeks ended September 3, 2011) shows strong top-line growth, with net revenue up 13% to $17.6 billion and 36-week revenue up 17% to $46.3 billion. Growth was driven by effective net pricing, volume gains in Latin America and Asia, Middle East & Africa, the WBD acquisition in Europe, and favorable foreign currency (about 3.5 points in the quarter). Reported operating profit rose only 4% in the quarter to $2.9 billion, with operating margin falling 1.5 points to 16.5%, due to higher commodity costs, a mark-to-market loss on hedges, and higher selling and distribution costs. Over 36 weeks, operating profit rose 21%, but that comparison is flattered by prior-year one-time charges. Excluding items affecting comparability, diluted EPS was $1.31 in the quarter, up 7%, and $3.26 for 36 weeks, up 6%. Cash generation and capital allocation were the other main themes. Operating cash flow was roughly flat at $5.8 billion, though management operating cash flow fell to $3.9 billion from $4.2 billion as working capital absorbed cash. The company spent $2.4 billion net on the WBD acquisition, which took its stake to 100%, and returned $4.3 billion to shareholders through dividends and buybacks. Total debt rose: long-term debt increased to $21.8 billion, and the company issued new notes while repurchasing $766 million of WBD debt. Management expects roughly $2.5 billion of share repurchases in 2011. For investors, the key questions are whether margin pressure from commodity costs and integration spending can ease, and whether the Europe and emerging-market growth from acquisitions and pricing is durable. Leverage has risen with acquisitions and buybacks, so the balance sheet is less conservative than in the prior year. The auditor (KPMG) reported no material modifications from its interim review.

    Oct 12, 2011
  47. 2011-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 11, 2011

    PepsiCo's Q2 2011 10-Q (12 and 24 weeks ended June 11, 2011) shows strong top-line growth, with net revenue up 14% to $16.8 billion for the quarter and up 19% to $28.8 billion year to date. Growth was driven largely by the acquisition of Wimm-Bill-Dann (WBD), which contributed about 33 percentage points to Europe's quarterly revenue growth, along with favorable foreign currency and effective net pricing. Quarterly operating profit rose 12% to $2.75 billion, though operating margin slipped 0.2 points to 16.4%. Net income attributable to PepsiCo rose 18% to $1.89 billion in the quarter, and diluted EPS increased 20% to $1.17. Excluding items affecting comparability such as merger and integration charges, diluted EPS grew 10% to $1.21. Year-to-date reported EPS growth was only 1% to $1.89, because the prior-year period included a $958 million non-cash gain on previously held PBG and PAS equity interests. Cash flow and balance sheet trends merit attention. Operating cash flow was roughly flat at $2.35 billion, held back by working capital build, including a $1.5 billion increase in receivables and a $0.7 billion increase in inventories. Net capital spending rose to $1.2 billion, and management operating cash flow fell to $1.16 billion from $1.51 billion. Cash and equivalents dropped to $2.9 billion from $5.9 billion at year-end, reflecting the $2.4 billion WBD acquisition, $1.3 billion of WBD minority share purchases, and $2.3 billion in dividends and buybacks. Total debt rose to about $27.3 billion including short-term obligations, and management expects roughly $2.5 billion of share repurchases in 2011. On balance, the quarter showed solid earnings momentum, but much of the headline growth reflects acquisitions and currency, while cash generation and leverage deserve closer monitoring. The company also completed the WBD tender offers and planned a squeeze-out to reach 100% ownership by mid-September 2011. Investors should watch input cost inflation, which management cited as a margin headwind, and the pace of WBD integration.

    Jul 21, 2011
  48. 2011-Q1

    PEPSICO INC Quarterly Report for Q1 Ended Mar 19, 2011

    PepsiCo's first-quarter 2011 10-Q (12 weeks ended March 19, 2011) shows reported net revenue up 27% to $11.94 billion, driven largely by the acquisitions of PBG and PAS (completed February 2010) and the newly consolidated Wimm-Bill-Dann (WBD) business. Reported operating profit more than doubled to $1.73 billion from $840 million, but this comparison is distorted by the prior-year $958 million gain on previously held bottler equity interests, $145 million asset write-off, $120 million Venezuela devaluation charge, and $100 million Foundation contribution. Excluding items affecting comparability, management reports diluted EPS of $0.74 versus $0.76 a year earlier, a 2% decline (3% decline on a constant-currency basis). Reported diluted EPS fell 20% to $0.71 from $0.89, reflecting the absence of the prior-year non-taxable gain and a higher effective tax rate of 26.8% versus a benefit of 2.3% a year ago. Cash generation and capital allocation were the other key focus areas. Operating cash flow rose to $380 million from $241 million, though management's own measure, management operating cash flow, was negative $41 million, versus negative $17 million a year earlier; excluding discretionary items it was $78 million versus $794 million, the prior year having been flattered by a $600 million discretionary pension contribution overlap. Investing outflows of $3.0 billion were driven mainly by the $2.4 billion net cash paid for WBD. Total debt-related obligations rose, with short-term obligations of $6.3 billion and long-term debt of $20.9 billion, and about 44% of total debt was exposed to variable rates. Management expects roughly $2.5 billion of share repurchases in 2011, with $13.1 billion remaining under its $15.0 billion authorization. From a segment perspective, PepsiCo Americas Beverages drove the top-line increase with revenue up 64% to $4.53 billion and operating profit up 9% excluding items affecting comparability. Frito-Lay North America (FLNA) grew revenue 1.5% and operating profit 6%, while Europe was weaker, with operating profit down 33% excluding items, reflecting higher commodity costs and strategic investment. The WBD acquisition, completed February 3, 2011, adds a meaningful Russian snacks and beverage platform, but it also increases leverage and the exposure to emerging-market currency and political risk. The auditor, KPMG, performed only a review (not an audit) of these interim statements and reported no material modifications.

    Apr 28, 2011
  49. 2010-Q3

    PEPSICO INC Quarterly Report for Q3 Ended Sep 4, 2010

    PepsiCo's Q3 2010 10-Q (36 weeks ended September 4, 2010) shows a business transformed by the February 26, 2010 acquisitions of PBG and PAS. Net revenue rose 33% to $39.7 billion and 40% to $15.5 billion in the quarter, driven mainly by incremental bottler revenue, while reported operating profit grew only 1.5% year to date and operating margin fell 4.7 points to 15.4%. The gap reflects roughly $1.1 billion of items affecting comparability, including $506 million of PBG/PAS merger costs, $374 million of inventory fair value adjustments, a $145 million SAP asset write-off, a $120 million Venezuela devaluation charge, and a $100 million foundation contribution. Excluding these items, year-to-date diluted EPS was $3.08, up 10%, and reported diluted EPS was $3.06, up 7%. Below the operating line, the year-to-date results were flattered by a non-recurring $958 million gain on previously held PBG and PAS equity stakes, which lifted bottling equity income to $728 million from $290 million. Net income attributable to PepsiCo rose 10% to $4.96 billion. Third-quarter EPS of $1.19 (up 9%) included about $0.03 of merger charges, and the reported tax rate was 21.7% year to date, versus 25.0% a year earlier, helped by the reversal of deferred taxes on the previously held interests. The balance sheet and cash flow changed materially. Total assets nearly doubled to $66.7 billion, goodwill and intangibles rose to about $39.5 billion, and long-term debt reached $18.4 billion, with total debt including short-term obligations near $24.2 billion. Interest expense rose to $495 million year to date from $285 million. Operating cash flow was $5.8 billion, including $1.2 billion of discretionary pension contributions. The company repurchased $4.4 billion of stock, and management operating cash flow excluding items was $5.3 billion. Management guided to about $8.0 billion of 2010 operating cash flow and $3.3 billion of net capital spending. Moody's and S&P both downgraded PepsiCo's ratings in early 2010, and a new $15.0 billion buyback authorization runs through June 2013.

    Oct 7, 2010
  50. 2010-Q2

    PEPSICO INC Quarterly Report for Q2 Ended Jun 12, 2010

    PepsiCo's Q2 2010 10-Q (12 and 24 weeks ended June 12, 2010) reflects a transformational quarter driven by the February 26, 2010 acquisitions of PBG and PAS. Net revenue rose 40% to $14.8 billion in the quarter and 28% to $24.2 billion year-to-date, with the bulk of the growth coming from the consolidation of the bottlers' finished-goods revenue, particularly in PepsiCo Americas Beverages (PAB, up 112% in the quarter). Reported operating profit rose 12% in the quarter to $2.46 billion, but fell 13% year-to-date to $3.30 billion, and operating margin compressed to 16.6% (quarter) and 13.7% (YTD). Those headline margins are heavily distorted by deal-related items, including $437 million of YTD merger and integration charges, $357 million of inventory fair value step-up costs, a $145 million SAP-related asset write-off, a $100 million Foundation contribution, and a $120 million Venezuela devaluation charge. On the bottom line, net income attributable to PepsiCo was $3.03 billion YTD (up 9%), but this was flattered by a one-time $958 million non-cash gain on previously held PBG and PAS equity stakes. Quarterly diluted EPS fell 7% to $0.98. Management's adjusted diluted EPS (excluding items affecting comparability) grew 8% to $1.10 in the quarter and 7% to $1.86 YTD, which is the more representative view of underlying operating performance. Underlying organic volume growth was modest in the core snacks business (about 1% in the quarter), while beverage volume growth was driven largely by acquired brands and the Dr Pepper Snapple manufacturing agreement. Balance-sheet and capital-allocation implications are significant. Total assets nearly doubled to $65.1 billion, long-term debt rose to $19.6 billion from $7.4 billion, and short-term obligations reached $4.5 billion. Share repurchases of $3.3 billion YTD and dividends of $1.45 billion were funded largely by $4.2 billion of new long-term debt and $3.3 billion of commercial paper. Management noted that S&P and Moody's both lowered PepsiCo's ratings in early 2010, though the company remains investment grade. Investors should weigh the higher leverage, the integration execution risk, and the goodwill and franchise-rights intangibles (now about $25.4 billion) against the expected synergies from the integrated bottling system.

    Jul 20, 2010