PEPSICO INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PEPSICO INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	62,799	63,525	64,661	67,161	70,372	79,474	86,392	91,471	91,854	93,925
Cost of revenue	28,222	28,796	29,381	30,132	31,797	37,075	40,576	41,881	41,744	43,066
Gross profit	34,577	34,729	35,280	37,029	38,575	42,399	45,816	49,590	50,110	50,859
Research and development	760	737	680	711	719	752	771	804	813	839
Selling, general and administrative	24,773	24,453	25,170	26,738	28,453	31,237	34,459	36,677	37,190	37,368
Selling and marketing	4,200	4,100	4,200	4,700	4,600	5,100	5,200	5,700	5,900	5,400
Operating income	9,804	10,276	10,110	10,291	10,080	11,162	11,512	11,986	12,887	11,498
Interest expense	1,342	1,151	1,219	935	1,128	1,863	939	819	919	1,121
Other non-operating income		244	306	200
Pre-tax income	8,553	9,602	9,189	9,312	9,069	9,821	10,705	11,417	11,946	10,244
Income tax	2,174	4,694	-3,370	1,959	1,894	2,142	1,727	2,262	2,320	1,949
Net income to minority interests	50	51	44	39	55	61	68	81	48	55
Net income	6,329	4,857	12,515	7,314	7,120	7,618	8,910	9,074	9,578	8,240
EBITDA	12,172	12,645	12,509	12,723	12,628	13,872	14,275	14,934	16,047	14,949
EPS, basic	4.39	3.40	8.84	5.23	5.14	5.51	6.45	6.59	6.97	6.02
EPS, diluted	4.36	3.38	8.78	5.20	5.12	5.49	6.42	6.56	6.95	6.00
Shares, basic (weighted)	1,439	1,425	1,415	1,399	1,385	1,382	1,380	1,376	1,373	1,369
Shares, diluted (weighted)	1,452	1,438	1,425	1,407	1,392	1,389	1,387	1,383	1,378	1,373
Dividend per share	2.96	3.17	3.59	3.79	4.02	4.25	4.53	4.95	5.33	5.62

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9,158	10,610	8,721	5,509	8,185	5,596	4,954	9,711	8,505	9,159
Short-term investments	6,967	8,900	272	229	1,366	392	394	292	761	371
Receivables	6,694	7,024	7,142	7,822	8,404	8,680	10,163	10,815	10,333	11,506
Inventory	2,723	2,947	3,128	3,338	4,172	4,347	5,222	5,334	5,306	5,845
Other current assets	908	1,546	633	747	874	980	806	798	921	1,068
Total current assets	26,450	31,027	21,893	17,645	23,001	21,783	21,539	26,950	25,826	27,949
Property, plant and equipment	16,591	17,240	17,589	19,305	21,369	22,407	24,291	27,039	28,008	29,905
Lease right-of-use assets			0	1,548	1,670	2,020	2,373	2,905	3,383	3,745
Goodwill	14,430	14,744	14,808	15,501	18,757	18,381	18,202	17,728	17,534	18,916
Intangible assets	1,237	1,268	1,644	1,433	1,703	1,538	1,277	1,199	1,102	500
Other non-current assets	636	913	760	3,011	3,312	4,481	5,292	6,661	6,951	8,984
Total assets	73,490	79,804	77,648	78,547	92,918	92,377	92,187	100,495	99,467	107,399
Accounts payable	6,158	6,727	7,213	8,013	8,853	9,834	10,732	11,635	10,997	11,704
Short-term debt	6,892	5,485	4,026	2,920	3,780	4,308	3,414	6,510	7,082	6,861
Total current liabilities	21,135	20,502	22,138	20,461	23,372	26,220	26,785	31,647	31,536	32,764
Long-term debt	30,053	33,796	28,295	29,148	40,370	36,026	35,657	37,595	37,224	42,321
Lease liabilities				1,118	1,233	1,598	1,933	2,400	2,803	3,127
Other non-current liabilities	6,669	11,283	9,114	9,979	11,340	9,154	8,339	8,721	9,052	7,965
Total liabilities	62,291	68,823	63,046	63,679	79,366	76,226	74,914	81,858	81,296	86,852
Total debt	34,454	37,816	32,248	31,996	43,728	39,898	38,753	41,519	41,228	46,351
Paid-in capital	4,091	3,996	3,953	3,886	3,910	4,001	4,134	4,261	4,385	4,451
Retained earnings	52,518	52,839	59,947	61,946	63,443	65,165	67,800	70,035	72,266	72,788
Treasury stock			-34,286	-36,769	-38,446	-38,248	-39,506	-40,282	-41,021	-41,832
Other comprehensive income	-13,919	-13,057	-15,119	-14,300	-15,476	-14,898	-15,302	-15,534	-17,612	-15,024
Shareholders' equity	11,246	11,045	14,518	14,786	13,454	16,043	17,149	18,503	18,041	20,406
Minority interests	104	92	84	82	98	108	124	134	130	141
Total equity	11,199	10,981	14,602	14,868	13,552	16,151	17,273	18,637	18,171	20,547
Total liabilities and equity	73,490	79,804	77,648	78,547	92,918	92,377	92,187	100,495	99,467	107,399

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6,379	4,908	12,559	7,353	7,175	7,679	8,978	9,155	9,626	8,295
Depreciation and amortization	2,368	2,369	2,399	2,432	2,548	2,710	2,763	2,948	3,160	3,451
Stock-based compensation	284	292	256	237	264	301	343	380	362	288
Deferred income tax	54	-1,091	-4,248	304	137	441	-683	-381	-374	25
Change in inventory	-75	-168	-174	-190	-516	-582	-1,142	-261	-314	-150
Change in payables	981	201	882	735	766	1,762	1,842	420	-943	-677
Cash from operations	10,663	10,030	9,415	9,649	10,613	11,616	10,811	13,442	12,507	12,087
Capital expenditures	-3,040	-2,969	-3,282	-4,232	-4,240	-4,625	-5,207	-5,518	-5,318	-4,415
Purchases of investments	-12,504			0	-1,135	0	-550	-550	-425	-190
Cash from investing	-7,150	-4,403	4,564	-6,437	-11,619	-3,269	-2,430	-5,495	-5,472	-6,879
Debt issued	7,818	7,509	0	4,621	13,809	4,122	3,377	5,482	4,042	8,189
Debt repaid	-3,105	-4,406	-4,007	-3,970	-1,830	-3,455	-2,458	-3,005	-3,886	-4,082
Stock issued	465	462	281	329	179	185	138	116	166	97
Share buybacks	-3,000	-2,000	-2,000	-3,000	-2,000	-106	-1,500	-1,000	-1,000	-1,000
Dividends paid	-4,227	-4,472	-4,930	-5,304	-5,509	-5,815	-6,172	-6,682	-7,229	-7,638
Cash from financing	-3,211	-4,186	-13,769	-8,489	3,819	-10,780	-8,523	-3,009	-7,556	-4,979
Exchange rate effect	-252	47	-98	78	-129	-114	-465	-277	-687	422
Net change in cash	50	1,488	112	-5,199	2,684	-2,547	-607	4,661	-1,208	651
Free cash flow	7,623	7,061	6,133	5,417	6,373	6,991	5,604	7,924	7,189	7,672
Interest paid	1,102	1,123	1,388	1,076	1,156	1,184	1,043	1,401	1,585	1,748
Income taxes paid	1,393	1,962	1,203	2,226	1,770	1,933	2,766	2,532	3,064	3,083

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 13, 2026; growth uses fiscal years. Valuation uses the share price of $128.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.0%	Gross profit / revenue.
Operating margin	14.8%	Operating income / revenue.
Net margin	10.8%	Net income / revenue.
Return on equity (ROE)	47.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.3%	Net income / average total assets.
Return on invested capital (ROIC)	84.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-10.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-6.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-14.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.93x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.4%	Total debt / total assets.
Liabilities / assets	80.1%	Total liabilities / total assets.
Net debt	-$9.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$2.33B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.82B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.86x	Revenue / average total assets.
Fixed asset turnover	3.25x	Revenue / average property, plant and equipment.
Receivables turnover	7.18x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$70.78	Revenue / diluted weighted shares.
Book value per share	$16.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.33	Tangible book value / shares outstanding.
Cash per share	$7.83	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$175.57B	Share price x shares outstanding.
Enterprise value	$166.45B	Market cap + total debt - cash - short-term investments.
P/E	16.8x	Market cap / net income. Only when net income is positive.
P/S	1.81x	Market cap / revenue.
P/B	7.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	96.6x	Market cap / tangible book value, when positive.
EV/Sales	1.72x	Enterprise value / revenue.
EV/EBIT	11.6x	Enterprise value / operating income, when both are positive.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).

What was PEPSICO INC's revenue in fiscal 2025?

PEPSICO INC reported revenue of $93.93B for fiscal 2025, 2.3% higher than the year before.

Was PEPSICO INC profitable in fiscal 2025?

Yes. Net income was $8.24B, a net margin of 8.8%.

How much free cash flow did PEPSICO INC generate in fiscal 2025?

Cash from operations of $12.09B minus capital expenditures of $4.42B left free cash flow of $7.67B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to PEPSICO INC