PepsiCo Inc. Q1 FY2024 results: revenue $18.2 billion, up 2.3% on the year

PepsiCo Inc. (PEP) reported revenue of $18.2 billion for Q1 FY2024, the quarter ended 23 March 2024, up 2.3% on the same quarter a year earlier. Net income was $2.0 billion, up 5.7% on the year, and diluted earnings per share $1.48. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2024.

Revenue$18.2 billionup 2.3%

Net income$2.0 billionup 5.7%

Diluted EPS$1.48

QuarterQ1 FY2024ended 23 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	18,250	27,850	n/a	n/a
Cost of revenue	8,248	13,097	n/a	n/a
Gross profit	10,002	14,753	n/a	n/a
Gross margin	54.8%	53.0%	n/a
Selling, general and administrative	7,285	12,149	n/a	n/a
Operating income	2,717	1,683	n/a	n/a
Operating margin	14.9%	6.0%	n/a
Interest expense	202	217	n/a	n/a
Pre-tax income	2,573	1,533	n/a	n/a
Income tax	520	209	n/a	n/a
Effective tax rate	20.2%	13.6%	n/a
Net income	2,042	1,302	n/a	n/a
Net margin	11.2%	4.7%	n/a
Diluted EPS	$1.48	$0.93	n/a	n/a

$ million except per share. Fourth 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-1,041	n/a	n/a	n/a
Capital expenditure	614	n/a	n/a	n/a
Free cash flow	-1,655	n/a	n/a	n/a
Free cash flow margin	-9.1%	n/a	n/a
Depreciation and amortisation	641	n/a	n/a	n/a
Share-based compensation	97.0	113	n/a	n/a
Buybacks	146	n/a	n/a	n/a
Dividends paid	1,767	n/a	n/a	n/a
Dividend per share	$1.26	n/a	n/a	n/a
Diluted shares, weighted	1,380m	1,383m	n/a	n/a
Shares outstanding at period end	1,375m	1,374m	n/a	n/a

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

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	100,040	100,495	n/a	n/a
Cash and equivalents	8,047	9,711	n/a	n/a
Inventory	5,569	5,334	n/a	n/a
Goodwill	17,646	17,728	n/a	n/a
Long-term debt	n/a	41,519	n/a	n/a
Long-term debt including finance leases	37,707	37,595	n/a	n/a
Operating lease liabilities	n/a	2,400	n/a	n/a
Shareholders' equity	19,047	18,503	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	23,453	27,850	18,250	22,501	23,319	27,784	17,919	22,726	23,937	29,343	19,443	24,181
Cost of revenue	10,675	13,097	8,248	9,919	10,396	13,181	7,926	10,304	11,113	13,723	8,712	11,070
Gross profit	12,778	14,753	10,002	12,582	12,923	14,603	9,993	12,422	12,824	15,620	10,731	13,111
Gross margin	54%	53%	55%	56%	55%	53%	56%	55%	54%	53%	55%	54%
SG&A	8,757	12,149	7,285	8,534	9,051	12,320	7,410	8,773	9,122	12,063	7,518	9,088
Operating income	4,015	1,683	2,717	4,048	3,872	2,250	2,583	1,789	3,569	3,557	3,213	4,023
Operating margin	17%	6%	15%	18%	17%	8%	14%	8%	15%	12%	17%	17%
Interest expense	201	217	202	234	219	264	264	260	264	333	301	230
Pre-tax income	3,876	1,533	2,573	3,870	3,694	1,809	2,342	1,571	3,331	3,000	2,970	3,852
Tax rate	20%	14%	20%	20%	20%	15%	21%	19%	21%	15%	21%	22%
Net income	3,092	1,302	2,042	3,083	2,930	1,523	1,834	1,263	2,603	2,540	2,327	2,981
Net margin	13%	5%	11%	14%	13%	5%	10%	6%	11%	9%	12%	12%
Diluted EPS	$2.24	$0.93	$1.48	$2.23	$2.13	$1.11	$1.33	$0.92	$1.90	$1.85	$1.70	$2.18
Operating cash flow	n/a	n/a	-1,041	n/a	n/a	n/a	-973	n/a	n/a	n/a	41.0	n/a
Capital expenditure	n/a	n/a	614	1,087	1,149	2,468	603	904	992	1,916	447	n/a
Free cash flow	n/a	n/a	-1,655	n/a	n/a	n/a	-1,576	n/a	n/a	n/a	-406	n/a
Buybacks	n/a	n/a	146	n/a	n/a	n/a	183	n/a	n/a	n/a	182	n/a
Dividends paid	n/a	n/a	1,767	n/a	n/a	n/a	1,882	n/a	n/a	n/a	1,966	n/a
Shares outstanding	1,375m	1,374m	1,375m	1,374m	1,372m	1,371m	1,371m	1,369m	1,367m	1,367m	1,367m	1,365m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* 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. 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.

Source

10-Q for the period ended 23 March 2024, filed 23 April 2024, accession 0000077476-24-000017: the filing on EDGAR. All of PepsiCo Inc.'s filings: EDGAR company page.

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