PepsiCo Inc (NASDAQ: PEP) is a food and beverage company that makes, markets, distributes, and sells convenient foods and beverages across multiple segments globally. Revenue is generated through direct sales of finished goods to independent distributors and retailers, and through sales of beverage concentrates and fountain syrups to authorized bottlers who then distribute branded products. PepsiCo operates through segments including PepsiCo Foods North America (PFNA), PepsiCo Beverages North America (PBNA), International Beverages Franchise, EMEA, Latin America Foods, and Asia Pacific Foods. International operations generated 44% of consolidated net revenue in FY2025, with Mexico, Russia, Canada, China, the United Kingdom, Brazil, and South Africa collectively comprising 25% of consolidated net revenue in FY2025. The company manages commodity price exposure through fixed-price contracts, purchase orders, and derivative instruments including swaps and futures.

Revenue model

PepsiCo earns revenue through direct finished-goods sales to independent distributors and retailers, concentrate and fountain syrup sales to authorized bottlers, and company-owned bottling and distribution operations. The model is transactional, with pricing influenced by commodity input costs, volume, and foreign exchange rates.

Products and services

Foods brands include Cheetos, Doritos, Fritos, Lay's, Ruffles, Tostitos, Quaker, Pearl Milling Company, and Sabra refrigerated dips and spreads (wholly-owned as of December 2024). Beverage brands include Pepsi, Diet Pepsi, Pepsi Zero Sugar, Pepsi Wild Cherry, Mountain Dew, Diet Mountain Dew, Mountain Dew Baja Blast, Gatorade, Gatorade Zero, Aquafina, Bubly, and Propel.

Customers and end markets

Customers include independent distributors, retailers, and authorized independent bottlers. End markets are mass retail, grocery, convenience, and foodservice channels serving general consumers. Consumer demand is affected by inflationary, deflationary, and recessionary conditions.

Value-chain role

PepsiCo operates across manufacturing, marketing, distribution, and retail sales. It runs its own bottling plants and distribution facilities for beverages in North America, and sells concentrate to independent bottlers in certain markets. For foods, it manufactures and distributes both independently and through third-party arrangements.

Geographic exposure

United States and international markets. International operations generated 44% of consolidated net revenue in FY2025. Mexico, Russia, Canada, China, the United Kingdom, Brazil, and South Africa collectively accounted for 25% of consolidated net revenue in FY2025.

Source: SEC 10-K, filed 2026-02-03

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