PepsiCoPEP

PepsiCoPEP

Revenue: is the business selling more than it used to?

$93.9B+2% YoYFY 2025

→Revenue reached $93.9B in 2025, compounding +3% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $96.9B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Net income: how much of that revenue becomes profit?

$8.2B−14% YoYFY 2025

→Net income was $8.2B in 2025, compounding -3% a year over three years. Trailing twelve-month profit stands at $10.5B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

How fast is it growing, year by year?

+2.3%revenue growth, FY 2025

→Revenue grew +2% in 2025 against a five-year average of +6%. Earnings went the other way (-14%) even as sales grew, so margins compressed: costs rose faster than revenue.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Revenue per share: is your slice growing as fast as the company?

$68.41revenue per share, FY 2025

→Revenue per share reached $68.41 in 2025, compounding +3% a year - in line with PEP's own +3%, so the share count is not distorting your slice. Free cash flow per share stands at $5.59.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Free cash flow: what is left in real cash after everything?

$7.7B+7% YoYFY 2025

→Free cash flow was $7.7B in 2025, compounding +11% a year since 2022. The trailing twelve months stand at $9.3B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Where does each dollar of revenue actually go?

→Of $93.9B in 2025 sales, $8.2B reaches net profit - 9 cents on the dollar. The largest single deduction is producing the product ($43.1B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

How much of every sales dollar ends up as free cash?

→8 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 5% of revenue (research and development 1%, stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 1 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin has held near 12% since 2022. After everything, 9 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

What does it earn on the money it uses?

→ROE of 47% sits well above ROCE of 15%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

What has the market paid for PEP over time?

18.1xP/E today

→At 18.1x earnings, the market is paying 19% less than PEP's own 11-year median of 22.3x. Pessimism is priced in - the question is whether it is deserved.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

What cash return does the business throw off per dollar of market value?

4.9%FCF yield today

→Every dollar of market value currently buys 4.9% of annual free cash flow, more than its 11-year median of 4.1% - the cash is cheaper than usual.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Could it handle its debt if things went wrong?

→Debt of $44.2B sits against $10.3B of cash, or 2.0x shareholders' equity. Earnings cover the interest bill 13 times over, so the debt is comfortably serviced.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Is the company's own capital growing?

→The company's own capital grew from $18.5B in 2023 to $22.1B (+19%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

How much goes back, and how much leaks out as stock comp?

→Shareholders received $1.0B in buybacks and $7.6B in dividends in 2025. Stock compensation issued $288M of new shares in the same year, offsetting 3% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

How fast is your ownership being diluted - or concentrated?

→The share count shrank 0.4% in 2025, averaging 0.3% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Is the dividend cheque growing?

→The dividend per share reached $5.56 in 2025, compounding +7% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Can it afford the dividend?

→The dividend consumed 93% of profit and 100% of free cash flow in 2025. That is a thin cushion: a bad year would put the payment under real pressure.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Does PEP earn more on its capital than that capital costs?

→PEP earns 15.4% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 17.6% in 2022, so the trend is down, though the path has been bumpy.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

PEP has issued or retired shares - did shareholders end up better off?

→PEP has shrunk its share count -14% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +64% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13

PepsiCoPEP

Are the people running it buying or selling?

→Insiders sold $6M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 56 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-13