PepsiCo, Inc. PEP

Consumer StaplesBeveragesUnited States of America

Last close 140.42 USD on Nov 2, 2026, +0.8% year to date

Quant rating

Quant rating C Rank 58 of 124 in Consumer Staples

Growth C 61 of 124
Valuation B 44 of 124
Quality A 16 of 124
Revisions D 88 of 124
Momentum C 79 of 124

Wall Street consensus Hold (2.68)Average target 142.69 USD +1.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 191.4B
Enterprise value: 232.3B
52-week range: 123.48 – 171.48
3-year range: 123.48 – 183.11
Dividend yield: 4.31%
Beta (5 years): 0.32
Shares outstanding: 1,363M
Next earnings: Feb 1, 2027

About the company

PepsiCo, Inc. is a global beverage and convenient food company. The Company's segments include PepsiCo Foods North America (PFNA), PepsiCo Beverages North America (PBNA), International Beverages Franchise (IB Franchise), Europe, Middle East and Africa (EMEA), Latin America Foods (LatAm Foods), and Asia Pacific Foods. PFNA segment includes all of its convenient food businesses in the United States and Canada. PBNA segment includes all of its beverage businesses in the United States and Canada. IB Franchise segment includes its international franchise beverage businesses, as well as its SodaStream business. EMEA segment includes its convenient food businesses and beverage businesses with Company-owned bottlers in Europe, the Middle East and Africa. LatAm Foods segment includes all of its convenient food businesses in Latin America. Asia Pacific Foods segment consists of its convenient food businesses in Asia Pacific, including China, Australia and New Zealand, as well as India.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	93,925	91,854	91,471	86,392	79,474	–
Revenue growth	2.3%	0.4%	5.9%	8.7%	12.9%	5.9%
EPS (basic, normalized)	8.14	8.16	7.62	6.79	6.26	–
EPS growth	−0.2%	7.1%	12.2%	8.5%	–	–
Gross margin	54.5%	55.1%	54.4%	53.5%	53.4%	54.2%
Net margin	8.8%	10.4%	9.9%	10.4%	9.8%	9.9%
ROE	42.9%	52.4%	50.9%	54.2%	52.9%	50.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	11,163
Current ratio	0.94x
Long-term debt (mil)	42,658
Net debt (mil)	40,913
Total equity (mil)	22,292
Net debt / equity	1.84x
Net debt / EBITDA	2.22x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	93,925	+2.3%	2.5x	18,399	+3.5%	12.6x	8.14	−0.2%	17.3x
2026	99,310	+5.7%	2.3x	19,064	+3.6%	12.2x	8.40	+3.2%	16.7x
2027	101,810	+2.5%	2.3x	19,481	+2.2%	11.9x	8.59	+2.3%	16.3x
2028	105,064	+3.2%	2.2x	20,416	+4.8%	11.4x	9.08	+5.7%	15.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	99,310	+0.4%	+0.3%	+0.3%	8.40	−1.7%	−1.7%	−3.0%
2027	101,810	+0.1%	−0.1%	−0.4%	8.59	−3.5%	−4.2%	−6.1%
2028	105,064	+0.1%	−0.2%	−0.7%	9.08	−3.2%	−4.1%	−7.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	22,501	23,319	27,784	17,919	22,726	23,937	29,343	19,443	24,181	25,274
Sales mean (mil)	22,571	23,755	27,887	17,769	22,278	23,827	28,972	18,941	23,953	24,957
Surprise	−0.3%	−1.8%	−0.4%	+0.8%	+2.0%	+0.5%	+1.3%	+2.7%	+1.0%	+1.3%
EPS reported	2.28	2.31	1.96	1.48	2.12	2.29	2.26	1.61	2.20	2.34
EPS mean	2.16	2.29	1.94	1.49	2.03	2.26	2.24	1.55	2.21	2.29
Surprise	+5.7%	+0.9%	+0.9%	−0.4%	+4.4%	+1.4%	+1.0%	+3.8%	−0.3%	+2.0%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PEP PepsiCo, Inc.	191.4B	2.22x	8.8%	8.59x	16.7x	16.3x	12.2x	11.9x
KO Coca-Cola Co	412.3B	1.69x	27.3%	11.03x	28.7x	27.1x	25.1x	24.1x
BUD Anheuser-Busch Inbev SA	148.4B	3.39x	11.5%	1.75x	19.0x	17.2x	9.5x	9.1x
MNST Monster Beverage Corporation	93.9B	–	23.0%	10.05x	41.5x	36.4x	30.0x	26.8x
CCEP Coca-Cola Europacific Partners PLC	50.8B	–	9.3%	5.53x	23.0x	21.2x	14.4x	13.6x
KDP Keurig Dr Pepper Inc	50.1B	8.45x	12.5%	1.70x	16.1x	14.6x	13.2x	11.6x
Mean		3.94x	15.4%	6.44x	24.2x	22.1x	17.4x	16.2x
Median		2.81x	12.0%	7.06x	21.0x	19.2x	13.8x	12.8x

Technical analysis

1M+11.5%
3M+1.7%
1Y0.0%
3Y−6.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PepsiCo, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	93,925	91,854	91,471	86,392	79,474	70,372
Cost of revenue	42,773	41,217	41,737	40,202	37,045	31,735
Gross profit	51,152	50,637	49,734	46,190	42,429	38,637
Selling, general & administrative expenses	35,404	35,100	35,209	32,929	30,302	27,323
Research & development	839	813	804	771	752	719
Interest expense (income), operating	−4.0	1.0	−33.0	10.0	−20.0	−9.0
Unusual expense (income)	3,713	2,144	1,783	1,312	255	749
Other operating expenses	0	0	0	0	0	0
Operating income	11,200	12,579	11,971	11,168	11,140	9,855
Net interest income (expense)	−1,121	−919	−819	−939	−1,863	−1,128
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	165	286	265	476	544	342
Net income before taxes	10,244	11,946	11,417	10,705	9,821	9,069
Provision for taxes	1,949	2,320	2,262	1,641	1,952	1,894
Minority interest	−55.0	−48.0	−81.0	−68.0	−61.0	−55.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	8,240	9,578	9,074	8,996	7,808	7,120
Extraordinary items	–	–	–	−86.0	−190	–
Net income	8,240	9,578	9,074	8,910	7,618	7,120
EBIT, normalized	14,909	14,724	13,721	12,585	11,523	11,369
EBITDA, normalized	18,205	17,884	16,669	15,348	14,233	13,917
Basic EPS, normalized	8.14	8.16	7.62	6.79	6.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PepsiCo, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9,530	9,266	10,003	5,348	5,988	9,551
Receivables	11,506	10,333	10,815	10,163	8,680	8,404
Total inventory	5,845	5,306	5,334	5,222	4,347	4,172
Prepaid expenses	1,020	863	731	766	927	826
Other current assets	48.0	58.0	67.0	40.0	1,841	48.0
Total current assets	27,949	25,826	26,950	21,539	21,783	23,001
Property, plant & equipment	33,650	31,391	29,944	26,664	24,427	23,039
Goodwill	18,916	17,534	17,728	18,202	18,381	18,757
Intangibles	15,066	14,801	14,929	15,586	18,665	19,315
Long-term investments	4,564	3,331	4,330	3,886	2,627	2,792
Note receivable	136	111	200	202	111	109
Other long-term assets	7,118	6,473	6,414	6,108	6,383	5,905
Total assets	107,399	99,467	100,495	92,187	92,377	92,918
Liabilities
Accounts payable	11,704	10,997	11,635	10,732	9,834	8,853
Payable/accrued	–	–	–	–	–	–
Accrued expenses	6,461	6,356	6,766	6,639	5,857	5,454
Short-term debt	2,831	3,078	2,586	318	436	422
Current portion of long-term debt	4,030	4,004	3,924	3,096	3,872	3,358
Other current liabilities	7,738	7,101	6,736	6,000	6,221	5,285
Total current liabilities	32,764	31,536	31,647	26,785	26,220	23,372
Long-term debt	42,321	37,224	37,595	35,657	36,026	40,370
Minority interest	141	130	134	124	108	98.0
Other liabilities	11,767	12,536	12,616	12,472	13,980	15,624
Total liabilities	86,993	81,426	81,992	75,038	76,334	79,464
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	23.0	23.0	23.0	23.0	23.0	23.0
Additional paid-in capital	4,451	4,385	4,261	4,134	4,001	3,910
Retained earnings (accumulated deficit)	72,788	72,266	70,035	67,800	65,165	63,443
Treasury stock	−41,832	−41,021	−40,282	−39,506	−38,248	−38,446
Other equity	−15,024	−17,612	−15,534	−15,302	−14,898	−15,476
Total equity	20,406	18,041	18,503	17,149	16,043	13,454
Total liabilities & shareholders' equity	107,399	99,467	100,495	92,187	92,377	92,918

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PepsiCo, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,295	9,626	9,155	8,978	7,679	7,175
Depreciation, depletion & amortization	3,451	3,160	2,948	2,763	2,710	2,548
Deferred taxes	71.0	−42.0	−271	−873	298	361
Non-cash items	2,627	1,766	1,758	1,190	−164	190
Changes in working capital	−2,357	−2,003	−148	−1,247	1,093	339
Cash from operations	12,087	12,507	13,442	10,811	11,616	10,613
Investing activities
Capital expenditures	−4,415	−5,318	−5,518	−5,207	−4,625	−4,240
Other investing cash flows	−2,464	−154	23.0	2,777	1,356	−7,379
Cash from investing	−6,879	−5,472	−5,495	−2,430	−3,269	−11,619
Financing activities
Financing cash flow items	−186	−188	−213	−179	−912	−144
Cash dividends paid	−7,638	−7,229	−6,682	−6,172	−5,815	−5,509
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,845	−139	3,886	−2,172	−4,053	9,472
Cash from financing	−4,979	−7,556	−3,009	−8,523	−10,780	3,819
Foreign exchange effects	422	−687	−277	−465	−114	−129
Net change in cash	651	−1,208	4,661	−607	−2,547	2,684
Free cash flow	7,672	7,189	7,924	5,604	6,991	6,373

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.