(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
PEPSICO, INC. | |||||||||||
Date: | July 16, 2025 | By: | /s/ David Flavell | ||||||||
Name: | David Flavell | ||||||||||
Title: | Executive Vice President, General Counsel and Corporate Secretary |
Second-Quarter | Year-to-Date | |||||||
Net revenue performance | 1.0% | (0.3)% | ||||||
Foreign exchange impact on net revenue | (1.5)% | (2)% | ||||||
Earnings per share (EPS) | $0.92 | $2.25 | ||||||
EPS change | (59)% | (39)% | ||||||
Foreign exchange impact on EPS | (2)% | (3)% |
Second-Quarter | Year-to-Date | |||||||
Organic revenue performance | 2.1% | 1.7% | ||||||
Core EPS | $2.12 | $3.59 | ||||||
Core constant currency EPS change | (5)% | (4.5)% |
Revenue | Volume(a) | ||||||||||||||||||||||
GAAP Reported % Change | Percentage Point Impact | Organic % Change | % Change | ||||||||||||||||||||
Foreign Exchange Translation | Acquisitions and Divestitures | Convenient Foods | Beverages | ||||||||||||||||||||
PepsiCo Foods North America (PFNA) | 1 | — | (2) | (2) | (1) | ||||||||||||||||||
PepsiCo Beverages North America (PBNA) | — | — | 1 | 1 | (2) | ||||||||||||||||||
International Beverages Franchise (IB Franchise) | 3 | 2 | — | 5 | 1 | ||||||||||||||||||
Europe, Middle East and Africa (EMEA) | 8 | (2) | — | 7 | (6) | 1 | |||||||||||||||||
Latin America Foods (LatAm Foods) | (7) | 14 | — | 6 | 4 | ||||||||||||||||||
Asia Pacific Foods | 0.5 | 1 | (1) | — | 5 | ||||||||||||||||||
Total | 1 | 1.5 | — | 2 | (1.5) | — |
Operating Profit and EPS | ||||||||||||||
GAAP Reported % Change | Percentage Point Impact | Core Constant Currency % Change | ||||||||||||
Items Affecting Comparability | Foreign Exchange Translation | |||||||||||||
PFNA | (17) | 4 | — | (13) | ||||||||||
PBNA | (165) | 165 | — | — | ||||||||||
IB Franchise | 7 | 1 | 2 | 9 | ||||||||||
EMEA | (36) | 45 | (2) | 6 | ||||||||||
LatAm Foods | — | (0.5) | 17 | 16 | ||||||||||
Asia Pacific Foods | (90) | 77 | (0.5) | (13) | ||||||||||
Corporate unallocated expenses | 22 | (3) | — | 20 | ||||||||||
Total | (56) | 51 | 2 | (3) | ||||||||||
EPS | (59) | 52 | 2 | (5) |
Revenue | Volume(a) | ||||||||||||||||||||||
GAAP Reported % Change | Percentage Point Impact | Organic % Change | % Change | ||||||||||||||||||||
Foreign Exchange Translation | Acquisitions and Divestitures | Convenient Foods | Beverages | ||||||||||||||||||||
PFNA | — | — | (2) | (2) | (1) | ||||||||||||||||||
PBNA | — | — | 1 | 1 | (3) | ||||||||||||||||||
IB Franchise | 3 | 3 | — | 6 | 2 | ||||||||||||||||||
EMEA | 5 | 2 | — | 7 | (7) | (1) | |||||||||||||||||
LatAm Foods | (9) | 14 | — | 5 | 2 | ||||||||||||||||||
Asia Pacific Foods | (1) | 1 | (1) | — | 4 | ||||||||||||||||||
Total | — | 2 | — | 2 | (2) | — |
Operating Profit and EPS | ||||||||||||||
GAAP Reported % Change | Percentage Point Impact | Core Constant Currency % Change | ||||||||||||
Items Affecting Comparability | Foreign Exchange Translation | |||||||||||||
PFNA | (8) | (2) | — | (10) | ||||||||||
PBNA | (112) | 117 | — | 5 | ||||||||||
IB Franchise | 6 | 1 | 3 | 10 | ||||||||||
EMEA | (26) | 32 | 2 | 8 | ||||||||||
LatAm Foods | (8) | — | 16 | 8 | ||||||||||
Asia Pacific Foods | (39) | 29 | 1 | (9) | ||||||||||
Corporate unallocated expenses | 17 | (4) | — | 13 | ||||||||||
Total | (35) | 30 | 3 | (2) | ||||||||||
EPS | (39) | 32 | 3 | (4.5) |
Contacts: | Investor Relations | Communications | |||||||||
investor@pepsico.com | pepsicomediarelations@pepsico.com |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
6/14/2025 | 6/15/2024 | 6/14/2025 | 6/15/2024 | ||||||||||||||||||||
Net Revenue | $ | 22,726 | $ | 22,501 | $ | 40,645 | $ | 40,751 | |||||||||||||||
Cost of sales | 10,304 | 9,919 | 18,230 | 18,167 | |||||||||||||||||||
Gross profit | 12,422 | 12,582 | 22,415 | 22,584 | |||||||||||||||||||
Selling, general and administrative expenses | 8,773 | 8,534 | 16,183 | 15,819 | |||||||||||||||||||
Impairment of intangible assets (a) | 1,860 | — | 1,860 | — | |||||||||||||||||||
Operating Profit | 1,789 | 4,048 | 4,372 | 6,765 | |||||||||||||||||||
Other pension and retiree medical benefits income | 42 | 56 | 65 | 114 | |||||||||||||||||||
Net interest expense and other | (260) | (234) | (524) | (436) | |||||||||||||||||||
Income before income taxes | 1,571 | 3,870 | 3,913 | 6,443 | |||||||||||||||||||
Provision for income taxes | 292 | 776 | 791 | 1,296 | |||||||||||||||||||
Net income | 1,279 | 3,094 | 3,122 | 5,147 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 16 | 11 | 25 | 22 | |||||||||||||||||||
Net Income Attributable to PepsiCo | $ | 1,263 | $ | 3,083 | $ | 3,097 | $ | 5,125 | |||||||||||||||
Diluted | |||||||||||||||||||||||
Net income attributable to PepsiCo per common share | $ | 0.92 | $ | 2.23 | $ | 2.25 | $ | 3.71 | |||||||||||||||
Weighted-average common shares outstanding | 1,373 | 1,379 | 1,374 | 1,380 |
24 Weeks Ended | |||||||||||
6/14/2025 | 6/15/2024 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | 3,122 | $ | 5,147 | |||||||
Depreciation and amortization | 1,491 | 1,379 | |||||||||
Impairment and other charges | 1,860 | — | |||||||||
Product recall-related impact | — | 182 | |||||||||
Cash payments for product recall-related impact | (2) | (135) | |||||||||
Operating lease right-of-use asset amortization | 315 | 278 | |||||||||
Share-based compensation expense | 131 | 183 | |||||||||
Restructuring and impairment charges | 426 | 170 | |||||||||
Cash payments for restructuring charges | (387) | (173) | |||||||||
Pension and retiree medical plan expense | 99 | 67 | |||||||||
Pension and retiree medical plan contributions | (354) | (263) | |||||||||
Deferred income taxes and other tax charges and credits | (260) | 142 | |||||||||
Tax payments related to the Tax Cuts and Jobs Act | (772) | (579) | |||||||||
Change in assets and liabilities: | |||||||||||
Accounts and notes receivable | (1,582) | (1,138) | |||||||||
Inventories | (800) | (696) | |||||||||
Prepaid expenses and other current assets | (354) | (365) | |||||||||
Accounts payable and other current liabilities | (2,083) | (2,968) | |||||||||
Income taxes payable | 415 | 287 | |||||||||
Other, net | (269) | (203) | |||||||||
Net Cash Provided by Operating Activities | 996 | 1,315 | |||||||||
Investing Activities | |||||||||||
Capital spending | (1,507) | (1,701) | |||||||||
Sales of property, plant and equipment | 169 | 127 | |||||||||
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets | (3,130) | (30) | |||||||||
Divestitures, sales of investments in noncontrolled affiliates and other assets | 5 | 135 | |||||||||
Short-term investments, by original maturity: | |||||||||||
More than three months - maturities | 425 | — | |||||||||
Three months or less, net | 22 | 1 | |||||||||
Other investing, net | (111) | 14 | |||||||||
Net Cash Used for Investing Activities | (4,127) | (1,454) |
24 Weeks Ended | |||||||||||
6/14/2025 | 6/15/2024 | ||||||||||
Financing Activities | |||||||||||
Proceeds from issuances of long-term debt | 3,521 | 1,765 | |||||||||
Payments of long-term debt | (2,543) | (2,882) | |||||||||
Short-term borrowings, by original maturity: | |||||||||||
More than three months - proceeds | 5,251 | 3,080 | |||||||||
More than three months - payments | (2,492) | (2,138) | |||||||||
Three months or less, net | 2,438 | 1,286 | |||||||||
Cash dividends paid | (3,743) | (3,506) | |||||||||
Share repurchases | (494) | (461) | |||||||||
Proceeds from exercises of stock options | 58 | 107 | |||||||||
Withholding tax payments on restricted stock units and performance stock units converted | (111) | (131) | |||||||||
Other financing | (17) | (20) | |||||||||
Net Cash Provided by/(Used for) Financing Activities | 1,868 | (2,900) | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 422 | (304) | |||||||||
Net Decrease in Cash and Cash Equivalents and Restricted Cash | (841) | (3,343) | |||||||||
Cash and Cash Equivalents and Restricted Cash, Beginning of Year | 8,553 | 9,761 | |||||||||
Cash and Cash Equivalents and Restricted Cash, End of Period | $ | 7,712 | $ | 6,418 | |||||||
Supplemental Non-Cash Activity | |||||||||||
Right-of-use assets obtained in exchange for lease obligations | $ | 329 | $ | 541 | |||||||
(unaudited) | |||||||||||
6/14/2025 | 12/28/2024 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 7,631 | $ | 8,505 | |||||||
Short-term investments | 342 | 761 | |||||||||
Accounts and notes receivable, net | 12,390 | 10,333 | |||||||||
Inventories: | |||||||||||
Raw materials and packaging | 2,940 | 2,440 | |||||||||
Work-in-process | 135 | 104 | |||||||||
Finished goods | 3,412 | 2,762 | |||||||||
6,487 | 5,306 | ||||||||||
Prepaid expenses and other current assets | 1,360 | 921 | |||||||||
Total Current Assets | 28,210 | 25,826 | |||||||||
Property, Plant and Equipment, net | 28,797 | 28,008 | |||||||||
Amortizable Intangible Assets, net | 1,311 | 1,102 | |||||||||
Goodwill | 18,952 | 17,534 | |||||||||
Other Indefinite-Lived Intangible Assets | 14,212 | 13,699 | |||||||||
Investments in Noncontrolled Affiliates | 2,061 | 1,985 | |||||||||
Deferred Income Taxes | 4,293 | 4,362 | |||||||||
Other Assets | 7,509 | 6,951 | |||||||||
Total Assets | $ | 105,345 | $ | 99,467 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Short-term debt obligations | $ | 12,056 | $ | 7,082 | |||||||
Accounts payable and other current liabilities | 24,340 | 24,454 | |||||||||
Total Current Liabilities | 36,396 | 31,536 | |||||||||
Long-Term Debt Obligations | 39,328 | 37,224 | |||||||||
Deferred Income Taxes | 3,102 | 3,484 | |||||||||
Other Liabilities | 7,960 | 9,052 | |||||||||
Total Liabilities | 86,786 | 81,296 | |||||||||
Commitments and contingencies | |||||||||||
PepsiCo Common Shareholders’ Equity | |||||||||||
Common stock, par value 12/3¢ per share (authorized 3,600 shares; issued, net of repurchased common stock at par value: 1,370 and 1,372 shares, respectively) | 23 | 23 | |||||||||
Capital in excess of par value | 4,299 | 4,385 | |||||||||
Retained earnings | 71,547 | 72,266 | |||||||||
Accumulated other comprehensive loss | (16,090) | (17,612) | |||||||||
Repurchased common stock, in excess of par value (496 and 495 shares, respectively) | (41,361) | (41,021) | |||||||||
Total PepsiCo Common Shareholders’ Equity | 18,418 | 18,041 | |||||||||
Noncontrolling interests | 141 | 130 | |||||||||
Total Equity | 18,559 | 18,171 | |||||||||
Total Liabilities and Equity | $ | 105,345 | $ | 99,467 |
12 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Reported Net Revenue, GAAP measure | $ | 6,476 | $ | 6,796 | $ | 1,368 | $ | 4,536 | $ | 2,548 | $ | 1,002 | $ | 22,726 | |||||||||||||||||||||||||||
Impact of foreign exchange translation (a) | 8 | 8 | 25 | (82) | 372 | 6 | 337 | ||||||||||||||||||||||||||||||||||
Impact of acquisitions and structural changes | (158) | 64 | (2) | 12 | — | (9) | (93) | ||||||||||||||||||||||||||||||||||
Organic Revenue, non-GAAP measure (b) | $ | 6,326 | $ | 6,868 | $ | 1,391 | $ | 4,466 | $ | 2,920 | $ | 999 | $ | 22,970 | |||||||||||||||||||||||||||
Prior Year Reported Net Revenue, GAAP measure | $ | 6,435 | $ | 6,811 | $ | 1,326 | $ | 4,183 | $ | 2,749 | $ | 997 | $ | 22,501 | |||||||||||||||||||||||||||
Reported Net Revenue % Change, GAAP measure | 1 | — | 3 | 8 | (7) | 0.5 | 1 | ||||||||||||||||||||||||||||||||||
Impact of foreign exchange translation | — | — | 2 | (2) | 14 | 1 | 1.5 | ||||||||||||||||||||||||||||||||||
Impact of acquisitions and divestitures | (2) | 1 | — | — | — | (1) | — | ||||||||||||||||||||||||||||||||||
Organic Revenue % Change, non-GAAP measure (c) | (2) | 1 | 5 | 7 | 6 | — | 2 | ||||||||||||||||||||||||||||||||||
Impact on % Change of: | |||||||||||||||||||||||||||||||||||||||||
Organic volume change (d) | (1.5) | (4) | 1 | (4) | 4 | 6 | (1.5) | ||||||||||||||||||||||||||||||||||
Effective net pricing | — | 4.5 | 4 | 11 | 2 | (6) | 4 |
24 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Total | |||||||||||||||||||||||||||||||||||
Reported Net Revenue, GAAP measure | $ | 12,689 | $ | 12,672 | $ | 2,127 | $ | 6,924 | $ | 4,209 | $ | 2,024 | $ | 40,645 | |||||||||||||||||||||||||||
Impact of foreign exchange translation (a) | 33 | 32 | 59 | 142 | 651 | 29 | 946 | ||||||||||||||||||||||||||||||||||
Impact of acquisitions and structural changes | (226) | 70 | (4) | 19 | — | (17) | (158) | ||||||||||||||||||||||||||||||||||
Organic Revenue, non-GAAP measure (b) | $ | 12,496 | $ | 12,774 | $ | 2,182 | $ | 7,085 | $ | 4,860 | $ | 2,036 | $ | 41,433 | |||||||||||||||||||||||||||
Prior Year Reported Net Revenue, GAAP measure | $ | 12,704 | $ | 12,685 | $ | 2,065 | $ | 6,616 | $ | 4,639 | $ | 2,042 | $ | 40,751 | |||||||||||||||||||||||||||
Reported Net Revenue % Change, GAAP measure | — | — | 3 | 5 | (9) | (1) | — | ||||||||||||||||||||||||||||||||||
Impact of foreign exchange translation | — | — | 3 | 2 | 14 | 1 | 2 | ||||||||||||||||||||||||||||||||||
Impact of acquisitions and divestitures | (2) | 1 | — | — | — | (1) | — | ||||||||||||||||||||||||||||||||||
Organic Revenue % Change, non-GAAP measure (c) | (2) | 1 | 6 | 7 | 5 | — | 2 | ||||||||||||||||||||||||||||||||||
Impact on % Change of: | |||||||||||||||||||||||||||||||||||||||||
Organic volume change (d) | (2) | (3) | 3 | (6) | 2 | 5 | (2) | ||||||||||||||||||||||||||||||||||
Effective net pricing | — | 3 | 3 | 13 | 3 | (5) | 3 |
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate Unallocated Expenses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Reported Cost of Sales, GAAP measure | $ | 2,563 | $ | 2,997 | $ | 400 | $ | 2,641 | $ | 1,074 | $ | 627 | $ | 2 | $ | 10,304 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (2) | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (92) | (7) | — | (3) | — | — | — | (102) | |||||||||||||||||||||||||||||||||||||||||||||
Core Cost of Sales, non-GAAP measure (a) | $ | 2,471 | $ | 2,990 | $ | 400 | $ | 2,638 | $ | 1,074 | $ | 627 | $ | — | $ | 10,200 | |||||||||||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Gross Profit, GAAP measure | $ | 3,913 | $ | 3,799 | $ | 968 | $ | 1,895 | $ | 1,474 | $ | 375 | $ | (2) | $ | 12,422 | 54.7 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 2 | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 92 | 7 | — | 3 | — | — | — | 102 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Core Gross Profit, non-GAAP measure (a) | $ | 4,005 | $ | 3,806 | $ | 968 | $ | 1,898 | $ | 1,474 | $ | 375 | $ | — | $ | 12,526 | 55.1 | % | |||||||||||||||||||||||||||||||||||
Reported Selling, General and Administrative Expenses, GAAP measure | $ | 2,522 | $ | 2,909 | $ | 433 | $ | 1,274 | $ | 941 | $ | 285 | $ | 409 | $ | 8,773 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 17 | 17 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 1 | (41) | (3) | (33) | (12) | (3) | (22) | (113) | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | (6) | (56) | — | — | — | — | — | (62) | |||||||||||||||||||||||||||||||||||||||||||||
Core Selling, General and Administrative Expenses, non-GAAP measure (a) | $ | 2,517 | $ | 2,812 | $ | 430 | $ | 1,241 | $ | 929 | $ | 282 | $ | 404 | $ | 8,615 | |||||||||||||||||||||||||||||||||||||
Reported Impairment of Intangible Assets, GAAP measure | $ | — | $ | 1,529 | $ | — | $ | 251 | $ | — | $ | 80 | $ | — | $ | 1,860 | |||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | (1,529) | — | (251) | — | (80) | — | (1,860) | |||||||||||||||||||||||||||||||||||||||||||||
Core Impairment of Intangible Assets, non-GAAP measure (a) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Operating Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Operating Profit, GAAP measure | $ | 1,391 | $ | (639) | $ | 535 | $ | 370 | $ | 533 | $ | 10 | $ | (411) | $ | 1,789 | 7.9 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (15) | (15) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 91 | 48 | 3 | 36 | 12 | 3 | 22 | 215 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | 6 | 56 | — | — | — | — | — | 62 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | 1,529 | — | 251 | — | 80 | — | 1,860 | 8.2 | ||||||||||||||||||||||||||||||||||||||||||||
Core Operating Profit, non-GAAP measure (a) | 1,488 | 994 | 538 | 657 | 545 | 93 | (404) | 3,911 | 17.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Impact of foreign exchange translation (b) | 1 | 2 | 11 | (14) | 93 | (1) | — | 92 | |||||||||||||||||||||||||||||||||||||||||||||
Core Constant Currency Operating Profit, non-GAAP measure (a) | $ | 1,489 | $ | 996 | $ | 549 | $ | 643 | $ | 638 | $ | 92 | $ | (404) | $ | 4,003 | |||||||||||||||||||||||||||||||||||||
Reported Operating Profit % Change, GAAP measure | (17) | (165) | 7 | (36) | — | (90) | 22 | (56) | |||||||||||||||||||||||||||||||||||||||||||||
Core Operating Profit % Change, non-GAAP measure (a) | (13) | — | 7 | 9 | (1) | (13) | 20 | (5) | |||||||||||||||||||||||||||||||||||||||||||||
Core Constant Currency Operating Profit % Change, non-GAAP measure (a) | (13) | — | 9 | 6 | 16 | (13) | 20 | (3) |
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate Unallocated Expenses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Reported Cost of Sales, GAAP measure | $ | 2,338 | $ | 3,052 | $ | 400 | $ | 2,405 | $ | 1,146 | $ | 597 | $ | (19) | $ | 9,919 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 19 | 19 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | — | — | — | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | (8) | — | — | — | — | — | — | (8) | |||||||||||||||||||||||||||||||||||||||||||||
Core Cost of Sales, non-GAAP measure (a) | $ | 2,330 | $ | 3,052 | $ | 400 | $ | 2,406 | $ | 1,145 | $ | 597 | $ | — | $ | 9,930 | |||||||||||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Gross Profit, GAAP measure | $ | 4,097 | $ | 3,759 | $ | 926 | $ | 1,778 | $ | 1,603 | $ | 400 | $ | 19 | $ | 12,582 | 55.9 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (19) | (19) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | — | — | — | (1) | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | 8 | — | — | — | — | — | — | 8 | — | ||||||||||||||||||||||||||||||||||||||||||||
Core Gross Profit, non-GAAP measure (a) | $ | 4,105 | $ | 3,759 | $ | 926 | $ | 1,777 | $ | 1,604 | $ | 400 | $ | — | $ | 12,571 | 55.9 | % | |||||||||||||||||||||||||||||||||||
Reported Selling, General and Administrative Expenses, GAAP measure | $ | 2,420 | $ | 2,772 | $ | 424 | $ | 1,196 | $ | 1,069 | $ | 297 | $ | 356 | $ | 8,534 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (13) | (5) | — | (23) | (15) | (4) | (6) | (66) | |||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | (7) | — | — | — | — | — | — | (7) | |||||||||||||||||||||||||||||||||||||||||||||
Core Selling, General and Administrative Expenses, non-GAAP measure (a) | $ | 2,400 | $ | 2,767 | $ | 424 | $ | 1,173 | $ | 1,054 | $ | 293 | $ | 339 | $ | 8,450 | |||||||||||||||||||||||||||||||||||||
Operating Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Operating Profit, GAAP measure | $ | 1,677 | $ | 987 | $ | 502 | $ | 582 | $ | 534 | $ | 103 | $ | (337) | $ | 4,048 | 18.0 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (8) | (8) | — | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 13 | 5 | — | 22 | 16 | 4 | 6 | 66 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | 15 | — | — | — | — | — | — | 15 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Core Operating Profit, non-GAAP measure (a) | $ | 1,705 | $ | 992 | $ | 502 | $ | 604 | $ | 550 | $ | 107 | $ | (339) | $ | 4,121 | 18.3 | % | |||||||||||||||||||||||||||||||||||
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate Unallocated Expenses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Reported Cost of Sales, GAAP measure | $ | 4,911 | $ | 5,656 | $ | 612 | $ | 4,049 | $ | 1,772 | $ | 1,239 | $ | (9) | $ | 18,230 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (92) | (7) | — | (4) | — | — | — | (103) | |||||||||||||||||||||||||||||||||||||||||||||
Core Cost of Sales, non-GAAP measure (a) | $ | 4,819 | $ | 5,649 | $ | 612 | $ | 4,045 | $ | 1,772 | $ | 1,239 | $ | — | $ | 18,136 | |||||||||||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Gross Profit, GAAP measure | $ | 7,778 | $ | 7,016 | $ | 1,515 | $ | 2,875 | $ | 2,437 | $ | 785 | $ | 9 | $ | 22,415 | 55.1 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (9) | (9) | — | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 92 | 7 | — | 4 | — | — | — | 103 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||
Core Gross Profit, non-GAAP measure (a) | $ | 7,870 | $ | 7,023 | $ | 1,515 | $ | 2,879 | $ | 2,437 | $ | 785 | $ | — | $ | 22,509 | 55.4 | % | |||||||||||||||||||||||||||||||||||
Reported Selling, General and Administrative Expenses, GAAP measure | $ | 4,851 | $ | 5,666 | $ | 703 | $ | 2,034 | $ | 1,560 | $ | 535 | $ | 834 | $ | 16,183 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 22 | 22 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (23) | (166) | (5) | (45) | (19) | (4) | (47) | (309) | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | (21) | (66) | — | — | — | — | — | (87) | |||||||||||||||||||||||||||||||||||||||||||||
Core Selling, General and Administrative Expenses, non-GAAP measure (a) | $ | 4,807 | $ | 5,434 | $ | 698 | $ | 1,989 | $ | 1,541 | $ | 531 | $ | 809 | $ | 15,809 | |||||||||||||||||||||||||||||||||||||
Reported Impairment of Intangible Assets, GAAP measure | $ | — | $ | 1,529 | $ | — | $ | 251 | $ | — | $ | 80 | $ | — | $ | 1,860 | |||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | (1,529) | — | (251) | — | (80) | — | (1,860) | |||||||||||||||||||||||||||||||||||||||||||||
Core Impairment of Intangible Assets, non-GAAP measure (a) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Operating Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Operating Profit, GAAP measure | $ | 2,927 | $ | (179) | $ | 812 | $ | 590 | $ | 877 | $ | 170 | $ | (825) | $ | 4,372 | 10.8 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (31) | (31) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 115 | 173 | 5 | 49 | 19 | 4 | 47 | 412 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | 21 | 66 | — | — | — | — | — | 87 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | — | 1,529 | — | 251 | — | 80 | — | 1,860 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||
Core Operating Profit, non-GAAP measure (a) | 3,063 | 1,589 | 817 | 890 | 896 | 254 | (809) | 6,700 | 16.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Impact of foreign exchange translation (b) | 6 | 4 | 23 | 14 | 159 | 3 | — | 209 | |||||||||||||||||||||||||||||||||||||||||||||
Core Constant Currency Operating Profit, non-GAAP measure (a) | $ | 3,069 | $ | 1,593 | $ | 840 | $ | 904 | $ | 1,055 | $ | 257 | $ | (809) | $ | 6,909 | |||||||||||||||||||||||||||||||||||||
Reported Operating Profit % Change, GAAP measure | (8) | (112) | 6 | (26) | (8) | (39) | 17 | (35) | |||||||||||||||||||||||||||||||||||||||||||||
Core Operating Profit % Change, non-GAAP measure (a) | (10) | 5 | 7 | 6 | (8) | (10) | 13 | (5) | |||||||||||||||||||||||||||||||||||||||||||||
Core Constant Currency Operating Profit % Change, non-GAAP measure (a) | (10) | 5 | 10 | 8 | 8 | (9) | 13 | (2) |
PFNA | PBNA | IB Franchise | EMEA | LatAm Foods | Asia Pacific Foods | Corporate Unallocated Expenses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Reported Cost of Sales, GAAP measure | $ | 4,781 | $ | 5,805 | $ | 617 | $ | 3,876 | $ | 1,913 | $ | 1,207 | $ | (32) | $ | 18,167 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 32 | 32 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (4) | — | — | 1 | (3) | — | — | (6) | |||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | (175) | — | — | — | — | — | — | (175) | |||||||||||||||||||||||||||||||||||||||||||||
Core Cost of Sales, non-GAAP measure (a) | $ | 4,602 | $ | 5,805 | $ | 617 | $ | 3,877 | $ | 1,910 | $ | 1,207 | $ | — | $ | 18,018 | |||||||||||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Gross Profit, GAAP measure | $ | 7,923 | $ | 6,880 | $ | 1,448 | $ | 2,740 | $ | 2,726 | $ | 835 | $ | 32 | $ | 22,584 | 55.4 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (32) | (32) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 4 | — | — | (1) | 3 | — | — | 6 | — | ||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | 175 | — | — | — | — | — | — | 175 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Core Gross Profit, non-GAAP measure (a) | $ | 8,102 | $ | 6,880 | $ | 1,448 | $ | 2,739 | $ | 2,729 | $ | 835 | $ | — | $ | 22,733 | 55.8 | % | |||||||||||||||||||||||||||||||||||
Reported Selling, General and Administrative Expenses, GAAP measure | $ | 4,741 | $ | 5,383 | $ | 685 | $ | 1,944 | $ | 1,770 | $ | 557 | $ | 739 | $ | 15,819 | |||||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | 12 | 12 | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (35) | (15) | — | (41) | (18) | (4) | (36) | (149) | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | (2) | — | — | — | — | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | (7) | — | — | — | — | — | — | (7) | |||||||||||||||||||||||||||||||||||||||||||||
Core Selling, General and Administrative Expenses, non-GAAP measure (a) | $ | 4,699 | $ | 5,366 | $ | 685 | $ | 1,903 | $ | 1,752 | $ | 553 | $ | 715 | $ | 15,673 | |||||||||||||||||||||||||||||||||||||
Operating Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Operating Profit, GAAP measure | $ | 3,182 | $ | 1,497 | $ | 763 | $ | 796 | $ | 956 | $ | 278 | $ | (707) | $ | 6,765 | 16.6 | % | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | — | — | — | — | — | (44) | (44) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 39 | 15 | — | 40 | 21 | 4 | 36 | 155 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | 2 | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Product recall-related impact | 182 | — | — | — | — | — | — | 182 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Core Operating Profit, non-GAAP measure (a) | $ | 3,403 | $ | 1,514 | $ | 763 | $ | 836 | $ | 977 | $ | 282 | $ | (715) | $ | 7,060 | 17.3 | % | |||||||||||||||||||||||||||||||||||
12 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to PepsiCo | Net income attributable to PepsiCo per common share - diluted | Effective tax rate(b) | |||||||||||||||||||||||||
Reported, GAAP measure | $ | 42 | $ | 292 | $ | 1,263 | $ | 0.92 | 18.6 | % | |||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||
Mark-to-market net impact | — | (5) | (10) | (0.01) | (0.1) | ||||||||||||||||||||||||
Restructuring and impairment charges | (2) | 53 | 160 | 0.12 | 0.5 | ||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | 14 | 48 | 0.03 | 0.1 | ||||||||||||||||||||||||
Impairment and other charges | — | 413 | 1,447 | 1.05 | 1.7 | ||||||||||||||||||||||||
Pension and retiree medical-related impact | (1) | — | (1) | — | — | ||||||||||||||||||||||||
Core, non-GAAP measure (c) | $ | 39 | $ | 767 | $ | 2,907 | $ | 2.12 | 20.8 | % |
12 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to noncontrolling interests | Net income attributable to PepsiCo | Net income attributable to PepsiCo per common share - diluted | Effective tax rate(b) | ||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 56 | $ | 776 | $ | 11 | $ | 3,083 | $ | 2.23 | 20.1 | % | |||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | (1) | — | (7) | — | — | |||||||||||||||||||||||||||||
Restructuring and impairment charges | 8 | 20 | (1) | 55 | 0.04 | 0.1 | |||||||||||||||||||||||||||||
Product recall-related impact | — | 4 | — | 11 | 0.01 | — | |||||||||||||||||||||||||||||
Pension and retiree medical-related impact | 2 | — | — | 2 | — | — | |||||||||||||||||||||||||||||
Core, non-GAAP measure (c) | $ | 66 | $ | 799 | $ | 10 | $ | 3,144 | $ | 2.28 | 20.2 | % |
24 Weeks Ended 6/14/2025 | |||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to PepsiCo | Net income attributable to PepsiCo per common share - diluted | Effective tax rate(b) | |||||||||||||||||||||||||
Reported, GAAP measure | $ | 65 | $ | 791 | $ | 3,097 | $ | 2.25 | 20.2 | % | |||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||
Mark-to-market net impact | — | (8) | (23) | (0.02) | — | ||||||||||||||||||||||||
Restructuring and impairment charges | 14 | 75 | 351 | 0.26 | (0.4) | ||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | 20 | 67 | 0.05 | 0.1 | ||||||||||||||||||||||||
Impairment and other charges | — | 413 | 1,447 | 1.05 | 0.8 | ||||||||||||||||||||||||
Pension and retiree medical-related impact | (1) | — | (1) | — | — | ||||||||||||||||||||||||
Core, non-GAAP measure (c) | $ | 78 | $ | 1,291 | $ | 4,938 | $ | 3.59 | 20.6 | % |
24 Weeks Ended 6/15/2024 | |||||||||||||||||||||||||||||||||||
Other pension and retiree medical benefits income | Provision for income taxes(a) | Net income attributable to noncontrolling interests | Net income attributable to PepsiCo | Net income attributable to PepsiCo per common share - diluted | Effective tax rate(b) | ||||||||||||||||||||||||||||||
Reported, GAAP measure | $ | 114 | $ | 1,296 | $ | 22 | $ | 5,125 | $ | 3.71 | 20.1 | % | |||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||||||||||||||
Mark-to-market net impact | — | (10) | — | (34) | (0.02) | — | |||||||||||||||||||||||||||||
Restructuring and impairment charges | 15 | 40 | (1) | 131 | 0.09 | 0.1 | |||||||||||||||||||||||||||||
Acquisition and divestiture-related charges | — | 1 | — | 1 | — | — | |||||||||||||||||||||||||||||
Product recall-related impact | — | 43 | — | 139 | 0.10 | 0.1 | |||||||||||||||||||||||||||||
Pension and retiree medical-related impact | 2 | — | — | 2 | — | — | |||||||||||||||||||||||||||||
Core, non-GAAP measure (c) | $ | 131 | $ | 1,370 | $ | 21 | $ | 5,364 | $ | 3.89 | 20.3 | % |
Year Ended | |||||
12/28/2024 | |||||
Reported diluted EPS, GAAP measure | $ | 6.95 | |||
Mark-to-market net impact | (0.01) | ||||
Restructuring and impairment charges | 0.41 | ||||
Acquisition and divestiture-related charges | 0.01 | ||||
Impairment and other charges | 0.38 | ||||
Product recall-related impact | 0.10 | ||||
Indirect tax impact | 0.16 | ||||
Pension and retiree medical-related impact | 0.16 | ||||
Core diluted EPS, non-GAAP measure (a) | $ | 8.16 |
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