PepsiCo (PEP) FY2017 results: revenue $63.5 billion, up 1.2% on the year
PepsiCo Inc. (PEP) reported revenue of $63.5 billion for fiscal 2017, the year ended 30 December 2017, up 1.2% on the year before. Net income was $4.9 billion, down 23.3%, and diluted earnings per share $3.38. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$63.5 billion
+1.2% on the year
FY2010FY2017
Operating margin
16.2%
15.6% a year earlier
FY2010FY2017
Net income
$4.9 billion
-23.3% on the year
FY2010FY2017
Diluted EPS
$3.38
-22.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
63,525
62,799
63,056
+1.2%
Cost of revenue
28,785
28,209
28,731
+2.0%
Gross profit
34,740
34,590
34,325
+0.4%
Gross margin
54.7%
55.1%
54.4%
Research and development
737
760
754
-3.0%
Selling, general and administrative
24,453
24,735
24,613
-1.1%
Operating income
10,276
9,785
8,353
+5.0%
Operating margin
16.2%
15.6%
13.2%
Interest expense
1,151
1,342
970
-14.2%
Pre-tax income
9,602
8,553
7,442
+12.3%
Income tax
4,694
2,174
1,941
+115.9%
Effective tax rate
48.9%
25.4%
26.1%
Net income
4,857
6,329
5,452
-23.3%
Net margin
7.6%
10.1%
8.6%
Diluted EPS
$3.38
$4.36
$3.67
-22.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
10,030
10,663
10,864
-5.9%
Capital expenditure
2,969
3,040
2,758
-2.3%
Free cash flow
7,061
7,623
8,106
-7.4%
Free cash flow margin
11.1%
12.1%
12.9%
Cash from investing
-4,403
-7,148
-3,569
Cash from financing
-4,186
-3,211
-4,112
Depreciation and amortisation
2,369
2,368
2,416
+0.0%
Share-based compensation
292
284
295
+2.8%
Buybacks
2,000
3,000
5,000
-33.3%
Dividends paid
4,472
4,227
4,040
+5.8%
Dividend per share
$3.17
$2.96
$2.76
+7.0%
Diluted shares, weighted
1,438m
1,452m
1,485m
-1.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
11,045
11,246
12,068
-1.8%
Non-controlling interest
92.0
104
107
-11.5%
Debt
39,281
36,945
33,284
+6.3%
Other liabilities
29,386
25,195
24,208
+16.6%
Total liabilities and equity
79,804
73,490
69,667
+8.6%
Fixed assets
17,240
16,591
16,317
+3.9%
Goodwill
14,744
14,430
14,177
+2.2%
Intangible assets
1,268
1,237
1,270
+2.5%
Investments
8,900
6,967
2,913
+27.7%
Cash and equivalents
10,610
9,158
9,096
+15.9%
Inventory
2,947
2,723
2,720
+8.2%
Other assets
24,095
22,384
23,174
+7.6%
Total assets
79,804
73,490
69,667
+8.6%
10-K for the year ended 30 December 2017, filed 15 February 2019: the filing.