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PepsiCo (PEP) stock

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NASDAQ: PEP Nasdaq Beverages Next results ~December 31, 2026

B Fundamentals grade

PepsiCo is a US-listed company in the beverages industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$87

Cash-flow model

Base case. Range ~$58–$130 across our lower- and higher-growth cases (-0.6%–9.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 38% below it.

Price used: $140.42, November 2, 2026

PepsiCo valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter PepsiCo files

Where PepsiCo stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $98.2bn, up 6.4% on a year earlier, faster than 5.6% a quarter earlier. Free-cash-flow margin rose to 10.7% from 7.3% a year earlier. Operating margin widened to 15.3% from 11.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $85.42 a share, against a share price of $134. At that price, our model says the market is pricing in about 10.9% a year of cash-flow growth for five years, faster than the 4.3% a year revenue growth it has delivered.

Source: 10-Q filed October 8, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 31, 2026 (estimated)

PepsiCo's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of 10.7%. Where it stands out: stock pay as % of revenue of 0.3% ranks 4 of 23 beverages companies we cover. Where it lags: long-term debt as % of assets of 38.1% ranks 17 of 18 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$87 per share in the base case (~$58–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 6.4% (+0.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.3 points on a year ago.

Things to watch

  • Priced above our value. The share price of $140.42 is 38% above our value per share of $87.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 38.1% ranks 17 of 18 beverages companies we cover (median 12.9%).

Latest results: FY2026 Q3

Filed October 8, 2026
Earnings per share
$2.34 against an average estimate of $2.30: beat by 1.9%
Revenue
$25.27bn, up 5.6% on a year earlier
Share reaction
+1.8% in the first session after the results on October 8, 2026, against +0.2% for the S&P 500
Guidance given
organic Revenue growth 3% (fiscal 2026); net Revenue growth 6% (fiscal 2026)
Next report
October 8, 2026; average EPS estimate $2.24

PepsiCo's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+3.7%
  • 1 month+11.5%
  • This year+0.8%
  • 1 year+0.0%
  • 5 years+0.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$98.2B
Operating margin
15.3%
Net margin
11.1%
EPS (TTM, diluted)
$7.96

Growth

Revenue growth
+6.4%
Change in growth rate
+0.7 pts
Share count change
−0.3%

Cash

Free cash flow (TTM)
$10.5B
FCF margin
10.7%
Stock pay % of revenue
0.3%

Earnings

Last results
October 8, 2026
Next results (est.)
December 31, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Insider trade
  4. Results
  5. Guidance
  6. Leadership
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PepsiCo valuation models and calculator

What the price is pricing in

The share price implies about 10.3% a year of cash-flow growth for five years.That is faster than the 4.3% a year revenue growth PepsiCo has delivered.

  • Priced in10.3%
  • Last 12 months6.4%
  • 3 years a year2.4%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($137.92, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$87
Price used
$137.92close November 3, 2026
Implied change
▼ 37%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of PepsiCo's free cash flow after stock-based pay with after-tax interest added back ($8.6B, FY2026 Q3 TTM), growing 3.2% and 3.7% in the next two years (forecasts, guidance and its record), then back to 4.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$58–~$130 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PepsiCo's free cash flow after stock-based pay ( $8.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PepsiCo as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.43 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$87 ~$58–$130 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$120–$210 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$160 ~$120–$210 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$87–$160 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PepsiCo with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +53%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $61$94$137$194$268$364
8.5% $40$64$95$135$188$257
10% $27$45$69$100$141$192

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$72.18$77.33$91.10$86.63$111.16$120.66$145.34$158.80$153.57$142.67$139.53$140.42
Market value$107.2bn$112.3bn$131.0bn$123.4bn$156.4bn$168.0bn$201.9bn$220.3bn$212.4bn$196.6bn$191.6bn$192.3bn
+ Net debt (− = net cash)$27.3bn$32.2bn$32.7bn$27.6bn$29.4bn$39.3bn$38.6bn$37.2bn$38.3bn$39.8bn$44.1bn$41.2bn
Enterprise value$134.5bn$144.5bn$163.7bn$151.0bn$185.8bn$207.3bn$240.5bn$257.5bn$250.7bn$236.4bn$235.6bn$233.5bn
Multiples
Price / sales 1.7x1.8x2.1x1.9x2.3x2.4x2.5x2.5x2.3x2.1x2.0x2.0x
Price / earnings 19.7x17.7x27.0x9.9x21.4x23.6x26.5x24.7x23.4x20.5x23.2x17.6x
Price / free cash flow 13.2x14.7x18.6x20.1x28.9x26.4x28.9x39.3x26.8x27.3x25.0x18.4x
EV / EBITDA 12.5x11.9x12.9x12.1x14.6x16.4x17.3x18.0x16.8x14.7x15.8x12.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

80 /100

Strong moat

How hard PepsiCo's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 12.8% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 54.3%, moving by 0.6 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.0%; its worst year was 11.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.7% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.40 +3% $99.3bn +6%
Next $8.64 +3% $101.8bn +3%

Next year's EPS estimate has moved −3.8% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.9% on 90 days ago. In the last 30 days, 1 analyst raised PepsiCo's forecast and 15 cut it.

Consensus EPS forecast PepsiCo, last 90 days
$8.20 $8.40 $8.60 $8.80 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.56 Current fiscal year, 60 days ago: $8.56 Current fiscal year, 30 days ago: $8.56 Current fiscal year, 7 days ago: $8.40 Current fiscal year, Now: $8.40 $8.40 Next fiscal year, 90 days ago: $8.98 Next fiscal year, 60 days ago: $8.98 Next fiscal year, 30 days ago: $8.96 Next fiscal year, 7 days ago: $8.64 Next fiscal year, Now: $8.64 $8.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.56$8.98
60 days ago $8.56$8.98
30 days ago $8.56$8.96
7 days ago $8.40$8.64
Now $8.40$8.64

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.30 $2.34 +1.9%
Jun 2026 $2.21 $2.20 −0.4%
Mar 2026 $1.55 $1.61 +3.8%
Dec 2025 $2.24 $2.26 +1.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 8, 2026
  • Organic Revenue fiscal 2026 about 3% growth Non-GAAP
    “Organic Revenue Approximately +3% +2% to +4%” source
  • Net Revenue fiscal 2026 about 6% growth
    “Net Revenue Approximately +6% +4% to +6%” source
  • Core Constant Currency EPS fiscal 2026 1% growth to 2% growth Non-GAAP
    “Core Constant Currency EPS +1% to +2% Low-end of +4% to +6%” source
  • Core EPS fiscal 2026 2.5% growth to 3.5% growth Non-GAAP
    “Core EPS +2.5% to +3.5% Low-end of +5% to +7%” source
  • Core Annual Effective Tax Rate fiscal 2026 about 21% Non-GAAP
    “Core Annual Effective Tax Rate (c) Approximately 21% Approximately 22%” source
  • Capital Spending fiscal 2026 —
    “Capital Spending Below 5% of net revenue Below 5% of net revenue” source
Show 1 more item
  • Free Cash Flow Conversion Ratio fiscal 2026 — Non-GAAP
    “Free Cash Flow Conversion Ratio At least 80 percent At least 80 percent” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows PepsiCo's revenue by +3.2% next year and +3.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.8%, weight 56%) , management guidance (+3.1%, weight 19%) and the company's own record (+4.4%, weight 25%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy625%
Hold1771%
Sell14%

Monthly trend

  1. Oct 2026241724
  2. Sep 2026231824
  3. Aug 2026431624
  4. Jul 2026431624

Counts of recommendations published by analysts covering PepsiCo, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.3%
of tradable shares
Days to cover
2.63
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
81%
of shares
Held by insiders
0.2%
of shares
Employees
306,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months 0.0%

$140.40 on October 31, 2025 to $140.42

ThenNowEffect
Revenue (last 12 months) $92.4bn $98.2bn +6.4%
Net margin 7.8% 11.1% +41.8%
P/E multiple 26.7x 17.6x −33.9%
Share count 1374m 1370m +0.3%

Biggest factor: p/e multiple.

Last 3 years −6.2%

$149.67 on November 3, 2023 to $140.42

ThenNowEffect
Revenue (last 12 months) $91.6bn $98.2bn +7.2%
Net margin 9.0% 11.1% +22.6%
P/E multiple 25.0x 17.6x −29.3%
Share count 1383m 1370m +1.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PEP+21%+7%−3%−8%−2%+1%
Industry peers (median)+11%−6%−4%−13%−37%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PEP58%50%58%33%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PEP−13%−12%−18%−15%−18%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 30% from May 12, 2023 to May 14, 2025. Getting back needed a 44% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$123.73 – $165.45
From 52-week high
−15.1%
vs 50-day average
+5.4%
vs 200-day average
−2.3%
Volatility (1 year)
21%
Beta vs S&P 500
-0.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.7%
After a week
7 up, 5 down
typical move ±4.5%
After a month
6 up, 5 down
typical move ±4.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 8, 2026 +1.8% +0.2% +3.8% —
July 9, 2026 −3.6% +1.3% −2.2% −2.4%
April 16, 2026 +1.8% +1.5% +0.5% −3.7%
February 3, 2026 +7.1% −1.3% +7.6% +3.5%
October 9, 2025 +8.1% −3.0% +10.0% +3.0%
July 17, 2025 +5.8% +0.5% +6.8% +11.1%
April 24, 2025 −6.2% +2.8% −6.1% −9.1%
February 4, 2025 −3.1% +1.1% −3.1% +2.9%
October 8, 2024 +3.2% +1.6% +5.2% −1.5%
July 11, 2024 +1.7% −0.2% +4.1% +5.4%
April 23, 2024 +0.5% +1.1% −0.3% +3.2%
February 9, 2024 −1.9% +0.5% −4.3% −4.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PepsiCo’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.26× the last 60 days’ realised volatility , richer than 67% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PEP PepsiCo Grade B $140.24

Own 100 shares, sell the $145 call expiring November 27, 2026 (25 days) for $1.70 a share — $170 per contract.

Previous session · Bid $1.70, ask $1.90, quoted Mon 2 Nov, 17:33 New York time with PEP at $140.24. Option prices move with the shares: check the live chain at your broker before trading.

  • If PEP ends below $145: you keep your shares and the $170 — 1.2% extra on the position, 17.7% a year at that pace.
  • If it ends above $145: your shares are sold at $145, a total return of 4.6% including the premium — at or above our value of ~$87.
$646 $0 −$2.8k Break-even $138.54 Price $140.24 ← Our value ~$87
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$170
Annualised
17.7%
Break-even
$138.54
Max gain
$645.75
Chance of selling
~33%

Collar

Own the shares, buy the $135 put and sell the $150 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.52 a share ($152 per contract of 100 shares).
  • Worst case at expiry: -4.8%, if the shares fall below $135 (-3.7% from today).
  • Best case at expiry: +5.9%, if the shares rise above $150 (+7.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $87.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PepsiCo in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PepsiCo
$90B $92B $94B $96B $98B $100B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $91.5B Revenue (TTM), FY24 Q1: $91.9B Revenue (TTM), FY24 Q2: $92.1B Revenue (TTM), FY24 Q3: $91.9B Revenue (TTM), FY24 Q4: $91.9B Revenue (TTM), FY25 Q1: $91.5B Revenue (TTM), FY25 Q2: $91.7B Revenue (TTM), FY25 Q3: $92.4B Revenue (TTM), FY25 Q4: $93.9B Revenue (TTM), FY26 Q1: $95.4B Revenue (TTM), FY26 Q2: $96.9B Revenue (TTM), FY26 Q3: $98.2B $98.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $91.5B
FY24 Q1 $91.9B
FY24 Q2 $92.1B
FY24 Q3 $91.9B
FY24 Q4 $91.9B
FY25 Q1 $91.5B
FY25 Q2 $91.7B
FY25 Q3 $92.4B
FY25 Q4 $93.9B
FY26 Q1 $95.4B
FY26 Q2 $96.9B
FY26 Q3 $98.2B
Revenue growth, TTM YoY PepsiCo
-2% 0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.9% Revenue growth, TTM YoY, FY24 Q1: 4.4% Revenue growth, TTM YoY, FY24 Q2: 2.1% Revenue growth, TTM YoY, FY24 Q3: 0.3% Revenue growth, TTM YoY, FY24 Q4: 0.4% Revenue growth, TTM YoY, FY25 Q1: -0.4% Revenue growth, TTM YoY, FY25 Q2: -0.3% Revenue growth, TTM YoY, FY25 Q3: 0.5% Revenue growth, TTM YoY, FY25 Q4: 2.3% Revenue growth, TTM YoY, FY26 Q1: 4.3% Revenue growth, TTM YoY, FY26 Q2: 5.6% Revenue growth, TTM YoY, FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.9%
FY24 Q1 4.4%
FY24 Q2 2.1%
FY24 Q3 0.3%
FY24 Q4 0.4%
FY25 Q1 -0.4%
FY25 Q2 -0.3%
FY25 Q3 0.5%
FY25 Q4 2.3%
FY26 Q1 4.3%
FY26 Q2 5.6%
FY26 Q3 6.4%
Operating margin (TTM) PepsiCo
10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.1% Operating margin (TTM), FY24 Q1: 13.1% Operating margin (TTM), FY24 Q2: 13.5% Operating margin (TTM), FY24 Q3: 13.4% Operating margin (TTM), FY24 Q4: 14.0% Operating margin (TTM), FY25 Q1: 13.9% Operating margin (TTM), FY25 Q2: 11.4% Operating margin (TTM), FY25 Q3: 11.0% Operating margin (TTM), FY25 Q4: 12.2% Operating margin (TTM), FY26 Q1: 12.7% Operating margin (TTM), FY26 Q2: 14.8% Operating margin (TTM), FY26 Q3: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.1%
FY24 Q1 13.1%
FY24 Q2 13.5%
FY24 Q3 13.4%
FY24 Q4 14.0%
FY25 Q1 13.9%
FY25 Q2 11.4%
FY25 Q3 11.0%
FY25 Q4 12.2%
FY26 Q1 12.7%
FY26 Q2 14.8%
FY26 Q3 15.3%
FCF margin (TTM) PepsiCo
6% 7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.7% FCF margin (TTM), FY24 Q1: 7.9% FCF margin (TTM), FY24 Q2: 7.6% FCF margin (TTM), FY24 Q3: 6.7% FCF margin (TTM), FY24 Q4: 7.8% FCF margin (TTM), FY25 Q1: 7.9% FCF margin (TTM), FY25 Q2: 7.7% FCF margin (TTM), FY25 Q3: 7.3% FCF margin (TTM), FY25 Q4: 8.2% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 9.6% FCF margin (TTM), FY26 Q3: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.7%
FY24 Q1 7.9%
FY24 Q2 7.6%
FY24 Q3 6.7%
FY24 Q4 7.8%
FY25 Q1 7.9%
FY25 Q2 7.7%
FY25 Q3 7.3%
FY25 Q4 8.2%
FY26 Q1 9.3%
FY26 Q2 9.6%
FY26 Q3 10.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PepsiCo took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $93.9B
  2. Cost of revenue $43.1B · 45.9%
  3. Gross profit $50.9B · 54.1%
  4. Research and development $839M · 0.9%
  5. Selling, general and admin $37.4B · 39.8%
  6. Other operating costs $1.2B · 1.2%
  7. Operating income $11.5B · 12.2%
  8. Income tax $1.9B · 2.1%
  9. Interest and other $1.3B · 1.4%
  10. Net income $8.2B · 8.8%

Shares of revenue. Source: PepsiCo's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 43.2 57.8 66.5 65.5 66.4 66.7 63.1 62.8 63.5 64.7 67.2 70.4 79.5 86.4 91.5 91.9 93.9 98.2
Gross profit 23.1 31.3 34.9 34.2 35.2 35.4 34.3 34.6 34.7 35.3 37.0 38.6 42.4 45.8 49.6 50.1 50.9 53.2
EBITDA 9.7 10.7 12.4 11.8 12.4 12.2 10.8 12.2 12.6 12.5 12.7 12.6 13.9 14.3 14.9 16.0 14.9 18.7
Operating income 8.0 8.3 9.6 9.1 9.7 9.6 8.4 9.8 10.3 10.1 10.3 10.1 11.2 11.5 12.0 12.9 11.5 15.1
Net income 5.9 6.3 6.4 6.2 6.7 6.5 5.5 6.3 4.9 12.5 7.3 7.1 7.6 8.9 9.1 9.6 8.2 10.9
Diluted EPS $3.77 $3.91 $4.03 $3.92 $4.32 $4.27 $3.67 $4.36 $3.38 $8.78 $5.20 $5.12 $5.49 $6.42 $6.56 $6.95 $6.00 $7.96
Growth (year on year)
Revenue −0.0% +33.8% +15.0% −1.5% +1.4% +0.4% −5.4% −0.4% +1.2% +1.8% +3.9% +4.8% +12.9% +8.7% +5.9% +0.4% +2.3% +6.4%
EBITDA +13.8% +10.1% +16.1% −4.6% +4.8% −1.3% −11.8% +13.0% +3.9% −1.1% +1.7% −0.7% +9.9% +2.9% +4.6% +7.5% −6.8% +38.2%
Operating income +15.6% +3.6% +15.6% −5.4% +6.5% −1.3% −12.8% +17.4% +4.8% −1.6% +1.8% −2.1% +10.7% +3.1% +4.1% +7.5% −10.8% +47.7%
Net income +15.6% +6.3% +1.9% −4.1% +9.1% −3.4% −16.3% +16.1% −23.3% +157.7% −41.6% −2.7% +7.0% +17.0% +1.8% +5.6% −14.0% +50.9%
Diluted EPS +17.4% +3.7% +3.1% −2.7% +10.2% −1.2% −14.1% +18.8% −22.5% +159.8% −40.8% −1.5% +7.2% +16.9% +2.2% +5.9% −13.7% +51.3%
Margins
Gross margin 53.5% 54.1% 52.5% 52.2% 53.0% 53.2% 54.4% 55.1% 54.7% 54.6% 55.1% 54.8% 53.3% 53.0% 54.2% 54.6% 54.1% 54.2%
EBITDA margin 22.4% 18.4% 18.6% 18.0% 18.6% 18.3% 17.1% 19.4% 19.9% 19.3% 18.9% 17.9% 17.5% 16.5% 16.3% 17.5% 15.9% 19.1%
Operating margin 18.6% 14.4% 14.5% 13.9% 14.6% 14.4% 13.2% 15.6% 16.2% 15.6% 15.3% 14.3% 14.0% 13.3% 13.1% 14.0% 12.2% 15.3%
Net margin 13.8% 10.9% 9.7% 9.4% 10.1% 9.8% 8.6% 10.1% 7.6% 19.4% 10.9% 10.1% 9.6% 10.3% 9.9% 10.4% 8.8% 11.1%
Free-cash-flow margin 10.8% 9.0% 8.4% 8.8% 10.4% 11.5% 12.9% 12.1% 11.1% 9.5% 8.1% 9.1% 8.8% 6.5% 8.7% 7.8% 8.2% 10.7%
Cash flow
Cash from operations 6.8 8.4 8.9 8.5 9.7 10.5 10.9 10.7 10.0 9.4 9.6 10.6 11.6 10.8 13.4 12.5 12.1 14.6
Capital spending 2.1 3.3 3.3 2.7 2.8 2.9 2.8 3.0 3.0 3.3 4.2 4.2 4.6 5.2 5.5 5.3 4.4 4.1
Free cash flow 4.7 5.2 5.6 5.8 6.9 7.6 8.1 7.6 7.1 6.1 5.4 6.4 7.0 5.6 7.9 7.2 7.7 10.5
Stock-based pay 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.3 0.3
Free cash flow after stock pay 4.4 4.9 5.3 5.5 6.6 7.4 7.8 7.3 6.8 5.9 5.2 6.1 6.7 5.3 7.5 6.8 7.4 10.2
Balance sheet
Cash 3.9 5.9 4.1 6.3 9.4 6.1 9.1 9.2 10.6 8.7 5.5 8.2 5.6 5.0 9.7 8.5 9.2 10.7
Total debt 8.0 26.5 29.3 31.3 31.9 33.0 36.4 41.3 43.3 36.3 34.9 47.5 44.2 42.2 48.0 48.3 53.2 51.9
Net debt (negative = net cash) 4.0 20.6 25.3 25.0 22.5 26.9 27.3 32.2 32.7 27.6 29.4 39.3 38.6 37.2 38.3 39.8 44.1 41.2
Diluted shares 1,577m 1,614m 1,597m 1,575m 1,560m 1,527m 1,485m 1,452m 1,438m 1,425m 1,407m 1,392m 1,389m 1,387m 1,383m 1,378m 1,373m 1,370m
Returned to shareholders
Dividends 2.7 3.0 3.2 3.3 3.4 3.7 4.0 4.2 4.5 4.9 5.3 5.5 5.8 6.2 6.7 7.2 7.6 7.9
Buybacks 0.0 5.0 2.5 3.2 3.0 5.0 5.0 3.0 2.0 2.0 3.0 2.0 0.1 1.5 1.0 1.0 1.0 1.0
Total returned 2.7 8.0 5.6 6.5 6.4 8.7 9.0 7.2 6.5 6.9 8.3 7.5 5.9 7.7 7.7 8.2 8.6 8.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · September 5, 2026
What it owns · $112.0bn
Short-term assets $32.6bnLonger-term assets $79.4bn
What it owes, and who funded it · $111.8bn
Short-term liabilities $34.5bnLonger-term liabilities $55.0bnShareholders' equity $22.3bn
  • Short-term assets cover short-term liabilities $32.6bn of assets due within a year against $34.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $32.6bn short-term assets against $55.0bn of longer-dated liabilities.
  • More cash than debt $10.7bn of cash against $51.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 233% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 190% to 233% over five years.
  • A year's operating cash flow covers at least 20% of debt $14.6bn of operating cash flow against $51.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $15.1bn against $1.1bn of interest.

From PepsiCo's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$987M
Dividends (TTM)
$7.9B
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$3B
Diluted share count
−0.3%
year over year
Total shareholder yield
4.6%
dividends 4.1% + buybacks 0.5% of market value
Dividend payout ratio
72%
of net income paid out
Sales & admin spending
38.8%
of revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated PEP BUD KO CCEP KDP ABEV Median
Revenue, last 12 months $98.2bn $59.3bn $51.1bn $23.6bn $20.1bn $15.8bn $723m
Revenue growth, last 12 months 6.4% −0.7% 7.1% 6.9% 27.5% −5.2% 6.6%
Revenue growth, 3-year average 2.4% — 4.3% — 11.3% — 4.3%
Revenue growth, latest quarter 5.6% — 7.4% — 75.6% — 6.4%
Gross margin 54.2% 55.9% 62.3% 35.6% 49.4% 51.4% 42.6%
Operating margin 15.3% 26.0% 30.0% 13.4% 16.2% 26.4% −0.9%
Operating margin, 3-year average 13.3% 27.1% 27.1% 11.9% 18.7% 28.1% 11.9%
Net margin 11.1% 11.5% 28.7% 9.3% 7.1% 17.6% −1.6%
Cash from operations / revenue 14.8% 25.1% 31.8% 14.1% 12.6% 27.7% 9.9%
Free-cash-flow margin 10.7% 18.9% 28.0% 9.6% 9.8% 22.5% 9.0%
Free-cash-flow margin, 3-year average 8.3% 18.2% 15.7% 10.6% 8.8% 24.9% 8.8%
Stock pay / revenue 0.3% 1.1% 0.5% 0.2% 1.3% 0.5% 1.2%
Change in share count −0.3% — −0.0% −1.1% 0.1% −0.8% 0.0%

Median of all 26 companies we cover in beverages. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 beverages companies
Measure Company Peer median Rank
Revenue growth Growth 6.4% 6.9% 14 of 26
Change in growth rate Growth +0.7pp +0.6pp 12 of 26
Gross margin Profitability 54.2% 44.2% 7 of 26
Operating margin Profitability 15.3% -0.7% 8 of 26
Net margin Profitability 11.1% -1.5% 7 of 26
Free-cash-flow margin Cash generation 10.7% 9.6% 9 of 24
Stock pay as % of revenue Cash generation 0.3% 1.2% 4 of 23
Long-term debt as % of assets Balance sheet 38.1% 12.9% 17 of 18
Change in share count Balance sheet -0.3% 0.0% 6 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 27, 2025
Geography
Region Revenue Share YoY
United States $52.2B 55.6% ▲ 1.1%
All Other Countries $17.9B 19.1% ▲ 5.4%
Mexico $6.9B 7.4% ▼ 2.5%
RU $4.8B 5.1% ▲ 22.9%
Canada $3.7B 4.0% ▼ 0.9%
China $2.6B 2.8% ▼ 3.2%
United Kingdom $2.1B 2.3% ▲ 3.8%
Brazil $1.8B 1.9% ▲ 1.0%
ZA $1.8B 1.9% ▼ 4.9%

From PepsiCo's 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$147B
Institutions reporting
3,401
Shares held vs prior quarter
▲ 3.0%
Positions opened / closed
105 / 242

Top buyers and sellers, Q2 2026: 1,436 institutions bought and 1,764 sold ; the biggest buyer was Assenagon Asset Management S.A (+7.1M shares) and the biggest seller Jpmorgan Chase & Co (−4.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $16B 118.3M 10.9% ▲ 2.1%
Vanguard Capital Management LLC $12.1B 89.3M 8.2% ▲ 0.5%
State Street Corp $8.2B 60.4M 5.6% ▲ 1.7%
Invesco Ltd. $5.8B 43.1M 4.0% ▲ 5.8%
Vanguard Portfolio Management LLC $5B 37.2M 3.4% ▲ 1.9%
Charles Schwab Investment Management Inc $4.9B 36.1M 3.3% ▲ 19.5%
Geode Capital Management, LLC $4.7B 35.0M 3.2% ▲ 1.1%
Jpmorgan Chase & Co $4.2B 30.6M 2.9% ▼ 12.1%
Morgan Stanley $3.6B 26.6M 2.5% ▲ 0.1%
Bank Of America Corp $2.8B 20.4M 1.9% ▼ 4.4%
Norges Bank $2.6B 19.4M 1.8% —
Goldman Sachs Group Inc $2.3B 16.9M 1.6% ▲ 38.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PepsiCo's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $17.9M 3 trades by 1 insider, last 12 months Insider sales History → $10.2M 5 trades by 3 insiders · 0% under pre-set plans
Net ▲ $7.7M net buying
Insider Date Trade Shares Price Value
Laguarta Ramon Chairman and CEO October 21, 2026 Sell 30,000 $135.13 $4.1M
Pohlad Robert C Director October 14, 2026 Buy 9,989 $128.28 $1.3M
Pohlad Robert C Director October 14, 2026 Buy 45,075 $128.28 $5.8M
Pohlad Robert C Director October 14, 2026 Buy 84,507 $128.28 $10.8M
Flavell David EVP, Gen Counsel & Corp Sec July 27, 2026 Sell 2,900 $139.54 $404,674
Willemsen Eugene CEO, International Beverages March 4, 2026 Sell 2,702 $164.44 $444,323
Willemsen Eugene CEO, International Beverages March 4, 2026 Sell 3,798 $164.46 $624,600
Laguarta Ramon Chairman and CEO March 2, 2026 Sell 27,945 $167.39 $4.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 180 trades and filings

In the last 12 months, 8 members of Congress disclosed 4 purchases and 9 sales of PepsiCo shares.

  • Pete Sessions(R-TX 17):Sale (full), $1,001 - $15,000, traded October 21, 2026, filed October 27, 2026
  • Scott Franklin(R-FL 18):Purchase, $1,001 - $15,000, traded August 26, 2026, filed September 17, 2026
  • Scott Franklin(R-FL 18):Purchase, $1,001 - $15,000, traded August 26, 2026, filed September 17, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 31, 2026 estimated from the company's past filing pattern, not announced

  • October 8, 2026
  • July 9, 2026
  • April 16, 2026
  • February 3, 2026
  • October 9, 2025
  • July 17, 2025

Recent SEC filings

Data status

When each part of this page on PepsiCo was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PepsiCo in brief

What does PepsiCo do?
PepsiCo is a US-listed company in the beverages industry. Its financial year ends in December.
What is PepsiCo's stock ticker?
PepsiCo trades under the ticker PEP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PepsiCo's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PepsiCo reported revenue of $98.2B, 6.4% higher than a year earlier, according to its SEC filings.
What is PepsiCo's free cash flow?
PepsiCo's free-cash-flow margin is 10.7% of revenue over the trailing twelve months, ranking 9 of the 24 beverages companies we cover.
What is PepsiCo's fair value (intrinsic value) per share?
Our discounted-cash-flow model of PepsiCo's free cash flow after stock-based pay gives ~$87 per share in the base case, and ~$58–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PepsiCo's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PepsiCo buying back stock, and does it pay a dividend?
PepsiCo spent $987M on share repurchases over the trailing twelve months, and its diluted share count fell 0.3% over the year.
What is PepsiCo's market cap?
On November 2, 2026, PepsiCo's market capitalisation was about $192B, with a price-to-earnings ratio of 17.6 and net debt of $41.2B. Market figures come from third-party market data and may be delayed.
Does PepsiCo pay a dividend?
Yes: PepsiCo paid $7.9B in dividends over the trailing twelve months, a dividend yield of 4.11% and a payout ratio of 72.3%.
How much debt does PepsiCo have?
PepsiCo's debt-to-equity ratio is 232.7%, from its latest balance sheet (190.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are PepsiCo's competitors?
In our Beverages peer group, the companies closest to PepsiCo are Anheuser-busch Inbev SA, The Coca-Cola Company, Coca-cola Europacific Partners plc, Keurig Dr Pepper and Ambev S.a. The side-by-side comparison below sets their revenue, margins and growth against PepsiCo's.
Are insiders buying or selling PepsiCo stock?
Over the last 12 months, PepsiCo's directors and officers reported 3 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is PepsiCo's next earnings date?
Around December 31, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PepsiCo announces its own schedule.