PepsiCo (PEP) FY2011 results: revenue $66.5 billion, up 15.0% on the year
PepsiCo Inc. (PEP) reported revenue of $66.5 billion for fiscal 2011, the year ended 31 December 2011, up 15.0% on the year before. Net income was $6.4 billion, up 1.9%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$66.5 billion
+15.0% on the year
FY2007FY2011
Operating margin
14.5%
14.4% a year earlier
FY2007FY2011
Net income
$6.4 billion
+1.9% on the year
FY2007FY2011
Diluted EPS
$4.03
+3.1% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
66,504
57,838
43,232
+15.0%
Cost of revenue
31,593
26,575
20,099
+18.9%
Gross profit
34,911
31,263
23,133
+11.7%
Gross margin
52.5%
54.1%
53.5%
Research and development
525
488
414
+7.6%
Selling, general and administrative
25,145
22,814
15,026
+10.2%
Operating income
9,633
8,332
8,044
+15.6%
Operating margin
14.5%
14.4%
18.6%
Interest expense
856
903
397
-5.2%
Pre-tax income
8,834
8,232
8,079
+7.3%
Income tax
2,372
1,894
2,100
+25.2%
Effective tax rate
26.9%
23.0%
26.0%
Net income
6,443
6,320
5,946
+1.9%
Net margin
9.7%
10.9%
13.8%
Diluted EPS
$4.03
$3.91
$3.77
+3.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
8,944
8,448
6,796
+5.9%
Capital expenditure
3,339
3,253
2,128
+2.6%
Free cash flow
5,605
5,195
4,668
+7.9%
Free cash flow margin
8.4%
9.0%
10.8%
Cash from investing
-5,618
-7,668
-2,401
Cash from financing
-5,135
1,386
-2,497
Depreciation and amortisation
2,737
2,327
1,635
+17.6%
Share-based compensation
326
299
227
+9.0%
Buybacks
2,489
4,978
0.0
-50.0%
Dividends paid
3,157
2,978
2,732
+6.0%
Dividend per share
$2.02
$1.89
$1.77
+7.1%
Diluted shares, weighted
1,597m
1,614m
1,577m
-1.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
20,704
21,273
16,908
-2.7%
Non-controlling interest
311
312
638
-0.3%
Short-term borrowings
n/a
n/a
464
Debt
26,773
24,897
7,502
+7.5%
Other liabilities
25,094
21,671
14,336
+15.8%
Total liabilities and equity
72,882
68,153
39,848
+6.9%
Fixed assets
19,698
19,058
12,671
+3.4%
Goodwill
16,800
14,661
6,534
+14.6%
Intangible assets
1,888
2,025
841
-6.8%
Investments
358
426
192
-16.0%
Trading assets
157
167
n/a
-6.0%
Cash and equivalents
4,067
5,943
3,943
-31.6%
Inventory
3,827
3,372
2,618
+13.5%
Other assets
26,087
22,501
13,049
+15.9%
Total assets
72,882
68,153
39,848
+6.9%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.