PepsiCo, Inc. (PEP) financials

NASDAQ · Consumer Defensive · Beverages - Non-Alcoholic · 306,000 employees · CEO Ramon Luis Laguarta

Price: $137.34 +2.65%
Market cap: $187B
Enterprise value: $228B
Last report: Q3 '26 filed 2026-10-08
Next report: 2027-02-02 EPS est. $2.24

Revenue (TTM)$98.2B+6.4% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)15.3%+4.3 pp vs a year agoOperating income $15.1B

Net income (TTM)$10.9B+51.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$10.5B+54.3% vs a year agoCapex $4.1B

Diluted EPS (TTM)$7.96+51.3% vs a year agoSum of the last 4 quarters

Net cash-$40.7B+3.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $187B
Revenue: $98.2B
Revenue growth: +6%
Profit margin: 11.1%
P/E: 17.2×
P/S: 1.9×
EV / EBITDA: 11.9×
Free cash flow: $10.5B
Net income: $10.9B
Revenue estimate: $99.3B
Earnings: 2027-02-02
Dividend: $5.81

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-08): revenue beat by 1.3%, EPS beat by 2.2%Revenue $25.3B vs $25B expected (+1.3%); EPS $2.34 vs $2.29 (+2.2%).
Revenue growth steady: 5.6% year on yearQ3 '26 revenue $25.3B, against an average of 5.8% over the four quarters before.
Operating margin 15.3% (TTM), +4.3 pp on a year agoOperating income grew 47.7% while revenue grew 6.4%.
Capex 4.2% of revenue (a year ago 5.4%)$4.1B invested in the last 4 quarters (-17.5% on a year earlier). Free cash flow $10.5B = 96.0% of net income.
Returned $8.87B to shareholders = 84.7% of free cash flowBuybacks $987M (a year earlier $992M), dividends $7.88B, stock-based pay $321M (TTM).
Diluted share count down 0.4% in a year1.37B diluted shares in Q3 '26, 1.37B a year earlier.
Net debt $40.7BCash + short-term investments $11.2B, debt incl. leases $51.9B; a year ago net debt $42.2B.

Last quarter: Q3 '26

Quarter ended 2026-09-05. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$25.3B	$23.9B	+5.6%
Gross margin	54.4%	53.6%	+0.8 pp
Operating income	$4.26B	$3.57B	+19.4%
Operating margin	16.9%	14.9%	+1.9 pp
Net income	$3.05B	$2.6B	+17.1%
Diluted EPS	$2.23	$1.90	+17.4%
Operating cash flow	$5.59B	$4.47B	+24.9%
Capex	$916M	$992M	-7.7%
Free cash flow	$4.67B	$3.48B	+34.2%
R&D	$0	$0	–
Stock-based compensation	$78M	$76M	+2.6%

Reported vs consensus

2026-10-08

	Actual	Consensus	vs consensus
Revenue	$25.3B	$25B	+1.3%
EPS (as estimated)	$2.34	$2.29	+2.2%

From the report of 2026-10-08 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
PepsiCo Beverages North America	$7.71B	+5.2%	30.5%	$36.3B	–
PepsiCo Foods North America	$6.5B	-0.3%	25.7%	$34B	–
Africa, Middle East and South Asia	$5.41B	+7.8%	21.4%	$23.8B	–
Latin America (Segment)	$3.02B	+13.7%	12.0%	$14.1B	–
International Beverage Franchise	$1.4B	+8.5%	5.5%	$6.7B	–
Asia Pacific, Australia and New Zealand, and China Region	$1.23B	+10.2%	4.9%	$5.98B	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
PepsiCo Beverages North America	$7.71B	+5.2%	30.5%	–	–
PepsiCo Foods North America	$6.5B	-0.3%	25.7%	–	–
Europe, Middle East & Africa (Segment)	$5.41B	+7.8%	21.4%	–	–
Latin America Foods (Segment)	$3.02B	+13.7%	12.0%	–	–
International Beverage Franchise	$1.4B	+8.5%	5.5%	–	–
Asia Pacific Foods (Segment)	$1.23B	+10.2%	4.9%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $14.6B
Capex: -$4.1B
Buybacks: -$987M
Dividends: -$7.88B
Acquisitions: -$368M
Net debt issued: -$253M
Stock-based compensation: $321M
Free cash flow: $10.5B
Returned to shareholders / FCF: 84.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.2×	26.2×	21.8× – 31.5×
EV / EBITDA	11.9×	16.9×	14.7× – 19.0×
EV / Sales	2.3×	3.0×	2.5× – 3.5×
Price / FCF	17.9×	32.6×	25.6× – 44.5×
Price / Book	8.4×	12.7×	9.6× – 15.0×
FCF yield	5.6%	3.2%	2.2% – 3.9%
Return on invested capital	13.9%	12.8%	11.3% – 13.9%
Return on equity	50.6%	48.4%	40.4% – 53.1%

Analysts

Consensus target $142.38 (+3.7%)
range $132.00 – $165.00 · rating Hold

Strong buy1

Buy13

Hold31

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$99.3B	+5.7%	$8.39	+39.9%	16.4×	11
FY2027	$102B	+2.4%	$8.57	+2.1%	16.0×	13
FY2028	$105B	+3.1%	$9.05	+5.6%	15.2×	7
FY2029	$105B	-0.3%	$9.06	+0.1%	15.2×	3
FY2030	$107B	+2.3%	$9.22	+1.8%	14.9×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 305 figures PepsiCo, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	$13.6B	$12.6B	+7.8%	$11.5B	$10.3B	+11.4%
Accounts Payable and Accrued Liabilities, Current	$25.3B	$24.8B	+2.2%	$25.9B	$24.5B	+5.9%
Accounts Payable, Current	$11.7B2025-12-27	$11B	+6.4%	$11.7B	$11B	+6.4%
Accounts Receivable, Allowance for Credit Loss, Current	$222M	$245M	-9.4%	$230M	$356M	-35.4%
Accounts Receivable, before Allowance for Credit Loss, Current	$11.7B2025-12-27	$10.7B	+9.8%	$11.7B	$10.7B	+9.8%
Accrued Employee Benefits, Current	$2.23B2025-12-27	$2.26B	-1.2%	$2.23B	$2.26B	-1.2%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$32.7B	$30.3B	+7.9%	$31B	$28B	+10.7%
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$2.03B	$2.7B	-24.8%	$2.26B	$2.71B	-16.7%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	-$13.5B	-$13.8B	+2.2%	-$13.5B	-$15.2B	+11.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$15B	-$15.6B	+3.9%	-$15B	-$17.6B	+14.7%
Additional Paid in Capital, Common Stock	$4.52B	$4.37B	+3.4%	$4.45B	$4.39B	+1.5%
Advertising Expense	–	–	–	$3.4B	$3.9B	-12.8%
Amortization of Intangible Assets	–	–	–	$83M	$74M	+12.2%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	8M	4M	+100.0%
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	$180M	$109M	+65.1%	$126M	$82M	+53.7%
Asset Impairment Charges	–	–	–	$498M2024-12-28	$321M	+55.1%
Assets	$112B	$107B	+5.1%	$107B	$99.5B	+8.0%
Assets, Current	$32.6B	$28.7B	+13.4%	$27.9B	$25.8B	+8.2%
Business Combination, Contingent Consideration, Asset	$0	$0	–	$0	$0	–
Business Combination, Contingent Consideration, Liability	$12M	$180M	-93.3%	$278M	$0	–
Business Combination, Separately Recognized Transactions, Net Gains and Losses	–	–	–	-$453M	-$22M	-1,959.1%
Capitalized Computer Software, Amortization	–	–	–	$260M	$199M	+30.7%
Capitalized Computer Software, Net	$1.8B2025-12-27	$1.5B	+20.0%	$1.8B	$1.5B	+20.0%
Cash and Cash Equivalents, at Carrying Value	$10.7B	$8.13B	+31.4%	$9.16B	$8.51B	+7.7%
Cash Collateral for Borrowed Securities	$430M2025-12-27	$447M	-3.8%	$430M	$447M	-3.8%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	–	–	–	$100M	$45M	+122.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$10.7B	$8.17B	+31.3%	$9.2B	$8.55B	+7.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	–	–	–	$651M	-$1.21B	+153.9%
Collateral Already Posted, Aggregate Fair Value	$0	–	–	$0	$0	–
Commercial Paper	$4.8B	$3B	+60.0%	$1.39B2017-12-30	$2.26B	-38.6%
Common Stock, Capital Shares Reserved for Future Issuance	89M2025-12-27	95M	-6.3%	89M	95M	-6.3%
Common Stock, Dividends, Per Share, Declared	–	–	–	$5.62	$5.33	+5.5%
Common Stock, Par or Stated Value Per Share	$0.02	$0.02	0.0%	$0.02	$0.02	0.0%
Common Stock, Shares Authorized	3.6B	3.6B	0.0%	3.6B	3.6B	0.0%
Common Stock, Shares, Issued	1.36B	1.37B	-0.4%	1.37B	1.37B	-0.4%
Common Stock, Value, Issued	$23M	$23M	0.0%	$23M	$23M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	–	–	–	$55M	$48M	+14.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	–	–	–	$10.8B	$7.5B	+44.4%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	–	–	–	$10.9B	$7.55B	+44.2%
Cost of Goods and Services Sold	–	–	–	$43.1B	$41.7B	+3.2%
Current Federal Tax Expense (Benefit)	–	–	–	$299M	$1.03B	-71.1%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.58B	$1.41B	+12.6%
Current Income Tax Expense (Benefit)	–	–	–	$1.92B	$2.69B	-28.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$42M	$255M	-83.5%
Debt Instrument, Fair Value Disclosure	$47B	$48B	-2.1%	$46B	$40B	+15.0%
Debt Instrument, Unamortized Discount	$224M2025-12-27	$267M	-16.1%	$224M	$267M	-16.1%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$557M	$1.07B	-47.8%	$860M	$334M	+157.5%
Debt Securities, Held-to-maturity	$02025-09-06	$46M	-100.0%	$02024-12-28	–	–
Debt, Current	$6.86B2025-12-27	$7.08B	-3.1%	$6.86B	$7.08B	-3.1%
Deferred Advertising Costs	$48M2025-12-27	$58M	-17.2%	$48M	$58M	-17.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$116M	-$306M	+137.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$116M	-$10M	-1,060.0%
Deferred Income Tax Assets, Net	$4.33B	$4.34B	-0.3%	$4.54B	$4.36B	+4.1%
Deferred Income Tax Expense (Benefit)	–	–	–	$25M	-$374M	+106.7%
Deferred Income Tax Liabilities, Net	$4.11B	$3.47B	+18.2%	$3.8B	$3.48B	+9.1%
Deferred Income Taxes and Tax Credits	–	–	–	$71M	-$42M	+269.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$25M	-$58M	+143.1%
Deferred Tax Assets, Goodwill and Intangible Assets	$2B2025-12-27	$1.6B	+24.8%	$2B	$1.6B	+24.8%
Deferred Tax Assets, Gross	$11.5B2025-12-27	$11.2B	+3.0%	$11.5B	$11.2B	+3.0%
Deferred Tax Assets, Net	$739M2025-12-27	$878M	-15.8%	$739M	$878M	-15.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-05, 10-Q 2026-06-13, 10-Q 2026-03-21, 10-K 2025-12-27, 10-Q 2025-09-06, 10-Q 2025-06-14, 10-Q 2025-03-22, 10-K 2024-12-28, 10-Q 2024-09-07

Data as of 2026-11-01