PepsiCo, Inc.

pepsico.com

What Do They Do?

Makes and sells beverages and convenient foods, including snacks, to distributors, retailers and foodservice customers.

How Do They Make Money?

North American beverage customers buy drink bases and finished drinks; across PepsiCo, customers buy beverages and convenient foods, with sales counted when products ship or are delivered and payment made in cash or on credit.

revenue

Segment	Share	How money arrives
PepsiCo Foods North America Sold outright	29% FY2022: 31%	Sold outright
International Beverage Franchise Sold outright	5.3% FY2022: 5.0%	Sold outright
PepsiCo Beverages North America Sold outright	30% FY2022: 30%	Sold outright
Asia Pacific Foods (Segment) Sold outright	4.9% FY2022: 5.2%	Sold outright
Europe, Middle East & Africa (Segment) Sold outright	19% FY2022: 19%	Sold outright
Latin America Foods (Segment) Sold outright	11% FY2022: 10%	Sold outright

Who Are Their Customers?

Retailers and independent bottlers buy directly from PepsiCo; foodservice and vending businesses are served through third-party distributors, and consumers can also buy directly online.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

12% of revenue

▼ −11% vs FY2024 ($12.9B, 14%)

Net income, FY2025

9% of revenue

▼ −14% vs FY2024 ($9.6B, 10%)

Free cash flow, FY2025

8% of revenue

▲ +7% vs FY2024 ($7.2B, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 5, 2026

Revenue: ▲ +6%; vs $23.9B in Q3 FY2025
Net income: ▲ +17%; vs $2.6B in Q3 FY2025

PepsiCo Beverages North America share of revenue vs 30.6% in Q3 FY2025

Growing. Revenue grew 18% in 4 years, from $79.5B in FY2021 to $93.9B in FY2025, about 4% a year.

Alcoholic drinks The older report says PepsiCo distributed Hard MTN Dew and licensed its trademark to Boston Beer; the latest report describes moving the alcoholic beverage business from distribution to trademark licensing and flavor sales.

Revenue over time

PepsiCo Foods North America International Beverage Franchise PepsiCo Beverages North America Asia Pacific Foods (Segment) Europe, Middle East & Africa (Segment) Latin America Foods (Segment) Africa, Middle East and South Asia Europe Asia Pacific, Australia and New Zealand, and China Region Latin America Frito Lay North America Quaker Foods North America

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Coca-Cola, Campbell’s, Conagra Brands, Hormel Foods, Keurig Dr Pepper, Kraft Heinz, Link Snacks, Mars, Mondelēz International, Monster Beverage, Nestlé, Primo Brands, Red Bull, and Utz Brands

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