Pepsico
PEP · NasdaqBeverages · Fiscal year ends Dec 26
Pepsico reported revenue of $93.9B in the fiscal year ended Dec 2025, up 2.3% from the year before. Operating income was $11.5B, an operating margin of 12.2%, and net income was $8.2B. Operating cash flow of $12.1B less capital expenditure of $4.4B left free cash flow of $7.7B. Net debt was $40B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $79.5B | $86.4B | $91.5B | $91.9B | $93.9B |
| Cost of revenue | $37.1B | $40.6B | $41.9B | $41.7B | $43.1B |
| Gross profit | $42.4B | $45.8B | $49.6B | $50.1B | $50.9B |
| Research & development | $752M | $771M | $804M | $813M | $839M |
| Selling, general & admin | $31.2B | $34.5B | $36.7B | $37.2B | $37.4B |
| Operating income | $11.2B | $11.5B | $12B | $12.9B | $11.5B |
| Interest expense | $1.9B | $939M | $819M | $919M | $1.1B |
| Pre-tax income | $9.8B | $10.7B | $11.4B | $11.9B | $10.2B |
| Income tax | $2.1B | $1.7B | $2.3B | $2.3B | $1.9B |
| Net income | $7.6B | $8.9B | $9.1B | $9.6B | $8.2B |
| Diluted EPS | 5.49 | 6.42 | 6.56 | 6.95 | 6.00 |
| Diluted shares | 1,389M | 1,387M | 1,383M | 1,378M | 1,373M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.6B | $5B | $9.7B | $8.5B | $9.2B |
| Inventory | $4.3B | $5.2B | $5.3B | $5.3B | $5.8B |
| Current assets | $21.8B | $21.5B | $27B | $25.8B | $27.9B |
| Net PP&E | $22.4B | $24.3B | $27B | $28B | $29.9B |
| Goodwill | $18.4B | $18.2B | $17.7B | $17.5B | $18.9B |
| Total assets | $92.4B | $92.2B | $100B | $99.5B | $107B |
| Payables | $9.8B | $10.7B | $11.6B | $11B | $11.7B |
| Current liabilities | $26.2B | $26.8B | $31.6B | $31.5B | $32.8B |
| Short-term debt | $4.3B | $3.4B | $6.5B | $7.1B | $6.9B |
| Long-term debt | $36B | $35.7B | $37.6B | $37.2B | $42.3B |
| Total liabilities | $76.2B | $74.9B | $81.9B | $81.3B | $86.9B |
| Shareholders' equity | $16B | $17.1B | $18.5B | $18B | $20.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $11.6B | $10.8B | $13.4B | $12.5B | $12.1B |
| Capital expenditure | $4.6B | $5.2B | $5.5B | $5.3B | $4.4B |
| Free cash flow | $7B | $5.6B | $7.9B | $7.2B | $7.7B |
| Depreciation & amortisation | $2.7B | $2.8B | $2.9B | $3.2B | $3.5B |
| Stock-based compensation | $301M | $343M | $380M | $362M | $288M |
| Share buybacks | $106M | $1.5B | $1B | $1B | $1B |
| Dividends paid | $5.8B | $6.2B | $6.7B | $7.2B | $7.6B |
| Dividend per share | 4.25 | 4.53 | 4.95 | 5.33 | 5.62 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.7% | 5.9% | 0.4% | 2.3% |
| Operating income growth (YoY) | – | 3.1% | 4.1% | 7.5% | −10.8% |
| EPS growth (YoY) | – | 16.9% | 2.2% | 5.9% | −13.7% |
| Gross margin | 53.3% | 53.0% | 54.2% | 54.6% | 54.1% |
| Operating margin | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% |
| Net margin | 9.6% | 10.3% | 9.9% | 10.4% | 8.8% |
| Return on equityBlank when equity is negative | 47.5% | 52.0% | 49.0% | 53.1% | 40.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.9% | 17.6% | 17.4% | 19.0% | 15.4% |
| Free cash flow margin | 8.8% | 6.5% | 8.7% | 7.8% | 8.2% |
| Cash conversion (CFO ÷ net income) | 1.52x | 1.21x | 1.48x | 1.31x | 1.47x |
| Inventory days | 43 | 47 | 46 | 46 | 50 |
| Payable days | 97 | 97 | 101 | 96 | 99 |
| Interest cover | 5.99x | 12.3x | 14.6x | 14.0x | 10.3x |
| Debt ÷ equity | 2.51x | 2.28x | 2.38x | 2.46x | 2.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $34.7B | $34.1B | $34.4B | $35.8B | $40B |
| Current ratio | 0.83x | 0.80x | 0.85x | 0.82x | 0.85x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.