Coca-Cola vs PepsiCo
PepsiCo is the larger business, with $93.92bn of revenue in fiscal 2025 against $47.94bn for Coca-Cola (2.0 times as much). PepsiCo grew faster (2.3% against 1.9%). Coca-Cola kept more of each dollar of sales as profit: a net margin of 27.3% against 8.8%. Coca-Cola carries less debt relative to equity (141.2% against 260.8%).
| Latest fiscal year | Coca-ColaKO, 2025 | PepsiCoPEP, 2025 |
|---|---|---|
| Revenue | $47.94bn | $93.92bn |
| Revenue growth | 1.9% | 2.3% |
| Net income | $13.11bn | $8.24bn |
| Operating margin | 28.7% | 12.2% |
| Net margin | 27.3% | 8.8% |
| Return on equity | 46.0% | 42.9% |
| Free cash flow | $5.30bn | $7.67bn |
| Cash | $10.27bn | $9.16bn |
| Total debt | $45.44bn | $53.21bn |
| Debt to equity | 141.2% | 260.8% |
| Dividend per share | $2.04 | $5.62 |
| Dividend yield | 2.7% | 4.1% |
| Share buybacks | $746m | $1.00bn |
| Employees | 69,700 | 306,000 |
| Market value | $409.38bn | $187.88bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 92 (Strong) | 80 (Strong) |
| Insider trades, 12 months | 0 buys, 40 sales | 3 buys, 5 sales |