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PepsiCo (PEP) FY2023 results: revenue $91.5 billion, up 5.9% on the year

PepsiCo Inc. (PEP) reported revenue of $91.5 billion for fiscal 2023, the year ended 30 December 2023, up 5.9% on the year before. Net income was $9.1 billion, up 1.8%, and diluted earnings per share $6.56. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue
$91.5 billion
+5.9% on the year
FY2016FY2023
Operating margin
13.1%
13.3% a year earlier
FY2016FY2023
Net income
$9.1 billion
+1.8% on the year
FY2016FY2023
Diluted EPS
$6.56
+2.2% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue91,47186,39279,474+5.9%
Cost of revenue41,88140,57637,075+3.2%
Gross profit49,59045,81642,399+8.2%
Gross margin54.2%53.0%53.3%
Research and development804771752+4.3%
Selling, general and administrative36,67734,45931,237+6.4%
Operating income11,98611,51211,162+4.1%
Operating margin13.1%13.3%14.0%
Interest expense8199391,863-12.8%
Pre-tax income11,41710,7059,821+6.7%
Income tax2,2621,7272,142+31.0%
Effective tax rate19.8%16.1%21.8%
Net income9,0748,9107,618+1.8%
Net margin9.9%10.3%9.6%
Diluted EPS$6.56$6.42$5.49+2.2%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow13,44210,81111,616+24.3%
Capital expenditure5,5185,2074,625+6.0%
Free cash flow7,9245,6046,991+41.4%
Free cash flow margin8.7%6.5%8.8%
Cash from investing-5,495-2,430-3,269
Cash from financing-3,009-8,523-10,780
Depreciation and amortisation2,9482,7632,710+6.7%
Share-based compensation380343301+10.8%
Buybacks1,0001,500106-33.3%
Dividends paid6,6826,1725,815+8.3%
Dividend per share$4.95$4.53$4.25+9.3%
Diluted shares, weighted1,383m1,387m1,389m-0.3%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity18,50317,14916,043+7.9%
Non-controlling interest134124108+8.1%
Debt44,10539,07140,334+12.9%
Operating lease liabilities2,4001,9331,598+24.2%
Other liabilities35,35333,91034,294+4.3%
Total liabilities and equity100,49592,18792,377+9.0%
Fixed assets27,03924,29122,407+11.3%
Goodwill17,72818,20218,381-2.6%
Intangible assets1,1991,2771,538-6.1%
Investments292394392-25.9%
Cash and equivalents9,7114,9545,596+96.0%
Inventory5,3345,2224,347+2.1%
Other assets39,19237,84739,716+3.6%
Total assets100,49592,18792,377+9.0%

10-K for the year ended 30 December 2023, filed 9 February 2024: the filing.