QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices and Zip Code) |
Registrant’s telephone number, including area code |
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page No. | ||||||||
Part I Financial Information | ||||||||
Item 1. | Condensed Consolidated Financial Statements | |||||||
Item 2. | ||||||||
Report of Independent Registered Public Accounting Firm | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Net Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Impairment of intangible assets (see Notes 1 and 4) | |||||||||||||||||||||||
Operating Profit | |||||||||||||||||||||||
Other pension and retiree medical benefits income | |||||||||||||||||||||||
Net interest expense and other | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net Income Attributable to PepsiCo | $ | $ | $ | $ | |||||||||||||||||||
Net Income Attributable to PepsiCo per Common Share | |||||||||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income/(loss), net of taxes: | |||||||||||||||||||||||
Net currency translation adjustment | ( | ( | |||||||||||||||||||||
Net change on cash flow hedges | ( | ||||||||||||||||||||||
Net pension and retiree medical adjustments | ( | ( | |||||||||||||||||||||
Net change on available-for-sale debt securities and other | ( | ||||||||||||||||||||||
Total other comprehensive income/(loss), net of taxes | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive Income Attributable to PepsiCo | $ | $ | $ | $ |
24 Weeks Ended | |||||||||||
6/14/2025 | 6/15/2024 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Impairment and other charges | |||||||||||
Product recall-related impact | |||||||||||
Cash payments for product recall-related impact | ( | ( | |||||||||
Operating lease right-of-use asset amortization | |||||||||||
Share-based compensation expense | |||||||||||
Restructuring and impairment charges | |||||||||||
Cash payments for restructuring charges | ( | ( | |||||||||
Pension and retiree medical plan expense | |||||||||||
Pension and retiree medical plan contributions | ( | ( | |||||||||
Deferred income taxes and other tax charges and credits | ( | ||||||||||
Tax payments related to the Tax Cuts and Jobs Act (TCJ Act) | ( | ( | |||||||||
Change in assets and liabilities: | |||||||||||
Accounts and notes receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Accounts payable and other current liabilities | ( | ( | |||||||||
Income taxes payable | |||||||||||
Other, net | ( | ( | |||||||||
Net Cash Provided by Operating Activities | |||||||||||
Investing Activities | |||||||||||
Capital spending | ( | ( | |||||||||
Sales of property, plant and equipment | |||||||||||
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets | ( | ( | |||||||||
Divestitures, sales of investments in noncontrolled affiliates and other assets | |||||||||||
Short-term investments, by original maturity: | |||||||||||
More than three months - maturities | |||||||||||
Three months or less, net | |||||||||||
Other investing, net | ( | ||||||||||
Net Cash Used for Investing Activities | ( | ( |
24 Weeks Ended | |||||||||||
6/14/2025 | 6/15/2024 | ||||||||||
Financing Activities | |||||||||||
Proceeds from issuances of long-term debt | $ | $ | |||||||||
Payments of long-term debt | ( | ( | |||||||||
Short-term borrowings, by original maturity: | |||||||||||
More than three months - proceeds | |||||||||||
More than three months - payments | ( | ( | |||||||||
Three months or less, net | |||||||||||
Cash dividends paid | ( | ( | |||||||||
Share repurchases | ( | ( | |||||||||
Proceeds from exercises of stock options | |||||||||||
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted | ( | ( | |||||||||
Other financing | ( | ( | |||||||||
Net Cash Provided by/(Used for) Financing Activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | ( | ||||||||||
Net Decrease in Cash and Cash Equivalents and Restricted Cash | ( | ( | |||||||||
Cash and Cash Equivalents and Restricted Cash, Beginning of Year | |||||||||||
Cash and Cash Equivalents and Restricted Cash, End of Period | $ | $ | |||||||||
Supplemental Non-Cash Activity | |||||||||||
Right-of-use assets obtained in exchange for lease obligations | $ | $ |
(Unaudited) | |||||||||||
6/14/2025 | 12/28/2024 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts and notes receivable, less allowance ($ | |||||||||||
Inventories: | |||||||||||
Raw materials and packaging | |||||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total Current Assets | |||||||||||
Property, plant and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Property, Plant and Equipment, net | |||||||||||
Amortizable Intangible Assets, net | |||||||||||
Goodwill | |||||||||||
Other Indefinite-Lived Intangible Assets | |||||||||||
Investments in Noncontrolled Affiliates | |||||||||||
Deferred Income Taxes | |||||||||||
Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Short-term debt obligations | $ | $ | |||||||||
Accounts payable and other current liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Long-Term Debt Obligations | |||||||||||
Deferred Income Taxes | |||||||||||
Other Liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies | |||||||||||
PepsiCo Common Shareholders’ Equity | |||||||||||
Common stock, par value 12/3¢ per share (authorized | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Repurchased common stock, in excess of par value ( | ( | ( | |||||||||
Total PepsiCo Common Shareholders’ Equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Change in repurchased common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||||||||||||||||||||||||||
Capital in Excess of Par Value | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises, RSUs and PSUs converted | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Withholding tax on RSUs and PSUs converted | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to PepsiCo | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (a) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to PepsiCo | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Repurchased Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share repurchases | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock option exercises, RSUs and PSUs converted | |||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total PepsiCo Common Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | $ | $ | $ | $ |
12 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Segment cost of sales (a) | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses (a) | |||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges (b) | |||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges (c) | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges (d) | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit/(loss) | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Corporate unallocated expenses | ( | ||||||||||||||||||||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | |||||||||||||||||||||||||||||||||||||||||
Net interest expense and other | ( | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ |
12 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Segment cost of sales (a) | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses (a) | |||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges (b) | |||||||||||||||||||||||||||||||||||||||||
Product recall-related impact (e) | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Corporate unallocated expenses (f) | ( | ||||||||||||||||||||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | |||||||||||||||||||||||||||||||||||||||||
Net interest expense and other | ( | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ |
24 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Segment cost of sales (a) | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses (a) | |||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges (b) | |||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges (c) | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges (d) | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit/(loss) | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Corporate unallocated expenses | ( | ||||||||||||||||||||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||||||||||||||||||||
Other pension and retiree medical benefits expense | |||||||||||||||||||||||||||||||||||||||||
Net interest expense and other | ( | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ |
24 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Segment cost of sales (a) | |||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses (a) | |||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges (b) | |||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges (c) | |||||||||||||||||||||||||||||||||||||||||
Product recall-related impact (e) | |||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Corporate unallocated expenses (f) | ( | ||||||||||||||||||||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||||||||||||||||||||
Other pension and retiree medical benefits expense | |||||||||||||||||||||||||||||||||||||||||
Net interest expense and other | ( | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ |
12 Weeks Ended | |||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||
Beverages(a) | Convenient Foods | Beverages(a) | Convenient Foods | ||||||||||||||||||||
North America | % | % | % | % | |||||||||||||||||||
International (b) | % | % | % | % | |||||||||||||||||||
PepsiCo | % | % | % | % |
24 Weeks Ended | |||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||
Beverages(a) | Convenient Foods | Beverages(a) | Convenient Foods | ||||||||||||||||||||
North America | % | % | % | % | |||||||||||||||||||
International (b) | % | % | % | % | |||||||||||||||||||
PepsiCo | % | % | % | % |
12 Weeks Ended | |||||||||||||||||||||||||||||||||||
Capital Spending(a) | Amortization of Intangible Assets | Depreciation and Other Amortization | |||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||
PFNA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
PBNA | |||||||||||||||||||||||||||||||||||
IB Franchise | |||||||||||||||||||||||||||||||||||
EMEA | |||||||||||||||||||||||||||||||||||
LatAm Foods | |||||||||||||||||||||||||||||||||||
Asia Pacific Foods | |||||||||||||||||||||||||||||||||||
Total segment | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
24 Weeks Ended | |||||||||||||||||||||||||||||||||||
Capital Spending(a) | Amortization of Intangible Assets | Depreciation and Other Amortization | |||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||
PFNA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
PBNA | |||||||||||||||||||||||||||||||||||
IB Franchise | |||||||||||||||||||||||||||||||||||
EMEA | |||||||||||||||||||||||||||||||||||
LatAm Foods | |||||||||||||||||||||||||||||||||||
Asia Pacific Foods | |||||||||||||||||||||||||||||||||||
Total segment | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate | |||||||||||||||||||||||||||||||||||
Expected pre-tax charges | % | % | % | % | % | % | % |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Other pension and retiree medical benefits (income)/expense (a) | ( | ||||||||||||||||||||||
Total restructuring and impairment charges | $ | $ | $ | $ | |||||||||||||||||||
After-tax amount | $ | $ | $ | $ | |||||||||||||||||||
Impact on net income attributable to PepsiCo per common share | $ | ( | $ | ( | $ | ( | $ | ( |
12 Weeks Ended | 24 Weeks Ended | Plan-to-Date | |||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | through 6/14/2025 | |||||||||||||||||||||||||
PFNA | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
PBNA | |||||||||||||||||||||||||||||
IB Franchise | |||||||||||||||||||||||||||||
EMEA | |||||||||||||||||||||||||||||
LatAm Foods | |||||||||||||||||||||||||||||
Asia Pacific Foods | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Other pension and retiree medical benefits (income)/expense (a) | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
12 Weeks Ended | 24 Weeks Ended | Plan-to-Date | |||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | through 6/14/2025 | |||||||||||||||||||||||||
Severance and other employee costs | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Asset impairments | |||||||||||||||||||||||||||||
Other costs | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Severance and Other Employee Costs | Asset Impairments | Other Costs | Total | ||||||||||||||||||||
Liability as of December 28, 2024 | $ | $ | $ | $ | |||||||||||||||||||
2025 restructuring charges | |||||||||||||||||||||||
Cash payments (a) | ( | ( | ( | ||||||||||||||||||||
Non-cash charges and translation | ( | ( | ( | ||||||||||||||||||||
Liability as of June 14, 2025 | $ | $ | $ | $ |
6/14/2025 | 12/28/2024 | |||||||||||||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||
Acquired franchise rights | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Customer relationships (a) | ( | ( | ||||||||||||||||||||||||||||||||||||
Brands | ( | ( | ||||||||||||||||||||||||||||||||||||
Other identifiable intangibles | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
6/14/2025 | 12/28/2024 | ||||||||||
Goodwill | $ | $ | |||||||||
Other indefinite-lived intangible assets | |||||||||||
Reacquired franchise rights | |||||||||||
Acquired franchise rights | |||||||||||
Brands (a) | |||||||||||
Total indefinite-lived intangible assets | $ | $ |
PFNA | PBNA | IB Franchise | EMEA(b) | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Balance as of December 28, 2024 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Acquisitions (a) | |||||||||||||||||||||||||||||||||||||||||
Translation and other | |||||||||||||||||||||||||||||||||||||||||
Balance as of June 14, 2025 | $ | $ | $ | $ | $ | $ | $ |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Share-based compensation expense – equity awards | $ | $ | $ | $ | |||||||||||||||||||
Share-based compensation expense – liability awards | ( | ( | |||||||||||||||||||||
Restructuring charges | ( | ( | ( | ||||||||||||||||||||
Total | $ | $ | $ | $ |
24 Weeks Ended | |||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||
Granted(a) | Weighted-Average Grant Price | Granted(a) | Weighted-Average Grant Price | ||||||||||||||||||||
Stock options | $ | $ | |||||||||||||||||||||
RSUs and PSUs | $ | $ |
24 Weeks Ended | |||||||||||
6/14/2025 | 6/15/2024 | ||||||||||
Expected life | |||||||||||
Risk-free interest rate | % | % | |||||||||
Expected volatility | % | % | |||||||||
Expected dividend yield | % | % |
12 Weeks Ended | |||||||||||||||||||||||||||||||||||
Pension | Retiree Medical | ||||||||||||||||||||||||||||||||||
U.S. | International | ||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other pension and retiree medical benefits income: | |||||||||||||||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of prior service credits | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of net losses/(gains) | ( | ( | |||||||||||||||||||||||||||||||||
Settlement/curtailment (gains)/losses | ( | ||||||||||||||||||||||||||||||||||
Special termination benefits | ( | ||||||||||||||||||||||||||||||||||
Total other pension and retiree medical benefits income | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
24 Weeks Ended | |||||||||||||||||||||||||||||||||||
Pension | Retiree Medical | ||||||||||||||||||||||||||||||||||
U.S. | International | ||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other pension and retiree medical benefits income: | |||||||||||||||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of prior service cost/(credits) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of net losses/(gains) | ( | ( | |||||||||||||||||||||||||||||||||
Settlement/curtailment (gains)/losses | ( | ||||||||||||||||||||||||||||||||||
Special termination benefits | |||||||||||||||||||||||||||||||||||
Total other pension and retiree medical benefits income | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Interest Rate | Maturity Date | Principal Amount(a) | |||||||||||||||
% | February 2027 | $ | |||||||||||||||
% | February 2028 | $ | |||||||||||||||
% | February 2030 | $ | |||||||||||||||
% | February 2035 | $ |
Notional Amounts(a) | |||||||||||
6/14/2025 | 12/28/2024 | ||||||||||
Commodity contracts | $ | $ | |||||||||
Interest rate swap contracts | $ | $ | |||||||||
Foreign exchange contracts | $ | $ | |||||||||
Cross-currency contracts | $ | $ | |||||||||
Non-derivative debt instruments | $ | $ |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Celsius Holdings, Inc. (Celsius): | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net unrealized gain/(loss) | ( | ||||||||||||||||||||||
Cash dividends received | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Other: | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net unrealized gain/(loss) | |||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Total available-for-sale balance, end of period | $ | $ | $ | $ |
6/14/2025 | 12/28/2024 | ||||||||||||||||||||||||||||
Fair Value Hierarchy Levels(a) | Assets(a) | Liabilities(a) | Assets(a) | Liabilities(a) | |||||||||||||||||||||||||
Available-for-sale debt securities (b) | 3 | $ | $ | $ | $ | ||||||||||||||||||||||||
Index funds (c) | 1 | $ | $ | $ | $ | ||||||||||||||||||||||||
Prepaid forward contracts (d) | 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Deferred compensation (e) | 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Contingent consideration (f) | 3 | $ | $ | $ | $ | ||||||||||||||||||||||||
Derivatives designated as fair value hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swap contracts (g) | 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||||||||||||||
Foreign exchange contracts (h) | 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Cross-currency contracts (h) | 2 | ||||||||||||||||||||||||||||
Commodity contracts (i) | 2 | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Derivatives designated as net investment hedging instruments: | |||||||||||||||||||||||||||||
Cross-currency contracts (h) | 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Foreign exchange contracts (h) | 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Commodity contracts (i) | 2 | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Total derivatives at fair value (j) | $ | $ | $ | $ | |||||||||||||||||||||||||
Total | $ | $ | $ | $ |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Interest rate swap contracts (a) | $ | ( | $ | $ | ( | $ |
12 Weeks Ended | |||||||||||||||||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a) | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Cross-currency contracts | ( | ( | |||||||||||||||||||||
Commodity contracts | ( | ( | ( | ||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ |
24 Weeks Ended | |||||||||||||||||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a) | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Cross-currency contracts | ( | ( | |||||||||||||||||||||
Commodity contracts | ( | ( | |||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ |
12 Weeks Ended | |||||||||||||||||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | Losses/(Gains) Recognized in Income Statement(a) | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Non-derivative debt instruments | $ | $ | ( | $ | $ | ||||||||||||||||||
Cross-currency contracts | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ |
24 Weeks Ended | |||||||||||||||||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | Losses/(Gains) Recognized in Income Statement(a) | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Non-derivative debt instruments | $ | $ | ( | $ | $ | ||||||||||||||||||
Cross-currency contracts | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ |
12 Weeks Ended | |||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||||||
Cost of sales | Selling, general and administrative expenses | Total | Cost of sales | Selling, general and administrative expenses | Total | ||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commodity contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ |
24 Weeks Ended | |||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||||||||||||||
Cost of sales | Selling, general and administrative expenses | Total | Cost of sales | Selling, general and administrative expenses | Total | ||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commodity contracts | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ | ( | $ | $ |
12 Weeks Ended | |||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||
Income | Shares(a) | Income | Shares(a) | ||||||||||||||||||||
Basic net income attributable to PepsiCo per common share | $ | $ | |||||||||||||||||||||
Net income available for PepsiCo common shareholders | $ | $ | |||||||||||||||||||||
Dilutive securities: | |||||||||||||||||||||||
Stock options, RSUs, PSUs and other (b) | |||||||||||||||||||||||
Diluted | $ | $ | |||||||||||||||||||||
Diluted net income attributable to PepsiCo per common share | $ | $ |
24 Weeks Ended | |||||||||||||||||||||||
6/14/2025 | 6/15/2024 | ||||||||||||||||||||||
Income | Shares(a) | Income | Shares(a) | ||||||||||||||||||||
Basic net income attributable to PepsiCo per common share | $ | $ | |||||||||||||||||||||
Net income available for PepsiCo common shareholders | $ | $ | |||||||||||||||||||||
Dilutive securities: | |||||||||||||||||||||||
Stock options, RSUs, PSUs and other (b) | |||||||||||||||||||||||
Diluted | $ | $ | |||||||||||||||||||||
Diluted net income attributable to PepsiCo per common share | $ | $ |
Currency Translation Adjustment | Cash Flow Hedges | Pension and Retiree Medical | Available-for-Sale Debt Securities and Other(a) | Accumulated Other Comprehensive Loss Attributable to PepsiCo | |||||||||||||||||||||||||
Balance as of December 28, 2024 (b) | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications (c) | ( | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||||||||
Net other comprehensive income | |||||||||||||||||||||||||||||
Tax amounts | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance as of March 22, 2025 (b) | ( | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications (d) | ( | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||||||||
Net other comprehensive income/(loss) | ( | ( | |||||||||||||||||||||||||||
Tax amounts | ( | ||||||||||||||||||||||||||||
Balance as of June 14, 2025 (b) | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Currency Translation Adjustment | Cash Flow Hedges | Pension and Retiree Medical | Available-for-Sale Debt Securities and Other (a) | Accumulated Other Comprehensive Loss Attributable to PepsiCo | |||||||||||||||||||||||||
Balance as of December 30, 2023 (b) | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications (c) | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Net other comprehensive (loss)/income | ( | ||||||||||||||||||||||||||||
Tax amounts | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance as of March 23, 2024 (b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications (d) | ( | ( | ( | ( | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Net other comprehensive (loss)/income | ( | ( | ( | ||||||||||||||||||||||||||
Tax amounts | ( | ( | |||||||||||||||||||||||||||
Balance as of June 15, 2024 (b) | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
12 Weeks Ended | 24 Weeks Ended | |||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | Affected Line Item in the Income Statement | ||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | ( | $ | $ | ( | $ | Net revenue | |||||||||||||||||||||||||
Foreign exchange contracts | ( | ( | Cost of sales | |||||||||||||||||||||||||||||
Cross-currency contracts | ( | ( | Selling, general and administrative expenses | |||||||||||||||||||||||||||||
Interest rate swap contracts | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||
Commodity contracts | ( | ( | Cost of sales | |||||||||||||||||||||||||||||
Commodity contracts | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||
Net (gains)/losses before tax | ( | ( | ||||||||||||||||||||||||||||||
Tax amounts | ( | ( | ||||||||||||||||||||||||||||||
Net (gains)/losses after tax | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Pension and retiree medical items: | ||||||||||||||||||||||||||||||||
Amortization of net prior service credits | $ | ( | $ | ( | $ | ( | $ | ( | Other pension and retiree medical benefits income | |||||||||||||||||||||||
Amortization of net losses | Other pension and retiree medical benefits income | |||||||||||||||||||||||||||||||
Settlement/curtailment (gains)/losses | ( | ( | Other pension and retiree medical benefits income | |||||||||||||||||||||||||||||
Net losses before tax | ||||||||||||||||||||||||||||||||
Tax amounts | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Net losses after tax | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Total net (gains)/losses reclassified, net of tax | $ | ( | $ | $ | ( | $ |
12 Weeks Ended | 24 Weeks Ended | |||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | |||||||||||||||||||||||
PFNA | $ | $ | $ | $ | ||||||||||||||||||||||
PBNA | ||||||||||||||||||||||||||
Total (a) | $ | $ | $ | $ | ||||||||||||||||||||||
After-tax amount | $ | $ | $ | $ | ||||||||||||||||||||||
Impact on net income attributable to PepsiCo per common share | $ | ( | $ | $ | ( | $ |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | Change | 6/14/2025 | 6/15/2024 | Change | ||||||||||||||||||||||||||||||
Net revenue | $ | 22,726 | $ | 22,501 | 1 | % | $ | 40,645 | $ | 40,751 | — | % | |||||||||||||||||||||||
Operating profit | $ | 1,789 | $ | 4,048 | (56) | % | $ | 4,372 | $ | 6,765 | (35) | % | |||||||||||||||||||||||
Operating margin | 7.9 | % | 18.0 | % | (10.1) | 10.8 | % | 16.6 | % | (5.8) |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | Change | 6/14/2025 | 6/15/2024 | Change | ||||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | $ | 42 | $ | 56 | $ | (14) | $ | 65 | $ | 114 | $ | (49) | |||||||||||||||||||||||
Net interest expense and other | $ | 260 | $ | 234 | $ | 26 | $ | 524 | $ | 436 | $ | 88 | |||||||||||||||||||||||
Tax rate | 18.6 | % | 20.1 | % | 20.2 | % | 20.1 | % | |||||||||||||||||||||||||||
Net income attributable to PepsiCo | $ | 1,263 | $ | 3,083 | (59) | % | $ | 3,097 | $ | 5,125 | (40) | % | |||||||||||||||||||||||
Net income attributable to PepsiCo per common share – diluted | $ | 0.92 | $ | 2.23 | (59) | % | $ | 2.25 | $ | 3.71 | (39) | % | |||||||||||||||||||||||
12 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||
Impact of | Impact of | ||||||||||||||||||||||||||||||||||
Reported % Change, GAAP measure | Foreign exchange translation | Acquisitions and divestitures | Organic % Change, non-GAAP measure(a) | Organic volume change(b) | Effective net pricing | ||||||||||||||||||||||||||||||
PFNA | 1 | % | — | (2) | (2) | % | (1.5) | — | |||||||||||||||||||||||||||
PBNA | — | % | — | 1 | 1 | % | (4) | 4.5 | |||||||||||||||||||||||||||
IB Franchise | 3 | % | 2 | — | 5 | % | 1 | 4 | |||||||||||||||||||||||||||
EMEA | 8 | % | (2) | — | 7 | % | (4) | 11 | |||||||||||||||||||||||||||
LatAm Foods | (7) | % | 14 | — | 6 | % | 4 | 2 | |||||||||||||||||||||||||||
Asia Pacific Foods | 0.5 | % | 1 | (1) | — | % | 6 | (6) | |||||||||||||||||||||||||||
Total | 1 | % | 1.5 | — | 2 | % | (1.5) | 4 |
24 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||
Impact of | Impact of | ||||||||||||||||||||||||||||||||||
Reported % Change, GAAP measure | Foreign exchange translation | Acquisitions and divestitures | Organic % Change, non-GAAP measure(a) | Organic volume change(b) | Effective net pricing | ||||||||||||||||||||||||||||||
PFNA | — | % | — | (2) | (2) | % | (2) | — | |||||||||||||||||||||||||||
PBNA | — | % | — | 1 | 1 | % | (3) | 3 | |||||||||||||||||||||||||||
IB Franchise | 3 | % | 3 | — | 6 | % | 3 | 3 | |||||||||||||||||||||||||||
EMEA | 5 | % | 2 | — | 7 | % | (6) | 13 | |||||||||||||||||||||||||||
LatAm Foods | (9) | % | 14 | — | 5 | % | 2 | 3 | |||||||||||||||||||||||||||
Asia Pacific Foods | (1) | % | 1 | (1) | — | % | 5 | (5) | |||||||||||||||||||||||||||
Total | — | % | 2 | — | 2 | % | (2) | 3 |
12 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate unallocated expenses | Total | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 1,391 | $ | (639) | $ | 535 | $ | 370 | $ | 533 | $ | 10 | $ | (411) | $ | 1,789 | |||||||||||||||||||||||||||||||
Items Affecting Comparability (a) | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (15) | (15) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 91 | 48 | 3 | 36 | 12 | 3 | 22 | 215 | |||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | 6 | 56 | — | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | 1,529 | — | 251 | — | 80 | — | 1,860 | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | 1,488 | 994 | 538 | 657 | 545 | 93 | (404) | 3,911 | |||||||||||||||||||||||||||||||||||||||
Impact of foreign exchange translation | 1 | 2 | 11 | (14) | 93 | (1) | — | 92 | |||||||||||||||||||||||||||||||||||||||
Core Constant Currency, non-GAAP measure | $ | 1,489 | $ | 996 | $ | 549 | $ | 643 | $ | 638 | $ | 92 | $ | (404) | $ | 4,003 | |||||||||||||||||||||||||||||||
Reported Operating Profit/Loss % Change, GAAP measure | (17) | % | (165) | % | 7 | % | (36) | % | — | % | (90) | % | 22 | % | (56) | % | |||||||||||||||||||||||||||||||
Core Operating Profit % Change, non-GAAP measure | (13) | % | — | % | 7 | % | 9 | % | (1) | % | (13) | % | 20 | % | (5) | % | |||||||||||||||||||||||||||||||
Core Constant Currency Operating Profit % Change, non-GAAP measure | (13) | % | — | % | 9 | % | 6 | % | 16 | % | (13) | % | 20 | % | (3) | % |
12 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate unallocated expenses | Total | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 1,677 | $ | 987 | $ | 502 | $ | 582 | $ | 534 | $ | 103 | $ | (337) | $ | 4,048 | |||||||||||||||||||||||||||||||
Items Affecting Comparability (a) | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (8) | (8) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 13 | 5 | — | 22 | 16 | 4 | 6 | 66 | |||||||||||||||||||||||||||||||||||||||
Product recall-related impact | 15 | — | — | — | — | — | — | 15 | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | $ | 1,705 | $ | 992 | $ | 502 | $ | 604 | $ | 550 | $ | 107 | $ | (339) | $ | 4,121 |
24 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate unallocated expenses | Total | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 2,927 | $ | (179) | $ | 812 | $ | 590 | $ | 877 | $ | 170 | $ | (825) | $ | 4,372 | |||||||||||||||||||||||||||||||
Items Affecting Comparability (a) | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (31) | (31) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 115 | 173 | 5 | 49 | 19 | 4 | 47 | 412 | |||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | 21 | 66 | — | — | — | — | — | 87 | |||||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | 1,529 | — | 251 | — | 80 | — | 1,860 | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | 3,063 | 1,589 | 817 | 890 | 896 | 254 | (809) | 6,700 | |||||||||||||||||||||||||||||||||||||||
Impact of foreign exchange translation | 6 | 4 | 23 | 14 | 159 | 3 | — | 209 | |||||||||||||||||||||||||||||||||||||||
Core Constant Currency, non-GAAP measure | $ | 3,069 | $ | 1,593 | $ | 840 | $ | 904 | $ | 1,055 | $ | 257 | $ | (809) | $ | 6,909 | |||||||||||||||||||||||||||||||
Reported Operating Profit/Loss % Change, GAAP measure | (8) | % | (112) | % | 6 | % | (26) | % | (8) | % | (39) | % | 17 | % | (35) | % | |||||||||||||||||||||||||||||||
Core Operating Profit % Change, non-GAAP measure | (10) | % | 5 | % | 7 | % | 6 | % | (8) | % | (10) | % | 13 | % | (5) | % | |||||||||||||||||||||||||||||||
Core Constant Currency Operating Profit % Change, non-GAAP measure | (10) | % | 5 | % | 10 | % | 8 | % | 8 | % | (9) | % | 13 | % | (2) | % |
24 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate unallocated expenses | Total | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 3,182 | $ | 1,497 | $ | 763 | $ | 796 | $ | 956 | $ | 278 | $ | (707) | $ | 6,765 | |||||||||||||||||||||||||||||||
Items Affecting Comparability (a) | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (44) | (44) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 39 | 15 | — | 40 | 21 | 4 | 36 | 155 | |||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Product recall-related impact | 182 | — | — | — | — | — | — | 182 | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | $ | 3,403 | $ | 1,514 | $ | 763 | $ | 836 | $ | 977 | $ | 282 | $ | (715) | $ | 7,060 |
12 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | Gross profit | Selling, general and administrative expenses | Impairment of intangible assets | Operating profit | Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to PepsiCo | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 10,304 | $ | 12,422 | $ | 8,773 | $ | 1,860 | $ | 1,789 | $ | 42 | $ | 292 | $ | 1,263 | |||||||||||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | (2) | 2 | 17 | — | (15) | — | (5) | (10) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (102) | 102 | (113) | — | 215 | (2) | 53 | 160 | |||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | — | (62) | — | 62 | — | 14 | 48 | |||||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | — | — | (1,860) | 1,860 | — | 413 | 1,447 | |||||||||||||||||||||||||||||||||||||||
Pension and retiree medical-related impact | — | — | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | $ | 10,200 | $ | 12,526 | $ | 8,615 | $ | — | $ | 3,911 | $ | 39 | $ | 767 | $ | 2,907 |
12 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | Gross profit | Selling, general and administrative expenses | Operating profit | Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to noncontrolling interests | Net income attributable to PepsiCo | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 9,919 | $ | 12,582 | $ | 8,534 | $ | 4,048 | $ | 56 | $ | 776 | $ | 11 | $ | 3,083 | |||||||||||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | 19 | (19) | (11) | (8) | — | (1) | — | (7) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | — | — | (66) | 66 | 8 | 20 | (1) | 55 | |||||||||||||||||||||||||||||||||||||||
Product recall-related impact | (8) | 8 | (7) | 15 | — | 4 | — | 11 | |||||||||||||||||||||||||||||||||||||||
Pension and retiree medical-related impact | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | $ | 9,930 | $ | 12,571 | $ | 8,450 | $ | 4,121 | $ | 66 | $ | 799 | $ | 10 | $ | 3,144 |
24 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | Gross profit | Selling, general and administrative expenses | Impairment of intangible assets | Operating profit | Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to PepsiCo | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 18,230 | $ | 22,415 | $ | 16,183 | $ | 1,860 | $ | 4,372 | $ | 65 | $ | 791 | $ | 3,097 | |||||||||||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | 9 | (9) | 22 | — | (31) | — | (8) | (23) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (103) | 103 | (309) | — | 412 | 14 | 75 | 351 | |||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | — | (87) | — | 87 | — | 20 | 67 | |||||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | — | — | (1,860) | 1,860 | — | 413 | 1,447 | |||||||||||||||||||||||||||||||||||||||
Pension and retiree medical-related impact | — | — | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | $ | 18,136 | $ | 22,509 | $ | 15,809 | $ | — | $ | 6,700 | $ | 78 | $ | 1,291 | $ | 4,938 |
24 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | Gross profit | Selling, general and administrative expenses | Operating profit | Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to noncontrolling interests | Net income attributable to PepsiCo | ||||||||||||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 18,167 | $ | 22,584 | $ | 15,819 | $ | 6,765 | $ | 114 | $ | 1,296 | $ | 22 | $ | 5,125 | |||||||||||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | 32 | (32) | 12 | (44) | — | (10) | — | (34) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (6) | 6 | (149) | 155 | 15 | 40 | (1) | 131 | |||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | — | (2) | 2 | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||
Product recall-related impact | (175) | 175 | (7) | 182 | — | 43 | — | 139 | |||||||||||||||||||||||||||||||||||||||
Pension and retiree medical-related impact | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Core, non-GAAP measure | $ | 18,018 | $ | 22,733 | $ | 15,673 | $ | 7,060 | $ | 131 | $ | 1,370 | $ | 21 | $ | 5,364 |
12 Weeks Ended | 24 Weeks Ended | |||||||||||||||||||||||||||||||||||||
6/14/2025 | 6/15/2024 | Change | 6/14/2025 | 6/15/2024 | Change | |||||||||||||||||||||||||||||||||
Net income attributable to PepsiCo per common share – diluted, GAAP measure | $ | 0.92 | $ | 2.23 | (59) | % | $ | 2.25 | $ | 3.71 | (39) | % | ||||||||||||||||||||||||||
Mark-to-market net impact | (0.01) | — | (0.02) | (0.02) | ||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 0.12 | 0.04 | 0.26 | 0.09 | ||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | 0.03 | — | 0.05 | — | ||||||||||||||||||||||||||||||||||
Impairment and other charges | 1.05 | — | 1.05 | — | ||||||||||||||||||||||||||||||||||
Product recall-related impact | — | 0.01 | — | 0.10 | ||||||||||||||||||||||||||||||||||
Pension and retiree medical-related impact | — | — | — | — | ||||||||||||||||||||||||||||||||||
Core net income attributable to PepsiCo per common share – diluted, non-GAAP measure | $ | 2.12 | (a) | $ | 2.28 | (7) | % | $ | 3.59 | $ | 3.89 | (a) | (8) | % | ||||||||||||||||||||||||
Impact of foreign exchange translation | 2 | 3 | ||||||||||||||||||||||||||||||||||||
Growth in core net income attributable to PepsiCo per common share – diluted, on a constant currency basis, non-GAAP measure | (5) | % | (4.5) | % | (a) |
24 Weeks Ended | |||||||||||
6/14/2025 | 6/15/2024 | ||||||||||
Net cash provided by operating activities, GAAP measure | $ | 996 | $ | 1,315 | |||||||
Capital spending | (1,507) | (1,701) | |||||||||
Sales of property, plant and equipment | 169 | 127 | |||||||||
Free cash flow, non-GAAP measure | $ | (342) | $ | (259) | |||||||
Change (a) | |||||
Accounts and notes receivable, less allowance (b) | $ | 2.1 | |||
Inventories (c) | $ | 1.2 | |||
Goodwill (d) | $ | 1.4 |
Change (a) | |||||
Short-term debt obligations (e) | $ | 5.0 | |||
Long-term debt obligations (e) | $ | 2.1 | |||
Other liabilities (f) | $ | (1.1) | |||
Period | Total Number of Shares Repurchased(a) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
3/22/2025 | $ | 6,305 | ||||||||||||||||||||||||
3/23/2025 - 4/19/2025 | 0.8 | $ | 145.89 | 0.8 | (116) | |||||||||||||||||||||
6,189 | ||||||||||||||||||||||||||
4/20/2025 - 5/17/2025 | 0.5 | $ | 132.56 | 0.5 | (69) | |||||||||||||||||||||
6,120 | ||||||||||||||||||||||||||
5/18/2025 - 6/14/2025 | 0.9 | $ | 130.66 | 0.9 | (117) | |||||||||||||||||||||
Total | 2.2 | $ | 136.60 | 2.2 | $ | 6,003 |
EXHIBIT | |||||
Exhibit 101 | The following materials from PepsiCo, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 14, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income, (ii) the Condensed Consolidated Statement of Comprehensive Income, (iii) the Condensed Consolidated Statement of Cash Flows, (iv) the Condensed Consolidated Balance Sheet, (v) the Condensed Consolidated Statement of Equity, and (vi) Notes to the Condensed Consolidated Financial Statements. | ||||
Exhibit 104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 14, 2025, formatted in iXBRL and contained in Exhibit 101. |
PepsiCo, Inc. | |||||||||||
(Registrant) | |||||||||||
Date: | July 16, 2025 | /s/ Christine E. Tammara | |||||||||
Christine E. Tammara | |||||||||||
Senior Vice President and Controller | |||||||||||
(Principal Accounting Officer) | |||||||||||
Date: | July 16, 2025 | /s/ David Flavell | |||||||||
David Flavell | |||||||||||
Executive Vice President, General Counsel and Corporate Secretary | |||||||||||
(Duly Authorized Officer) |
Date: July 16, 2025 | /s/ Ramon L. Laguarta | ||||
Ramon L. Laguarta | |||||
Chairman of the Board of Directors and | |||||
Chief Executive Officer |
Date: July 16, 2025 | /s/ James T. Caulfield | ||||
James T. Caulfield | |||||
Chief Financial Officer |
Date: July 16, 2025 | /s/ Ramon L. Laguarta | ||||
Ramon L. Laguarta | |||||
Chairman of the Board of Directors and | |||||
Chief Executive Officer |
Date: July 16, 2025 | /s/ James T. Caulfield | ||||
James T. Caulfield | |||||
Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,279 | $ 3,094 | $ 3,122 | $ 5,147 |
Net currency translation adjustment | 961 | (267) | 1,397 | (449) |
Net change on cash flow hedges | (18) | 42 | 4 | 45 |
Net pension and retiree medical adjustments | (19) | 9 | (9) | 20 |
Net change on available-for-sale debt securities and other | 64 | (391) | 130 | 132 |
Other comprehensive income/(loss), net of taxes: | 988 | (607) | 1,522 | (252) |
Comprehensive income | 2,267 | 2,487 | 4,644 | 4,895 |
Less: Comprehensive income attributable to noncontrolling interests | 16 | 11 | 25 | 22 |
Comprehensive Income Attributable to PepsiCo | $ 2,251 | $ 2,476 | $ 4,619 | $ 4,873 |
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Millions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowance | $ 231 | $ 356 |
Common stock, par value (in USD per share) | $ 0.0167 | $ 0.0167 |
Common stock, authorized (in shares) | 3,600,000 | 3,600,000 |
Common stock, issued (in shares) | 1,370,000 | 1,372,000 |
Treasury Stock, Common, Shares | 496,000 | 495,000 |
Basis of Presentation and Our Divisions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Other Divisions | Basis of Presentation and Our Segments Basis of Presentation When used in this report, the terms “we,” “us,” “our,” “PepsiCo” and the “Company” mean PepsiCo, Inc. and its consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We have subsidiaries operating in highly inflationary economies, such as Argentina, Egypt and Turkey, and accordingly apply highly inflationary accounting for these subsidiaries. The condensed consolidated balance sheet at December 28, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (2024 Form 10-K) and in Exhibit 99.2 to our Current Report on Form 8-K dated July 17, 2025 (Recast Segment Information). This report should be read in conjunction with our 2024 Form 10-K and our Recast Segment Information, in which we retrospectively recast historical segment reporting to reflect our current organizational structure. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 and 24 weeks ended June 14, 2025 are not necessarily indicative of the results expected for any future period or the full year. Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product, including merchandising activities, are included in selling, general and administrative expenses. While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of March, April and May are reflected in our results for the 12 weeks ended June 14, 2025 and June 15, 2024, and the months of January through May are reflected in our results for the 24 weeks ended June 14, 2025 and June 15, 2024. The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. Additionally, the business and economic uncertainty resulting from volatile geopolitical conditions, an increasingly complex global tax environment, including changes in how existing laws are interpreted or enforced, expanded or retaliatory tariffs and changes in the interest rate and inflationary cost environment have made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates. Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate. Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation. Our Segments As previously disclosed in our 2024 Form 10-K, effective beginning with our first quarter of 2025, we realigned certain of our reportable segments to conform with changes to our organizational structure and how our Chief Executive Officer regularly reviews the performance of, and allocates resources to, these segments. Our historical segment reporting has been recast to reflect our current organizational structure. We are organized into six reportable segments, as follows: 1)PepsiCo Foods North America (PFNA), which includes all of our convenient food businesses in the United States and Canada; 2)PepsiCo Beverages North America (PBNA), which includes all of our beverage businesses in the United States and Canada; 3)International Beverages Franchise (IB Franchise), which includes our international franchise beverage businesses, as well as our SodaStream business; 4)Europe, Middle East and Africa (EMEA), which includes our convenient food businesses and beverage businesses with company-owned bottlers in Europe, the Middle East and Africa; 5)Latin America Foods (LatAm Foods), which includes all of our convenient food businesses in Latin America; and 6)Asia Pacific Foods, which consists of our convenient food businesses in Asia Pacific, including China, Australia and New Zealand, as well as India. Net Revenue, Significant Expenses and Operating Profit/(Loss) by Segment
(a)Does not include items recorded in the cost of sales or selling, general and administrative expenses lines on our income statement that are presented in the restructuring and impairment charges, acquisition and divestiture-related charges, impairment and other charges and product recall-related impact lines of these tables. (b)See Note 3 for further information related to restructuring and impairment charges. (c)See Note 12 for further information related to acquisitions and divestiture-related charges. (d)In the 12 and 24 weeks ended June 14, 2025, we recorded pre-tax charges of $1,860 million ($1,447 million after-tax or $1.05 per share), of which $1,780 million is related to the impairment of the Rockstar brand in our PBNA and EMEA segments. The remaining $80 million is related to the impairment of the Be & Cheery brand in our Asia Pacific Foods segment. See Note 4 for further information. (e)In the 12 weeks ended June 15, 2024, we recorded a pre-tax charge of $15 million ($11 million after-tax or $0.01 per share) associated with a previously announced voluntary recall of certain bars and cereals in our PFNA segment (Quaker Recall) with $8 million recorded in cost of sales and $7 million recorded in selling, general and administrative expenses. In the 24 weeks ended June 15, 2024, we recorded a pre-tax charge of $182 million ($139 million after-tax or $0.10 per share) associated with the Quaker Recall, with $175 million recorded in cost of sales related to property, plant and equipment write-offs, employee severance costs and other costs and $7 million recorded in selling, general and administrative expenses. (f)In the 12 and 24 weeks ended June 15, 2024, we recorded a pre-tax gain of $76 million ($57 million after-tax or $0.04 per share) in selling, general and administrative expenses as a result of the sale of a corporate asset. Disaggregation of Net Revenue Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the percentage of net revenue generated between our beverage business and our convenient food business:
(a)Beverage revenue from company-owned bottlers, which includes our consolidated bottling operations in our PBNA and EMEA segments, was 36% of our consolidated net revenue in the 12 and 24 weeks ended June 14, 2025 and 36% and 35% of our consolidated net revenue in the 12 and 24 weeks ended June 15, 2024, respectively. Generally, our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b)Beverage and convenient foods revenue generated from our EMEA segment was 38% and 62% of EMEA net revenue, respectively, in the 12 weeks ended June 14, 2025, 36% and 64% of EMEA net revenue, respectively, in the 24 weeks ended June 14, 2025 and 35% and 65% of EMEA net revenue, respectively, in the 12 and 24 weeks ended June 15, 2024. Other Segment Information Capital spending, amortization of intangible assets, and depreciation and other amortization of each segment are as follows:
(a) Asset and other balance sheet information for segments is not provided to our chief operating decision maker.
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Recently Issued Accounting Pronouncements (Notes) |
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Jun. 14, 2025 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued guidance to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. Additionally, on an annual and interim basis, a qualitative description is required for amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The guidance also requires certain amounts that are currently required to be disclosed to be included in the same tabular disclosure as these disaggregation requirements. Furthermore, on an annual and interim basis, a public entity is required to separately disclose selling expenses and annually, disclose a description of the selling expenses. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2027 annual reporting and each quarter thereafter, on a prospective basis. In December 2023, the FASB issued guidance to enhance transparency of income tax disclosures. On an annual basis, the new guidance requires a public entity to disclose: (1) specific categories in the rate reconciliation, (2) additional information for reconciling items that are equal to or greater than 5% of the amount computed by multiplying income (or loss) from continuing operations before income tax expense (or benefit) by the applicable statutory income tax rate, (3) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, with foreign taxes disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid, (4) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (5) income tax expense (or benefit) from continuing operations disaggregated between federal (national), state and foreign. The guidance is effective for fiscal year 2025 annual reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2025 annual reporting, on a prospective basis.
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Restructuring and Impairment Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Impairment Charges | Restructuring and Impairment Charges 2019 Multi-Year Productivity Plan (2019 Productivity Plan) The 2019 Productivity Plan leverages new technology and business models to further simplify, harmonize and automate processes; re-engineers our go-to-market and information systems, including deploying the right automation for each market; and simplifies our organization and optimizes our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in 2024, we further expanded and extended the plan through the end of 2030 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $6.15 billion, including cash expenditures of approximately $5.1 billion. These pre-tax charges are expected to consist of approximately 55% of severance and other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions, and 35% for other costs associated with the implementation of our initiatives. The total plan pre-tax charges are expected to be incurred by segment approximately as follows:
A summary of our 2019 Productivity Plan charges is as follows:
(a)Income amount represents adjustments for changes in estimates of previously recorded amounts.
Severance and other employee costs primarily include severance and other termination benefits, as well as voluntary separation arrangements. Other costs primarily include costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees. A summary of our 2019 Productivity Plan activity for the 24 weeks ended June 14, 2025 is as follows:
(a)Excludes cash expenditures of $3 million reported in the cash flow statement in pension and retiree medical contributions. The majority of the restructuring accrual at June 14, 2025 is expected to be paid within a year. Other Productivity Initiatives There were no material charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan. We regularly evaluate different productivity initiatives beyond the productivity plan and other initiatives described above. For information on additional impairment charges, see Notes 1 and 4 for impairment and other charges taken related to the impairments of the Rockstar and Be & Cheery brands.
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Intangible Assets |
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets A summary of our amortizable intangible assets is as follows:
(a)Increase is primarily related to acquisitions of VNGR Beverage, LLC (poppi) and Garza Food Ventures LLC (Siete). See Note 12 for further information on acquisitions. The components of indefinite-lived intangible assets are as follows:
(a)Increase is primarily related to acquisitions of poppi and Siete, partially offset by impairments to the Rockstar and Be & Cheery brands. See Note 12 for further information on acquisitions. During the 12 weeks ended June 14, 2025, recent business performance in conjunction with lower expectations of future business performance compared to projections, as well as certain other market conditions, indicated a deterioration of the significant inputs used to determine the fair value of our indefinite-lived intangible assets in certain markets and required us to perform a quantitative assessment on certain assets. The fair value of our indefinite-lived intangible assets was estimated using discounted cash flows under the income approach, which we consider to be a Level 3 (significant unobservable inputs) measurement. We determined that the carrying value exceeded the fair value, which reflected our most current estimates of future sales and their contributions to operating profit and expected future cash flows (including perpetuity growth assumptions), as well as an increase in the weighted-average cost of capital. As a result of the quantitative assessment, we recorded pre-tax impairment charges of $1.9 billion ($1.4 billion after-tax or $1.05 per share) in impairment of intangible assets, primarily comprised of the Rockstar brand in our PBNA and EMEA segments. We continuously monitor the performance of all our indefinite-lived intangible assets and will perform our annual impairment assessment during our third quarter; for further information on our policies for indefinite-lived intangible assets, see Note 2 to our consolidated financial statements in our Recast Segment Information. The change in the book value of goodwill is as follows:
(a)Related to the acquisitions of Siete in our PFNA segment and poppi in our PBNA segment. See Note 12 for further information on acquisitions. (b)Translation and other primarily reflects the appreciation of the Russian ruble and the euro.
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Income Taxes |
6 Months Ended |
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Jun. 14, 2025 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Numerous countries, including European Union member states, have enacted, or are expected to enact, legislation incorporating the Organization for Economic Co-operation and Development (OECD) model rules for a global minimum tax rate of 15%. Widespread implementation is expected by the end of 2025, with certain countries that have not yet enacted potentially applying the legislation as of a retroactive date. Legislation enacted as of June 14, 2025 did not have a material impact on our financial statements for the 12 and 24 weeks ended June 14, 2025 and is not expected to have a material impact on our 2025 financial statements. On July 4, 2025, the One Big Beautiful Bill (OBBB) Act, which includes a broad range of tax reform provisions, was signed into law in the United States and we continue to assess its impact. We currently do not expect the OBBB Act to have a material impact on our estimated annual effective tax rate in 2025.
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Share-Based Compensation |
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Share-Based Compensation The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses:
The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan:
(a)In millions. All grant activity is disclosed at target. We granted long-term cash awards to certain executive officers and other senior executives with an aggregate target value of $22 million and $19 million during the 24 weeks ended June 14, 2025 and June 15, 2024, respectively. For the 12 weeks ended June 14, 2025 and June 15, 2024, our grants of stock options, RSUs, PSUs and long-term cash awards were nominal. Our weighted-average Black-Scholes fair value assumptions are as follows:
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Pension and Retiree Medical Benefits (Notes) |
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Retiree Medical Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Retiree Medical Benefits | Pension and Retiree Medical Benefits The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows:
We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. In the 24 weeks ended June 14, 2025 and June 15, 2024, we made discretionary contributions of $250 million and $150 million, respectively, to our U.S. qualified defined benefit plans, and $29 million and $27 million, respectively, to our international defined benefit plans.
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Debt Obligations |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | Debt Obligations In the 24 weeks ended June 14, 2025, we issued the following notes:
(a)Excludes debt issuance costs, discounts and premiums. The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In the 24 weeks ended June 14, 2025, $2.5 billion of U.S. dollar-denominated senior notes matured and were paid. As of June 14, 2025, we had $7.7 billion of commercial paper outstanding, excluding discounts. In the 12 and 24 weeks ended June 14, 2025, we entered into a new five-year unsecured revolving credit agreement (2025 Five-Year Credit Agreement), which expires on May 23, 2030. The 2025 Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $5.0 billion in U.S. dollars and/or euros, including a $0.75 billion swing line subfacility for euro-denominated borrowings permitted to be borrowed on a same-day basis, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $5.75 billion (or the equivalent amount in euros). Additionally, we may, up to two times during the term of the 2025 Five-Year Credit Agreement, request renewal of the agreement for an additional one-year period. The 2025 Five-Year Credit Agreement replaced our $5.0 billion five-year credit agreement, dated as of May 24, 2024. Also in the 12 and 24 weeks ended June 14, 2025, we entered into a new 364-day unsecured revolving credit agreement (2025 364-Day Credit Agreement), which expires on May 22, 2026. The 2025 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $5.0 billion in U.S. dollars and/or euros, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $5.75 billion (or the equivalent amount in euros). We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. The 2025 364-Day Credit Agreement replaced our $5.0 billion 364-day credit agreement, dated as of May 24, 2024. Funds borrowed under the 2025 Five-Year Credit Agreement and the 2025 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of June 14, 2025, there were no outstanding borrowings under the 2025 Five-Year Credit Agreement or the 2025 364-Day Credit Agreement.
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Financial Instruments |
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments We are exposed to market risks arising from adverse changes in: •commodity prices, affecting the cost of our raw materials and energy; •foreign exchange rates and currency restrictions; and •interest rates. There have been no material changes during the 24 weeks ended June 14, 2025 with respect to our risk management policies or strategies and valuation techniques used in measuring the fair value of the financial assets or liabilities disclosed in Note 9 to our consolidated financial statements in our Recast Segment Information. Certain of our agreements with our counterparties require us to post full collateral on derivative instruments in a net liability position if our credit rating is at A2 (Moody’s Investors Service, Inc.) or A (S&P Global Ratings) and we have been placed on credit watch for possible downgrade or if our credit rating falls below either of these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of June 14, 2025 was $110 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of June 14, 2025. The notional amounts of our financial instruments used to hedge the above risks are as follows:
(a)In billions. As of June 14, 2025, approximately 22% of total debt was subject to variable rates, after the impact of the related interest rate swap contracts, compared to approximately 13% as of December 28, 2024. Debt Securities Available-for-Sale The activity related to our Level 3 investments in certain available-for-sale debt securities is as follows:
There were no impairment charges related to our investments in available-for-sale debt securities in both the 24 weeks ended June 14, 2025 and June 15, 2024. There were unrealized gains of $526 million and $800 million as of June 14, 2025 and June 15, 2024, respectively, associated with our available-for-sale debt securities. Recurring Fair Value Measurements The fair values of our financial assets and liabilities are categorized as follows:
(a)Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b)Classified as other assets. Includes $958 million and $785 million related to our investment in Celsius as of June 14, 2025 and December 28, 2024, respectively; also, includes $261 million and $256 million related to our other investment in available-for-sale debt securities as of June 14, 2025 and December 28, 2024, respectively. The fair value of our Level 3 investment in Celsius is estimated using probability-weighted discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as an 80% probability that a certain market-based condition will be met and an average estimated discount rate of 9.0% and 7.3% as of June 14, 2025 and December 28, 2024, respectively. The fair value of the other Level 3 investment is estimated using a lattice model primarily based on the underlying stock price, volatility and certain significant unobservable inputs, such as a discount rate of 8.3% based on an estimated synthetic credit rating. An increase in the probability that certain market-based conditions will be met or a decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability that certain market-based conditions will be met or an increase in the discount rate would result in a lower fair value measurement. (c)Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d)Based primarily on the price of our common stock. (e)Based on the fair value of investments corresponding to employees’ investment elections. (f)In connection with our acquisition of poppi, we recorded a liability at fair value for the contingent consideration payable upon achievement of certain performance milestones by the third quarter of 2027, with a maximum payment of $300 million. If these performance milestones are not met, no payment will be made. The fair value of the liability is estimated using discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as forecasts of net revenue and margin. An increase in the net revenue and margin forecasts would result in a higher fair value measurement, while a decrease in the net revenue and margin forecasts would result in a lower fair value measurement. (g)Based on Secured Overnight Financing Rate forward rates. As of June 14, 2025, the carrying amount of hedged fixed-rate debt was $2.0 billion, which was classified on the balance sheet within long-term debt obligations. (h)Based on recently reported market transactions of spot and forward rates. (i)Primarily based on recently reported market transactions of swap arrangements. (j)Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on our balance sheet as of June 14, 2025 and December 28, 2024 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table. The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of June 14, 2025 and December 28, 2024 was $47 billion and $40 billion, respectively, based upon prices of identical or similar instruments in the marketplace, which are considered Level 2 inputs. Losses/(gains) on our fair value hedges recognized in the income statement are as follows:
(a)Interest rate derivative losses/(gains) are included in net interest expense and other. These losses/(gains) are substantially offset by decreases/increases in the value of the underlying debt, which are also included in net interest expense and other. Losses/(gains) on our cash flow hedges are categorized as follows:
(a)Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Cross-currency interest rate swap derivative losses/(gains) are included in selling, general and administrative expenses. Commodity derivative losses/(gains) are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. See Note 11 for further information. As of June 14, 2025, we expect to reclassify net gains of $42 million related to our cash flow hedges from accumulated other comprehensive loss within common shareholders’ equity into net income during the next 12 months. Losses/(gains) on our net investment hedges are categorized as follows:
(a)Amount excluded from the assessment of effectiveness recognized in earnings associated with cross-currency interest rate swaps. Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows:
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Net Income Attributable to PepsiCo per Common Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to PepsiCo per Common Share | Net Income Attributable to PepsiCo per Common Share The computations of basic and diluted net income attributable to PepsiCo per common share are as follows:
(a)Weighted-average common shares outstanding (in millions). (b)The dilutive effect of these securities is calculated using the treasury stock method. The weighted-average amount of antidilutive securities excluded from the calculation of diluted earnings per common share was 9 million and 8 million for the 12 and 24 weeks ended June 14, 2025, respectively, and 4 million for the 12 and 24 weeks ended June 15, 2024.
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Accumulated Other Comprehensive Loss Attributable to PepsiCo |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss Attributable to PepsiCo | Accumulated Other Comprehensive Loss Attributable to PepsiCo The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows:
(a)The movements primarily represent fair value changes in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 9 for further information. (b)Pension and retiree medical amounts are net of taxes of $1,282 million as of December 28, 2024, $1,279 million as of March 22, 2025 and $1,284 million as of June 14, 2025. (c)Currency translation adjustment primarily reflects appreciation of the Russian ruble and deprecation of the euro. (d)Currency translation adjustment primarily reflects appreciation of the Russian ruble, Mexican peso and Canadian dollar.
(a)The movements primarily represent fair value changes in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 9 for further information. (b)Pension and retiree medical amounts are net of taxes of $1,282 million as of December 30, 2023 and $1,280 million as of March 23, 2024 and $1,278 million as of June 15, 2024. (c)Currency translation adjustment primarily reflects depreciation of the South African rand, Canadian dollar and Russian ruble. (d)Currency translation adjustment primarily reflects depreciation of the Egyptian pound. The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows:
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Acquisitions & Divestitures |
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Acquisitions & Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisition of Siete On January 17, 2025, we acquired all of the outstanding equity interest in Siete, a Mexican-American foods business, for total consideration of $1.2 billion in cash. We accounted for the transaction as a business combination in the first quarter of 2025. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition, in our PFNA segment. The preliminary estimates of the fair value of the identifiable assets acquired and liabilities assumed in this transaction as of the acquisition date primarily include goodwill and other intangible assets of approximately $1.2 billion. These preliminary estimates include management’s assumptions and are subject to revision as additional information is obtained about the facts and circumstances that existed as of the acquisition date, primarily related to intangible assets, which may result in adjustments to the preliminary values discussed above as valuations are finalized. We expect to finalize these amounts as soon as possible, but no later than the first quarter of 2026. Acquisition of poppi On May 19, 2025, we acquired all of the outstanding equity interest in poppi, a prebiotic soda business, for cash consideration of $1.95 billion and contingent consideration with an acquisition date fair value of $0.2 billion. See Note 9 for further information on the contingent consideration. The purchase price will be adjusted for net working capital and net debt amounts as of the acquisition date. In connection with this acquisition, other payments may be incurred, subject to the achievement of certain conditions. We accounted for the transaction as a business combination in the second quarter of 2025. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition, in our PBNA segment. The preliminary estimates of the fair value of the identifiable assets acquired and liabilities assumed in this transaction as of the acquisition date primarily include goodwill and other intangible assets of approximately $2.1 billion. These preliminary estimates include management’s assumptions and are subject to revision as additional information is obtained about the facts and circumstances that existed as of the acquisition date, primarily related to intangible assets, which may result in adjustments to the preliminary values discussed above as valuations are finalized. We expect to finalize these amounts as soon as possible, but no later than the second quarter of 2026. Acquisition and Divestiture-Related Charges Acquisition and divestiture-related charges primarily include transaction expenses, such as consulting, advisory and other professional fees, and merger and integration charges. Merger and integration charges include distribution agreement termination fees, employee-related costs, closing costs and other integration costs. A summary of our acquisition and divestiture-related charges is as follows:
(a)Recorded in selling, general and administrative expenses.
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Supply Chain Financing |
6 Months Ended |
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Jun. 14, 2025 | |
Text Block [Abstract] | |
Supplier Finance Program | Supply Chain Financing Arrangements We maintain voluntary supply chain finance agreements with several participating global financial institutions. Under these agreements, our suppliers, at their sole discretion, may elect to sell their accounts receivable with PepsiCo to these participating global financial institutions. As of both June 14, 2025 and December 28, 2024, $1.5 billion of our accounts payable are to suppliers participating in these financing arrangements. For further information on the key terms of these supply chain financing programs, see Note 14 to our consolidated financial statements in our Recast Segment Information.
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Commitment and Contingencies |
6 Months Ended |
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Jun. 14, 2025 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies | Legal Contingencies The Company is party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations. While the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with certainty, management believes that the final outcome of the foregoing is not expected to have a material adverse effect on our financial condition, results of operations or cash flows.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 14, 2025 |
Jun. 15, 2024 |
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Jun. 15, 2024 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 1,263 | $ 3,083 | $ 3,097 | $ 5,125 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 14, 2025 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Our Divisions (Policies) |
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Jun. 14, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy | While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of March, April and May are reflected in our results for the 12 weeks ended June 14, 2025 and June 15, 2024, and the months of January through May are reflected in our results for the 24 weeks ended June 14, 2025 and June 15, 2024.
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Accounting Policies (Policies) |
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Jun. 14, 2025 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued guidance to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. Additionally, on an annual and interim basis, a qualitative description is required for amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The guidance also requires certain amounts that are currently required to be disclosed to be included in the same tabular disclosure as these disaggregation requirements. Furthermore, on an annual and interim basis, a public entity is required to separately disclose selling expenses and annually, disclose a description of the selling expenses. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2027 annual reporting and each quarter thereafter, on a prospective basis. In December 2023, the FASB issued guidance to enhance transparency of income tax disclosures. On an annual basis, the new guidance requires a public entity to disclose: (1) specific categories in the rate reconciliation, (2) additional information for reconciling items that are equal to or greater than 5% of the amount computed by multiplying income (or loss) from continuing operations before income tax expense (or benefit) by the applicable statutory income tax rate, (3) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, with foreign taxes disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid, (4) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (5) income tax expense (or benefit) from continuing operations disaggregated between federal (national), state and foreign. The guidance is effective for fiscal year 2025 annual reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2025 annual reporting, on a prospective basis.
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Basis of Presentation and Our Divisions (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Net Revenue, Significant Expenses and Operating Profit/(Loss) by Segment
(a)Does not include items recorded in the cost of sales or selling, general and administrative expenses lines on our income statement that are presented in the restructuring and impairment charges, acquisition and divestiture-related charges, impairment and other charges and product recall-related impact lines of these tables. (b)See Note 3 for further information related to restructuring and impairment charges. (c)See Note 12 for further information related to acquisitions and divestiture-related charges. (d)In the 12 and 24 weeks ended June 14, 2025, we recorded pre-tax charges of $1,860 million ($1,447 million after-tax or $1.05 per share), of which $1,780 million is related to the impairment of the Rockstar brand in our PBNA and EMEA segments. The remaining $80 million is related to the impairment of the Be & Cheery brand in our Asia Pacific Foods segment. See Note 4 for further information. (e)In the 12 weeks ended June 15, 2024, we recorded a pre-tax charge of $15 million ($11 million after-tax or $0.01 per share) associated with a previously announced voluntary recall of certain bars and cereals in our PFNA segment (Quaker Recall) with $8 million recorded in cost of sales and $7 million recorded in selling, general and administrative expenses. In the 24 weeks ended June 15, 2024, we recorded a pre-tax charge of $182 million ($139 million after-tax or $0.10 per share) associated with the Quaker Recall, with $175 million recorded in cost of sales related to property, plant and equipment write-offs, employee severance costs and other costs and $7 million recorded in selling, general and administrative expenses. (f)In the 12 and 24 weeks ended June 15, 2024, we recorded a pre-tax gain of $76 million ($57 million after-tax or $0.04 per share) in selling, general and administrative expenses as a result of the sale of a corporate asset.
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Summary of Segment Reporting Information by Percentage of Disaggregated Net Revenue | Disaggregation of Net Revenue Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the percentage of net revenue generated between our beverage business and our convenient food business:
(a)Beverage revenue from company-owned bottlers, which includes our consolidated bottling operations in our PBNA and EMEA segments, was 36% of our consolidated net revenue in the 12 and 24 weeks ended June 14, 2025 and 36% and 35% of our consolidated net revenue in the 12 and 24 weeks ended June 15, 2024, respectively. Generally, our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b)Beverage and convenient foods revenue generated from our EMEA segment was 38% and 62% of EMEA net revenue, respectively, in the 12 weeks ended June 14, 2025, 36% and 64% of EMEA net revenue, respectively, in the 24 weeks ended June 14, 2025 and 35% and 65% of EMEA net revenue, respectively, in the 12 and 24 weeks ended June 15, 2024.
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Schedule Of Segment Reporting Information By Capital Spending, Amortization Of Intangible Assets And Depreciation And Other Amortization | Other Segment Information Capital spending, amortization of intangible assets, and depreciation and other amortization of each segment are as follows:
(a) Asset and other balance sheet information for segments is not provided to our chief operating decision maker.
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Restructuring and Impairment Charges (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 Productivity Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Productivity Plan Activity | The total plan pre-tax charges are expected to be incurred by segment approximately as follows:
A summary of our 2019 Productivity Plan charges is as follows:
(a)Income amount represents adjustments for changes in estimates of previously recorded amounts.
A summary of our 2019 Productivity Plan activity for the 24 weeks ended June 14, 2025 is as follows:
(a)Excludes cash expenditures of $3 million reported in the cash flow statement in pension and retiree medical contributions.
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Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | A summary of our amortizable intangible assets is as follows:
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Schedule Of Change In Book Value Of Indefinite-Lived Intangible Assets | The components of indefinite-lived intangible assets are as follows:
(a)Increase is primarily related to acquisitions of poppi and Siete, partially offset by impairments to the Rockstar and Be & Cheery brands. See Note 12 for further information on acquisitions. The change in the book value of goodwill is as follows:
(a)Related to the acquisitions of Siete in our PFNA segment and poppi in our PBNA segment. See Note 12 for further information on acquisitions. (b)Translation and other primarily reflects the appreciation of the Russian ruble and the euro.
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses:
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Schedule of Share-based Payment Award, PepsiCo, Inc. Long-Term Incentive Plan | The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan:
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Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows:
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Pension and Retiree Medical Benefits - Periodic Benefit Cost (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows:
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Debt Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 14, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Issuances | In the 24 weeks ended June 14, 2025, we issued the following notes:
(a)Excludes debt issuance costs, discounts and premiums.
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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Financial Instruments | The notional amounts of our financial instruments used to hedge the above risks are as follows:
(a)In billions.
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Debt Securities, Available-for-Sale | The activity related to our Level 3 investments in certain available-for-sale debt securities is as follows:
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Summary of Fair Values of Financial Assets and Liabilities | The fair values of our financial assets and liabilities are categorized as follows:
(a)Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b)Classified as other assets. Includes $958 million and $785 million related to our investment in Celsius as of June 14, 2025 and December 28, 2024, respectively; also, includes $261 million and $256 million related to our other investment in available-for-sale debt securities as of June 14, 2025 and December 28, 2024, respectively. The fair value of our Level 3 investment in Celsius is estimated using probability-weighted discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as an 80% probability that a certain market-based condition will be met and an average estimated discount rate of 9.0% and 7.3% as of June 14, 2025 and December 28, 2024, respectively. The fair value of the other Level 3 investment is estimated using a lattice model primarily based on the underlying stock price, volatility and certain significant unobservable inputs, such as a discount rate of 8.3% based on an estimated synthetic credit rating. An increase in the probability that certain market-based conditions will be met or a decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability that certain market-based conditions will be met or an increase in the discount rate would result in a lower fair value measurement. (c)Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d)Based primarily on the price of our common stock. (e)Based on the fair value of investments corresponding to employees’ investment elections. (f)In connection with our acquisition of poppi, we recorded a liability at fair value for the contingent consideration payable upon achievement of certain performance milestones by the third quarter of 2027, with a maximum payment of $300 million. If these performance milestones are not met, no payment will be made. The fair value of the liability is estimated using discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as forecasts of net revenue and margin. An increase in the net revenue and margin forecasts would result in a higher fair value measurement, while a decrease in the net revenue and margin forecasts would result in a lower fair value measurement. (g)Based on Secured Overnight Financing Rate forward rates. As of June 14, 2025, the carrying amount of hedged fixed-rate debt was $2.0 billion, which was classified on the balance sheet within long-term debt obligations. (h)Based on recently reported market transactions of spot and forward rates. (i)Primarily based on recently reported market transactions of swap arrangements. (j)Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on our balance sheet as of June 14, 2025 and December 28, 2024 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table.
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Summary of Losses (Gains) On Derivative Instruments | Losses/(gains) on our fair value hedges recognized in the income statement are as follows:
(a)Interest rate derivative losses/(gains) are included in net interest expense and other. These losses/(gains) are substantially offset by decreases/increases in the value of the underlying debt, which are also included in net interest expense and other. Losses/(gains) on our cash flow hedges are categorized as follows:
(a)Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Cross-currency interest rate swap derivative losses/(gains) are included in selling, general and administrative expenses. Commodity derivative losses/(gains) are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. See Note 11 for further information. Losses/(gains) on our net investment hedges are categorized as follows:
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Derivatives Not Designated as Hedging Instruments | Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows:
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Net Income Attributable to PepsiCo per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic And Diluted Net Income Per Common Share | The computations of basic and diluted net income attributable to PepsiCo per common share are as follows:
(a)Weighted-average common shares outstanding (in millions). (b)The dilutive effect of these securities is calculated using the treasury stock method.
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Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows:
(a)The movements primarily represent fair value changes in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 9 for further information. (b)Pension and retiree medical amounts are net of taxes of $1,282 million as of December 28, 2024, $1,279 million as of March 22, 2025 and $1,284 million as of June 14, 2025. (c)Currency translation adjustment primarily reflects appreciation of the Russian ruble and deprecation of the euro. (d)Currency translation adjustment primarily reflects appreciation of the Russian ruble, Mexican peso and Canadian dollar.
(a)The movements primarily represent fair value changes in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 9 for further information. (b)Pension and retiree medical amounts are net of taxes of $1,282 million as of December 30, 2023 and $1,280 million as of March 23, 2024 and $1,278 million as of June 15, 2024. (c)Currency translation adjustment primarily reflects depreciation of the South African rand, Canadian dollar and Russian ruble. (d)Currency translation adjustment primarily reflects depreciation of the Egyptian pound.
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Reclassifications out of Accumulated Other Comprehensive Loss | The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows:
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Acquisitions & Divestitures (Tables) |
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Acquisitions & Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Acquisition and Divestiture-Related Charges | A summary of our acquisition and divestiture-related charges is as follows:
(a)Recorded in selling, general and administrative expenses.
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Basis of Presentation and Our Divisions (Narrative) (Details) - segment |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 14, 2025 |
Jun. 14, 2025 |
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Basis Of Presentation And Our Divisions [Line Items] | ||
Number of Reportable Segments | 6 | |
United States and Canada | ||
Basis Of Presentation And Our Divisions [Line Items] | ||
Fiscal Period Duration | 84 days |
Basis of Presentation and Our Divisions - Net Revenue, Significant Expenses and Operating Profit by Segment (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 22,726 | $ 22,501 | $ 40,645 | $ 40,751 |
Operating Profit | 1,789 | 4,048 | 4,372 | 6,765 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 42 | 56 | 65 | 114 |
Interest Expense, Operating and Nonoperating | (260) | (234) | (524) | (436) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,571 | $ 3,870 | 3,913 | $ 6,443 |
Product recall-related impact - per-share amount | $ 0.01 | $ 0.10 | ||
Product recall-related impact - after-tax | $ 11 | $ 139 | ||
Restructuring and impairment charges | 426 | 170 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) - Pre-tax | 1,860 | 1,860 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) - after tax | $ 1,447 | $ 1,447 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) - per share | $ 1.05 | $ 1.05 | ||
Gain (Loss) on Disposition of Assets | 76 | 76 | ||
Gain (Loss) on Disposition of Assets, After-Tax | $ 57 | $ 57 | ||
Gain (Loss) on Disposition of Assets - per-share amount | $ 0.04 | $ 0.04 | ||
Rockstar | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Impairment and other (credits)/charges | $ 1,780 | $ 1,780 | ||
Be & Cheery | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Impairment and other (credits)/charges | 80 | 80 | ||
Selling, General and Administrative Expenses [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 62 | $ 0 | 87 | $ 2 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Profit | 2,200 | 4,385 | 5,197 | 7,472 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Profit | (411) | (337) | (825) | (707) |
PepsiCo Foods North America [Member] | Cost of Sales [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Product recall-related impact excluding pension - pre-tax | 8 | 175 | ||
PepsiCo Foods North America [Member] | Selling, General and Administrative Expenses [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Product recall-related impact excluding pension - pre-tax | 7 | 7 | ||
PepsiCo Foods North America [Member] | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 6,476 | 6,435 | 12,689 | 12,704 |
Operating Profit | 1,391 | 1,677 | 2,927 | 3,182 |
Core cost of sales | 2,471 | 2,330 | 4,819 | 4,602 |
Product recall-related impact excluding pension - pre-tax | 15 | 182 | ||
Core selling, general and administrative expenses | 2,517 | 2,400 | 4,807 | 4,699 |
Restructuring and impairment charges | 91 | 13 | 115 | 39 |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 6 | 0 | 21 | 0 |
Impairment and other (credits)/charges | 0 | 0 | ||
PepsiCo Beverages North America [Member] | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 6,796 | 6,811 | 12,672 | 12,685 |
Operating Profit | (639) | 987 | (179) | 1,497 |
Core cost of sales | 2,990 | 3,052 | 5,649 | 5,805 |
Product recall-related impact excluding pension - pre-tax | 0 | 0 | ||
Core selling, general and administrative expenses | 2,812 | 2,767 | 5,434 | 5,366 |
Restructuring and impairment charges | 48 | 5 | 173 | 15 |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 56 | 0 | 66 | 2 |
Impairment and other (credits)/charges | 1,529 | 1,529 | ||
International Beverage Franchise | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,368 | 1,326 | 2,127 | 2,065 |
Operating Profit | 535 | 502 | 812 | 763 |
Core cost of sales | 400 | 400 | 612 | 617 |
Product recall-related impact excluding pension - pre-tax | 0 | 0 | ||
Core selling, general and administrative expenses | 430 | 424 | 698 | 685 |
Restructuring and impairment charges | 3 | 0 | 5 | 0 |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Impairment and other (credits)/charges | 0 | 0 | ||
Europe, Middle East & Africa (Segment) [Member] | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 4,536 | 4,183 | 6,924 | 6,616 |
Operating Profit | 370 | 582 | 590 | 796 |
Core cost of sales | 2,638 | 2,406 | 4,045 | 3,877 |
Product recall-related impact excluding pension - pre-tax | 0 | 0 | ||
Core selling, general and administrative expenses | 1,241 | 1,173 | 1,989 | 1,903 |
Restructuring and impairment charges | 36 | 22 | 49 | 40 |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Impairment and other (credits)/charges | 251 | 251 | ||
Latin America Foods (Segment) [Member] | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,548 | 2,749 | 4,209 | 4,639 |
Operating Profit | 533 | 534 | 877 | 956 |
Core cost of sales | 1,074 | 1,145 | 1,772 | 1,910 |
Product recall-related impact excluding pension - pre-tax | 0 | 0 | ||
Core selling, general and administrative expenses | 929 | 1,054 | 1,541 | 1,752 |
Restructuring and impairment charges | 12 | 16 | 19 | 21 |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Impairment and other (credits)/charges | 0 | 0 | ||
Asia Pacific Foods (Segment) [Member] | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,002 | 997 | 2,024 | 2,042 |
Operating Profit | 10 | 103 | 170 | 278 |
Core cost of sales | 627 | 597 | 1,239 | 1,207 |
Product recall-related impact excluding pension - pre-tax | 0 | 0 | ||
Core selling, general and administrative expenses | 282 | 293 | 531 | 553 |
Restructuring and impairment charges | 3 | $ 4 | 4 | 4 |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | $ 0 | |
Impairment and other (credits)/charges | $ 80 | $ 80 |
Basis of Presentation and Our Divisions - Segment Reporting Information by % of Disaggregated Net Revenue (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Disaggregation of Revenue [Line Items] | ||||
Disaggregation of Net Revenue - Beverages | 43.00% | 43.00% | 43.00% | 42.00% |
Disaggregation of Net Revenue - Convenient Food | 57.00% | 57.00% | 57.00% | 58.00% |
Disaggregation of beverage revenue from company-owned bottlers | 36.00% | 36.00% | 36.00% | 35.00% |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregation of Net Revenue - Beverages | 51.00% | 51.00% | 50.00% | 50.00% |
Disaggregation of Net Revenue - Convenient Food | 49.00% | 49.00% | 50.00% | 50.00% |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregation of Net Revenue - Beverages | 38.00% | 35.00% | 36.00% | 35.00% |
Disaggregation of Net Revenue - Convenient Food | 62.00% | 65.00% | 64.00% | 65.00% |
International (Outside of North America) | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregation of Net Revenue - Beverages | 33.00% | 30.00% | 31.00% | 28.00% |
Disaggregation of Net Revenue - Convenient Food | 67.00% | 70.00% | 69.00% | 72.00% |
Basis of Presentation and Our Divisions - Schedule of Pre-Tax Charges Russia-Ukraine Conflict Impact on Operating Profit (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Unusual or Infrequent Item, or Both [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1,860 | $ 0 | $ 1,860 | $ 0 |
Basis of Presentation and Our Divisions - Other Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | $ 904 | $ 1,087 | $ 1,507 | $ 1,701 |
Amortization of Intangible Assets | 20 | 19 | 35 | 34 |
Depreciation, Depletion and Amortization, Nonproduction | 787 | 719 | 1,456 | 1,345 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 863 | 1,003 | 1,442 | 1,581 |
Amortization of Intangible Assets | 20 | 19 | 35 | 34 |
Depreciation, Depletion and Amortization, Nonproduction | 751 | 691 | 1,384 | 1,291 |
Operating Segments | PepsiCo Foods North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 230 | 298 | 425 | 535 |
Amortization of Intangible Assets | 4 | 3 | 8 | 6 |
Depreciation, Depletion and Amortization, Nonproduction | 226 | 185 | 432 | 374 |
Operating Segments | PepsiCo Beverages North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 283 | 298 | 531 | 478 |
Amortization of Intangible Assets | 5 | 5 | 10 | 10 |
Depreciation, Depletion and Amortization, Nonproduction | 236 | 243 | 484 | 479 |
Operating Segments | International Beverage Franchise | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 30 | 33 | 46 | 44 |
Amortization of Intangible Assets | 4 | 4 | 7 | 7 |
Depreciation, Depletion and Amortization, Nonproduction | 23 | 22 | 39 | 37 |
Operating Segments | Europe, Middle East & Africa (Segment) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 137 | 177 | 187 | 247 |
Amortization of Intangible Assets | 4 | 4 | 6 | 7 |
Depreciation, Depletion and Amortization, Nonproduction | 131 | 110 | 210 | 186 |
Operating Segments | Latin America Foods (Segment) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 115 | 145 | 161 | 206 |
Amortization of Intangible Assets | 1 | 1 | 1 | 1 |
Depreciation, Depletion and Amortization, Nonproduction | 99 | 102 | 161 | 166 |
Operating Segments | Asia Pacific Foods (Segment) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 68 | 52 | 92 | 71 |
Amortization of Intangible Assets | 2 | 2 | 3 | 3 |
Depreciation, Depletion and Amortization, Nonproduction | 36 | 29 | 58 | 49 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Productive Assets | 41 | 84 | 65 | 120 |
Amortization of Intangible Assets | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization, Nonproduction | $ 36 | $ 28 | $ 72 | $ 54 |
Restructuring and Impairment Charges - (Expected Pre-Tax Charges for 2019 Productivity Plan) (Details) - 2019 Productivity Plan - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 6,150 | $ 6,150 | ||
Restructuring and Related Cost, Expected Cash Expenditures | 5,100 | 5,100 | ||
2025 restructuring charges | $ 213 | $ 74 | $ 426 | $ 170 |
Severance and Other Employee Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 55.00% | 55.00% | ||
2025 restructuring charges | $ 64 | 10 | $ 122 | 82 |
Asset Impairments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% | 10.00% | ||
2025 restructuring charges | $ 85 | 3 | $ 87 | 4 |
Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 35.00% | 35.00% | ||
2025 restructuring charges | $ 64 | 61 | $ 217 | 84 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% | 15.00% | ||
2025 restructuring charges | $ 22 | 6 | $ 47 | 36 |
PepsiCo Foods North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% | 15.00% | ||
2025 restructuring charges | $ 91 | 13 | $ 115 | 39 |
PepsiCo Beverages North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 25.00% | 25.00% | ||
2025 restructuring charges | $ 48 | 5 | $ 173 | 15 |
International Beverage Franchise | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 1.00% | 1.00% | ||
2025 restructuring charges | $ 3 | 0 | $ 5 | 0 |
Europe, Middle East & Africa (Segment) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 30.00% | 30.00% | ||
2025 restructuring charges | $ 36 | 22 | $ 49 | 40 |
Latin America Foods (Segment) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% | 10.00% | ||
2025 restructuring charges | $ 12 | 16 | $ 19 | 21 |
Asia Pacific Foods (Segment) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 4.00% | 4.00% | ||
2025 restructuring charges | $ 3 | $ 4 | $ 4 | $ 4 |
Restructuring and Impairment Charges - (Summary of 2019 Productivity Plan Charges) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Cash payments for restructuring charges | $ (387) | $ (173) | ||
2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Liability as of December 28, 2024 | 364 | |||
2025 restructuring charges | $ 213 | $ 74 | 426 | $ 170 |
Cash payments for restructuring charges | (387) | |||
Non-cash charges and translation | (93) | |||
Liability as of June 14, 2025 | $ 310 | $ 310 | ||
Restructuring Charges, PerShareAmount | $ (0.12) | $ (0.04) | $ (0.26) | $ (0.09) |
Restructuring and Related Cost, Cost Incurred to Date | $ 3,053 | $ 3,053 | ||
Cash payments reported on the cash flow statement in pension and retiree medical contributions | 3 | |||
2019 Productivity Plan | PepsiCo Foods North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 91 | $ 13 | 115 | $ 39 |
Restructuring and Related Cost, Cost Incurred to Date | 547 | 547 | ||
2019 Productivity Plan | PepsiCo Beverages North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 48 | 5 | 173 | 15 |
Restructuring and Related Cost, Cost Incurred to Date | 678 | 678 | ||
2019 Productivity Plan | International Beverage Franchise | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 3 | 0 | 5 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 56 | 56 | ||
2019 Productivity Plan | Europe, Middle East & Africa (Segment) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 36 | 22 | 49 | 40 |
Restructuring and Related Cost, Cost Incurred to Date | 810 | 810 | ||
2019 Productivity Plan | Latin America Foods (Segment) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 12 | 16 | 19 | 21 |
Restructuring and Related Cost, Cost Incurred to Date | 266 | 266 | ||
2019 Productivity Plan | Asia Pacific Foods (Segment) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 3 | 4 | 4 | 4 |
Restructuring and Related Cost, Cost Incurred to Date | 91 | 91 | ||
Other than 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 0 | |||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 22 | 6 | 47 | 36 |
Restructuring and Related Cost, Cost Incurred to Date | 465 | 465 | ||
Severance and Other Employee Costs | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Liability as of December 28, 2024 | 338 | |||
2025 restructuring charges | 64 | 10 | 122 | 82 |
Cash payments for restructuring charges | (153) | |||
Non-cash charges and translation | (7) | |||
Liability as of June 14, 2025 | 300 | 300 | ||
Restructuring and Related Cost, Cost Incurred to Date | 1,556 | 1,556 | ||
Asset Impairments | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Liability as of December 28, 2024 | 0 | |||
2025 restructuring charges | 85 | 3 | 87 | 4 |
Cash payments for restructuring charges | 0 | |||
Non-cash charges and translation | (87) | |||
Liability as of June 14, 2025 | 0 | 0 | ||
Restructuring and Related Cost, Cost Incurred to Date | 393 | 393 | ||
Other Costs | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Liability as of December 28, 2024 | 26 | |||
2025 restructuring charges | 64 | 61 | 217 | 84 |
Cash payments for restructuring charges | (234) | |||
Non-cash charges and translation | 1 | |||
Liability as of June 14, 2025 | 10 | 10 | ||
Restructuring and Related Cost, Cost Incurred to Date | 1,104 | 1,104 | ||
Other pension and retiree medical benefits expense [Member] | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 140 | 140 | ||
Restructuring, Settlement and Impairment Provisions, less Other pension and retiree medical benefits expense | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 2,913 | 2,913 | ||
Cost of Sales [Member] | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 102 | 0 | 103 | 6 |
Selling, General and Administrative Expenses [Member] | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 113 | 66 | 309 | 149 |
Other pension and retiree medical benefits expense [Member] | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | (2) | 8 | 14 | 15 |
Restructuring, Settlement and Impairment Provisions, less Other pension and retiree medical benefits expense | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | 215 | 66 | 412 | 155 |
After-tax amount [Member] | 2019 Productivity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
2025 restructuring charges | $ 160 | $ 54 | $ 351 | $ 130 |
Intangible Assets - Impairment of Intangible Assets (Details) $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Jun. 14, 2025
USD ($)
$ / shares
| |
Indefinite-lived Intangible Assets [Line Items] | |
Asset Impairment Charges | $ 1,900 |
Asset Impairment Charges, after-tax | $ 1,400 |
Impairment Effect on Earnings Per Share, after Tax | $ / shares | $ 1.05 |
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Millions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Intangible Asset, Acquired, Finite-Lived [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 3,155 | $ 2,857 |
Accumulated Amortization | (1,844) | (1,755) |
Amortizable Intangible Assets, net | 1,311 | 1,102 |
Acquired Franchise Rights | ||
Intangible Asset, Acquired, Finite-Lived [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 835 | 821 |
Accumulated Amortization | (236) | (223) |
Amortizable Intangible Assets, net | 599 | 598 |
Reacquired Franchise Rights | ||
Intangible Asset, Acquired, Finite-Lived [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 812 | 565 |
Accumulated Amortization | (315) | (279) |
Amortizable Intangible Assets, net | 497 | 286 |
Brands | ||
Intangible Asset, Acquired, Finite-Lived [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,077 | 1,051 |
Accumulated Amortization | (1,007) | (977) |
Amortizable Intangible Assets, net | 70 | 74 |
Other identifiable intangibles | ||
Intangible Asset, Acquired, Finite-Lived [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 431 | 420 |
Accumulated Amortization | (286) | (276) |
Amortizable Intangible Assets, net | $ 145 | $ 144 |
Intangible Assets - Schedule of Change in Book Value of Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Millions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 33,164 | $ 31,233 |
Goodwill [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 18,952 | 17,534 |
Acquired franchise rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,878 | 1,858 |
Reacquired Franchise Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 7,535 | 7,437 |
Brands [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 4,799 | $ 4,404 |
Intangible Assets, Schedule of Change in the Book Value of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jun. 14, 2025 |
Dec. 28, 2024 |
|
Goodwill [Line Items] | ||
Goodwill | $ 18,952 | $ 17,534 |
Goodwill [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 18,952 | 17,534 |
Acquisitions (a) | 919 | |
Translation and other | 499 | |
Goodwill [Member] | PepsiCo Foods North America [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,423 | 791 |
Acquisitions (a) | 625 | |
Translation and other | 7 | |
Goodwill [Member] | PepsiCo Beverages North America [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 12,242 | 11,925 |
Acquisitions (a) | 294 | |
Translation and other | 23 | |
Goodwill [Member] | International Beverage Franchise | ||
Goodwill [Line Items] | ||
Goodwill | 1,920 | 1,918 |
Acquisitions (a) | 0 | |
Translation and other | 2 | |
Goodwill [Member] | Europe, Middle East & Africa (Segment) [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 2,632 | 2,194 |
Acquisitions (a) | 0 | |
Translation and other | 438 | |
Goodwill [Member] | Latin America Foods (Segment) [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 372 | 354 |
Acquisitions (a) | 0 | |
Translation and other | 18 | |
Goodwill [Member] | Asia Pacific Foods (Segment) [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 363 | $ 352 |
Acquisitions (a) | 0 | |
Translation and other | $ 11 |
Income Taxes Narrative (Details) |
3 Months Ended |
---|---|
Jun. 14, 2025 | |
Income Tax Disclosure [Abstract] | |
Global Minimum Tax | 0.15 |
Share-Based Compensation - Weighted Average Black Scholes Fair Value Assumptions (Detail) |
6 Months Ended | |
---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Black Scholes valuation assumptions [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.10% | 4.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.00% | 16.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.40% | 2.90% |
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized stock-based compensation expense | $ 54 | $ 86 | $ 131 | $ 183 |
Compensation cost for share-based liabilities | (7) | 5 | (3) | 10 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | 46 | 92 | 126 | 189 |
Share based liability awards granted, target | 22 | 19 | ||
Share-based Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restructuring and impairment charges | $ (1) | $ 1 | $ (2) | $ (4) |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1.4 | 1.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Price | $ 153.75 | $ 164.25 | ||
RSUs and PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2.1 | 2.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Price | $ 153.71 | $ 164.25 |
Pension and Retiree Medical Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Domestic Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 73 | $ 80 | $ 145 | $ 160 |
Defined Benefit Plan, Interest Cost | 135 | 135 | 270 | 270 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (186) | (202) | (372) | (403) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | (5) | 1 | (11) |
Defined Benefit Plan, Amortization of Gain (Loss) | 20 | 18 | 39 | 36 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | (2) | |||
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 8 | 14 | 15 | |
Defined Benefit Plan, Other Cost (Credit) | (33) | (46) | (48) | (93) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 40 | 34 | 97 | 67 |
Foreign Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 11 | 12 | 19 | 21 |
Defined Benefit Plan, Interest Cost | 36 | 36 | 62 | 63 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (47) | (50) | (83) | (89) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | (1) | 0 | (1) |
Defined Benefit Plan, Amortization of Gain (Loss) | 6 | 5 | 10 | 9 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | (1) | 2 | (1) | 2 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (6) | (8) | (12) | (16) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 5 | 4 | 7 | 5 |
Retiree Medical Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 7 | 8 | 14 | 15 |
Defined Benefit Plan, Interest Cost | 7 | 8 | 14 | 15 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3) | (3) | (5) | (6) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1) | (1) | (2) | (2) |
Defined Benefit Plan, Amortization of Gain (Loss) | (6) | (6) | (12) | (12) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Curtailment | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (3) | (2) | (5) | (5) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 4 | $ 6 | $ 9 | $ 10 |
Pension and Retiree Medical Benefits - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Domestic Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 250 | $ 150 |
Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 29 | $ 27 |
Debt Obligations - Summary of Senior Notes (Detail) $ in Millions |
Jun. 14, 2025
USD ($)
|
---|---|
Notes Due 2027 | Four Point Four Percent Notes due 2027 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.40% |
Debt Instrument, Face Amount | $ 500 |
Notes Due 2028 | Four Point Four Five Percent Notes due 2028 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% |
Debt Instrument, Face Amount | $ 750 |
Notes Due 2030 | Four Point Six Percent Notes due 2030 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.60% |
Debt Instrument, Face Amount | $ 1,000 |
Notes Due 2035 | Five Percent Notes due 2035 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Face Amount | $ 1,250 |
Debt Obligations - (Narrative) (Details) - USD ($) $ in Millions |
Jun. 14, 2025 |
Jun. 15, 2024 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | $ 2,500 | |
Commercial Paper | 7,700 | |
Line of Credit Facility, Outstanding Borrowings | 0 | |
Five Year Unsecured Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 5,000 | $ 5,000 |
Line of Credit Swing Line Subfacility | 750 | |
Line of Credit Facility, Maximum Borrowing Capacity | 5,750 | |
364 Day Unsecured Revolving Credit Agreement Member | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 5,000 | $ 5,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,750 |
Financial Instruments - Celsius and Other AFS (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
Mar. 22, 2025 |
Dec. 28, 2024 |
Mar. 23, 2024 |
Dec. 30, 2023 |
|
Celsius & Other AFS | ||||||||
Impairment Losses, Investments, Available-for-Sale Securities1 | $ 0 | $ 0 | ||||||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | $ 526 | $ 800 | 526 | 800 | ||||
Total, AFS debt securities | ||||||||
Celsius & Other AFS | ||||||||
Debt Securities, Available-for-Sale | 1,219 | 1,337 | 1,219 | 1,337 | ||||
Other, AFS debt securities | ||||||||
Celsius & Other AFS | ||||||||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Asset (Liability), Gain (Loss), OCI | $ 19 | 0 | $ 5 | 0 | ||||
Significant unobservable input used in level 3 fair value measurement - Other AFS, discount rate assumption | 8.30% | 8.30% | 8.30% | |||||
Debt Securities, Available-for-Sale | $ 261 | 0 | $ 261 | 0 | $ 242 | $ 256 | $ 0 | $ 0 |
Celsius, AFS debt security | ||||||||
Celsius & Other AFS | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | $ (7) | (7) | $ (14) | (7) | ||||
Significant unobservable input used in level 3 fair value measurement - Celsius | 9.00% | 9.00% | 7.30% | |||||
Significant unobservable input used in level 3 fair value measurement - Celsius, probability assumption | 80.00% | 80.00% | 80.00% | |||||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Asset (Liability), Gain (Loss), OCI | $ 77 | (503) | $ 187 | 188 | ||||
Debt Securities, Available-for-Sale | $ 958 | $ 1,337 | $ 958 | $ 1,337 | $ 888 | $ 785 | $ 1,847 | $ 1,156 |
Financial Instruments - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 14, 2025
USD ($)
| |
Derivatives, Fair Value [Line Items] | |
Derivative with Credit Risk Related Contingent Features, Net Liability Position, Aggregate Fair Value | $ 110,000,000 |
Expected reclassification of net gain/(losses) related to hedge from accumulated OCI into net income within the next 12 months | 42,000,000 |
Collateral Already Posted, Aggregate Fair Value | 0 |
Credit-Risk-Related Contingent Features Triggered | $ 0 |
Financial Instruments - Additional Information - Debt Instrument (Detail) - USD ($) $ in Millions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 47,000 | $ 40,000 |
Variable Rate [Domain] | ||
Debt Instrument [Line Items] | ||
Total Debt, Percentage Bearing Variable Interest, Percentage Rate | 22.00% | 13.00% |
Financial Instruments - Notional Amounts of Financial Instruments - Derivative Instruments (Detail) - USD ($) $ in Billions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Commodity Contracts [Member] | ||
Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 1.3 | $ 1.4 |
Foreign Exchange Contract | ||
Derivatives [Line Items] | ||
Derivative, Notional Amount | 3.1 | 3.1 |
Cross-currency contracts | ||
Derivatives [Line Items] | ||
Derivative, Notional Amount | 1.2 | 1.2 |
Interest Rate Swap [Member] | ||
Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 2.0 | $ 2.0 |
Financial Instruments - Notional Amounts of Financial Instruments - Non-derivative Debt Instruments (Detail) - USD ($) $ in Billions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Non-derivative Debt Instruments | ||
Debt Instrument [Line Items] | ||
Non-derivative Debt Instruments, Notional Amount | $ 3.2 | $ 2.9 |
Financial Instruments - Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 14, 2025 |
Dec. 28, 2024 |
|
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 225 | $ 246 |
Derivative Asset | 97 | 114 |
Total Financial Assets At Fair Value | 1,646 | 1,506 |
Total Financial Liabilities At Fair Value | $ 932 | $ 749 |
Collateral Received or Posted against our Asset or Liability Positions | not material | |
Derivative Assets and Liabilities, Subject to Master Netting Arrangements, which are not offset on balance sheet. | not material | not material |
Carrying Amount, Hedged Fixed-Rate Debt | $ 2,000 | |
Business Combination, Contingent Consideration, Asset | 0 | $ 0 |
Business Combination, Contingent Consideration, Liability | 226 | 0 |
poppi acquisition | ||
Derivatives, Fair Value [Line Items] | ||
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount | 300 | |
Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as hedging instruments, Assets, Total | 79 | 82 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as hedging instruments, Liabilities, Total | 164 | 174 |
Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value [Member] | 11 | 31 |
Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 39 | 22 |
Fair Value, Inputs, Level 2 | Derivative Designated As Net Investment Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cross-Currency Contracts | 0 | 1 |
Fair Value, Inputs, Level 2 | Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 5 | 55 |
Cross-Currency Contracts | 0 | 0 |
Commodity Contracts | 74 | 27 |
Fair Value, Inputs, Level 2 | Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 40 | 3 |
Cross-Currency Contracts | 110 | 165 |
Commodity Contracts | 14 | 6 |
Fair Value, Inputs, Level 2 | Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 10 | 28 |
Commodity Contracts | 1 | 3 |
Fair Value, Inputs, Level 2 | Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 28 | 12 |
Commodity Contracts | 11 | 10 |
Fair Value, Inputs, Level 2 | Derivatives Designated As Fair Value Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 10 | 46 |
Fair Value, Inputs, Level 2 | Derivative Designated As Net Investment Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cross-Currency Contracts | 12 | 4 |
Fair Value, Inputs, Level 2 | Derivatives Designated As Fair Value Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 7 | $ 0 |
Financial Instruments - Fair Values of Financial Assets and Liabilities – Deferred Compensation (Detail) - Fair Value, Inputs, Level 1 & 2 - USD ($) $ in Millions - USD ($) $ in Millions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Non-derivatives, fair value [Line Items] | ||
Short-term Investments | $ 342 | $ 761 |
Assets | Fair Value, Inputs, Level 1 | ||
Non-derivatives, fair value [Line Items] | ||
Short-term Investments | 322 | 336 |
Assets | Fair Value, Inputs, Level 2 | ||
Non-derivatives, fair value [Line Items] | ||
Prepaid Forward Contract Fair Value | 8 | 15 |
Deferred compensation | 0 | 0 |
Liability | Fair Value, Inputs, Level 1 | ||
Non-derivatives, fair value [Line Items] | ||
Short-term Investments | 0 | 0 |
Liability | Fair Value, Inputs, Level 2 | ||
Non-derivatives, fair value [Line Items] | ||
Prepaid Forward Contract Fair Value | 0 | 0 |
Deferred compensation | $ 481 | $ 503 |
Financial Instruments - Fair Values of Financial Assets and Liabilities - Debt AFS (Detail) - Fair Value, Inputs, Level 3 - USD ($) $ in Millions |
Jun. 14, 2025 |
Dec. 28, 2024 |
---|---|---|
Assets | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale | $ 1,219 | $ 1,041 |
Liability | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale | $ 0 | $ 0 |
Financial Instruments - Losses (Gains) On Derivative Instruments - Cash-flow Hedges (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 14, 2025 |
Mar. 22, 2025 |
Jun. 15, 2024 |
Mar. 23, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Derivative Instruments, Loss (Gain) [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification and Tax | $ (27) | $ (58) | $ (3) | $ 47 | ||
Foreign exchange contracts | Cash flow hedges: | ||||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification and Tax | 54 | (1) | $ 70 | $ (15) | ||
Foreign Currency Cash Flow Hedge (Gain) Loss Reclassified to Earnings, Net | (8) | 9 | (24) | 18 | ||
Commodity Contracts [Member] | Cash flow hedges: | ||||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification and Tax | (45) | (11) | (100) | 28 | ||
Price Risk Cash Flow Hedge (Gain) Loss Reclassified to Earnings, Net | (11) | 30 | (5) | 51 | ||
Cash flow hedges: | ||||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||||
Other Comprehensive (Income) Loss, (Gain) Loss, before Reclassification and Tax | (27) | (3) | (85) | 47 | ||
Loss (Gain) on Cash Flow Hedge Recognized in Net Income, Net, Pretax | (53) | 50 | (84) | 104 | ||
Cross-currency contracts | Cash flow hedges: | ||||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification and Tax | (36) | 9 | (55) | 34 | ||
Cross Currency Contracts Cash Flow Hedge (Gain) Loss Reclassified to Earnings, Net | $ (34) | $ 11 | $ (55) | $ 35 |
Financial Instruments - TBG Impairment (Detail) $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Jun. 14, 2025
USD ($)
$ / shares
| |
Derivative Instruments, Loss (Gain) [Line Items] | |
Asset Impairment Charges, after-tax | $ 1,400 |
Asset Impairment Charges | $ 1,900 |
Impairment Effect on Earnings Per Share, after Tax | $ / shares | $ 1.05 |
Financial Instruments - Losses (Gains) Recognized in the Income Statement - Non-designated Hedges (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Nondesignated Hedges | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | $ 41 | $ 15 | $ 41 | $ 7 |
Nondesignated Hedges - Selling, General and Administrative Expenses | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | 35 | 29 | 44 | 22 |
Nondesignated Hedges - Cost of Sales | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | 6 | (14) | (3) | (15) |
Foreign Exchange Contract Losses/(Gains) Included in Cost of Sales | Nondesignated Hedges - Cost of Sales | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | 1 | 0 | 1 | 0 |
Foreign Exchange Contract Losses/(Gains) Included in Selling, General and Administrative Expenses | Nondesignated Hedges - Selling, General and Administrative Expenses | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | 43 | 24 | 54 | 42 |
Foreign exchange contracts | Nondesignated Hedges | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | 44 | 24 | 55 | 42 |
Commodity Contract Losses/(Gains) Included in Cost of Sales | Nondesignated Hedges - Cost of Sales | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | 5 | (14) | (4) | (15) |
Commodity Contract Losses/(Gains) Included in Selling, General and Administrative Expenses | Nondesignated Hedges - Selling, General and Administrative Expenses | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | (8) | 5 | (10) | (20) |
Commodity Contracts [Member] | Nondesignated Hedges | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Losses/(Gains) Recognized in Income Statement(a) | $ (3) | $ (9) | $ (14) | $ (35) |
Financial Instruments - Losses (Gains) - Net Investment Hedges (Detail) - Net Investment Hedging [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Net Investment Hedges | ||||
Other Comprehensive (Income) Loss, Net Investment Hedge, (Gain) Loss, before Tax | $ 186 | $ (17) | $ 293 | $ (69) |
Loss (Gain) on Net Investment Hedge Recognized in Net Income, Net, Pretax | (2) | 0 | (4) | 0 |
Non-derivative Debt Instruments | ||||
Net Investment Hedges | ||||
Other Comprehensive (Income) Loss, Net Investment Hedge, (Gain) Loss, before Tax | 174 | (17) | 284 | (69) |
Loss (Gain) on Net Investment Hedge Recognized in Net Income, Net, Pretax | 0 | 0 | 0 | 0 |
Cross-currency contracts | ||||
Net Investment Hedges | ||||
Other Comprehensive (Income) Loss, Net Investment Hedge, (Gain) Loss, before Tax | 12 | 0 | 9 | 0 |
Loss (Gain) on Net Investment Hedge Recognized in Net Income, Net, Pretax | $ (2) | $ 0 | $ (4) | $ 0 |
Financial Instruments - Losses (Gains) on Derivative Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Interest Rate Swap [Member] | Fair Value Hedging | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Fair Value Hedge, (Gain) Loss on Interest Rate Swap Contract | $ (7) | $ 0 | $ (43) | $ 0 |
Net Income Attributable to PepsiCo per Common Share - Basic And Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Earnings Per Share [Abstract] | ||||
Earnings Per Share, Basic (in USD per share) | $ 0.92 | $ 2.24 | $ 2.26 | $ 3.73 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,263 | $ 3,083 | $ 3,097 | $ 5,125 |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 1,371,000 | 1,375,000 | 1,371,000 | 1,375,000 |
Dilutive Securities [Abstract] | ||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | $ 0 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,000 | 4,000 | 3,000 | 5,000 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 1,263 | $ 3,083 | $ 3,097 | $ 5,125 |
Weighted Average Number of Shares Outstanding, Diluted | 1,373,000 | 1,379,000 | 1,374,000 | 1,380,000 |
Earnings Per Share, Diluted (in USD per share) | $ 0.92 | $ 2.23 | $ 2.25 | $ 3.71 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,000 | 4,000 | 8,000 | 4,000 |
Accumulated Other Comprehensive Loss Attributable to PepsiCo - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 14, 2025 |
Mar. 22, 2025 |
Jun. 15, 2024 |
Mar. 23, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | $ (14,781) | $ (15,217) | $ (13,437) | $ (13,255) | $ (15,217) | $ (13,255) | ||
Other comprehensive (loss)/income before reclassifications (c) | 915 | 410 | (295) | (168) | ||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Net other comprehensive (loss)/income | 915 | 410 | (295) | (168) | ||||
Tax amounts | 46 | 26 | 28 | (14) | ||||
Ending balance | (13,820) | (14,781) | (13,704) | (13,437) | (13,820) | (13,704) | ||
Net other comprehensive (loss)/income | (26) | 27 | 56 | 4 | ||||
Beginning balance | 2,704 | 2,714 | 2,708 | 2,719 | 2,714 | 2,719 | ||
Other comprehensive (loss)/income before reclassifications (d) | (42) | (4) | (1) | 4 | ||||
Amounts reclassified from accumulated other comprehensive loss | 18 | 17 | 12 | 9 | 35 | 21 | ||
Net other comprehensive (loss)/income | (24) | 13 | 11 | 13 | ||||
Tax amounts | 5 | (3) | (2) | (2) | ||||
Ending balance | 2,723 | 2,704 | 2,699 | 2,708 | 2,723 | 2,699 | ||
Beginning balance | 303 | 237 | 994 | 471 | 237 | 471 | ||
Other comprehensive income/(loss) before reclassifications (e) | 84 | 87 | (511) | 685 | ||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Net other comprehensive income/(loss) | 84 | 87 | (511) | 685 | ||||
Tax amounts | (20) | (21) | 120 | (162) | ||||
Ending balance | 367 | 303 | 603 | 994 | 367 | 603 | ||
OCI, before Reclassifications, before Tax, Attributable to Parent | 984 | 551 | (804) | 474 | ||||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (35) | (14) | 65 | 60 | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 949 | 537 | (739) | 534 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 39 | (3) | 132 | (179) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (16,090) | (17,078) | (15,786) | (15,179) | (16,090) | (15,786) | $ (17,612) | $ (15,534) |
Net of taxes decrease to opening balance of accumulated other comprehensive loss attributable to Pepsico | 1,284 | 1,279 | 1,278 | 1,280 | 1,284 | 1,278 | $ 1,282 | $ 1,282 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 104 | 82 | (28) | (31) | 82 | (31) | ||
Other comprehensive (loss)/income before reclassifications (c) | 27 | 58 | 3 | (47) | ||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | (53) | (31) | 53 | 51 | (84) | 104 | ||
Net other comprehensive (loss)/income | (26) | 27 | 56 | 4 | ||||
Tax amounts | 8 | (5) | (14) | (1) | ||||
Ending balance | $ 86 | $ 104 | $ 14 | $ (28) | $ 86 | $ 14 |
Accumulated Other Comprehensive Loss Attributable to Pepsico Reclassification of Accumulated Other Comprehensive Loss to the Condensed Consolidated Statement of Income (Cash Flow Hedges) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 14, 2025 |
Mar. 22, 2025 |
Jun. 15, 2024 |
Mar. 23, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | $ (53) | $ (31) | $ 53 | $ 51 | $ (84) | $ 104 |
Tax amounts | 13 | (14) | 22 | (27) | ||
Net (gains)/losses after tax | (40) | 39 | (62) | 77 | ||
Foreign exchange contracts | Cash flow hedges: | Cost of Sales [Member] | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | (6) | 9 | (22) | 18 | ||
Foreign exchange contracts | Cash flow hedges: | Revenue, Net | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | (2) | 0 | (2) | 0 | ||
Cross-currency contracts | Cash flow hedges: | Selling, General and Administrative Expenses [Member] | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | (34) | 11 | (55) | 35 | ||
Interest rate swap contracts | Cash flow hedges: | Selling, General and Administrative Expenses [Member] | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | 0 | 3 | 0 | 0 | ||
Commodity contracts | Cash flow hedges: | Cost of Sales [Member] | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | (11) | 30 | (6) | 51 | ||
Commodity contracts | Cash flow hedges: | Selling, General and Administrative Expenses [Member] | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, Reclassification, before Tax | $ 0 | $ 0 | $ 1 | $ 0 |
Accumulated Other Comprehensive Loss Attributable to Pepsico Reclassification of Accumulated Other Comprehensive Loss to the Condensed Consolidated Statement of Income (PRM) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 14, 2025 |
Mar. 22, 2025 |
Jun. 15, 2024 |
Mar. 23, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net (gains)/losses after tax | $ (40) | $ 39 | $ (62) | $ 77 | ||
Amortization of net prior service credits | (1) | (7) | (1) | (14) | ||
Amortization of net losses | 20 | 17 | 37 | 33 | ||
Settlement/curtailment (gains)/losses | (1) | 2 | (1) | 2 | ||
Net losses before tax | 18 | $ 17 | 12 | $ 9 | 35 | 21 |
Tax amounts | (4) | (2) | (8) | (4) | ||
Net losses after tax | 14 | 10 | 27 | 17 | ||
Total net (gains)/losses reclassified, net of tax | (26) | 49 | (35) | 94 | ||
Net (gains)/losses before tax | 53 | $ 31 | (53) | $ (51) | 84 | (104) |
Cross-currency contracts | Selling, General and Administrative Expenses [Member] | Cash flow hedges: | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net (gains)/losses before tax | 34 | (11) | 55 | (35) | ||
Interest rate swap contracts | Selling, General and Administrative Expenses [Member] | Cash flow hedges: | ||||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net (gains)/losses before tax | $ 0 | $ (3) | $ 0 | $ 0 |
Acquisitions & Divestiture - Summary of Acquisition and Divestiture-Related Charges (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 14, 2025 |
Jun. 15, 2024 |
Jun. 14, 2025 |
Jun. 15, 2024 |
|
Acquisitions & Divestitures [Line Items] | ||||
Acquisition and divestiture-related charges, after-tax | $ 48 | $ 0 | $ 67 | $ 1 |
Acquisition and divestiture-related charges, PerShare | $ (0.03) | $ 0 | $ (0.05) | $ 0 |
PepsiCo Foods North America [Member] | Operating Segments | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 6 | $ 0 | $ 21 | $ 0 |
PepsiCo Beverages North America [Member] | Operating Segments | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 56 | 0 | 66 | 2 |
International Beverage Franchise | Operating Segments | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Europe, Middle East & Africa (Segment) [Member] | Operating Segments | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Latin America Foods (Segment) [Member] | Operating Segments | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Asia Pacific Foods (Segment) [Member] | Operating Segments | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 0 | 0 | 0 | |
Selling, General and Administrative Expenses [Member] | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 62 | $ 0 | $ 87 | $ 2 |
Acquisitions & Divestitures - Siete (Details) - Siete acquisition $ in Millions |
6 Months Ended |
---|---|
Jun. 14, 2025
USD ($)
| |
Acquisitions & Divestitures [Line Items] | |
Business Combination, Consideration Transferred | $ 1,200 |
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Indefinite-Lived | $ 1,200 |
Acquisitions & Divestitures - poppi (Details) - poppi acquisition $ in Millions |
6 Months Ended |
---|---|
Jun. 14, 2025
USD ($)
| |
Acquisitions & Divestitures [Line Items] | |
Payments to Acquire Businesses, Gross | $ 1,950 |
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Indefinite-Lived | 2,100 |
Business Combination, Contingency Recognized at Acquisition Date, Liability Assumed, Fair Value | $ 200 |
Supply Chain Financing (Details) - USD ($) $ in Billions |
Jun. 14, 2025 |
Jun. 15, 2024 |
---|---|---|
Text Block [Abstract] | ||
Supplier Finance Program, Obligation, Current | $ 1.5 | $ 1.5 |
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