⚡What does PepsiCo do, in 30 seconds?
PepsiCo makes and sells snacks, other convenient foods and drinks, with brands such as Lay's, Doritos, Quaker, Pepsi and Gatorade 1. Its revenue was $93.9bn ✓ in FY2025, the year to December 2025. Convenient foods made up 58% of net revenue in 2025 and beverages 42% 5.
📱What does PepsiCo sell?
PepsiCo has reported six segments since the first quarter of 2025, when it moved from seven 411. Beverages, North America, brought in 30% ✓ of revenue in FY2025, and Foods, North America, 29% ✓.
Beverages, North America
Syrups and finished drinks under brands such as Pepsi, Mountain Dew, Gatorade, Aquafina and Bubly 1. Ready-to-drink Lipton tea and coffee are sold through joint ventures with Unilever and Starbucks 1. This segment also makes and distributes some Keurig Dr Pepper brands under licence, including Dr Pepper 1. PepsiCo bought poppi, a prebiotic soda business, on 19 May 2025 2. The segment brought in $28.2bn ✓ in FY2025. In the third quarter of 2026 its net revenue rose 5%, helped by acquisitions made in 2025, while its unit volume fell 2% 4.
👥 Independent distributors and retailers, and bottlers in certain markets 1.
Foods, North America
Chips, dips, cereals, granola bars, oatmeal and mixes in the U.S. and Canada, under brands such as Cheetos, Doritos, Lay's and Quaker 1. PepsiCo bought Siete, a Mexican-American foods business, on 17 January 2025 and reports it here 2. The segment brought in $27.5bn ✓ in FY2025.
👥 Independent distributors and retailers 1.
Europe, Middle East and Africa
Snacks such as Lay's, Doritos, Cheetos and Walkers, drinks such as Pepsi and 7UP from its own bottling plants, and dairy products such as Agusha and Chudo 1. Beverages made up 37% of this segment's net revenue in 2025 and convenient foods 63% 5. The segment brought in $18.0bn ✓ in FY2025.
👥 Customers buying snacks, drinks and dairy across these regions 1.
Latin America foods
Convenient foods under brands such as Cheetos, Doritos, Lay's, Quaker and Sabritas 1. The segment brought in $10.5bn ✓ in FY2025.
👥 Customers buying convenient foods in Latin America 1.
How the mix has shifted
Where the customers are
The United States is PepsiCo's biggest market, at 56% ✓ of revenue in FY2025. Mexico added 7% ✓, Russia 5% ✓, Canada 4% ✓ and China 3% ✓. The United Kingdom added 2% ✓, Brazil 2% ✓ and South Africa 2% ✓. All other countries together made up 19% ✓.
💸How does PepsiCo make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
PepsiCo took in $93.9bn ✓ from customers in FY2025. The direct cost of what it sold was $43.1bn ✓. What is left is gross profit, the money kept after paying for the goods themselves. That came to $50.9bn ✓.
Next come the costs of running the company. Selling, marketing and admin, not counting research, took $36.5bn ✓, the largest of these. Research and development took $0.8bn ✓, and other operating costs took $2.0bn ✓. What remains is operating profit, the profit from the main business, which was $11.5bn ✓. Items outside the main business came to -$1.3bn ✓, and tax took $1.9bn ✓. That left net income of $8.2bn ✓. Put simply, out of every hundred dollars of revenue, PepsiCo kept about $9 ✓ as profit.
Out of every $100 customers paid in FY2025…
⏱️ PepsiCo by the clock
Spread the FY2025 totals evenly over its 364 days and you get this. Source: PEPSICO INC 10-K [6].
📈How is PepsiCo doing?
PepsiCo is still growing, but its profit slipped in FY2025. Revenue reached $93.9bn ✓, up 2.3% ✓ on FY2024, and the later year includes Siete and poppi, both bought in 2025 2. Operating margin was 12.2% ✓, down from 14.0% ✓. Net income was $8.2bn ✓, down from $9.6bn ✓. PepsiCo recorded pre-tax impairment charges of $1.9 billion in 2025, mainly on the Rockstar brand 2. Free cash flow was $7.7bn ✓, up from $7.2bn ✓.
Reported growth has been faster since then. In the four quarters to 5 September 2026, revenue was $98.2bn ✓, up 6.4% ✓ on the four quarters before. Siete and poppi count for all of the later period but only part of the earlier one 2. Organic revenue rose 2.6% in the first quarter of 2026 42 and 2.4% in the second 43. On 8 October 2026, PepsiCo reported third-quarter net revenue up 5.6% to $25.27 billion, with organic revenue up 3.1% 36.
The third quarter was mixed. Core operating margin was 16.9%, down 35 basis points from a year earlier, while core operating profit rose 3% 36. Tariff refunds added 4 percentage points to PepsiCo's operating profit growth in that quarter 3036. PepsiCo Foods North America's net revenue fell slightly on lower net pricing, while its unit volume grew slightly 4. On 8 October 2026 PepsiCo set its fiscal 2026 outlook for core earnings per share growth at 2.5% to 3.5%, down from the low end of a 5% to 7% range 36.
Over the long run, revenue grew 4.1% ✓ a year from FY2015 to FY2025, and it rose in 9 ✓ of those 10 ✓ years. The business changed over those years. PepsiCo's Venezuelan businesses left its income statement from the fourth quarter of 2015 15. FY2016 had a 53rd reporting week, which added $657 million to net revenue 14, and FY2022 also had a 53rd week 7. In the first quarter of 2022 PepsiCo sold Tropicana, Naked and other juice brands 7. Those brands had about $3 billion of net revenue in 2021 7. It also bought Pioneer Foods and Rockstar in 2020 44.
📝 The report card
PepsiCo earns top marks for steadiness and a middle mark for profit, but low marks for growth, cash generation and its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where PepsiCo (orange) and its 5 peers land; further right is better.
Growth
PepsiCo's revenue grew 2.8% ✓ a year over its last three fiscal years, which earns a D ✓. The starting year, FY2022, had a 53rd reporting week 7. The final year includes Siete and poppi 2. Monster grew 9.5% ✓ a year over its own latest three fiscal years, good for a C ✓. Monster's period includes the Bang Energy business, bought on 31 July 2023 9.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, PepsiCo kept 13.1% ✓ of revenue as operating profit, which earns a C ✓. General Mills is close at 13.2% ✓ over its own three fiscal years to May 2026, while Coca-Cola kept 24.9% ✓ and earned a B ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, PepsiCo turned 8.2% ✓ of revenue into free cash flow, a D ✓. Monster turned 22.4% ✓ of its revenue into free cash flow, an A ✓. PepsiCo said in December 2025 that it expected capital spending below 5% of net revenue in 2026 12.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
PepsiCo has more borrowings than cash and investments. At the end of FY2025, its net cash, meaning cash and investments minus borrowings, equalled -42.2% ✓ of a year's revenue. Leases are not counted. That earns an F ✓. Coca-Cola's figure was -69.6% ✓, also an F ✓. On 5 September 2026, PepsiCo's net cash was -$36.3bn ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
PepsiCo's yearly growth swings little, with a standard deviation of 4.1% ✓, which earns an A ✓. Growth ranged from -0.4% ✓ in FY2016 to 12.9% ✓ in FY2021. FY2016 included a 53rd reporting week 14, and PepsiCo's Venezuelan businesses had left its income statement from the fourth quarter of 2015 15.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how PepsiCo compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
From FY2015 to FY2025, PepsiCo handed back more cash than its free cash flow. It spent $83.6bn ✓ on buybacks and dividends, and free cash flow came to $76.1bn ✓. In FY2025 alone, payouts equalled 113% ✓ of free cash flow. In February 2026 PepsiCo raised its annualized dividend by 4% to $5.92 per share, effective with the June 2026 payment 31. It also announced a program to buy back up to $10 billion of its stock through 28 February 2030 31.
🧮Ratios 101: what are PepsiCo's key financial ratios?
Ratios shrink PepsiCo's big numbers into easy comparisons with other snack and drink companies. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with PepsiCo's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 PepsiCo keeps 54.1% ✓ of revenue after the direct cost of its goods, almost level with the 54.2% ✓ peer median.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 PepsiCo's 12.2% ✓ is well below the 21.5% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 PepsiCo keeps 8.8% ✓ of revenue as final profit, below the 12.5% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 40.4% ✓ is far above the 9.5% ✓ peer median. Shareholders' equity is only $20.4bn ✓, next to total assets of $107.4bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 7.7% ✓ is above the 3.7% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 PepsiCo's revenue is 0.9x ✓ the value of everything it owns, above the 0.5x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 PepsiCo holds 50 ✓ days of stock, well below the peer median of 80 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 PepsiCo's 0.9x ✓ means it had $27.9bn ✓ of current assets for $32.8bn ✓ of bills due within a year. The peer median is 0.7x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 PepsiCo's total debt of $49.2bn ✓ is 2.4x ✓ its shareholders' equity, well above the 0.8x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest costs 10.3x ✓, above the 5.9x ✓ peer median.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 PepsiCo turned profit into free cash flow at 0.9x ✓, in line with the 0.9x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 PepsiCo spends 0.9% ✓ of revenue on R&D, a little below the 1.0% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 0.3% ✓ of revenue, below the 0.6% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 PepsiCo paid out 104.8% ✓ of FY2025 profit in dividends and buybacks, more than the 66.6% ✓ peer median.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are PepsiCo's competitors?
PepsiCo competes in both drinks and snacks. It names Coca-Cola as its primary beverage competitor in many countries, including the United States, and also names Keurig Dr Pepper, Mondelez and Monster Beverage as competitors 18. General Mills meets it in North American cereal, snack bars and savory snacks 122.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| PepsiCo (PEP, FY2025) | Snacks, other convenient foods and drinks | $93.9bn | 2.8% | 12.2% | 8.2% |
| Coca-Cola (KO, FY2025) | Drinks. Each names the other as a primary competitor in many countries. PepsiCo says it held about 16% and Coca-Cola about 20% of U.S. liquid refreshment beverage retail sales in measured channels in 2025 1617 | $47.9bn | 3.7% | 28.7% | 11.0% |
| Keurig Dr Pepper (KDP, FY2025) | Carbonated soft drinks and other cold drinks in North America; PepsiCo also makes and distributes Dr Pepper, Crush and Schweppes under licence in certain markets 18119 | $16.6bn | 5.7% | 21.5% | 9.1% |
| Monster Beverage (MNST, FY2025) | Energy drinks: in the U.S., Monster competes against Celsius, Alani Nu and Rockstar, brands PepsiCo distributes in certain channels 18120 | $8.3bn | 9.5% | 29.2% | 23.7% |
| Mondelez (MDLZ, FY2025) | Snacks worldwide: PepsiCo centers on savory brands such as Lay's and Doritos, Mondelez on chocolate, biscuits and baked snacks 18121 | $38.5bn | 7.0% | 9.2% | 8.4% |
| General Mills (GIS, FY2026 to May 2026) | Cereal, snack bars and savory snacks in North America 122 | $18.4bn | -2.9% | 4.8% | 8.8% |
PepsiCo also names Nestle, Mars and Red Bull as competitors 18. It competes with economy brands and small micro brands sold online, and some retailers have been developing private-label brands 2618.
🧭PepsiCo SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- PepsiCo calls trademarks such as Lay's, Doritos and Pepsi essential to its worldwide business 25.
- PepsiCo, its independent bottlers and its distributors deliver drinks and snacks directly to stores, where its employees or bottlers stock the shelves 28.
- PepsiCo's yearly growth swings little, with a standard deviation of 4.1% ✓, an A ✓.
- PepsiCo has raised its annual dividend per share for 54 years in a row through 2026 31.
🩹 Weaknesses
- Borrowings exceeded cash and investments at the end of FY2025, leaving net cash of -$39.7bn ✓.
- Over the last three years combined, PepsiCo's operating margin was 13.1% ✓, below the 20.0% ✓ peer median.
- Sales to Walmart and its affiliates, including Sam's Club, were about 14% of net revenue in 2025 27.
- PepsiCo Foods North America's net revenue fell slightly in the first 36 weeks of 2026 on lower net pricing, while its unit volume grew 1% 412.
🚀 Opportunities
- International Beverages Franchise's unit volume grew 5% in the third quarter of 2026, led by India, and its net revenue rose 8% 4.
- PepsiCo's stated priorities include growing its international business and expanding away-from-home sales 32.
- In December 2025 PepsiCo said it expected core operating margin to rise by at least 100 basis points in total over the next three fiscal years 12.
- PepsiCo is working to remove artificial colors and flavors from brands including Lay's, Cheetos and Doritos 32.
⚠️ Threats
- Governments have imposed or are considering taxes, labels and marketing limits on PepsiCo's products 33. The concern is ingredients such as sugar, sodium or saturated fat 33.
- Tariffs have raised PepsiCo's costs for certain raw materials and packaging 30. The U.S. government started new tariffs after a Supreme Court ruling 30.
- Russia accounted for 5% of PepsiCo's net revenue in 2025, and 20% of its cash and cash equivalents at year-end 34.
- PepsiCo reported customers moving away from direct-store-delivery systems in 2025 2732.
- In its annual report for fiscal 2025, PepsiCo listed plastic pollution lawsuits from the State of New York, Baltimore, Los Angeles County and the U.S. Virgin Islands 35. New York's suit was dismissed in November 2024 and was on appeal 35.
🏰Does PepsiCo have a moat?
Why 4?
PepsiCo calls trademarks such as Lay's, Doritos, Pepsi and Gatorade essential to its worldwide business 25. It spent $5.4 billion on advertising and other marketing in 2025 5. Yet PepsiCo Foods North America's net revenue fell slightly in the first 36 weeks of 2026 on lower net pricing, while its unit volume grew 1% 412.
Why 2?
PepsiCo's products compete on brand loyalty, taste, price and shelf space, among other things 18. In some places, retailers have removed its products or cut their shelf space while building their own brands 2618. Independent bottlers normally get exclusive contracts for certain drinks in a set area 27.
Why 1?
PepsiCo says direct-store-delivery lets it merchandise products with maximum visibility and suits items that are restocked often 28. It normally grants independent bottlers exclusive contracts in a set area 27. Neither works like a network where each new customer makes the product better for others.
Why 3?
PepsiCo employed about 306,000 people worldwide at 27 December 2025 29. It serves more than 200 countries and territories and uses a widely spread network of plants and warehouses 291. Its 2019 Productivity Plan uses new technology to simplify and automate work 3012. PepsiCo said it aimed for a record year of productivity savings in 2026 3012. Direct-store-delivery suits items that are restocked often 28. PepsiCo spent $5.4 billion on advertising and other marketing in 2025 5.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is PepsiCo; grey dots are peers).
🔭What should you watch next?
New board member
Joaquin Duato, who runs Johnson & Johnson, joins PepsiCo's board and its audit committee on 1 December 2026 45.
The poppi milestone payment
PepsiCo must pay $300 million if certain performance milestones tied to its poppi acquisition are achieved by the third quarter of 2027; otherwise no payment is due 30.
📚Learn the words
❓Frequently asked questions about PepsiCo
How does PepsiCo make money?
PepsiCo makes money by selling snacks, other foods and drinks. Convenient foods made up 58% of net revenue in 2025 and beverages 42% 5. Its largest segments in FY2025 were Beverages, North America, at $28.2bn ✓ and Foods, North America, at $27.5bn ✓.
Does PepsiCo still own Tropicana?
PepsiCo sold the Tropicana brand to PAI Partners in 2022 7. In its annual report for fiscal 2022, it reported keeping a 39% noncontrolling interest in Tropicana Beverages Group 7.
Does PepsiCo make Dr Pepper?
Dr Pepper is a Keurig Dr Pepper brand, and PepsiCo makes and distributes it under licence in certain U.S. and Canadian markets 125.
Which brands does PepsiCo own?
PepsiCo's brands include Gatorade, Lay's, Doritos, Cheetos, Mountain Dew, Quaker and SodaStream 1. It also makes and sells ready-to-drink Starbucks coffee and Lipton tea through joint ventures with Starbucks and Unilever 1.
Who are PepsiCo's biggest competitors?
PepsiCo names Coca-Cola as its primary beverage competitor in many countries, including the United States 18. In 2025 PepsiCo held about 16% of the U.S. liquid refreshment beverage category by estimated retail sales in measured channels, and Coca-Cola about 20% 18.
Is PepsiCo's revenue still growing?
Yes, PepsiCo's revenue is still growing. It rose 2.3% ✓ in FY2025. On 8 October 2026 PepsiCo reported third-quarter net revenue up 5.6% and organic revenue up 3.1% 36.
Who runs PepsiCo?
Ramon Laguarta has been the CEO since 2018 and the Chairman of the Board since 2019 37. Stephen Schmitt became Chief Financial Officer on 10 November 2025 38.
Does PepsiCo pay a dividend?
Yes, PepsiCo pays a dividend, and it has raised its annual dividend per share for 54 years in a row through 2026 31. It paid $7.6bn ✓ in dividends in FY2025.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [6] [11] [23] [8] [24] [10].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of PepsiCo's net revenue came from convenient foods in 2025?
2. In what year was PepsiCo created by a merger of Pepsi-Cola and Frito-Lay?
3. What happened to Tropicana in 2022?
4. For how many years in a row has PepsiCo raised its annual dividend per share, through 2026?
5. Under direct-store-delivery, who stocks PepsiCo's products on the shelf?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 overview, incorporation, countries and the six reportable segments (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Notes 4, 9 and 13: Rockstar impairment, Celsius transaction, poppi, Siete and Sabra; SodaStream goodwill (accessed 2026-11-08)
- PepsiCo (PEP) Form 10-K for fiscal year 2025, filed 2026-02-03 — revenue by product, segment and geography (accessed 2026-11-04)
- PepsiCo Form 10-Q for the quarter ended September 5, 2026 — Segment review: net revenue, unit volume and profit drivers (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Notes 1 and 2: fiscal year, beverage and food revenue split, advertising spending (accessed 2026-11-08)
- SEC EDGAR companyfacts: PepsiCo (PEP) — annual 10-K facts (accessed 2026-11-04)
- PepsiCo Form 10-K for fiscal year 2022 — Juice Transaction, Russia-Ukraine conflict charges, 53rd reporting week (accessed 2026-11-08)
- SEC EDGAR companyfacts: Monster Beverage Corp (MNST) — annual 10-K facts (accessed 2026-11-04)
- Monster Beverage Corporation Form 10-K for fiscal year ended December 31, 2023 (filed 2024-02-29) — Bang Energy acquisition, 2023 stock split (accessed 2026-11-08)
- SEC EDGAR companyfacts: GENERAL MILLS INC (GIS) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: COCA COLA CO (KO) — annual 10-K facts (accessed 2026-11-04)
- PepsiCo press release on priorities and 2026 outlook (8-K exhibit 99.1, December 8, 2025) — North America plan, plants and SKU cuts, productivity, capital priorities, Elliott engagement (accessed 2026-11-08)
- SEC EDGAR companyfacts: PepsiCo (PEP) — balance sheet at 2026-09-05 (accessed 2026-11-04)
- PepsiCo Form 10-K for fiscal year 2016 — 53rd reporting week effect on 2016 net revenue (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2015 — Note 1 deconsolidation of Venezuelan businesses and related charges (accessed 2026-11-08)
- The Coca-Cola Company Form 10-K for 2025 — Item 1 competition, raw materials, patents and trademarks, government regulation, human capital (accessed 2026-11-08)
- PepsiCo, Inc. Form 10-K for 2025 — Item 1 competition, U.S. beverage share, bottling (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 competition: named competitors, US liquid refreshment share, bases of competition (accessed 2026-11-08)
- Keurig Dr Pepper Form 10-K for fiscal year 2025 — Item 1 primary competitors and brands (accessed 2026-11-08)
- Monster Beverage Form 10-K for fiscal year 2025 — Item 1 competition with PepsiCo, Celsius, Alani Nu and Rockstar; distribution by Coca-Cola network bottlers (accessed 2026-11-08)
- Mondelez International Form 10-K for fiscal year 2025 — Item 1 core business and snack categories (accessed 2026-11-08)
- General Mills Form 10-K for fiscal year ended May 31, 2026 — Item 1 categories and brands: cereal, snack bars, savory snacks, Nature Valley, Cheerios (accessed 2026-11-08)
- SEC EDGAR companyfacts: Keurig Dr Pepper Inc. (KDP) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Mondelez International, Inc. (MDLZ) — annual 10-K facts (accessed 2026-11-04)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 brands and intellectual property: trademarks, licences, patents (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1A risk factors: retail shelf space and private label (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 customers: retailers, bottler contracts, Walmart share of revenue (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 distribution network: direct-store-delivery, warehouses, distributors, e-commerce (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 human capital; Item 2 properties and plants (accessed 2026-11-08)
- PepsiCo Form 10-Q for the quarter ended September 5, 2026 — Notes and business risks: revenue split, tariff refunds, 2019 Productivity Plan, poppi milestone, an investment conversion (accessed 2026-11-08)
- PepsiCo fourth-quarter 2025 results release (8-K exhibit 99.1, February 3, 2026) — Dividend increase and new share repurchase program (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 7 overview: strategy, operating model, portfolio changes (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 1 seasonality, ingredients and regulation (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 7 business risks: Russia, international exposure (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Item 3 plastic pollution lawsuits (accessed 2026-11-08)
- PepsiCo third-quarter 2026 results release (8-K exhibit 99.1, October 8, 2026) — Third-quarter results, North America and international commentary, fiscal 2026 guidance (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2025 — Executive officers: chief executive and North America chief executive (accessed 2026-11-08)
- PepsiCo Form 8-K (Item 5.02), October 2025 — Appointment of Stephen Schmitt as chief financial officer (accessed 2026-11-08)
- PepsiCo research starter (EBSCO) — Company history: Pepsi-Cola Company 1902, 1965 Frito-Lay merger (accessed 2026-11-08)
- SEC EDGAR companyfacts: PepsiCo (PEP) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- PepsiCo Form 10-K for fiscal year 2024 — Seven segments through 2024; realignment effective first quarter 2025; Quaker recall (accessed 2026-11-08)
- PepsiCo first-quarter 2026 results release (8-K exhibit 99.1, April 16, 2026) — First-quarter results and guidance (accessed 2026-11-08)
- PepsiCo second-quarter 2026 results release (8-K exhibit 99.1, July 9, 2026) — Second-quarter results and North America commentary (accessed 2026-11-08)
- PepsiCo Form 10-K for fiscal year 2020 — Note 13 acquisitions of Pioneer Foods, Rockstar and Be & Cheery (accessed 2026-11-08)
- PepsiCo Form 8-K (Item 5.02), September 17, 2026 — Election of Joaquin Duato to the Board; listing of the common stock (accessed 2026-11-08)