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NASDAQ NMS - GLOBAL MARKET · Beverages · CIK 0000077476
$134.70
+0.51% · delayed ~15 min
Last price from Oct 21, 2026
$184.74B market value
From PEPSICO INC's FY2025 10-K, filed Feb 3, 2026 · read the filing
PEPSICO makes food and drink. It took in $93.92B last year, which makes it a very large company. Of every dollar it sells, about 9 cents is left as profit.
The financial picture is led by accounting, with profitability, growth and debt worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Generally healthy, with a few things to watch.
From PEPSICO INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Capital spending
$5.32B → $4.42B
Operating income
$12.89B → $11.50B
Profit
$9.58B → $8.24B
Operating margin
14.0% → 12.2%
Measured against FY2024, from the 10-K filed Feb 3, 2026
Changed: -17.0%
$5.32B to $4.42BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: -10.8%
$12.89B to $11.50BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
-14.0%
How the latest move compares (quote delayed ~15 min), and what was published around it
PEP rose 0.51% on the latest quote. The average Consumer Staples company tracked here moved +4.08%, and the S&P 500 −1.04%. That is 3.6 points below its sector and 1.5 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 11% a year for the next 10 years. Over the last 10 years it shrank by about 1% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 9 cents of every dollar of sales as profit, earning $8.24B last year.
Barely. Sales were roughly flat, up 2.3%.
Manageable, but notable. Clearing its debt would take about 3.3 years of cash flow. For every $1 it owes, it owns $1.24 in assets.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 93 cents of every dollar of profit, which leaves little room for the payment to survive a bad year. It paid out 63% of the cash its operations generated. It has paid in each of the last 12 years.
MixedNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $8.24B and generated $12.09B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 3, 2026Filing for FY2025 | FY202410-K · Feb 4, 2025Filing for FY2024 | FY202310-K · Feb 9, 2024Filing for FY2023 | FY202210-K · Feb 9, 2023Filing for FY2022 | FY202110-K · Feb 10, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $93.92B | $91.85B | $91.47B | $86.39B | $79.47B | +2.3% |
| Cost of revenue | $43.07B | $41.74B | $41.88B | $40.58B | $37.08B | +3.2% |
| Gross profit | $50.86B | $50.11B | $49.59B | $45.82B | $42.40B | +1.5% |
| Gross marginGross profit ÷ revenueWhat is this? | 54.1% | 54.6% | 54.2% | 53.0% | 53.3% | −0.4 pts |
| Selling, general and administrative | $37.37B | $37.19B | $36.68B | $34.46B | $31.24B | +0.5% |
| Operating income | $11.50B | $12.89B | $11.99B | $11.51B | $11.16B | −10.8% |
| Operating marginOperating income ÷ revenueWhat is this? | 12.2% | 14.0% | 13.1% | 13.3% | 14.0% | −1.8 pts |
| Interest expense | $1.12B | $919.0M | $819.0M | $939.0M | $1.86B | +22.0% |
| Income before tax | $10.24B | $11.95B | $11.42B | $10.71B | $9.82B | −14.2% |
| Net income | $8.24B | $9.58B | $9.07B | $8.91B | $7.62B | −14.0% |
| Net marginNet income ÷ revenueWhat is this? | 8.8% | 10.4% | 9.9% | 10.3% | 9.6% | −1.7 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $6.01 | $6.97 | $6.59 | $6.44 | $5.52 | −13.8% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| PEPPEPSICO INC · this page | 7.0/10 | 5/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Bought on the open market — 84,507 shares at $128.28 ($10.8M)
Holds 332,870 shares after this filing.
Bought on the open market — 45,075 shares at $128.28 ($5.8M)
Holds 377,945 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Reported another event
Read the filingPublished results
Read the filingWrite down why you are following PEPSICO INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 585 subsidiaries named in its 10-K, incorporated across 137 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from PEP's 10-K for fiscal year 2025 (period ending 2025-12-27, filed Feb 3, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.0 | 5/9 | 10-K, filed Feb 3, 2026 |
| FY2024 | 9.0 | 7/9 | 10-K, filed Feb 4, 2025 |
| FY2023 | 8.0 | 8/9 | 10-K, filed Feb 9, 2024 |
| FY2022 | 8.0 | 7/9 | 10-K, filed Feb 9, 2023 |
| FY2021 | 8.0 | 7/9 | 10-K, filed Feb 10, 2022 |
| FY2020 | 8.0 | 5/9 | 10-K, filed Feb 11, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
3.40
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.56
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
$9.58B to $8.24BNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −1.8 pts
14.0% to 12.2%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −1.7 pts
10.4% to 8.8%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +6.7%
$7.19B to $7.67BNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: -13.8%
$6.97 to $6.01Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +13.7%
$37.22B to $42.32BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +7.7%
$8.51B to $9.16BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +5.7%
$7.23B to $7.64BNotable
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Oct 8, 2026 — read it.
Improved: +19.4%
$3.57B to $4.26BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +17.1%
$2.60B to $3.05BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +17.5%
$1.90 to $2.23Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +31.4%
$8.13B to $10.68BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +5.6%
$23.94B to $25.27BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +7.3%
$12.82B to $13.75BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +1.9 pts
14.9% to 16.9%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +1.2 pts
10.9% to 12.1%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Oct 8, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +5.9%
$4.02B to $4.26BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 8% and 13%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 29 analysts covering this company, as of . Their views, not this site's.
Of 29 analysts publishing on this company, 2 say strong buy, 8 say buy, 18 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.7% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 16.9x — investors pay $16.9 for each $1 of trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
| 2.3% |
| 8.8% |
| 22.42x |
| 4.26x |
| KOCOCA COLA CO | 8.0/10 | 7/9 | 1.9% | 27.3% | 31.29x | 2.26x |
|---|
| MNSTMonster Beverage Corp | 8.7/10 | 7/8 | 10.7% | 23.0% | 24.28x | 0.21x |
|---|
| KDPKeurig Dr Pepper Inc. | 7.0/10 | 7/9 | 8.2% | 12.5% | 23.00x | 1.17x |
|---|
| CELHCelsius Holdings, Inc. | 7.0/10 | 4/9 | 85.5% | 4.3% | 67.46x | 1.84x |
|---|
| Median of peers | 7.5/10 | — | 9.4% | 17.7% | 27.78x | 1.51x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Bought on the open market — 45,075 shares at $128.28 ($5.8M)
Holds 423,020 shares after this filing.
Bought on the open market — 9,989 shares at $128.28 ($1.3M)
Holds 433,009 shares after this filing.
Was granted or awarded shares — 158 shares
Holds 8,121 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 9,713 shares after this filing.
Was granted or awarded shares — 1,951 shares
Holds 50,130 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 51,722 shares after this filing.
Was granted or awarded shares — 320 shares
Holds 8,884 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 10,476 shares after this filing.
Was granted or awarded shares — 1,888 shares
Holds 49,694 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 51,287 shares after this filing.
Was granted or awarded shares — 165 shares
Holds 8,432 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 10,024 shares after this filing.
Was granted or awarded shares — 1,771 shares
Holds 93,667 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 95,259 shares after this filing.
Was granted or awarded shares — 1,336 shares
Holds 33,646 shares after this filing.
Was granted or awarded shares — 1,592 shares at $125.60 ($200.0K)
Holds 35,239 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 30,000 shares ($4.1M) on or after .
Shares originally obtained via Performance Stock Units.
Filed notice to sell 2,900 shares ($404.7K) on or after .
Shares originally obtained via Restricted Stock Vesting Under a Registered Plan.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q3 FY2026
Revenue +5.6% · Operating margin +1.9 pts · Operating income +19.4% — against Q3 FY2025
Had a director or senior officer leave or join
Read the filingPublished results
Read the filingQuarterly report for Q2 FY2026
Revenue +6.4% · Operating margin +8.8 pts · Operating income +124.9% — against Q2 FY2025
Read the filingReported another event
Read the filingHeld a shareholder vote
Read the filingPublished results
Read the filingQuarterly report for Q1 FY2026
Revenue +8.5% · Operating margin +2.1 pts · Free cash flow $1.17B narrower — against Q1 FY2025
Read the filingProxy statement for a shareholder meeting
Read the filingReported another event
Read the filingPublished results
Read the filingAnnual report for FY2025
Operating margin −1.8 pts · Capital spending -17.0% · Operating income -10.8% — against FY2024
Read the filingHad a director or senior officer leave or join
Read the filingMade a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join · Published results
Read the filingQuarterly report for Q3 FY2025
Operating margin −1.7 pts · Operating income -7.8% · Profit -11.2% — against Q3 FY2024
Read the filingReported another event
Read the filingReported another event
Read the filingThe first 40 of 585. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-03. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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Primary sources and further research