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)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
64,661
63,525
62,799
+1.8%
Cost of revenue
29,381
28,785
28,209
+2.1%
Gross profit
35,280
34,740
34,590
+1.6%
Gross margin
54.6%
54.7%
55.1%
Research and development
680
737
760
-7.7%
Selling, general and administrative
25,170
24,453
24,735
+2.9%
Operating income
10,110
10,276
9,785
-1.6%
Operating margin
15.6%
16.2%
15.6%
Interest expense
1,219
1,151
1,342
+5.9%
Pre-tax income
9,189
9,602
8,553
-4.3%
Income tax
-3,370
4,694
2,174
Effective tax rate
-36.7%
48.9%
25.4%
Net income
12,515
4,857
6,329
+157.7%
Net margin
19.4%
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
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
9,415
10,030
10,663
-6.1%
Capital expenditure
3,282
2,969
3,040
+10.5%
Free cash flow
6,133
7,061
7,623
-13.1%
Free cash flow margin
9.5%
11.1%
12.1%
Cash from investing
4,564
-4,403
-7,148
Cash from financing
-13,769
-4,186
-3,211
Depreciation and amortisation
2,399
2,369
2,368
+1.3%
Share-based compensation
256
292
284
-12.3%
Buybacks
2,000
2,000
3,000
0.0%
Dividends paid
4,930
4,472
4,227
+10.2%
Dividend per share
$3.59
$3.17
$2.96
+13.3%
Diluted shares, weighted
1,425m
1,438m
1,452m
-0.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
14,518
11,045
11,246
+31.4%
Non-controlling interest
84.0
92.0
104
-8.7%
Short-term borrowings
4,026
n/a
n/a
Debt
32,248
39,281
36,945
-17.9%
Other liabilities
26,772
29,386
25,195
-8.9%
Total liabilities and equity
77,648
79,804
73,490
-2.7%
Fixed assets
17,589
17,240
16,591
+2.0%
Goodwill
14,808
14,744
14,430
+0.4%
Intangible assets
1,644
1,268
1,237
+29.7%
Investments
272
8,900
6,967
-96.9%
Cash and equivalents
8,721
10,610
9,158
-17.8%
Inventory
3,128
2,947
2,723
+6.1%
Other assets
31,486
24,095
22,384
+30.7%
Total assets
77,648
79,804
73,490
-2.7%
10-K for the year ended 29 December 2018, filed 15 February 2019: the filing.