01—Abstract
Summary
Summary of the 8-K filed July 17, 2025. Cited figures are marked; the original filing is the authoritative source.
PepsiCo's July 17, 2025 Form 8-K is a recast of historical segment reporting, not a change to reported financials.
Following the realignment of reportable segments effective Q1 2025, the company furnished recast FY2023 segment data (Exhibit 99.1) and updated Item 1, Item 7 (MD&A), and selected footnotes from its 2024 Form 10-K (Exhibit 99.2). The company states the changes affect only how prior segment results are presented, and that the filing does not revise or restate previously reported consolidated financial statements for any period. The structural changes are meaningful for segment-level analysis.
The former six-segment structure is now reorganized around PepsiCo Foods North America (Frito-Lay and Quaker combined), PepsiCo Beverages North America (unchanged), a new EMEA segment that houses company-owned international bottlers, Latin America Foods, Asia Pacific Foods (now including India), and International Beverages Franchise, which consolidates international franchise beverage businesses previously spread across several regions. Investors modeling segment growth, margins, or organic volume trends should use the recast figures rather than comparing against legacy segment disclosures. For the recast FY2023 baseline, total net revenue of $91.5 billiona and core operating profit of $13.9 billion are unchanged at the consolidated level, but segment mix shifts materially.
For example, PFNA reports $28.0 billionb in net revenue and EMEA $16.2 billion on the new basis, and organic volume and effective net pricing are presented by the new segments. The filing contains no new guidance, no material event disclosure, and no change to 2024 consolidated results.
02—Key points
Key Highlights
- No restatement: the filing expressly does not revise or restate previously reported consolidated financial statements for any period; changes affect only segment presentation.
- Food businesses in North America combined into PepsiCo Foods North America (PFNA), while PepsiCo Beverages North America is unchanged.
- International operations reorganized into EMEA (now including all company-owned international bottlers), Latin America Foods, Asia Pacific Foods (now including India), and a new International Beverages Franchise segment.
- Recast FY2023 consolidated net revenue of $91,471 million and core operating profit of $13,875 million are unchanged; segment-level figures are redistributed under the new structure.
- Recast FY2023 organic volume shows PFNA down 2%, PBNA down 5%, IB Franchise up 2%, and EMEA down roughly 2.5% in convenient foods, providing a new baseline for trend analysis.
- Filing includes Exhibit 99.2 with updated Item 1 and MD&A sections and revised footnotes (Notes 1, 3, 4, 9, 13), which investors should review for the new segment definitions and related disclosures.
03—Questions
Frequently Asked Questions
Does this 8-K change PepsiCo's reported revenue or earnings?
No. The company states the filing does not revise or restate its previously reported consolidated financial statements for any period. Only the presentation of segment results changes, so consolidated net revenue, operating profit, and net income figures remain as previously reported.
Why did PepsiCo change its segment structure?
The company realigned segments to conform with changes to its organizational structure and to how the CEO monitors performance and allocates resources. In North America, food businesses are now managed together, and international foods and beverages were reorganized so each category is managed distinctly.
How should investors use the recast FY2023 segment data?
Investors should use the recast figures in Exhibit 99.1 as the comparable baseline for year-over-year segment analysis going forward. Legacy segment results from prior filings are not directly comparable, because segments such as EMEA, Asia Pacific Foods, and International Beverages Franchise contain different businesses than before.
Where did India and the company-owned international bottlers move?
India moved from the former AMESA segment into Asia Pacific Foods for its food businesses. Company-owned bottling operations outside North America are now all within the new EMEA segment, while international franchise beverage businesses are grouped into International Beverages Franchise.
Does the filing include any new guidance or material events?
No. The filing contains only recast historical segment information and updated sections from the 2024 Form 10-K. It states that all other 2024 Form 10-K information remains unchanged and has not been updated for subsequent events.
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