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$137.12
Market Capi
$190B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
1.1x
P/S 26Ei
1.9x
P/S 28Ei
1.8x
EV/EBIT 26Ei
14x
EV/EBIT 28Ei
13x
P/E 26Ei
17x
P/E 28Ei
15x
P/S 26Ei
1.9x
EV/EBIT 26Ei
14x
P/E 26Ei
17x
P/S 28Ei
1.8x
EV/EBIT 28Ei
13x
P/E 28Ei
15x
Revenue
2026E
$99B
Gross Margini
54%
Hist. CAGRi
2.8%
Proj. CAGRi
4.1%
EBIT
2026E
$16B
Op. Margini
16%
Hist. CAGRi
6.9%
Proj. CAGRi
6.1%
Net profit
2026E
$11B
Net Margini
8.8%
Hist. CAGRi
-2.6%
Proj. CAGRi
14%
Business Model
Recent Developments
Average Targeti
$165.55+15%
Consensusi
Outperform
24 analysts covering
Net debti
$38B
Div. Yieldi
4.2%
Buyback Yldi
1.5%
Market Capi
$190B
P/E 26Ei
17x
Adj. P/E (fwd.)i
1.1x
Revenue 26E
$99B
Proj. CAGRi
4.1%
Gross Margini
54%
EBIT 26E
$16B
Proj. CAGRi
6.1%
Op. Margini
16%
Net Profit 26E
$11B
Proj. CAGRi
14%
Net Margini
8.8%
Average Targeti
$165.55+15%
Consensusi
Outperform
24 analysts covering
Profile
PepsiCo is one of the world's largest food and beverage companies, operating across snacks, carbonated soft drinks, water, sports drinks, and convenient foods. Products are enjoyed over one billion times a day across 200+ countries and territories. Revenue is organized into geographic and category-based segments:
Industry
PepsiCo sells primarily through mass retail, grocery, convenience stores, and foodservice channels — principally to end consumers via retailer intermediaries. The US accounts for over half of revenue, with Mexico, Russia, Canada, China, and the UK as the next largest markets. The global packaged food and beverage industry is mature, large-scale, and defensively positioned — category volumes are relatively stable through economic cycles, though trading-down to private label is a real risk in consumer-pressured environments. Competitive intensity is high, principally from Coca-Cola in beverages and a fragmented challenger landscape in snacks.
Key metrics
Economic moat
PepsiCo's durable competitive advantages rest on three pillars. Brand depth and shelf power — owning 23 brands that each exceed $1 billion in estimated annual retail sales — gives retailers no realistic alternative but to stock PepsiCo products, sustaining pricing leverage. Direct-store-delivery (DSD) distribution in North America is a proprietary logistics network that keeps shelves fresh and displays optimized, a structural advantage smaller competitors cannot replicate at scale. Scale in procurement and manufacturing drives unit cost advantages that protect margins even as input costs fluctuate.
Ramon Laguarta
Laguarta has served as CEO since October 2018 and became Chairman in January 2019, giving him unified control over both strategy and governance. A 25-year PepsiCo veteran, he previously ran the company's Europe Sub-Saharan Africa division and served as President before the top job. His tenure has been defined by accelerating the "Faster, Stronger, Better" transformation agenda — investing in supply chain, digitization, and portfolio reshaping (including the Tropicana divestiture and the poppi acquisition). His long internal tenure gives him deep institutional knowledge but also ties his track record to the company's recent uneven volume performance.
Gregg Roden
Roden has been COO since 1989, making him one of the longest-tenured senior executives in the S&P 500 in a single company. His decades of operational continuity underpin PepsiCo's manufacturing and supply chain reliability, including its proprietary DSD distribution network in North America. The depth of institutional knowledge he brings is a stability asset, though it also reflects a leadership bench that skews toward internal promotion over external disruption.
Stephen Schmitt
Schmitt joined as CFO in November 2025, representing a relatively recent appointment as PepsiCo navigated a complex tariff and inflation environment. His near-term mandate will center on capital allocation discipline — balancing the dividend growth commitment, share repurchases, and M&A integration costs from poppi and other transactions.
Other key figures
Athina Kanioura (Chief Strategy & Transformation Officer and CEO of Latin America Foods) drives digital and AI transformation across the enterprise. Jane Wakely serves as Chief Consumer and Marketing Officer and Chief Growth Officer for International Foods, overseeing the brand and demand-generation agenda globally. Christine Tammara joined as Controller in May 2025, completing a recent CFO-office refresh.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
PepsiCo reported Q1 2026 results on April 16, 2026, with net revenue of $19.4 billion, up 8.5% year-over-year. Organic revenue grew 2.6%, in line with the company's full-year guidance range.
Core EPS came in at $1.61, up 8.8% versus the prior-year period, driven by margin expansion and a lower tax rate. Core constant currency EPS grew 5%.
The headline operational win was PepsiCo Foods North America (PFNA) returning to volume growth — 2% volume growth and 4% unit growth, adding roughly 300 million incremental consumption occasions year-over-year after a prolonged period of volume pressure.
Management reaffirmed full-year 2026 guidance for organic revenue growth of 2–4% and core constant currency EPS growth of 4–6%, signaling confidence in the volume recovery continuing through the year.
Recent developments
On April 16, 2026, PepsiCo announced a 4% increase in its annualized dividend, effective with the June 2026 payment — marking the company's 54th consecutive annual dividend increase, a streak that reinforces its Dividend King status.
PepsiCo completed the acquisition of poppi (VNGR Beverage, LLC), the prebiotic soda brand, adding a fast-growing better-for-you carbonated category to its North America beverage portfolio and signaling a push into functional beverages.
The company also finalized the Tropicana divestiture, completing the exit from Tropicana, Naked, and select other juice brands — a strategic move to shed lower-margin, commoditized juice assets and redeploy capital toward higher-growth categories.
Tariffs continued to weigh on input costs in Q1 2026, with management disclosing a roughly 11-percentage-point impact on commodity costs from tariffs, particularly affecting the PBNA segment.
Debate & sentiment
Bulls are encouraged by the volume inflection in snacks after multiple quarters of consumer trade-down and SKU rationalization — if PFNA's 2% volume growth proves durable, it removes the central bear thesis around structural volume loss to private label and smaller competitors.
The poppi acquisition is viewed positively by those who believe functional and better-for-you beverages represent a genuine category shift; skeptics note PepsiCo paid a premium for a brand with minimal profitability and an unproven large-scale distribution track record.
The dividend yield continues to attract income-oriented investors, and the valuation has de-rated meaningfully from its peak, making the entry point more attractive to value-oriented buyers. Bears counter that the PEG ratio remains elevated given subdued organic growth, and that tariff headwinds and continued consumer wallet pressure in key international markets (particularly Russia and the Middle East) present ongoing earnings risk.
Consensusi
Outperform
Average targeti
$165.55+15%
Highest targeti
$195.00+35%
Lowest targeti
$132.00-8%
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