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PepsiCo (PEP) Q4 FY2021 earnings: revenue $25.2 billion, up 12.4% on the year

PepsiCo Inc. (PEP) reported revenue of $25.2 billion for Q4 FY2021, the quarter ended 25 December 2021, up 12.4% on the same quarter a year earlier. Net income was $1.3 billion, down 28.3% on the year, and diluted earnings per share $0.95. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2022.

Revenue
$25.2 billion
+12.4% on the year · +25.1% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
10.1%
12.6% a year earlier
Q1 FY2020Q4 FY2021
Net income
$1.3 billion
-28.3% on the year · -40.6% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$0.95
-28.6% on the year · -40.6% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue25,24820,18922,455+25.1%+12.4%
Cost of revenue12,130n/an/a
Gross profit13,118n/an/a
Gross margin52.0%n/an/a
Selling, general and administrative10,556n/an/a
Operating income2,5623,1592,826-18.9%-9.3%
Operating margin10.1%15.6%12.6%
Interest expense1,132n/an/a
Pre-tax income1,588n/an/a
Income tax247n/an/a
Effective tax rate15.6%n/an/a
Net income1,3222,2241,845-40.6%-28.3%
Net margin5.2%n/an/a
Diluted EPS$0.95$1.60$1.33-40.6%-28.6%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow4,982n/an/a
Capital expenditure2,349n/an/a
Free cash flow2,633n/an/a
Free cash flow margin10.4%n/an/a
Cash from investing-2,239n/an/a
Cash from financing-3,559n/an/a
Depreciation and amortisation847650817+30.3%+3.7%
Share-based compensation86.0n/an/a
Buybacks0.0n/an/a
Dividends paid1,487n/an/a
Diluted shares, weighted1,389m1,389m1,392m0.0%-0.2%
Shares outstanding at period end1,383m1,383m1,380m+0.1%+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity16,04315,87213,454+1.1%+19.2%
Non-controlling interest108n/an/a
Debt40,33441,25744,150-2.2%-8.6%
Operating lease liabilities1,598n/an/a
Other liabilities34,294n/an/a
Total liabilities and equity92,377n/an/a
Fixed assets22,407n/an/a
Goodwill18,381n/an/a
Intangible assets1,538n/an/a
Investments392n/an/a
Cash and equivalents5,5966,5068,185-14.0%-31.6%
Inventory4,347n/an/a
Other assets39,716n/an/a
Total assets92,377n/an/a

Questions

What was PepsiCo's revenue in Q4 FY2021?

PepsiCo (PEP) reported revenue of $25.2 billion for Q4 FY2021, the quarter ended 25 December 2021, up 12.4% on the same quarter a year earlier.

How much did PepsiCo earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.3 billion, down 28.3% on the year, and diluted earnings per share $0.95.

When did PepsiCo report Q4 FY2021 results?

PepsiCo filed its 10-K for the year that ended with the quarter on 10 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022 †Q2 FY2022Q3 FY2022Q4 FY2022 * †Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024 †Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue25,24816,20020,22521,97127,99617,84622,32223,45327,85018,25022,50123,31927,78417,91922,72623,93729,34319,44324,18125,274
Cost of revenue12,1307,4339,41510,30813,4207,98810,12110,67513,0978,2489,91910,39613,1817,92610,30411,11313,7238,71211,07011,520
Gross profit13,1188,76710,81011,66314,5769,85812,20112,77814,75310,00212,58212,92314,6039,99312,42212,82415,62010,73113,11113,754
Gross margin52%54%53%53%52%55%55%54%53%55%56%55%53%56%55%54%53%55%54%54%
SG&A10,5566,5807,3878,29512,1977,2298,5428,75712,1497,2858,5349,02712,3207,4108,7739,12212,0637,5189,0889,494
Operating income2,5625,2672,0773,3538152,6293,6594,0151,6832,7174,0483,8722,2502,5831,7893,5693,5573,2134,0234,260
Operating margin10%33%10%15%3%15%16%17%6%15%18%17%8%14%8%15%12%17%17%17%
Interest expense1,132240236190273200201201217202234219264264260264333301230242
Pre-tax income1,5885,1611,8393,1995062,4903,5183,8761,5332,5733,8703,6941,8092,3421,5713,3313,0002,9703,8523,904
Tax rate16%17%21%15%-6%22%21%20%14%20%20%20%15%21%19%21%15%21%22%21%
Net income1,3224,2611,4292,7025181,9322,7483,0921,3022,0423,0832,9301,5231,8341,2632,6032,5402,3272,9813,048
Net margin5%26%7%12%2%11%12%13%5%11%14%13%5%10%6%11%9%12%12%12%
Diluted EPS$0.95$3.06$1.03$1.95$0.37$1.40$1.99$2.24$0.94$1.48$2.23$2.13$1.11$1.33$0.92$1.90$1.85$1.70$2.18$2.23
Operating cash flow4,982-1742,0554,4254,505-3922,4115,6115,812-1,0412,3564,9056,287-9731,9694,4726,61941.02,3245,585
Capital expenditure2,3495229771,0572,6515819321,0242,9816141,0871,1492,4686039049921,916447819916
Free cash flow2,633-6961,0783,3681,854-9731,4794,5872,831-1,6551,2693,7563,819-1,5761,0653,4804,703-4061,5054,669
Buybacks0.0193506457344160293298249146315299240183311258248182297260
Dividends paid1,4871,5051,4921,5891,5861,6081,5911,7421,7411,7671,7391,8631,8601,8821,8611,9491,9461,9661,9482,021
Shares outstanding1,383m1,383m1,380m1,378m1,377m1,378m1,377m1,375m1,374m1,375m1,374m1,372m1,371m1,371m1,369m1,367m1,367m1,367m1,365m1,363m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 25 December 2021, filed 10 February 2022: the filing.