PepsiCo (PEP) FY2025 results: revenue $93.9 billion, up 2.3% on the year

PepsiCo is a global beverage and convenient food company, incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. Its brands include Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream, and through its own operations, authorised bottlers, contract manufacturers and other third parties it makes, markets, distributes and sells in more than 200 countries and territories. There are six reportable segments: PepsiCo Foods North America, PepsiCo Beverages North America, International Beverages Franchise, Europe, Middle East and Africa, Latin America Foods, and Asia Pacific Foods.

North America

PepsiCo Foods North America covers the convenient food businesses in the United States and Canada, spanning cereals, chips, dips, granola bars, oatmeal, pasta, rice and syrups and mixes, under brands including Cheetos, Doritos, Fritos, Lay's, Pearl Milling Company, Quaker, Ruffles and Tostitos, sold to independent distributors and retailers. It also owns Sabra, the refrigerated dips and spreads business, which became a wholly owned subsidiary in December 2024 when PepsiCo bought Strauss Group's 50 percent. PepsiCo Beverages North America makes, markets and sells beverage concentrates, fountain syrups and finished goods under brands including Aquafina, Bubly, Diet Pepsi, Gatorade, Mountain Dew, Pepsi, Pepsi Zero Sugar and Propel. It runs its own bottling plants and distribution facilities, selling branded finished goods directly to independent distributors and retailers, and it also sells concentrate and finished goods to authorised and independent bottlers who serve certain markets themselves. It handles a good deal that it does not own: ready-to-drink tea and coffee through joint ventures with Unilever under the Lipton name and with Starbucks; Crush, Dr Pepper and Schweppes licensed from Keurig Dr Pepper; juice brands licensed from Dole and Ocean Spray; Celsius, Alani Nu and Rockstar for Celsius Holdings in certain channels; and exclusive chilled direct-store-delivery to small-format and foodservice customers for the Tropicana Beverages Group portfolio.

The international segments

International Beverages Franchise sells beverage concentrates to authorised and independent bottlers under brands including 7UP, Aquafina, Gatorade, Mirinda, Mountain Dew, Pepsi, Pepsi Black, Pepsi Zero Sugar and Sting Energy, and it makes and distributes SodaStream sparkling water makers. EMEA carries both food and drink: food brands including Cheetos, Chipsy, Doritos, Lay's, Quaker, Sasko, Spekko, Walkers and White Star, beverage brands including 7UP, Adrenaline Rush, Aquafina, Lubimy, Mirinda, Pepsi and Pepsi Zero Sugar, and dairy products including Agusha, Chudo and Domik v Derevne, with its own bottling plants and distribution facilities. Latin America Foods carries Cheetos, Doritos, Emperador, Lay's, Marias Gamesa, Quaker, Ruffles, Sabritas, Saladitas Gamesa and Tostitos. Asia Pacific Foods carries BaiCaoWei, Cheetos, Doritos, Kurkure, Lay's, Quaker and Smith's, through consolidated businesses and through noncontrolled affiliates.

How it reaches the shelf

Products come to market through direct-store-delivery, customer warehouse and distributor networks, and are also sold to consumers on company-owned and third-party e-commerce websites and mobile commerce applications. Under direct-store-delivery, PepsiCo, its independent bottlers and its distributors deliver straight to retail stores, where the products are merchandised by their own people, which suits items that are restocked often and respond to in-store promotion. Customer warehouse delivery, from manufacturing plants and distribution centres to the customer's own warehouse, is the less costly of the two. Third-party distributors carry many products where a wider range on one delivery vehicle extends reach, and the foodservice and vending business reaches restaurants, businesses, schools and stadiums that way.

Customers

Customers include wholesale and other distributors, foodservice customers, grocery stores, drug stores, convenience stores, discount and dollar stores, mass merchandisers, membership stores, hard discounters, e-commerce retailers and authorised independent bottlers. Independent bottlers normally hold exclusive contracts to sell and manufacture certain branded beverages within a defined geographic area, and PepsiCo charges them for concentrate, finished goods and Aquafina royalties while specifying the manufacturing process required for product quality. Customers get financial incentives to help distribute and promote the products: volume-based rebates, product placement fees, promotions and displays for independent distributors and retailers, and annually negotiated bottler funding covering consumer incentives, advertising support, new product support and vending and cooler equipment placement. Sales to Walmart and its affiliates, including Sam's Club, were about 14 percent of what the company sold in 2025, spread across every segment and including concentrate sold to independent bottlers for finished goods they then sold on to Walmart.

From PepsiCo's annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 3 February 2026: read the full 10-K.