PEP · PEPSICO INC

592 filings

PEP SEC Filings

PEPSICO INC - 592 total filings

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

Showing 1–50 of 592 filings

PEPSICO INC 8-K Report, Corporate Update (Oct 16, 2026)

PepsiCo, Inc. has announced the successful offering of €1 billion in senior notes, comprising €500 million of 3.750% Senior Notes due 2029 and €500 million of 4.250% Senior Notes due 2035. The company received net proceeds of approximately €994 million, after accounting for underwriting discounts and expenses. These funds are designated for general corporate purposes, including the repayment of commercial paper, indicating a proactive approach to managing its short-term debt obligations. The offering was conducted under PepsiCo's automatic shelf registration statement and was formalized through a Terms Agreement with joint book-running managers Deutsche Bank AG, London Branch and HSBC Bank plc. The Notes are unsecured and rank equally with other senior unsecured indebtedness. This debt issuance provides PepsiCo with additional liquidity and flexibility to support its ongoing operations and strategic initiatives.

Oct 16, 2026 10-Q

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 8-K

PEPSICO INC 8-K Report, Financial Results (Oct 8, 2026)

PepsiCo's third-quarter 2026 results (12 weeks ended September 5, 2026) show top-line momentum with net revenue up 5.6% to $25.3 billion and organic revenue growth accelerating to 3.1% from 2.7% in the year-ago period. Volume growth was positive across both global beverages and convenient foods, and the company credited the International segments for most of the strength, while North America remains the weak spot. Beverages North America grew net revenue 5%, largely from 2025 acquisitions, but convenient foods trends in North America improved only sequentially and remained pressured by lower effective net pricing. Reported profitability is flattered by comparisons and non-operating items. GAAP operating profit rose 19% and EPS rose 17% to $2.23, but this reflects favorable acquisition-related charges and mark-to-market gains, and the prior-year period included Rockstar impairment charges. On a core basis, which is the more relevant measure for underlying performance, core operating profit grew only 3%, core operating margin contracted 35 basis points to 16.9%, and core EPS rose 2% to $2.34 (core constant currency EPS +1.5%). The core figures also benefited from a 4-point tariff refund tailwind, which means underlying cost pressure is somewhat larger than the headline suggests. Management modestly adjusted fiscal 2026 guidance. Organic revenue growth is now expected at about 3% (up from 2%-4%), net revenue at about 6%, and core constant currency EPS growth at 1%-2%, down from the prior low-end of 4%-6%. Core EPS guidance is 2.5%-3.5%, lower than before. Management explicitly flagged additional structural cost reductions to fund growth investments and offset rising input cost inflation, signaling that margin pressure and reinvestment will shape the near-term earnings trajectory.

Oct 8, 2026 8-K

PEPSICO INC 8-K Report, Executive Changes (Sep 17, 2026)

PepsiCo, Inc. has announced a significant addition to its Board of Directors, with the election of Joaquin Duato, effective December 1, 2026. Mr. Duato brings extensive leadership experience, currently serving as Chairman and CEO of Johnson & Johnson, and previously holding senior executive roles within that organization for over three decades. This appointment is strategically important as Mr. Duato will also join PepsiCo's Audit Committee, bringing his considerable financial and governance expertise to a critical oversight function. Investors should note that Mr. Duato's compensation structure reflects standard practices for new non-employee directors, involving an initial stock award and prorated equity awards, along with an annual cash retainer. The effective date of December 1, 2026, indicates a future integration into the Board's activities.

Sep 17, 2026 10-Q

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 8-K

PEPSICO INC 8-K Report, Financial Results (Jul 9, 2026)

PepsiCo reported second-quarter 2026 results (12 weeks ended June 13, 2026) with net revenue up 6.4% to $24.2 billion, driven by 2.4% organic growth, a 2.2-point foreign exchange tailwind, and a 1.8-point net benefit from acquisitions. Organic volume growth was strong internationally, while North American convenient foods saw lower effective net pricing and declining net revenue. Reported EPS rose 137% to $2.18 and operating profit rose 125%, but this comparison is flattered by the prior-year impairment charges tied to Rockstar and Be & Cheery. The more meaningful measures show core EPS up 4% to $2.20 and core operating profit up 4%, with core operating margin contracting 40 basis points to 16.8%. For the first half, net revenue grew 7.3% and organic revenue grew 2.5%, with core EPS up 6% to $3.81. Management highlighted that global organic volume is growing at the fastest pace since 2022, citing international strength and portfolio evolution toward portion control, functional, and zero-sugar offerings. Management also flagged planned restaging of certain global brands, affordability investments, and productivity efforts to improve operating leverage, which may weigh on near-term margins. PepsiCo affirmed its fiscal 2026 guidance: organic revenue growth of 2% to 4%, core constant currency EPS growth of 4% to 6%, free cash flow conversion of at least 80%, and about $8.9 billion in shareholder returns. Year-to-date operating cash flow improved to $2.4 billion from $1.0 billion, though working capital absorbed cash and short-term debt rose to $10.6 billion. Investors will likely focus on whether North American pricing pressure eases and whether margin pressure from reinvestment is manageable within the reaffirmed targets.

Jul 9, 2026 8-K

PEPSICO INC 8-K Report, Corporate Update (May 22, 2026)

PepsiCo, Inc. (PEP) disclosed on May 22, 2026 that it terminated its two existing $5.0 billion revolving credit facilities, both dated May 23, 2025 and both led by Citibank, N.A. as administrative agent, and replaced them with two new $5.0 billion unsecured revolving facilities. Neither terminated facility had any outstanding borrowings at termination, so the refinancing is a routine renewal of liquidity backstops rather than a new borrowing event. The filing does not disclose any drawdown, change in leverage, or material new obligation. The new 364-day facility matures May 21, 2027 and can be borrowed in U.S. dollars and/or euros. It can be increased to $5.75 billion with lender consent and allows renewal or conversion of outstanding amounts into a term loan of up to one year. The new five-year facility matures May 22, 2031, includes a $1.2 billion euro-denominated swing line sublimit, and permits up to two one-year extensions at the company's request. It also can be upsized to $5.75 billion. Both agreements are for general corporate purposes, including working capital, capital investments and acquisitions. For investors, the key takeaway is that PepsiCo maintains committed, flexible liquidity of up to $10 billion across the two facilities, with the five-year tranche extending the maturity profile to 2031. Pricing terms disclosed in the exhibits include a 0.025% commitment fee on the 364-day facility and a 0.045% fee on the five-year facility, with drawn spreads of 0.625% over Term SOFR or EURIBO. These are modest costs, consistent with an investment-grade issuer maintaining standby capacity.

May 22, 2026 8-K

PEPSICO INC 8-K Report, Shareholder Vote Results (May 8, 2026)

PepsiCo's 8-K reports the results of its 2026 Annual Meeting of Shareholders, held May 6, 2026. Shareholders re-elected all 13 director nominees, with each receiving majority support. Support ranged from about 91% (Robert Pohlad) to about 99% (Sir Dave Lewis) of votes cast for and against. Shareholders also ratified KPMG LLP as the independent auditor for fiscal 2026, with about 92% of votes cast in favor. This is a routine outcome that signals continued board stability and no auditor change. Shareholders approved, on an advisory basis, the executive compensation program, with about 89% of votes cast in favor. That is a solid level of support, though lower than a near-unanimous result, and it suggests some investor scrutiny of pay practices. All three shareholder proposals were defeated. The proposal for an independent board chair received about 26% support, the human rights oversight report about 17%, and the animal treatment report in the supply chain about 9%. Investors can read these votes as broad backing for management's current governance structure and for its approach to these social and governance topics. Overall, the filing shows a stable governance picture with no surprises. The main points for investors are the strong director and auditor support, the moderate but clear endorsement of executive pay, and the rejection of all shareholder proposals. Because this is a procedural 8-K, it does not contain financial results, guidance, or strategic announcements.

May 8, 2026 8-K

PEPSICO INC 8-K Report, Financial Results (Apr 16, 2026)

PepsiCo reported first-quarter 2026 results for the 12 weeks ended March 21, 2026, with net revenue up 8.5% to $19.4 billion. Organic revenue grew 2.6%, a modest figure that was helped by pricing, with only a slight contribution from organic volume. Foreign exchange added 3.4 points and acquisitions and divestitures added 2.5 points. GAAP EPS rose 27% to $1.70, but this was flattered by items affecting comparability, including net mark-to-market gains on commodity derivatives. Core EPS rose 9% to $1.61, and core constant-currency EPS rose a more modest 5%, which is the cleaner view of underlying earnings growth. Segment performance was mixed. North America Foods and Beverages showed sequential improvement in revenue and volume, with Foods returning to volume growth as innovation and affordability initiatives took hold. Core operating profit in PFNA fell 4% on a constant-currency basis, while PBNA rose 7%. International businesses showed resilience, with Asia Pacific Foods and EMEA posting strong core constant-currency operating profit growth of 30% and 17%, respectively. Core operating margin expanded only 10 basis points to 15.7%, indicating that productivity savings were largely consumed by operating cost increases and investments. Management affirmed full-year 2026 guidance, including organic revenue growth of 2% to 4% and core constant-currency EPS growth of 4% to 6%, and it reiterated cash returns of about $8.9 billion. It also reaffirmed the previously announced 4% dividend increase, which marks the 54th consecutive annual increase. Free cash flow conversion is guided to at least 80%. Operating cash flow of $41 million was far weaker than the prior year's use of $973 million, largely reflecting working capital and pension timing, so investors should look to later quarters to confirm cash generation.

Apr 16, 2026 10-Q

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 8-K

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.

Feb 11, 2026 10-K

PEPSICO INC Annual Report, Year Ended Dec 27, 2025

PepsiCo, Inc. (PEP) has released its 2025 Annual Report (10-K), detailing a year marked by efforts to navigate macroeconomic challenges including inflation, supply chain disruptions, and evolving consumer preferences. The company demonstrated resilience, with reported net revenue increasing by 2% to $93.9 billion. However, operating profit saw a decline of 11% to $11.5 billion, primarily attributed to increased operating costs, specific impairment charges, and the impact of higher commodity costs, partially offset by productivity savings and effective net pricing. Strategic initiatives remain a focus, including efforts to reignite North American business performance through integration and brand investment, and expanding international market presence. The company continues to advance its pep+ transformation, emphasizing portfolio reshaping towards healthier options, sustainable packaging, and digital integration. Despite a challenging environment, PepsiCo is committed to returning value to shareholders through a 4% increase in its annualized dividend and a new $10 billion share repurchase program, signaling confidence in its long-term strategy.

Feb 3, 2026 8-K

PEPSICO INC 8-K Report, Financial Results (Feb 3, 2026)

PepsiCo reported fourth-quarter and full-year 2025 results on February 3, 2026, showing a sharp reported rebound in Q4 but a weak full year. Q4 GAAP net revenue rose 5.6% to $29.3 billion, with organic revenue growth of 2.1%, a sequential acceleration. Q4 GAAP EPS was $1.85, up 68%, and core constant-currency EPS rose 11% to $2.26 on a core basis. Full-year GAAP net revenue grew 2.3% to $93.9 billion, but GAAP EPS fell 14% to $6.00 because of roughly $2.0 billion of impairment charges, primarily related to the Rockstar brand and the TBG investment. Core full-year EPS was $8.14, essentially flat, and core constant-currency operating profit growth was about 2%. Management affirmed its 2026 guidance: organic revenue growth of 2 to 4%, core constant-currency EPS growth of 4 to 6%, a core tax rate of about 22%, capex below 5% of net revenue, and free cash flow conversion of at least 80%. Implied reported net revenue growth is 4 to 6%, and implied core EPS growth is about 5 to 7%. Management expects North America to improve and International to remain resilient, and it plans a record year of productivity savings to fund growth investments. It also raised the annualized dividend 4% to $5.92 per share, the 54th consecutive annual increase, and authorized a new $10 billion buyback through February 2030. For investors, the key takeaways are the Q4 momentum and the reaffirmed 2026 outlook, offset by heavy full-year impairments, rising commodity and tariff costs, and a balance sheet with rising debt. Total cash returns of about $8.9 billion in 2026 (dividends of $7.9 billion plus $1.0 billion in buybacks) are covered by operating cash flow, though free cash flow in 2025 was pressured by higher acquisition spending and lower capex. Watching whether North America volume recovers will be the key test for the 2026 plan.

Feb 3, 2026 8-K

PEPSICO INC 8-K Report, Executive Changes (Dec 15, 2025)

PepsiCo, Inc. (PEP) has filed an 8-K detailing a significant leadership transition within its North America division. Effective December 28, 2025, Steven Williams, currently the Chief Executive Officer of North America, will assume a new, expanded role as Executive Vice President & Vice Chairman, Global Chief Commercial Officer & Corporate Affairs. This move signals a strategic realignment within the company, likely aimed at leveraging Williams' expertise across broader global commercial and corporate affairs functions. Investors should view this transition as a potential indicator of PepsiCo's strategic priorities moving forward. The appointment to a global role suggests a focus on driving international growth and strengthening the company's commercial and public relations efforts on a worldwide scale. While the departure from the direct leadership of the crucial North America market is notable, the elevated global responsibilities suggest confidence in Williams' ability to contribute at a higher strategic level, potentially impacting future revenue streams and brand perception globally. Further analysis will be required to understand the specific implications for the North America business and the appointment of a successor.

Dec 15, 2025 8-K

PEPSICO INC 8-K Report, Regulation FD Disclosure (Dec 8, 2025)

PepsiCo (PEP) furnished an 8-K on December 8, 2025 announcing a set of commercial and financial priorities aimed at enhancing shareholder value, alongside a preliminary 2026 financial outlook. The announcement follows a comprehensive Board-overseen review and constructive engagement with activist shareholder Elliott Investment Management, which publicly supports the plan. The core message is a pivot toward PepsiCo Foods North America: affordability tiers ("sharper everyday value"), an innovation agenda emphasizing cleaner labels and protein/fiber, and aggressive cost reduction (three plant closures this year, SKU cuts of nearly 20% in the U.S.). Management guides to 2026 organic revenue growth of 2-4% (with the high end weighted to 2H26), core constant currency EPS growth of 4-6%, and at least 100 basis points of aggregate core operating margin expansion over three years. For investors, the headline reported figures are modestly positive but come with important caveats. Management expects core EPS to rise roughly 5-7% in 2026 as reported, or 7-9% excluding the drag from global minimum tax regulations, which lifts the core effective tax rate to about 22% from roughly 20% in 2025. Capital spending is to be held below 5% of net revenue, dividends are to continue growing (following 53 consecutive years of increases), and free cash flow conversion is guided to at least 80% in 2026 (including a nearly $1 billion final Tax Cuts and Jobs Act payment) and at least 90% in 2027. The company will also weigh portfolio optimization against buybacks. A comprehensive North America supply chain and go-to-market review is deferred to late 2026, so the bigger structural decisions remain open. The filing also affirms 2025 guidance, including low-single-digit organic revenue growth, flat core constant currency EPS, and about $8.6 billion in total cash returns. Investors should note that the announcement is largely a targeted reinvestment-and-efficiency plan rather than a major change in strategy, and that the forward-looking outlook is subject to the risks listed in the cautionary statement, including demand, input costs, tariffs, and execution of productivity initiatives. Key near-term checkpoints are the December 9 CEO call, the February 3, 2026 fourth-quarter results (which will include total 2026 cash return figures), and the February 18 CAGNY presentation.

Dec 8, 2025 8-K

PEPSICO INC 8-K Report, Financial Results (Oct 9, 2025)

PepsiCo reported third-quarter 2025 results for the 12 weeks ended September 6, 2025, with reported net revenue up 2.6% to $23.9 billion and organic revenue up 1.3%. However, GAAP EPS fell 11% to $1.90, driven mainly by a $1.99 billion year-to-date impairment charge, primarily tied to the Rockstar brand, which pushed 36-week operating profit down 25%. On a non-GAAP basis, Q3 core EPS was $2.29, with core constant currency EPS down 2%. Year-to-date core constant currency EPS declined 3.5%, and the company's full-year outlook calls for low-single-digit organic revenue growth and core constant currency EPS roughly flat versus 2024's $8.16 core EPS. Management said the improved outlook for core USD EPS reflects a smaller expected foreign exchange headwind of about 0.5 points, down from 1.5 points previously. Leadership changes are the other key item. Steve Schmitt, currently CFO of Walmart U.S., will become EVP and CFO effective November 10, 2025, succeeding Jamie Caulfield, who will stay on through a transition agreement ending May 15, 2026. Schmitt's package includes a $900,000 base salary, a 150% incentive target, a $3.5 million sign-on bonus, and a $7 million special RSU grant intended to offset forfeited compensation from his prior employer. Director Darren Walker will also retire from the board effective November 19, 2025, for reasons unrelated to any disagreement with the company. For investors, the central tension is between top-line stabilization and profit pressure. Organic growth remains modest, cost pressure is severe enough to prompt a 'right-sizing' of the cost base, and the Rockstar impairment raises questions about the health of acquired and indefinite-lived brands. The CFO transition arrives at a time when management is emphasizing cost optimization and portfolio reshaping, so execution under new leadership will be closely watched.

Oct 9, 2025 10-Q

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 8-K

PEPSICO INC 8-K Report, Corporate Update (Jul 28, 2025)

PepsiCo, Inc. has announced the successful offering of €1 billion in senior notes, split equally between €500 million of 3.450% Senior Notes due 2037 and €500 million of 4.050% Senior Notes due 2055. The company received net proceeds of approximately €989 million from this issuance. These funds are designated for general corporate purposes, including the repayment of commercial paper. The offering was conducted under PepsiCo's existing shelf registration statement and involved several prominent financial institutions as joint book-running managers. This debt issuance allows PepsiCo to strengthen its liquidity and manage its capital structure. The issuance of long-term debt, particularly with fixed coupon rates, can provide financial flexibility and potentially lock in favorable borrowing costs. Investors in these notes are lending to PepsiCo with specific maturity dates and coupon rates, and the notes are unsecured obligations ranking equally with other senior unsecured indebtedness of the company.

Jul 28, 2025 8-K

PEPSICO INC 8-K Report, Corporate Update (Jul 23, 2025)

PepsiCo, Inc. (PEP) has announced the successful completion of a significant senior notes offering, raising approximately $3.484 billion in net proceeds. This offering comprises multiple tranches of senior notes with varying maturities and coupon rates, including $750 million of 4.100% Senior Notes due 2029, $650 million of 4.300% Senior Notes due 2030, $850 million of 4.650% Senior Notes due 2032, and $1.25 billion of 5.000% Senior Notes due 2035. The company intends to use these proceeds for general corporate purposes, notably for the repayment of commercial paper. The offering was facilitated by prominent financial institutions, including BofA Securities, Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC, acting as joint book-running managers. The notes are unsecured and rank equally with PepsiCo's other unsecured senior indebtedness. This financing activity suggests a proactive approach by PepsiCo to manage its capital structure and debt obligations.

Jul 23, 2025 8-K

PEPSICO INC 8-K Report, Financial Results (Jul 17, 2025)

PepsiCo reported second-quarter 2025 results for the 12 weeks ended June 14, 2025. Net revenue rose 1.0% to $22.7 billion, and organic revenue grew 2.1%, a sign of improving top-line momentum versus the prior quarter. Reported diluted EPS fell 59% to $0.92, driven mainly by a $1.86 billion impairment charge tied to the Rockstar and Be & Cheery brands. On a non-GAAP basis, core EPS was $2.12, and core constant-currency EPS declined 5%. Core constant-currency operating profit fell 3%, with International segments (IB Franchise, LatAm Foods, EMEA) offsetting weakness in North America and Asia Pacific Foods. Management reaffirmed its 2025 framework of low-single-digit organic revenue growth and core constant-currency EPS roughly flat versus 2024. The company lowered its expected foreign exchange headwind to about 1.5 percentage points from about 3 points, which improves the reported outlook. On that basis, the company now implies a core EPS decline of about 1.5% from 2024 core EPS of $8.16, compared with a previously implied 3% decline. Cash returns to shareholders are still expected to total about $8.6 billion, including $7.6 billion in dividends and $1.0 billion in buybacks. The filing also shows balance sheet and cash flow pressure. Year-to-date operating cash flow was $996 million versus $1,315 million a year earlier, as working capital absorbed cash. Short-term debt rose to $12.1 billion from $7.1 billion at year-end 2024, and year-to-date acquisition spending was about $3.1 billion. Investors will likely focus on whether North America execution improves enough to support the flat core EPS outlook, and on the pace of free cash flow generation relative to dividend commitments.

Jul 17, 2025 10-Q

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 8-K

PEPSICO INC 8-K Report, Regulation FD Disclosure (Jul 17, 2025)

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 billion 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 billion 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.

Jul 17, 2025 8-K

PEPSICO INC 8-K Report, Corporate Update (May 23, 2025)

PepsiCo, Inc. (PEP) filed this Form 8-K on May 23, 2025 to report a routine refinancing of its two principal committed bank facilities. Effective May 23, 2025, the company terminated its $5.0 billion 364-day and $5.0 billion five-year unsecured revolving credit agreements, both dated May 24, 2024, and entered into replacement facilities of the same $5.0 billion size with Citibank, N.A. as administrative agent. Both prior facilities were undrawn at termination, so the transaction carries no immediate impact on reported debt or cash. The key changes are in the tenor and flexibility of the new facilities. The 364-day facility expires May 22, 2026, and the five-year facility expires May 23, 2030, with up to two one-year extension requests available. Both can be upsized by up to $750 million to $5.75 billion in aggregate, and both allow borrowing in U.S. dollars or euros. The five-year facility adds a $750 million euro-denominated swing line subfacility. Borrowing subsidiaries may also draw under the agreements, and proceeds are available for general corporate purposes, including working capital, capital investments and acquisitions. For investors, the filing signals continued access to committed liquidity and supports PepsiCo's financial flexibility as a backstop for commercial paper and working capital needs. The filing does not disclose pricing terms in the 8-K excerpt provided beyond the contractual fee and margin structure in the exhibits (for example, a 0.025% commitment fee on the 364-day facility and 0.045% on the five-year facility, with drawn spreads of 0.625% over Term SOFR or EURIBO). Because the facilities are undrawn and renewed on similar terms, the filing is best read as a routine liquidity maintenance event rather than a material change in PepsiCo's credit profile.

May 23, 2025 8-K

PEPSICO INC 8-K Report, Shareholder Vote Results (May 9, 2025)

PepsiCo, Inc. (PEP) filed an 8-K report on May 8, 2025, detailing the results of its 2025 Annual Meeting of Shareholders held on May 7, 2025. The primary focus of this filing is the voting outcomes on several key proposals. Investors will note the overwhelmingly positive reception for the re-election of all 15 director nominees, with each receiving substantial support. Additionally, shareholders ratified the appointment of KPMG LLP as the company's independent registered public accounting firm for fiscal year 2025 and approved, on an advisory basis, the company's executive compensation. Conversely, several shareholder proposals did not gain majority approval. These include proposals related to a third-party assessment on non-sugar sweetener risks, a third-party racial equity audit, a report on biodiversity and nature loss risks, and sustainable packaging policies for plastics. The strong support for management's slate of directors and executive compensation, contrasted with the rejection of these shareholder initiatives, suggests continued shareholder confidence in the current board and executive leadership's strategic direction.

May 9, 2025 8-K

PEPSICO INC 8-K Report, Financial Results (Apr 24, 2025)

PepsiCo reported first-quarter 2025 results (12 weeks ended March 22, 2025) with GAAP net revenue down 1.8% to $17.9 billion, GAAP EPS of $1.33 (down 10%), and core EPS of $1.48 (core constant currency down 4%). Organic revenue grew 1.2%, but foreign exchange cut reported revenue by about 3 points. GAAP operating profit fell 5% to $2.58 billion, and core operating profit was down about 1% on a constant currency basis. Results were mixed by segment: international franchise beverages, EMEA and Asia Pacific Foods were relatively stronger, while PepsiCo Foods North America (volume down 1%, core constant currency operating profit down 7%) and Latin America Foods (reported revenue down 12%) were weaker. The company also recast its segments effective Q1 2025 to reflect a new organizational structure. The most important change for investors is guidance. PepsiCo now expects core constant currency EPS to be approximately flat versus 2024's $8.16 core EPS, down from prior expectations of mid-single-digit growth. Management cited higher supply chain costs tied to tariffs, elevated macroeconomic volatility, and subdued consumer demand. Organic revenue growth guidance of low-single digits is unchanged, and the company reiterated approximately $8.6 billion in total cash returns, including $7.6 billion in dividends. The previously announced 5% dividend increase (the 53rd consecutive annual increase) remains in place. Balance sheet activity was notable in the quarter. Operating cash flow was negative at $(973) million, reflecting seasonal working capital outflows, and PepsiCo spent $1.2 billion on acquisitions. Short-term debt rose to $9.1 billion from $7.1 billion at year-end, and long-term debt increased to $39.4 billion from $37.2 billion. Goodwill and other indefinite-lived intangibles increased, consistent with the acquisition activity. Investors will likely focus on whether mitigation actions can offset tariff-related costs and whether North America can improve performance.

Apr 24, 2025 10-Q

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 8-K

PEPSICO INC 8-K Report, Corporate Update (Feb 7, 2025)

PepsiCo, Inc. has announced a significant debt offering, raising approximately $3.483 billion in net proceeds through the issuance of various senior notes. The offering includes $500 million in 4.400% Senior Notes due 2027, $750 million in 4.450% Senior Notes due 2028, $1 billion in 4.600% Senior Notes due 2030, and $1.25 billion in 5.000% Senior Notes due 2035. These proceeds are earmarked for general corporate purposes, notably including the repayment of commercial paper, indicating a strategic move to manage its short-term debt obligations and strengthen its capital structure. The offering was executed under its existing shelf registration statement, with major financial institutions acting as joint book-running managers.

Feb 7, 2025 8-K

PEPSICO INC 8-K/A Report, Executive Changes (Feb 7, 2025)

This 8-K/A filing from PepsiCo, Inc. (PEP) provides an amendment to a previous disclosure regarding the appointment of Christine Tammara as Senior Vice President and Controller (Principal Accounting Officer), effective May 3, 2025. The amendment clarifies her compensation package for this new role. Investors should note the details of her base salary, incentive targets, and long-term incentive awards, as these represent significant executive compensation elements and could influence investor perception of management alignment and future performance incentives.

Feb 7, 2025 10-K

PEPSICO INC Annual Report, Year Ended Dec 28, 2024

PepsiCo, Inc. (PEP) reported solid financial performance in its fiscal year ending December 28, 2024. The company navigated a challenging operating environment, characterized by ongoing supply chain disruptions, inflation, and evolving consumer preferences, by focusing on productivity, operational optimization, and strategic brand investments. The company's diversified portfolio across beverages and convenient foods, along with its global reach, contributed to its resilience. PepsiCo highlighted its continued commitment to its pep+ (PepsiCo Positive) transformation, emphasizing sustainability initiatives and portfolio evolution towards healthier options. The company also announced a 5% increase in its annualized dividend, signaling confidence in its financial health and commitment to shareholder returns, supported by robust free cash flow generation.

Feb 4, 2025 8-K

PEPSICO INC 8-K Report, Financial Results (Feb 4, 2025)

PepsiCo reported fourth-quarter and full-year 2024 results on February 4, 2025 (16 and 52 weeks ended December 28, 2024). Full-year GAAP net revenue was essentially flat at $91.9 billion (+0.4%), with a 1.5-point foreign exchange headwind; organic revenue grew 2.0%, driven by 4% effective net pricing offset by a 2% decline in organic volume. GAAP EPS rose 6% to $6.95, while core constant currency EPS rose 9% to $8.16 on a non-GAAP basis. Operating profit increased 8% on a GAAP basis to $12.9 billion, though results were uneven across divisions: Europe and Asia Pacific improved sharply on prior-year impairments, while Quaker Foods North America fell 38% on the Quaker recall and North American volume weakness, and PepsiCo Beverages North America declined 11%. Fourth-quarter results were mixed. Reported net revenue was flat at $27.8 billion, and organic revenue grew 2.1%. GAAP EPS was $1.11, up 17%, but this was flattered by the comparison with a prior-year quarter that included large impairment charges; core EPS was $1.96, up 14% on a constant currency basis. Results were weighed down by North America, where Frito-Lay and PepsiCo Beverages North America posted organic volume declines, and by Latin America, where an indirect tax reserve and currency effects hurt profit. Free cash flow was pressured by lower operating cash flow of $12.5 billion (versus $13.4 billion), and net cash used for financing rose to $7.6 billion, largely due to higher dividend payments and debt management. Looking ahead, management guided to low-single-digit organic revenue growth and mid-single-digit core constant currency EPS growth for 2025, with an expected foreign exchange headwind of roughly 3 percentage points on reported revenue and core EPS. Management also announced a 5% increase in the annualized dividend to $5.69 per share, the 53rd consecutive annual increase, and expects total shareholder cash returns of about $8.6 billion in 2025. The company stated that its productivity initiatives are intended to fund commercial investment and support profitability, and it emphasized the need to improve performance in North America.

Feb 4, 2025 8-K

PEPSICO INC 8-K Report, Executive Changes (Dec 11, 2024)

PepsiCo, Inc. (PEP) has announced a significant change in its principal accounting officer role. Christine E. Tammara, currently Senior Vice President, Controller for PepsiCo Beverages North America, has been appointed as the new Senior Vice President and Controller (Principal Accounting Officer) of the Company. This transition is set to occur upon the retirement of the current officer, Marie T. Gallagher, on May 3, 2025. Investors should note that Ms. Tammara brings extensive experience within PepsiCo's finance and control functions since joining in 2007, including recent leadership roles in beverages and internal auditing. While this appointment signals continuity in leadership within the controller function, it's important for investors to be aware of the timing and the fact that specific compensation arrangements for Ms. Tammara in this new role have not yet been disclosed. The company has indicated that this information will likely be detailed in future filings. This announcement, though not directly impacting financial results, is a key governance update concerning the oversight of financial reporting.

Dec 11, 2024 10-Q

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-K

PEPSICO INC 8-K Report, Financial Results (Oct 8, 2024)

PepsiCo's Q3 2024 results (12 weeks ended September 7, 2024) show a business that is resilient on profitability but soft on top-line growth. Reported net revenue fell 0.6% to $23.3 billion, driven by a sharp 13% decline at Quaker Foods North America following the voluntary recall of certain bars and cereals. Organic revenue grew 1.3% in the quarter, and organic volume declined 2%. Reported EPS was $2.13, down 5% year over year, while core constant currency EPS rose 5% to $2.31. Year-to-date, reported EPS was $5.84 (up 4%) and core EPS was $6.20, with core constant currency EPS growth of 7%. Management lowered its full-year 2024 organic revenue guidance to a low-single-digit increase, down from approximately 4%. Management reiterated at least 8% core constant currency EPS growth, which it says will be achieved through tighter cost management, productivity initiatives, and reinvestment in marketplace competitiveness. Management cited subdued category trends in North America, continued recall impacts at Quaker, and geopolitical disruption in certain international markets. Together these points signal that investors should expect margin support from cost control rather than strong top-line momentum in the near term. The guidance implies core 2024 EPS of at least $8.15, and the company expects roughly $8.2 billion in total cash returns to shareholders. Separately, Controller and Principal Accounting Officer Marie T. Gallagher will retire effective May 3, 2025, with the company stating that the departure is not related to any disagreement on accounting or disclosure matters. The filing is a routine leadership transition with no direct financial impact.

Oct 8, 2024 8-K

PEPSICO INC 8-K Report, Bylaw Amendment (Sep 20, 2024)

PepsiCo, Inc. (PEP) has filed an 8-K report detailing amendments to its By-Laws, effective September 20, 2024. These changes are primarily administrative and designed to align the Company's governance practices with recent regulatory updates and state corporate law. The amendments address the implementation of new SEC "universal proxy card" rules, which will impact the procedures for shareholder nominations and proposals at meetings. They also incorporate provisions from the North Carolina Business Corporation Act concerning remote meeting participation and shareholder list accessibility. While these amendments are largely technical, they signal PepsiCo's commitment to maintaining compliance with evolving corporate governance standards. Investors should note that these changes do not appear to alter the fundamental rights or economic interests of shareholders, but rather streamline the processes around shareholder engagement and meeting administration. The full text of the amended By-Laws is available as an exhibit to this filing for those seeking more detailed information.

Sep 20, 2024 8-K

PEPSICO INC 8-K Report, Corporate Update (Jul 17, 2024)

PepsiCo, Inc. (PEP) announced a significant senior notes offering, raising a total of approximately $2.232 billion after deducting underwriting discounts and expenses. This offering includes three tranches: $850 million in 4.500% Senior Notes due 2029, $650 million in 4.800% Senior Notes due 2034, and $750 million in 5.250% Senior Notes due 2054. The net proceeds are earmarked for general corporate purposes, notably the repayment of commercial paper, indicating a strategic move to manage its short-term debt obligations and potentially optimize its capital structure.

Jul 17, 2024 10-Q

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 8-K

PEPSICO INC 8-K Report, Financial Results (Jul 11, 2024)

PepsiCo's Q2 2024 results (12 weeks ended June 15, 2024) show modest top-line growth with strong profitability. Reported net revenue rose 0.8% to $22.5 billion, and organic revenue growth was 1.9%. GAAP EPS was $2.23, up 13%, while core constant-currency EPS grew 10%. Gross and operating margins expanded sharply: reported operating profit rose 11% to $4.05 billion, and core operating margin expanded about 103 basis points. The quarter was helped by a sharp recovery in Europe and PepsiCo Beverages North America, offset by a steep decline at Quaker Foods North America, where a voluntary product recall and weak category trends cut revenue by 18%. Frito-Lay North America was roughly flat in revenue but down 4% in volume. Management lowered its full-year 2024 organic revenue growth outlook to approximately 4% from at least 4%, a subtle but notable trim. It reaffirmed at least 8% core constant-currency EPS growth, implying core EPS of at least $8.15, and kept cash returns to shareholders at about $8.2 billion. Management said it will step up productivity initiatives and make disciplined commercial investments in North American convenient foods, including value propositions, advertising and go-to-market execution, to stimulate growth in the second half. Investors will likely focus on whether these investments can restore volume growth in North America without eroding the margin gains seen so far. Cash flow was weaker in the first half. Operating cash flow fell to $1.3 billion from $2.0 billion a year earlier, driven by working capital outflows including a large reduction in accounts payable and other current liabilities. Capital spending of $1.7 billion and dividends of $3.5 billion exceeded operating cash flow, and net debt rose. Short-term debt increased to $8.3 billion. The company also absorbed product-recall costs and related cash payments, and the 2024 outlook assumes an approximate 1-point foreign exchange headwind to reported revenue and core EPS.

Jul 11, 2024 8-K

PEPSICO INC 8-K Report, Corporate Update (May 24, 2024)

On May 24, 2024, PepsiCo, Inc. (PEP) replaced its two existing $4.2 billion revolving credit facilities, both dated May 26, 2023 and led by Citibank, N.A., with two new $5.0 billion unsecured revolving credit agreements. Both legacy facilities were terminated effective May 24, 2024, and the filing states that no borrowings were outstanding under either at termination. The refinancing is a routine liquidity-maintenance step that keeps committed backup credit in place for working capital, capital investments, acquisitions, and general corporate purposes, and it does not by itself signal a change in PepsiCo's financial condition. The new facilities are split into a 364-day agreement (expiring May 23, 2025) and a five-year agreement (expiring May 24, 2029). Each allows borrowing of up to $5.0 billion in U.S. dollars and/or euros and can be upsized to $5.75 billion with lender consent. The five-year facility includes a $750 million euro swing line subfacility and can be extended up to two times by one year each. Pricing is set by the filing's terms: the 364-day facility carries a 0.025% commitment fee and a spread of 0.625% over Adjusted Term SOFR (Term SOFR plus 0.10%), while the five-year facility carries a 0.045% commitment fee and the same 0.625% spread. From an investor standpoint, the key points are the increase in committed backup liquidity versus the prior $8.4 billion combined capacity, the extended five-year tenor that reduces near-term refinancing risk, and the modest pricing that reflects PepsiCo's credit profile. The filing discloses no new debt drawn, no covenant changes that would be material to the company's results, and no adverse events. Because the agreements are standard unsecured bank facilities and are filed as exhibits, investors should review the full exhibit text for covenants, events of default, and cross-default terms.

May 24, 2024 8-K

PEPSICO INC 8-K Report, Executive Changes (May 3, 2024)

PepsiCo, Inc. filed an 8-K report on May 2, 2024, detailing the outcomes of its Annual Meeting of Shareholders held on May 1, 2024. The most significant event for investors was the shareholder approval of the amended and restated Long-Term Incentive Plan. This plan, previously approved by the Compensation Committee and Board of Directors, is crucial for aligning executive compensation with long-term company performance and shareholder value. Additionally, the filing confirms the overwhelming re-election of all 15 director nominees, indicating strong shareholder confidence in the current board's leadership. The appointment of KPMG LLP as the independent registered public accounting firm for fiscal year 2024 was also ratified. Notably, shareholders voted in favor of advisory approval of executive compensation but rejected several shareholder proposals on topics ranging from golden parachutes to environmental and social risks.

May 3, 2024 10-Q

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 8-K

PEPSICO INC 8-K Report, Financial Results (Apr 23, 2024)

PepsiCo's first-quarter 2024 results (12 weeks ended March 23, 2024) showed modest top-line and earnings growth, with GAAP net revenue up 2.3% to $18.25 billion and GAAP diluted EPS of $1.48, up 6% from $1.40. Organic revenue grew 2.7% and core constant-currency EPS rose 7%, with core EPS of $1.61. Growth was held back by product recalls at Quaker Foods North America, where net revenue fell 24% and operating results swung to a $49 million loss on a GAAP basis, partly offset by a strong International business, particularly Europe and Latin America. Volume trends improved sequentially, though total organic volume was down about 2%. Management reaffirmed all 2024 guidance: at least 4% organic revenue growth, at least 8% core constant-currency EPS growth, an approximate 20% core effective tax rate, and roughly $8.2 billion in cash returns to shareholders. Implied 2024 core EPS is at least $8.15. The company also confirmed a 7% annualized dividend increase beginning with the June 2024 payment, its 52nd consecutive annual increase. A roughly 1-percentage-point foreign exchange headwind to reported revenue and core EPS growth is still expected. For investors, the key points are the quarter's resilience despite the Quaker recall, the reaffirmed guidance, and the continued dividend growth. Cash flow from operations was negative $1.04 billion in the quarter, driven by seasonal working capital outflows and a $3.4 billion reduction in payables and other current liabilities, a typical pattern for the first quarter rather than a sign of deterioration. Shares outstanding were broadly stable at about 1.38 billion.

Apr 23, 2024 8-K

PEPSICO INC 8-K Report, Corporate Update (Feb 16, 2024)

PepsiCo, Inc. (PEP) has filed an 8-K report detailing a significant senior notes offering completed on February 16, 2024. The company, through its wholly-owned subsidiary PepsiCo Singapore Financing I Pte. Ltd., successfully raised approximately $1.739 billion in net proceeds from the issuance of various senior notes, including floating rate notes due 2027 and fixed-rate notes maturing in 2027, 2029, and 2034. These notes are fully and unconditionally guaranteed by PepsiCo on a senior unsecured basis. The proceeds from this offering are earmarked for general corporate purposes, with a specific mention of repaying commercial paper. This strategic debt financing indicates PepsiCo's proactive management of its capital structure and its ability to access favorable market conditions for debt issuance. Investors should note that the notes are unsecured and rank equally with other senior unsecured indebtedness of both the issuer and PepsiCo.

Feb 16, 2024 8-K

PEPSICO INC 8-K Report, Financial Results (Feb 9, 2024)

PepsiCo reported fourth-quarter and full-year 2023 results for the 16 and 52 weeks ended December 30, 2023. Full-year GAAP net revenue rose 5.9% to $91.5 billion, and GAAP EPS grew 2% to $6.56. Organic revenue growth was a stronger 9.5%, driven by effective net pricing of 13 points and a 3-point organic volume decline. Core constant-currency EPS rose 14% to $7.62 (core EPS of $7.62 versus $6.79 in 2022, with the constant-currency measure excluding FX). GAAP results were pressured by roughly $1.2 billion of impairment and other charges, most notably a $321 million impairment on the Tropicana Brands Group investment and continued SodaStream-related impairments, plus product recall costs tied to the Quaker Foods North America bar and cereal recall. Prior-year GAAP results also included a $3.0 billion juice-transaction gain, which makes reported beverage and operating profit comparisons look sharply worse than underlying performance. Fourth-quarter 2023 results were mixed. GAAP net revenue fell 0.5% and GAAP EPS jumped to $0.94 from $0.37, but core EPS rose to $1.78 from $1.67, and organic revenue grew 4.5%. Quaker's quarter was hit hard by the recall, with operating profit down 79% on a reported basis and organic revenue down 10%. Management noted that the 53rd reporting week in 2022 distorts year-over-year comparisons, and that category growth is normalizing as consumer behavior returns to pre-pandemic patterns while inflation moderates. For 2024, PepsiCo guided to at least 4% organic revenue growth and at least 8% core constant-currency EPS growth, implying core EPS of at least $8.15. The company also expects a roughly 1-point FX headwind, a 20% core tax rate, and about $8.2 billion in total cash returns to shareholders, including $7.2 billion in dividends and $1.0 billion in buybacks. The annualized dividend rises 7% to $5.42 per share, marking the 52nd consecutive annual increase. Investors should weigh the strong underlying pricing and profit momentum against the ongoing recall drag on Quaker and the guidance that assumes pricing realization moderates.

Feb 9, 2024 10-K

PEPSICO INC Annual Report, Year Ended Dec 30, 2023

PepsiCo, Inc. demonstrated resilience in its 2023 fiscal year, navigating global economic uncertainties and geopolitical challenges. The company reported a net revenue increase of 6% to $91.5 billion and a 4% rise in operating profit to $12.0 billion. This growth was driven by effective net pricing across its diverse portfolio of beverages and convenient foods, alongside productivity savings. Despite facing increased commodity, transportation, and labor costs, PepsiCo's "pep+" strategy continues to guide its end-to-end business transformation with a focus on sustainability. Key financial actions included a 7% increase in the annualized dividend and a planned return of approximately $8.2 billion to shareholders in 2024 through dividends and share repurchases. The company also managed its capital structure effectively, with a strong cash generation capability and a robust liquidity position. While facing headwinds such as the conflict in Ukraine and inflationary pressures, PepsiCo's diversified global presence and brand strength position it to manage these challenges and continue delivering value to its shareholders.

Feb 9, 2024 8-K

PEPSICO INC 8-K Report, Executive Changes (Jan 18, 2024)

PepsiCo, Inc. (PEP) has announced a significant leadership change within its North American beverages division. Kirk Tanner, the Chief Executive Officer of PepsiCo Beverages North America, has tendered his resignation, which will be effective on February 2, 2024. This departure marks the end of Mr. Tanner's tenure with the company and necessitates the identification of a successor to lead this crucial segment of PepsiCo's operations.

Jan 18, 2024 8-K

PEPSICO INC 8-K/A Report, Executive Changes (Nov 17, 2023)

This 8-K/A filing from PepsiCo, Inc. (PEP) provides an amendment to a previous filing, detailing the compensation arrangements for James (“Jamie”) Caulfield upon his appointment as Executive Vice President and Chief Financial Officer, effective November 30, 2023. The filing specifies his annual base salary and target incentive, offering transparency into the financial package for a key executive role. Investors can view this as confirmation of the leadership transition and the established terms for the new CFO, which are standard for such appointments.

Nov 17, 2023 8-K

PEPSICO INC 8-K Report, Corporate Update (Nov 13, 2023)

PepsiCo, Inc. (PEP) filed an 8-K on November 13, 2023, to report on the successful offering of new senior notes. The company raised a total of $2.5 billion through three series of notes: $1 billion in Floating Rate Notes due 2024, $800 million in 5.250% Senior Notes due 2025, and $700 million in 5.125% Senior Notes due 2026. These notes are unsecured and rank equally with PepsiCo's other senior indebtedness. The net proceeds from this offering, approximately $2,495 million after deducting underwriting discounts and expenses, are designated for general corporate purposes, including the repayment of commercial paper. This debt issuance, conducted under an existing shelf registration statement, provides PepsiCo with additional financial flexibility and resources for its operational needs.

Nov 13, 2023 8-K

PEPSICO INC 8-K Report, Executive Changes (Nov 6, 2023)

PepsiCo, Inc. (PEP) has announced a significant change in its financial leadership through an 8-K filing. Hugh F. Johnston will be resigning as CFO, effective November 30, 2023, after serving the company for an unspecified period. This departure marks the end of an era for the company's financial operations under his tenure. In response to Mr. Johnston's resignation, PepsiCo has appointed James (“Jamie”) Caulfield as the new Executive Vice President and Chief Financial Officer, also effective November 30, 2023. Mr. Caulfield brings extensive experience to the role, having served as Senior Vice President, Chief Financial Officer of PepsiCo Foods North America since 2019 and accumulating over 30 years of financial leadership within various divisions of PepsiCo. Investors should monitor the transition and any future compensation details for Mr. Caulfield as they emerge.

Nov 6, 2023 10-Q

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 8-K

PEPSICO INC 8-K Report, Financial Results (Oct 10, 2023)

PepsiCo reported third-quarter 2023 results (12 weeks ended September 9, 2023) that beat its own trajectory on the bottom line and raised its full-year 2023 core constant currency EPS growth guidance to 13% from 12%. Reported net revenue rose 6.7% to $23.45 billion, and organic revenue grew 8.8%, driven by strong pricing (effective net pricing of roughly 11%) with organic volume down about 2.5%. GAAP EPS was $2.24, up 15%, while core EPS was $2.25, up 16% on a constant currency basis. Operating profit increased 20% on a reported basis, with Europe and PepsiCo Beverages North America showing notable improvement. Management reaffirmed its 10% organic revenue growth target for 2023 and reiterated 2023 cash returns to shareholders of about $7.7 billion. Year-to-date results are more mixed. Reported EPS fell 7% to $5.62, largely because the prior-year period included a large $3.3 billion gain from the Tropicana juice divestiture and a $1.6 billion impairment, which distort the comparison. Adjusted for these items, year-to-date core constant currency EPS is up 16%, and organic revenue is up 11.8%. Management also expects 2023 core EPS of $7.54, an 11% increase from 2022. Free cash flow and balance sheet trends are worth watching: operating cash flow reached $7.63 billion year to date, but short-term debt rose to $8.9 billion from $3.4 billion at year-end 2022, and cash rose to $10.0 billion. Looking ahead, management said it expects full-year 2024 organic revenue and core constant currency EPS growth toward the upper end of its long-term targets of 4% to 6% and high-single-digit percentage, respectively. Investors should note that this filing furnishes the earnings release under Item 2.02 and is not deemed filed for Section 18 liability purposes. The company also cited ongoing risks, including the Ukraine conflict, input cost inflation, foreign exchange volatility, and changes in consumer demand.

Oct 10, 2023