PepsiCo (PEP) FY2014 results: revenue $66.7 billion, up 0.4% on the year
PepsiCo Inc. (PEP) reported revenue of $66.7 billion for fiscal 2014, the year ended 27 December 2014, up 0.4% on the year before. Net income was $6.5 billion, down 3.4%, and diluted earnings per share $4.27. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2015.
Revenue
$66.7 billion
+0.4% on the year
FY2007FY2014
Operating margin
14.4%
14.6% a year earlier
FY2007FY2014
Net income
$6.5 billion
-3.4% on the year
FY2007FY2014
Diluted EPS
$4.27
-1.2% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
66,683
66,415
65,492
+0.4%
Cost of revenue
31,238
31,243
31,291
-0.0%
Gross profit
35,445
35,172
34,201
+0.8%
Gross margin
53.2%
53.0%
52.2%
Research and development
718
665
552
+8.0%
Selling, general and administrative
25,772
25,357
24,970
+1.6%
Operating income
9,581
9,705
9,112
-1.3%
Operating margin
14.4%
14.6%
13.9%
Interest expense
909
911
899
-0.2%
Pre-tax income
8,757
8,891
8,304
-1.5%
Income tax
2,199
2,104
2,090
+4.5%
Effective tax rate
25.1%
23.7%
25.2%
Net income
6,513
6,740
6,178
-3.4%
Net margin
9.8%
10.1%
9.4%
Diluted EPS
$4.27
$4.32
$3.92
-1.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
10,506
9,688
8,479
+8.4%
Capital expenditure
2,859
2,795
2,714
+2.3%
Free cash flow
7,647
6,893
5,765
+10.9%
Free cash flow margin
11.5%
10.4%
8.8%
Cash from investing
-4,937
-2,625
-3,005
Cash from financing
-8,264
-3,789
-3,306
Depreciation and amortisation
2,625
2,663
2,689
-1.4%
Share-based compensation
297
303
278
-2.0%
Buybacks
5,012
3,001
3,219
+67.0%
Dividends paid
3,730
3,434
3,305
+8.6%
Dividend per share
$2.53
$2.24
$2.13
+13.1%
Diluted shares, weighted
1,527m
1,560m
1,575m
-2.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
17,578
24,409
22,417
-28.0%
Non-controlling interest
110
110
-105
0.0%
Debt
28,897
29,639
28,359
-2.5%
Other liabilities
23,924
23,320
23,967
+2.6%
Total liabilities and equity
70,509
77,478
74,638
-9.0%
Fixed assets
17,244
18,575
19,136
-7.2%
Goodwill
14,965
16,613
16,971
-9.9%
Intangible assets
1,449
1,638
1,781
-11.5%
Investments
2,592
303
322
+755.4%
Trading assets
n/a
184
161
Cash and equivalents
6,134
9,375
6,297
-34.6%
Inventory
3,143
3,409
3,581
-7.8%
Other assets
24,982
27,381
26,389
-8.8%
Total assets
70,509
77,478
74,638
-9.0%
10-K for the year ended 27 December 2014, filed 12 February 2015: the filing.