PepsiCo key statistics and ratios

In fiscal 2025, PepsiCo had return on equity of 42.9%, an operating margin of 12.2%, debt equal to 260.8% of equity and a current ratio of 0.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

PepsiCo: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	35.2%	33.1%	30.7%	28.7%	28.8%	31.0%	36.8%	54.3%	43.6%	97.9%	49.9%	50.4%	51.7%	53.7%	50.9%	52.4%	42.9%	51.0%
Return on assets	14.9%	11.7%	9.1%	8.4%	8.9%	8.8%	7.8%	8.8%	6.3%	15.9%	9.4%	8.3%	8.2%	9.7%	9.4%	9.6%	8.0%	9.9%
Asset turnover	1.08	1.07	0.94	0.89	0.87	0.90	0.90	0.88	0.83	0.82	0.86	0.82	0.86	0.94	0.95	0.92	0.91	0.90
Current ratio	1.44	1.11	0.96	1.10	1.24	1.14	1.31	1.25	1.51	0.99	0.86	0.98	0.83	0.80	0.85	0.82	0.85	0.94
Debt to equity	47.1%	124.7%	141.6%	139.4%	130.5%	187.7%	301.6%	367.7%	392.0%	249.9%	236.1%	353.1%	275.5%	245.9%	259.6%	267.8%	260.8%	232.7%
Interest cover (operating income ÷ interest)	20.3x	9.2x	11.3x	10.1x	10.7x	10.5x	8.6x	7.3x	8.9x	8.3x	11.0x	8.9x	6.0x	12.3x	14.6x	14.0x	10.3x	13.6x
Effective tax rate	26.0%	23.0%	26.9%	25.2%	23.7%	25.1%	26.1%	25.4%	48.9%	−36.7%	21.0%	20.9%	21.8%	16.1%	19.8%	19.4%	19.0%	20.1%
R&D as % of revenue	1.0%	0.8%	0.8%	0.8%	1.0%	1.1%	1.2%	1.2%	1.2%	1.1%	1.1%	1.0%	0.9%	0.9%	0.9%	0.9%	0.9%	—
SG&A as % of revenue	34.8%	39.4%	37.8%	38.1%	38.2%	38.6%	39.0%	39.4%	38.5%	38.9%	39.8%	40.4%	39.3%	39.9%	40.1%	40.5%	39.8%	38.8%
Capital spending as % of revenue	4.9%	5.6%	5.0%	4.1%	4.2%	4.3%	4.4%	4.8%	4.7%	5.1%	6.3%	6.0%	5.8%	6.0%	6.0%	5.8%	4.7%	4.2%
Free cash flow ÷ net income	78.5%	82.2%	87.0%	93.3%	102.3%	117.4%	148.7%	120.4%	145.4%	49.0%	74.1%	89.5%	91.8%	62.9%	87.3%	75.1%	93.1%	96.1%
Dividends ÷ net income	45.9%	47.1%	49.0%	53.5%	50.9%	57.3%	74.1%	66.8%	92.1%	39.4%	72.5%	77.4%	76.3%	69.3%	73.6%	75.5%	92.7%	72.3%
Dividends and buybacks ÷ free cash flow	58.5%	153.1%	100.7%	113.2%	93.4%	114.3%	111.5%	94.8%	91.7%	113.0%	153.3%	117.8%	84.7%	136.9%	96.9%	114.5%	112.6%	84.7%

US$ thousands unless shown otherwise. Fiscal quarters.

PepsiCo: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	52.6%	55.8%	54.7%	53.6%	53.2%	55.2%	54.2%	54.4%
Operating margin	8.1%	14.4%	7.9%	14.9%	12.1%	16.5%	16.6%	16.9%
Net margin	5.5%	10.2%	5.6%	10.9%	8.7%	12.0%	12.3%	12.1%
Free-cash-flow margin	13.7%	−8.8%	4.7%	14.5%	16.0%	−2.1%	6.2%	18.5%
Current ratio	0.82	0.83	0.78	0.91	0.85	0.90	0.93	0.94
Debt to equity	245.6%	222.5%	227.1%	244.0%	241.0%	206.6%	200.1%	232.7%
SG&A as % of revenue	44.4%	41.4%	38.6%	38.1%	41.1%	38.7%	37.6%	37.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from PepsiCo's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to PepsiCo.