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PepsiCo (PEP) financial statements: income, balance sheet and cash flow

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) carried total debt of USD 53.2 billion and held cash and short-term investments of USD 10.7 billion at 13 Jun 2026, the end of Q2 FY2026, which makes net debt USD 42.5 billion by our calculation. Its Form 10-Q for the quarter shows revenue of USD 24.2 billion and net income of USD 2.98 billion.

Data as of Source: Form 10-Q for Q2 FY2026, filed

Key facts

Data as of

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

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
Operating income, TTM (USD bn)
14.4
TTM to · derived
Net income, TTM (USD bn)
10.5
TTM to · derived
Free cash flow, TTM (USD bn)
9.28
TTM to · derived
Total assets (USD bn)
112
at · Form 10-Q
Net debt (USD bn)
42.5
at · derived: total debt minus cash and short-term investments

What the numbers show

PepsiCo's income statement for Q2 FY2026, the quarter ended 13 Jun 2026, shows revenue of USD 24.2 billion, up 6.4% on a year earlier. Net income was USD 2.98 billion, a net margin of 12.3%, our calculation. Operating margin, also ours, was 16.6%, against 7.9% in Q2 FY2025, a quarter that included an impairment of intangible assets.

Revenue reached USD 93.9 billion in FY2025, a compound annual growth rate of 4.3% from FY2021, our calculation. Selling, general and administrative expenses (SG&A) grew 4.6% a year and operating income 0.7%. SG&A for Q3 FY2024, marked R, is USD 9,027 million in the 10-Q filed 9 Oct 2025, against USD 9,051 million first reported, as impairment moved to its own line. The fiscal year ends on the last Saturday of December, so FY2022 ran 53 weeks, and two growth rates carry a note for it.

PepsiCo's balance sheet held total assets of USD 112 billion at 13 Jun 2026, up from USD 92.4 billion at the end of FY2021. Goodwill and intangibles made up USD 34.3 billion, more than property, plant and equipment. Equity was USD 22.1 billion. Current liabilities exceeded current assets at every quarter-end shown; at 13 Jun 2026 they were USD 35.1 billion and USD 32.8 billion.

Total debt, the sum of short-term and long-term borrowings, rose from USD 49.2 billion at 27 Dec 2025 to USD 53.2 billion at 13 Jun 2026. With cash and short-term investments of USD 10.7 billion, net debt was USD 42.5 billion, our calculation. Inventory built over the same 24 weeks, to USD 6.73 billion from USD 5.85 billion.

In PepsiCo's cash flow statement, cash from operations was USD 41 million in Q1 FY2026 and negative USD 973 million in Q1 FY2025, but USD 6.62 billion in Q4 FY2025. A 10-Q reports cash flows year to date, so cells marked D are our derivations, and the longer fourth quarter is the 10-K year less the first three. Over the 4 quarters to 13 Jun 2026, free cash flow, our calculation, was USD 9.28 billion, against USD 7.67 billion for FY2025.

Diluted EPS was USD 2.18 per share in Q2 FY2026, against USD 0.92 per share in Q2 FY2025. For FY2025 it was USD 6.00 per share. The diluted share count went from 1,389 million shares in FY2021 to 1,373 million shares in FY2025, and diluted EPS grew 2.2% a year over that run, our calculation. PepsiCo stock fundamentals covers the buybacks and the Q2 FY2025 impairment in more depth.

Income statement

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

Annual

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Table 1 PepsiCo income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends late December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue93,92591,85491,47186,39279,474increased 4.3%
Revenue YoY %increased 2.3%increased 0.4%increased 5.9% 1increased 8.7% 2increased 12.9%not available
Cost of revenue43,06641,74441,88140,57637,075increased 3.8%
Gross profit50,85950,11049,59045,81642,399increased 4.7%
Gross margin %54.1%54.6%54.2%53.0%53.3%not available
R&D839813804771752increased 2.8%
SG&A37,36837,19036,67734,45931,237increased 4.6%
Operating income11,49812,88711,98611,51211,162increased 0.7%
Operating margin %12.2%14.0%13.1%13.3%14.0%not available
Pre-tax income10,24411,94611,41710,7059,821increased 1.1%
Income tax1,9492,3202,2621,7272,142decreased 2.3%
Net income8,2409,5789,0748,9107,618increased 2.0%
Net margin %8.8%10.4%9.9%10.3%9.6%not available
Per share
Diluted EPS (USD)6.006.956.566.425.49increased 2.2%
Diluted shares (m)1,3731,3781,3831,3871,389not available
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • Not available

1 FY2023 had 52 weeks; FY2022 had 53 weeks (364 vs 371 days).

2 FY2022 had 53 weeks; FY2021 had 52 weeks (371 vs 364 days).

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

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Table 2 PepsiCo income statement, quarterly, 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%
Cost of revenue11,0708,71213,723 D11,11310,3047,92613,181 D10,396
Gross profit13,11110,73115,620 D12,82412,4229,99314,603 D12,923
Gross margin %54.2%55.2%53.2%53.6%54.7%55.8%52.6%55.4%
SG&A9,0887,51812,063 D9,1228,7737,41012,344 R D9,027 R
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%
Pre-tax income3,8522,9703,000 D3,3311,5712,3421,809 D3,694
Income tax848632445 D713292499275 D749
Net income2,9812,3272,540 D2,6031,2631,8341,523 D2,930
Net margin %12.3%12.0%8.7%10.9%5.6%10.2%5.5%12.6%
Per share
Diluted EPS (USD)2.181.70not available1.900.921.33not available2.13
Diluted shares (m)1,3691,371not available1,3721,3731,376not available1,378
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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
  • Not available

Totals may not add up because of rounding.

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

Balance sheet

Annual

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Table 3 PepsiCo assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments9,530 D9,266 D10,003 D5,348 D5,988 D
Inventory5,8455,3065,3345,2224,347
Total current assets27,94925,82626,95021,53921,783
PP&E (net)29,90528,00827,03924,29122,407
Goodwill and intangibles33,982 D32,335 D32,657 D33,788 D37,046 D
Total assets107,39999,467100,49592,18792,377
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 PepsiCo liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities32,76431,53631,64726,78526,220
Total debt49,182 D44,306 D44,105 D39,071 D40,334 D
Total liabilities86,85281,29681,85874,91476,226
Shareholders' equity20,40618,04118,50317,14916,043
Net debt / (net cash)39,652 D35,040 D34,102 D33,723 D34,346 D
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

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Table 5 PepsiCo assets, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions
USD mQ2 FY2026at Q1 FY2026at Q4 FY2025at Q3 FY2025at Q2 FY2025at Q1 FY2025at Q4 FY2024at Q3 FY2024at
Cash and short-term investments10,716 D10,828 D9,530 D8,661 D7,973 D8,582 D9,266 D8,051 D
Inventory6,7346,2115,8456,0936,4875,6605,3065,644
Total current assets32,77530,91627,94928,72228,21026,28825,82626,852
PP&E (net)29,77129,80729,90529,05328,79728,21328,00827,188
Goodwill and intangibles34,270 D34,164 D33,982 D33,697 D34,475 D33,727 D32,335 D32,566 D
Total assets112,189110,646107,399106,558105,345101,73799,467100,513
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 6 PepsiCo liabilities and shareholders' equity, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 FY2026at Q1 FY2026at Q4 FY2025at Q3 FY2025at Q2 FY2025at Q1 FY2025at Q4 FY2024at Q3 FY2024at
Current liabilities35,10634,47732,76431,49936,39631,51131,53630,315
Total debt53,214 D52,728 D49,182 D50,849 D51,384 D48,518 D44,306 D45,014 D
Total liabilities89,91989,11086,85287,01586,78683,20881,29680,908
Shareholders' equity22,09821,38320,40619,38818,41818,38918,04119,453
Net debt / (net cash)42,498 D41,900 D39,652 D42,188 D43,411 D39,936 D35,040 D36,963 D
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Cash flow

Chart 2

PepsiCo quarterly free cash flow, Q3 FY2024 to Q2 FY2026

USD bn · quarters ended to

Free cash flow by quarter, from USD 3.76 bn in Q3 FY2024 to USD 1.51 bn in Q2 FY2026.−20246−1.6−0.41.5Q3FY24Q4Q1FY25Q2Q3Q4Q1FY26Q2stockfactsheet.com
Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 7 PepsiCo cash flow, annual, 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
Cash from investing−6,879−5,472−5,495−2,430−3,269
Cash from financing−4,979−7,556−3,009−8,523−10,780
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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.

Quarterly

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Table 8 PepsiCo cash flow, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 FY2026ended Q1 FY2026ended Q4 FY2025ended Q3 FY2025ended Q2 FY2025ended Q1 FY2025ended Q4 FY2024ended Q3 FY2024ended
Cash from operations2,324 D416,619 D4,472 D1,969 D−9736,287 D4,905 D
Capital expenditure−819 D−447−1,916 D−992−904−603−2,468 D−1,149 1
Free cash flow1,505 D−406 D4,703 D3,480 D1,065 D−1,576 D3,819 D3,756 D
Dividends paid−1,948 D−1,966−1,946 D−1,949 D−1,861 D−1,882−1,860 D−1,863 D
Share buybacks−297 D−182−248 D−258 D−311 D−183−240 D−299 D
Cash from investing−915 D−477−1,642 D−1,110 D−2,895 D−1,232−2,507 D−1,511 D
Cash from financing−1,792 D1,662−3,971 D−2,876 D100 D1,768−2,274 D−2,382 D
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.

1 As presented in Form 10-Q filed .

Totals may not add up because of rounding.

Per share and dividends

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Table 9 PepsiCo per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)6.026.976.596.455.51
Diluted EPS (USD)6.006.956.566.425.49
Dividends declared per share (USD)5.62255.334.9454.5254.2475
Diluted shares (m)1,3731,3781,3831,3871,389
Shares outstanding at year end (m)1,3671,3721,3741,3771,383
FCF cover (×)1.0×1.0×1.2×0.9×1.2×
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Source: PepsiCo Forms 10-Q and 10-K, SEC EDGAR Data as of

Notes on these figures

  • R Restated
    • Restated in Form 10-Q filed ; originally reported USD 9,051 m in Form 10-Q filed .
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 FY2024 to Q2 FY2026) and 10-K (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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] 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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StockFactsheet (2026). "PepsiCo (PEP) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/pep/financials/

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