PepsiCo (PEP) FY2015 results: revenue $63.1 billion, down 5.4% on the year
PepsiCo Inc. (PEP) reported revenue of $63.1 billion for fiscal 2015, the year ended 26 December 2015, down 5.4% on the year before. Net income was $5.5 billion, down 16.3%, and diluted earnings per share $3.67. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2016.
Revenue
$63.1 billion
-5.4% on the year
FY2008FY2015
Operating margin
13.2%
14.4% a year earlier
FY2008FY2015
Net income
$5.5 billion
-16.3% on the year
FY2008FY2015
Diluted EPS
$3.67
-14.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
63,056
66,683
66,415
-5.4%
Cost of revenue
28,731
31,238
31,243
-8.0%
Gross profit
34,325
35,445
35,172
-3.2%
Gross margin
54.4%
53.2%
53.0%
Research and development
754
718
665
+5.0%
Selling, general and administrative
24,613
25,772
25,357
-4.5%
Operating income
8,353
9,581
9,705
-12.8%
Operating margin
13.2%
14.4%
14.6%
Interest expense
970
909
911
+6.7%
Pre-tax income
7,442
8,757
8,891
-15.0%
Income tax
1,941
2,199
2,104
-11.7%
Effective tax rate
26.1%
25.1%
23.7%
Net income
5,452
6,513
6,740
-16.3%
Net margin
8.6%
9.8%
10.1%
Diluted EPS
$3.67
$4.27
$4.32
-14.1%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
10,864
10,506
9,688
+3.4%
Capital expenditure
2,758
2,859
2,795
-3.5%
Free cash flow
8,106
7,647
6,893
+6.0%
Free cash flow margin
12.9%
11.5%
10.4%
Cash from investing
-3,569
-4,937
-2,625
Cash from financing
-4,112
-8,264
-3,789
Depreciation and amortisation
2,416
2,625
2,663
-8.0%
Share-based compensation
295
297
303
-0.7%
Buybacks
5,000
5,012
3,001
-0.2%
Dividends paid
4,040
3,730
3,434
+8.3%
Dividend per share
$2.76
$2.53
$2.24
+9.1%
Diluted shares, weighted
1,485m
1,527m
1,560m
-2.8%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
12,068
17,578
24,409
-31.3%
Non-controlling interest
107
110
110
-2.7%
Debt
33,284
28,897
29,639
+15.2%
Other liabilities
24,208
23,924
23,320
+1.2%
Total liabilities and equity
69,667
70,509
77,478
-1.2%
Fixed assets
16,317
17,244
18,575
-5.4%
Goodwill
14,177
14,965
16,613
-5.3%
Intangible assets
1,270
1,449
1,638
-12.4%
Investments
2,913
2,592
303
+12.4%
Trading assets
n/a
n/a
184
Cash and equivalents
9,096
6,134
9,375
+48.3%
Inventory
2,720
3,143
3,409
-13.5%
Other assets
23,174
24,982
27,381
-7.2%
Total assets
69,667
70,509
77,478
-1.2%
10-K for the year ended 26 December 2015, filed 11 February 2016: the filing.