PepsiCo (PEP) FY2020 results: revenue $70.4 billion, up 4.8% on the year
PepsiCo Inc. (PEP) reported revenue of $70.4 billion for fiscal 2020, the year ended 26 December 2020, up 4.8% on the year before. Net income was $7.1 billion, down 2.7%, and diluted earnings per share $5.12. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2021.
Revenue
$70.4 billion
+4.8% on the year
FY2013FY2020
Operating margin
14.3%
15.3% a year earlier
FY2013FY2020
Net income
$7.1 billion
-2.7% on the year
FY2013FY2020
Diluted EPS
$5.12
-1.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
70,372
67,161
64,661
+4.8%
Cost of revenue
31,797
30,132
29,381
+5.5%
Gross profit
38,575
37,029
35,280
+4.2%
Gross margin
54.8%
55.1%
54.6%
Research and development
719
711
680
+1.1%
Selling, general and administrative
28,495
26,738
25,170
+6.6%
Operating income
10,080
10,291
10,110
-2.1%
Operating margin
14.3%
15.3%
15.6%
Interest expense
1,128
935
1,219
+20.6%
Pre-tax income
9,069
9,312
9,189
-2.6%
Income tax
1,894
1,959
-3,370
-3.3%
Effective tax rate
20.9%
21.0%
-36.7%
Net income
7,120
7,314
12,515
-2.7%
Net margin
10.1%
10.9%
19.4%
Diluted EPS
$5.12
$5.20
$8.78
-1.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,613
9,649
9,415
+10.0%
Capital expenditure
4,240
4,232
3,282
+0.2%
Free cash flow
6,373
5,417
6,133
+17.6%
Free cash flow margin
9.1%
8.1%
9.5%
Cash from investing
-11,619
-6,437
4,564
Cash from financing
3,819
-8,489
-13,769
Depreciation and amortisation
2,548
2,432
2,399
+4.8%
Share-based compensation
264
237
256
+11.4%
Buybacks
2,000
3,000
2,000
-33.3%
Dividends paid
5,509
5,304
4,930
+3.9%
Dividend per share
$4.02
$3.79
$3.59
+6.1%
Diluted shares, weighted
1,392m
1,407m
1,425m
-1.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
13,454
14,786
14,518
-9.0%
Non-controlling interest
98.0
82.0
84.0
+19.5%
Short-term borrowings
n/a
2,920
4,026
Debt
44,150
31,996
32,248
+38.0%
Operating lease liabilities
1,233
1,118
n/a
+10.3%
Other liabilities
33,983
27,645
26,772
+22.9%
Total liabilities and equity
92,918
78,547
77,648
+18.3%
Fixed assets
21,369
19,305
17,589
+10.7%
Goodwill
18,757
15,501
14,808
+21.0%
Intangible assets
1,703
1,433
1,644
+18.8%
Investments
1,366
229
272
+496.5%
Cash and equivalents
8,185
5,509
8,721
+48.6%
Inventory
4,172
3,338
3,128
+25.0%
Other assets
37,366
33,232
31,486
+12.4%
Total assets
92,918
78,547
77,648
+18.3%
10-K for the year ended 26 December 2020, filed 11 February 2021: the filing.