PepsiCo (PEP) FY2019 results: revenue $67.2 billion, up 3.9% on the year
PepsiCo Inc. (PEP) reported revenue of $67.2 billion for fiscal 2019, the year ended 28 December 2019, up 3.9% on the year before. Net income was $7.3 billion, down 41.6%, and diluted earnings per share $5.20. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$67.2 billion
+3.9% on the year
FY2012FY2019
Operating margin
15.3%
15.6% a year earlier
FY2012FY2019
Net income
$7.3 billion
-41.6% on the year
FY2012FY2019
Diluted EPS
$5.20
-40.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
67,161
64,661
63,525
+3.9%
Cost of revenue
30,132
29,381
28,785
+2.6%
Gross profit
37,029
35,280
34,740
+5.0%
Gross margin
55.1%
54.6%
54.7%
Research and development
711
680
737
+4.6%
Selling, general and administrative
26,738
25,170
24,453
+6.2%
Operating income
10,291
10,110
10,276
+1.8%
Operating margin
15.3%
15.6%
16.2%
Interest expense
935
1,219
1,151
-23.3%
Pre-tax income
9,312
9,189
9,602
+1.3%
Income tax
1,959
-3,370
4,694
Effective tax rate
21.0%
-36.7%
48.9%
Net income
7,314
12,515
4,857
-41.6%
Net margin
10.9%
19.4%
7.6%
Diluted EPS
$5.20
$8.78
$3.38
-40.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
9,649
9,415
10,030
+2.5%
Capital expenditure
4,232
3,282
2,969
+28.9%
Free cash flow
5,417
6,133
7,061
-11.7%
Free cash flow margin
8.1%
9.5%
11.1%
Cash from investing
-6,437
4,564
-4,403
Cash from financing
-8,489
-13,769
-4,186
Depreciation and amortisation
2,432
2,399
2,369
+1.4%
Share-based compensation
237
256
292
-7.4%
Buybacks
3,000
2,000
2,000
+50.0%
Dividends paid
5,304
4,930
4,472
+7.6%
Dividend per share
$3.79
$3.59
$3.17
+5.7%
Diluted shares, weighted
1,407m
1,425m
1,438m
-1.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
14,786
14,518
11,045
+1.8%
Non-controlling interest
82.0
84.0
92.0
-2.4%
Short-term borrowings
2,920
4,026
n/a
-27.5%
Debt
31,996
32,248
39,281
-0.8%
Operating lease liabilities
1,118
n/a
n/a
Other liabilities
27,645
26,772
29,386
+3.3%
Total liabilities and equity
78,547
77,648
79,804
+1.2%
Fixed assets
19,305
17,589
17,240
+9.8%
Goodwill
15,501
14,808
14,744
+4.7%
Intangible assets
1,433
1,644
1,268
-12.8%
Investments
229
272
8,900
-15.8%
Cash and equivalents
5,509
8,721
10,610
-36.8%
Inventory
3,338
3,128
2,947
+6.7%
Other assets
33,232
31,486
24,095
+5.5%
Total assets
78,547
77,648
79,804
+1.2%
10-K for the year ended 28 December 2019, filed 13 February 2020: the filing.