greeksoup/ stock research

PepsiCo (PEP) FY2018 results: revenue $64.7 billion, up 1.8% on the year

PepsiCo Inc. (PEP) reported revenue of $64.7 billion for fiscal 2018, the year ended 29 December 2018, up 1.8% on the year before. Net income was $12.5 billion, up 157.7%, and diluted earnings per share $8.78. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.

Revenue
$64.7 billion
+1.8% on the year
FY2011FY2018
Operating margin
15.6%
16.2% a year earlier
FY2011FY2018
Net income
$12.5 billion
+157.7% on the year
FY2011FY2018
Diluted EPS
$8.78
+159.8% on the year
FY2011FY2018

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ millionFY2018FY2017FY2016On the yearLast 8 years
Revenue64,66163,52562,799+1.8%
Cost of revenue29,38128,78528,209+2.1%
Gross profit35,28034,74034,590+1.6%
Gross margin54.6%54.7%55.1%
Research and development680737760-7.7%
Selling, general and administrative25,17024,45324,735+2.9%
Operating income10,11010,2769,785-1.6%
Operating margin15.6%16.2%15.6%
Interest expense1,2191,1511,342+5.9%
Pre-tax income9,1899,6028,553-4.3%
Income tax-3,3704,6942,174
Effective tax rate-36.7%48.9%25.4%
Net income12,5154,8576,329+157.7%
Net margin19.4%7.6%10.1%
Diluted EPS$8.78$3.38$4.36+159.8%
$ 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

$ millionFY2018FY2017FY2016On the yearLast 8 years
Operating cash flow9,41510,03010,663-6.1%
Capital expenditure3,2822,9693,040+10.5%
Free cash flow6,1337,0617,623-13.1%
Free cash flow margin9.5%11.1%12.1%
Cash from investing4,564-4,403-7,148
Cash from financing-13,769-4,186-3,211
Depreciation and amortisation2,3992,3692,368+1.3%
Share-based compensation256292284-12.3%
Buybacks2,0002,0003,0000.0%
Dividends paid4,9304,4724,227+10.2%
Dividend per share$3.59$3.17$2.96+13.3%
Diluted shares, weighted1,425m1,438m1,452m-0.9%

Balance sheet

$ millionFY2018FY2017FY2016On the yearLast 8 years
Shareholders' equity14,51811,04511,246+31.4%
Non-controlling interest84.092.0104-8.7%
Short-term borrowings4,026n/an/a
Debt32,24839,28136,945-17.9%
Other liabilities26,77229,38625,195-8.9%
Total liabilities and equity77,64879,80473,490-2.7%
Fixed assets17,58917,24016,591+2.0%
Goodwill14,80814,74414,430+0.4%
Intangible assets1,6441,2681,237+29.7%
Investments2728,9006,967-96.9%
Cash and equivalents8,72110,6109,158-17.8%
Inventory3,1282,9472,723+6.1%
Other assets31,48624,09522,384+30.7%
Total assets77,64879,80473,490-2.7%

10-K for the year ended 29 December 2018, filed 15 February 2019: the filing.