A Business at a Glance
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PEPSICO INC
PEP
$187.7B
Mkt Cap
$136.64
+1.25%
PEPSICO INC (PEP) has a current P/E ratio of 22.8, compared to its historical median P/E of 24.0. The stock is currently considered Fair based on its historical valuation range.
PEPSICO INC (PEP) has a 5-year average return on invested capital (ROIC) of 17.7%. This indicates strong capital allocation and a potential competitive advantage.
PEPSICO INC (PEP) has a market capitalization of $186.8B. It is classified as a large-cap stock.
Yes, PEPSICO INC (PEP) pays a dividend with a trailing twelve-month yield of 4.11%. The company also returns capital through share buybacks, with a buyback yield of 0.54%.
Based on historical P/E analysis, PEPSICO INC (PEP) appears fair. The current P/E of 22.8 is 5% below its historical median of 24.0. The estimated fair value CAGR (P/E method) is 0.5%.
PEPSICO INC (PEP) operates in the Beverages industry, within the Consumer Defensive sector.
PEPSICO INC (PEP) reported annual revenue of $93.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
PepsiCo is a leading global beverage and convenient food company operating through six reportable segments across more than 200 countries and territories. The company manufactures, markets, and distributes a diverse portfolio of brands including Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream through company-owned operations, authorized bottlers, contract manufacturers, and third-party distributors. PepsiCo's business model combines direct-store-delivery systems for high-velocity products requiring frequent restocking and in-store merchandising, customer warehouse distribution for lower-cost bulk delivery, third-party distributor networks for broader reach, and growing e-commerce channels. The company's segments span North American foods and beverages, international franchise beverages, Europe/Middle East/Africa operations with company-owned bottlers, Latin American convenient foods, and Asia Pacific convenient foods, generating revenue from both concentrate sales to bottlers and finished goods sold directly to retailers and foodservice customers. Key competitive advantages include an extensive portfolio of owned and licensed trademarks, established distribution infrastructure, and relationships with independent bottlers and retailers across diverse channels including grocery stores, convenience stores, foodservice, and e-commerce platforms.
【International momentum sustaining growth】 Management expects the international business to continue performing at mid-single-digit growth rates, with particular strength in Mexico, China, and South Africa. The company anticipates sequential improvement in the North America Foods business throughout 2026, with volume growth expected to accelerate as distribution gains and innovation initiatives gain traction in the second half of the year. PepsiCo expects to deliver both organic revenue growth and core operating margin expansion for the full year, with margin improvement driven by continued international acceleration and productivity gains in the North America Foods fixed cost structure. The company is managing flexibility across segments to achieve overall guidance targets while investing in growth initiatives, and expects positive volume growth in North America Beverages excluding case pack water transitions in coming quarters.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 2%-4% | FY2026 |
| Core operating margin | expansion | FY2026 |
Organic revenue growth (FY2026): “We guided 2%-4% in the upper end of that towards the back half of the year”
Core operating margin (FY2026): “We affirmed our guidance today. We'll manage margin as a total company”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 93.9B | 91.9B | 91.5B | 86.4B | 79.5B |
| Net Income | 0 | 8.2B | 9.6B | 9.1B | 8.9B | 7.6B |
| EPS | $0.00 | $6.00 | $6.95 | $6.56 | $6.42 | $5.49 |
| Free Cash Flow | 0 | 7.7B | 7.2B | 7.9B | 5.6B | 7.0B |
| ROIC | - | 15.7% | 19.0% | 18.1% | 18.6% | 17.3% |
| Gross Margin | - | 54.1% | 54.6% | 54.2% | 53.0% | 53.3% |
| Debt/Equity | 0.00 | 2.66 | 2.67 | 2.54 | 2.42 | 2.67 |
| Dividends/Share | $0.00 | $5.62 | $5.33 | $4.95 | $4.53 | $4.25 |
| Operating Income | 0 | 11.5B | 12.9B | 12.0B | 11.5B | 11.2B |
| Operating Margin | 0.0% | 12.2% | 14.0% | 13.1% | 13.3% | 14.0% |
| ROE | 0.0% | 42.9% | 52.4% | 50.9% | 53.7% | 51.7% |
| Shares Outstanding | 1,367M | 1,373M | 1,378M | 1,383M | 1,388M | 1,388M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 66.7B | 63.1B | 62.8B | 63.5B | 64.7B | 67.2B | 70.4B | 79.5B | 86.4B | 91.5B | 91.9B | 93.9B | 0 |
| Gross Margin | 53.2% | 54.4% | 55.1% | 54.7% | 54.6% | 55.1% | 54.8% | 53.3% | 53.0% | 54.2% | 54.6% | 54.1% | N/A |
| R&D | 718M | 754M | 760M | 737M | 680M | 711M | 719M | 752M | 771M | 804M | 813M | 839M | 839M |
| SG&A | 25.8B | 24.6B | 24.8B | 24.5B | 25.2B | 26.7B | 28.5B | 31.2B | 34.5B | 36.7B | 37.2B | 37.4B | 37.4B |
| EBIT | 9.6B | 8.4B | 9.8B | 10.3B | 10.1B | 10.3B | 10.1B | 11.2B | 11.5B | 12.0B | 12.9B | 11.5B | 0 |
| Op. Margin | 14.4% | 13.2% | 15.6% | 16.2% | 15.6% | 15.3% | 14.3% | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% | 0.0% |
| Net Income | 6.5B | 5.4B | 6.3B | 4.9B | 12.5B | 7.3B | 7.1B | 7.6B | 8.9B | 9.1B | 9.6B | 8.2B | 0 |
| Net Margin | 9.8% | 8.6% | 10.1% | 7.6% | 19.4% | 10.9% | 10.1% | 9.6% | 10.3% | 9.9% | 10.4% | 8.8% | 0.0% |
| Non-Recurring | 836M | 460M | 320M | 746M | 624M | 2.0M | 1.0M | 1.0M | 3.3B | 322M | 5.0M | 983M | 983M |
| Returns on Capital | |||||||||||||
| ROIC | 17.3% | 17.7% | 21.4% | 18.5% | 29.4% | 20.5% | 17.6% | 17.3% | 18.6% | 18.1% | 19.0% | 15.7% | N/A |
| ROE | 31.0% | 36.7% | 54.2% | 43.5% | 97.9% | 49.9% | 50.4% | 51.7% | 53.7% | 50.9% | 52.4% | 42.9% | 0.0% |
| ROA | 8.8% | 7.8% | 8.8% | 6.3% | 15.9% | 9.4% | 8.3% | 8.2% | 9.7% | 9.4% | 9.6% | 8.0% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 10.5B | 10.9B | 10.7B | 10.0B | 9.4B | 9.6B | 10.6B | 11.6B | 10.8B | 13.4B | 12.5B | 12.1B | 0 |
| Free Cash Flow | 7.6B | 8.1B | 7.6B | 7.1B | 6.1B | 5.4B | 6.4B | 7.0B | 5.6B | 7.9B | 7.2B | 7.7B | 0 |
| Owner Earnings | 7.6B | 8.2B | 8.0B | 7.4B | 6.8B | 7.0B | 7.8B | 8.6B | 7.7B | 10.1B | 9.0B | 8.3B | -3.7B |
| CapEx | 2.9B | 2.8B | 3.0B | 3.0B | 3.3B | 4.2B | 4.2B | 4.6B | 5.2B | 5.5B | 5.3B | 4.4B | 0 |
| Maint. CapEx | 2.6B | 2.4B | 2.4B | 2.4B | 2.4B | 2.4B | 2.5B | 2.7B | 2.8B | 2.9B | 3.2B | 3.5B | 3.5B |
| Growth CapEx | 234M | 342M | 672M | 600M | 883M | 1.8B | 1.7B | 1.9B | 2.4B | 2.6B | 2.2B | 964M | 0 |
| D&A | 2.6B | 2.4B | 2.4B | 2.4B | 2.4B | 2.4B | 2.5B | 2.7B | 2.8B | 2.9B | 3.2B | 3.5B | 3.5B |
| CapEx/OCF | 27.2% | 26.1% | 28.5% | 29.6% | 34.9% | 43.9% | 40.0% | 39.8% | 48.2% | 41.1% | 42.5% | 36.5% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 3.7B | 4.0B | 4.2B | 4.5B | 4.9B | 5.3B | 5.5B | 5.8B | 6.2B | 6.7B | 7.2B | 7.6B | 0 |
| Dividend Yield | 3.9% | 3.9% | 3.8% | 3.6% | 3.9% | 3.6% | 3.4% | 3.2% | 2.9% | 3.0% | 3.3% | 4.0% | N/A |
| Share Buybacks | 5.0B | 5.0B | 3.0B | 2.0B | 2.0B | 3.0B | 2.0B | 106M | 1.5B | 1.0B | 1.0B | 1.0B | 1.0B |
| Buyback Yield | 4.7% | 4.5% | 2.6% | 1.5% | 1.6% | 1.9% | 1.1% | 0.1% | 0.7% | 0.5% | 0.5% | 0.5% | 0.5% |
| Stock-Based Comp | 297M | 295M | 284M | 292M | 256M | 237M | 264M | 301M | 343M | 380M | 362M | 288M | 288M |
| Debt Repayment | 2.2B | 4.1B | 3.1B | 4.4B | 4.0B | 4.0B | 1.8B | 3.5B | 2.5B | 3.0B | 3.9B | 4.1B | 4.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 18.0B | 22.0B | 23.1B | 21.2B | 22.0B | 27.9B | 36.2B | 36.8B | 36.1B | 37.0B | 38.9B | 44.7B | 0 |
| Cash & Equiv. | 6.1B | 9.1B | 9.2B | 10.6B | 8.7B | 5.5B | 8.2B | 5.6B | 5.0B | 9.7B | 8.5B | 9.2B | N/A |
| Long-Term Debt | 23.8B | 29.2B | 30.1B | 33.8B | 28.3B | 29.1B | 40.4B | 36.0B | 35.7B | 37.6B | 37.2B | 42.3B | 42.3B |
| Debt/Equity | 1.52 | 2.82 | 3.49 | 3.68 | 2.13 | 2.27 | 3.40 | 2.67 | 2.42 | 2.54 | 2.67 | 2.66 | 0.00 |
| Interest Coverage | 10.5 | 8.6 | 7.3 | 8.9 | 8.3 | 11.0 | 8.9 | 6.0 | 12.3 | 14.6 | 14.0 | 10.3 | 10.3 |
| Equity | 17.6B | 12.1B | 11.2B | 11.0B | 14.5B | 14.8B | 13.5B | 16.0B | 17.1B | 18.5B | 18.0B | 20.4B | 0 |
| Total Assets | 70.5B | 69.7B | 73.5B | 79.8B | 77.6B | 78.5B | 92.9B | 92.4B | 92.2B | 100.5B | 99.5B | 107.4B | 0 |
| Total Liabilities | 53.0B | 57.6B | 62.3B | 68.8B | 63.0B | 63.7B | 79.4B | 76.2B | 74.9B | 81.9B | 81.3B | 86.9B | 86.9B |
| Intangibles | 1.4B | 1.3B | 1.2B | 1.3B | 1.6B | 1.4B | 1.7B | 1.5B | 1.3B | 1.2B | 1.1B | 500M | 1.2B |
| Retained Earnings | 49.1B | 50.5B | 52.5B | 52.8B | 59.9B | 61.9B | 63.4B | 65.2B | 67.8B | 70.0B | 72.3B | 72.8B | 72.8B |
| Working Capital | 2.6B | 5.5B | 5.3B | 10.5B | -245M | -2.8B | -371M | -4.4B | -5.2B | -4.7B | -5.7B | -4.8B | -4.8B |
| Current Assets | 20.7B | 23.0B | 26.4B | 31.0B | 21.9B | 17.6B | 23.0B | 21.8B | 21.5B | 26.9B | 25.8B | 27.9B | 27.9B |
| Current Liabilities | 18.1B | 17.6B | 21.1B | 20.5B | 22.1B | 20.5B | 23.4B | 26.2B | 26.8B | 31.6B | 31.5B | 32.8B | 32.8B |
| Per Share Data | |||||||||||||
| EPS | 4.27 | 3.67 | 4.36 | 3.38 | 8.78 | 5.20 | 5.12 | 5.49 | 6.42 | 6.56 | 6.95 | 6.00 | 0.00 |
| Owner EPS | 4.98 | 5.49 | 5.52 | 5.13 | 4.74 | 4.96 | 5.61 | 6.20 | 5.55 | 7.31 | 6.52 | 6.08 | -2.74 |
| Book Value | 11.54 | 8.13 | 7.75 | 7.69 | 10.19 | 10.51 | 9.67 | 11.56 | 12.36 | 13.38 | 13.09 | 14.86 | 0.00 |
| Cash Flow/Share | 6.90 | 7.32 | 7.35 | 6.99 | 6.61 | 6.86 | 7.63 | 8.37 | 7.79 | 9.72 | 9.08 | 8.80 | 2.52 |
| Dividends/Share | 2.53 | 2.76 | 2.96 | 3.17 | 3.59 | 3.79 | 4.02 | 4.25 | 4.53 | 4.95 | 5.33 | 5.62 | 0.00 |
| Shares Out. | 1.5B | 1.5B | 1.5B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B |
| Valuation | |||||||||||||
| P/E Ratio | 16.3 | 20.3 | 18.3 | 27.6 | 10.2 | 22.0 | 24.6 | 27.7 | 25.6 | 24.1 | 21.2 | 24.0 | N/A |
| P/FCF | 13.9 | 13.6 | 15.2 | 19.0 | 20.7 | 29.7 | 27.5 | 30.2 | 40.8 | 27.6 | 28.2 | 25.7 | N/A |
| EV/EBIT | 13.7 | 16.3 | 14.7 | 15.5 | 15.3 | 18.5 | 21.2 | 22.4 | 23.1 | 21.6 | 19.0 | 21.2 | N/A |
| Price/Book | 6.1 | 9.2 | 10.3 | 12.2 | 8.8 | 10.9 | 13.0 | 13.2 | 13.3 | 11.8 | 11.2 | 9.7 | N/A |
| Price/Sales | 1.4 | 1.7 | 1.8 | 2.0 | 1.9 | 2.2 | 2.3 | 2.3 | 2.5 | 2.5 | 2.4 | 2.1 | N/A |
| FCF Yield | 7.2% | 7.3% | 6.6% | 5.3% | 4.8% | 3.4% | 3.6% | 3.3% | 2.5% | 3.6% | 3.5% | 3.9% | N/A |
| Market Cap | 106.4B | 110.6B | 115.7B | 134.3B | 127.2B | 161.1B | 175.1B | 211.0B | 228.5B | 218.3B | 202.6B | 197.5B | 186.8B |
| Avg. Price | 62.79 | 70.44 | 77.69 | 87.03 | 88.00 | 104.78 | 114.88 | 130.47 | 153.32 | 162.57 | 159.88 | 140.23 | 136.64 |
| Year-End Price | 69.76 | 74.48 | 79.67 | 93.43 | 89.26 | 114.55 | 125.92 | 152.04 | 164.62 | 157.83 | 147.02 | 143.78 | 136.64 |
PEPSICO INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
PEPSICO INC trades at 22.8x trailing earnings, compared to its 15-year median P/E of 24.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.3x vs a median of 27.5x. The company's 5-year average ROIC is 17.7% with a gross margin of 53.9%. Total shareholder yield (dividends + buybacks) is 4.7%. At current prices, the estimated annualized return to fair value is +3.3%.
PEPSICO INC (PEP) has a net profit margin of 8.8%. This is a modest margin.
PEPSICO INC (PEP) generated $7.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PEPSICO INC (PEP) has a debt-to-equity ratio of 2.66. This indicates higher leverage, which may increase financial risk.
PEPSICO INC (PEP) reported earnings per share (EPS) of $6.00 in its most recent fiscal year.
PEPSICO INC (PEP) has a return on equity (ROE) of 42.9%. This indicates the company generates strong returns for shareholders.
PEPSICO INC (PEP) has a 5-year average gross margin of 53.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for PEPSICO INC (PEP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PEPSICO INC (PEP) has a book value per share of $14.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the international business to continue performing at mid-single-digit growth rates, with particular strength in Mexico, China, and South Africa. The company anticipates sequential improvement in the North America Foods business throughout 2026, with volume growth expected to accelerate as distribution gains and innovation initiatives gain traction in the second half of the year. PepsiCo expects to deliver both organic revenue growth and core operating margin expansion for the full year, with margin improvement driven by continued international acceleration and productivity gains in the North America Foods fixed cost structure. The company is managing flexibility across segments to achieve overall guidance targets while investing in growth initiatives, and expects positive volume growth in North America Beverages excluding case pack water transitions in coming quarters.
Based on recent SEC filings and earnings calls, PEPSICO INC (PEP) has provided the following forward guidance: Organic revenue growth: 2%-4% (FY2026); Core operating margin: expansion (FY2026).