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PepsiCo (Nasdaq: PEP) stock fundamentals

Nasdaq: PEP · Consumer staples · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

PepsiCo (Nasdaq: PEP) makes, markets and distributes beverages and convenient foods under brands including Doritos, Gatorade, Pepsi-Cola and Quaker. Its Form 10-K reports revenue of USD 93.9 billion for FY2025. Its Form 10-Q for Q2 FY2026, the quarter ended 13 Jun 2026, reports revenue of USD 24.2 billion and operating income of USD 4.02 billion.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 FY2026

Key facts

Data as of

PepsiCo (Nasdaq: PEP) · USD · fiscal year ends late December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
93.9
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
96.9
TTM to · derived
Revenue by quarter, from USD 23.3 bn in Q3 FY2024 to USD 24.2 bn in Q2 FY2026
Net income attributable to shareholders (USD bn)
8.24
FY2025 (ended ) · Form 10-K
Operating margin
12.2%
FY2025 (ended ) · derived
Free cash flow (USD bn)
7.67
FY2025 (ended ) · derived
Net debt (USD bn)
42.5
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
5.6225
FY2025 (ended ) · Form 10-K
Shares outstanding (bn)
1.36
at · Form 10-Q cover page

Fundamentals profile

vs PepsiCo's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 FY2026 · Data as of

Each row places PepsiCo's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

PepsiCo fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricPepsiCoOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY2025The two end years differ in length: FY2025 had 52 weeks; FY2022 had 53 weeks (364 vs 371 days).2.8%Own 5-year median 7.1%Below its 5-year median
Lower (2.8%) Higher (9.1%)
MarginsOperating margin (TTM to Q2 FY2026)14.8%Own 5-year median 13.3%Near its 5-year median
Lower (12.2%) Higher (14.0%)
LeverageNet debt / EBITDA (TTM to Q2 FY2026; below zero means net cash)2.4×Own 5-year median 2.4×Near its 5-year median
Lower (2.2×) Higher (2.7×)
Cash flowFCF margin (TTM to Q2 FY2026)9.6%Own 5-year median 8.2%Near its 5-year median
Lower (6.5%) Higher (8.8%)
Dividend historyConsecutive years of cash dividends, to FY2025Every fiscal year in our data, FY2009 to FY2025, had a dividend; our data starts in FY2009.At least 17Own 5-year median not availablenot availablenot available

Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with PepsiCo's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did the Rockstar impairment change PepsiCo's operating margin in Q2 FY2025?

PepsiCo's operating margin, our calculation, was 7.9% in Q2 FY2025, after an impairment of intangible assets of USD 1,860 million for the Rockstar and Be & Cheery brands.[5] Its 10-Q for Q2 FY2026 records no impairment charge, and operating margin was 16.6% on revenue of USD 24.2 billion.[1]

Chart 1

PepsiCo quarterly revenue, Q3 FY2024 to Q2 FY2026

USD bn · quarters ended to

Revenue by quarter, from USD 23.3 bn in Q3 FY2024 to USD 24.2 bn in Q2 FY2026.010203024.2Q3FY24Q4Q1FY25Q2Q3Q4Q1FY26Q2stockfactsheet.com
Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of
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Table 1 PepsiCo quarterly revenue, margins and profit, Q3 FY2024–Q2 FY2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends late December
USD mQ2 FY2026ended Q1 FY2026ended Q4 FY2025ended Q3 FY2025ended Q2 FY2025ended Q1 FY2025ended Q4 FY2024ended Q3 FY2024ended
Revenue24,18119,44329,343 D23,93722,72617,91927,784 D23,319
Revenue YoY %increased 6.4%increased 8.5%increased 5.6%increased 2.7%increased 1.0%decreased 1.8%decreased 0.2%decreased 0.6%
Gross margin %54.2%55.2%53.2%53.6%54.7%55.8%52.6%55.4%
Operating income4,0233,2133,557 D3,5691,7892,5832,250 D3,872
Operating margin %16.6%16.5%12.1%14.9%7.9%14.4%8.1%16.6%
Net income attributable to shareholders2,9812,3272,540 D2,6031,2631,8341,523 D2,930
(opens in new tab)

Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Operating income was USD 1,789 million in Q2 FY2025, after the charge, and USD 4,023 million in Q2 FY2026. Across the 8 quarters from Q3 FY2024 to Q2 FY2026, operating margin ranged from 7.9% to 16.6%.

PepsiCo's quarters are not all the same length. Its 10-Q for Q2 FY2026 reports North America on a 12-week basis and international operations by calendar month, March to May for that quarter.[1] Q4 FY2025 ran from 7 Sep to 27 Dec 2025, so its revenue of USD 29.3 billion covers more weeks than the quarters on either side. Revenue fell year on year in Q3 FY2024, Q4 FY2024 and Q1 FY2025, then rose in the next 5 quarters.

Gross margin, our calculation, stayed between 52.6% and 55.8% across those 8 quarters. The wider swings in operating margin come from the lines between gross profit and operating income. In PepsiCo's income statement, those lines are selling, general and administrative expenses (SG&A) and impairment of intangible assets.[1]

Why did PepsiCo's 10-Q filed 9 Oct 2025 reclassify SG&A for Q3 FY2024?

PepsiCo's 10-Q filed 9 Oct 2025 reclassifies selling, general and administrative expenses (SG&A) for Q3 FY2024 to show impairment of intangible assets as a separate line.[4] For the quarter ended 7 Sep 2024, SG&A is USD 9,027 million, against USD 9,051 million in the 10-Q filed 8 Oct 2024.[4][8] Operating income is unchanged.

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Table 2 PepsiCo restated quarterly figures, Q3 FY2024–Q4 FY2024 (USD millions) USD millions, except per-share data (USD) and percentages
USD mQ4 FY2024ended Q3 FY2024ended
SG&A12,344 R D9,027 R
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • R Restated in Form 10-Q filed ; originally reported USD 9,051 m in Form 10-Q filed .
  • R Restated

For the quarter ended 7 Sep 2024, the later 10-Q prints impairment of intangible assets of USD 24 million.[4] The 10-Q filed 8 Oct 2024 has no such line.[8] The later filing says certain reclassifications were made to the prior year's financial statements to conform to the current year presentation.[4] Both filings show operating income of USD 3,872 million for the quarter.

Q4 FY2024 SG&A of USD 12,344 million carries both R and D. No 10-Q covers a fourth quarter, as our guide on how to read a 10-Q explains. So we derive the quarter as the FY2024 total in the 10-K less the reclassified first 3 quarters from the later 10-Q. The FY2024 10-K already shows impairment of intangible assets on its own line, so both inputs leave it out of SG&A.[7]

SG&A for 8 quarters, with each column linked to its filing, is set out in the PepsiCo financial statements. Its R footnote on Q3 FY2024 names the filing that changed that figure. Our methodology explains how we mark restated and derived figures. NVIDIA, whose per-share history was adjusted for a share split, has its own page: NVIDIA stock fundamentals.

How did lower capital expenditure in PepsiCo's 10-K filed 3 Feb 2026 lift its free cash flow?

PepsiCo's capital expenditure fell from USD 5.32 billion in FY2024 to USD 4.42 billion in FY2025, according to its 10-K filed 3 Feb 2026.[3] That lifted free cash flow, our calculation, to USD 7.67 billion from USD 7.19 billion, while cash from operations went from USD 12.5 billion to USD 12.1 billion.

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Table 3 PepsiCo cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations12,08712,50713,44210,81111,616
Capital expenditure−4,415−5,318−5,518−5,207−4,625
Free cash flow7,672 D7,189 D7,924 D5,604 D6,991 D
Dividends paid−7,638−7,229−6,682−6,172−5,815
Share buybacks−1,000−1,000−1,000−1,500−106
(opens in new tab)

Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

PepsiCo's FY2025 10-K shows USD 7.64 billion of dividends paid and USD 1.00 billion of share buybacks for the year ended 27 Dec 2025.[3] Dividends paid have risen in each year since FY2021, when they were USD 5.82 billion. They were larger than our free cash flow in FY2022 and FY2024, and smaller in the other 3 years.

PepsiCo's buybacks have held at USD 1.00 billion a year since FY2023, after USD 1.50 billion in FY2022. Capital expenditure has fallen each year since FY2023, when it was USD 5.52 billion.

PepsiCo's own free cash flow, a non-GAAP measure in the same 10-K, is USD 8,200 million for FY2025.[3] Our calculation of free cash flow for FY2025 is USD 7,672 million. Its formula adds sales of property, plant and equipment to cash from operations less capital spending, so it differs from ours.[3] PepsiCo declared dividends of USD 5.6225 per share for FY2025, according to the 10-K.[3] The cash flow statement counts dividends when they are paid, so declared and paid amounts can fall in different years.

How we got these numbers

Every figure comes from PepsiCo's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 FY2023 to Q2 FY2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with PepsiCo's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind PepsiCo's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 13 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 21 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 27 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 6 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 14 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 22 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 28 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 7 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
PepsiCo, Inc.
Exchange
Nasdaq
Ticker
PEP
Sector
Consumer staples
Country
United States
Fiscal year end
late December (FY2025 ended 27 Dec 2025)
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000077476
Latest filing in this page's data
Form 10-Q, quarter ended 13 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 13 Jun 2026 PepsiCo, Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 21 Mar 2026 PepsiCo, Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 27 Dec 2025 PepsiCo, Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 6 Sep 2025 PepsiCo, Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 14 Jun 2025 PepsiCo, Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 22 Mar 2025 PepsiCo, Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 28 Dec 2024 PepsiCo, Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 7 Sep 2024 PepsiCo, Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 30 Dec 2023 PepsiCo, Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 PepsiCo, Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 25 Dec 2021 PepsiCo, Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 15 Jun 2024 PepsiCo, Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 23 Mar 2024 PepsiCo, Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 9 Sep 2023 PepsiCo, Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 26 Dec 2020 PepsiCo, Inc. · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 28 Dec 2019 PepsiCo, Inc. · · sec.gov
  17. [17] Filing Form 10-K, fiscal year ended 29 Dec 2018 PepsiCo, Inc. · · sec.gov
  18. [18] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "PepsiCo (Nasdaq: PEP) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/pep/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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