Common-Size Income Statement
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PepsiCo Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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PepsiCo Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
- Cost of Sales
- The cost of sales as a percentage of net revenue shows a generally consistent pattern, fluctuating primarily between approximately -44% and -48% across the periods. There are intermittent spikes, notably near the end of 2021 and in late 2024, where the cost of sales approached the higher end of this range, indicating occasional increases in production or procurement costs relative to revenue.
- Gross Profit
- Gross profit percentages inversely mirror the cost of sales trend, maintaining a range between roughly 52% and 56%. Periods with lower gross profit margins coincide with higher cost of sales percentages, especially evident in the fourth quarters. While gross profit exhibits some volatility, there is no clear directional trend upward or downward over the entire timeframe.
- Selling, General and Administrative Expenses
- These expenses display notable variability, ranging chiefly from about -36% to -44%. Several quarters show sharp increases, especially toward the latter part of the period analyzed, suggesting episodic rises in operational overhead or marketing expenditures. Particularly elevated expense levels were observed at year-end periods, pointing to potential seasonality effects.
- One-time Gains and Impairments
- A substantial gain linked to a Juice Transaction was recognized around the mid-2021 period, significantly improving the financial profile during that quarter. Conversely, impairment charges related to intangible assets appeared sporadically, with the most pronounced negative impacts in early and late 2022 and again in late 2024, reflecting specific asset write-downs impacting profitability in those times.
- Operating Profit
- Operating profit as a percentage of net revenue fluctuated significantly, with peaks exceeding 30% in early 2022, heavily influenced by one-time gains. Absent these effects, operating profit typically oscillated between roughly 6% and 18%. Several quarters demonstrated notable dips, frequently coinciding with high impairment expenses or increased selling expenses, indicating sensitivity to both operational and non-operational factors.
- Net Interest and Other Expenses
- Net interest expense and related items remained mostly stable and relatively low as a percentage of revenue, generally under -2%, with minor quarter-to-quarter variation. This stability suggests consistent financing costs and limited impact on overall profitability.
- Income Before Income Taxes
- This metric generally followed operating profit trends, with spikes corresponding to quarters featuring gains from transactions or lower expenses. It ranged broadly from near 2% up to about 32%, highlighting the influence of extraordinary items and income tax variations.
- Provision for Income Taxes
- Income tax provisions showed considerable variability, occasionally being a positive figure, which may indicate tax benefits or adjustments during specific periods. The effective tax rate fluctuated, often correlated with pre-tax income swings and one-time events.
- Net Income
- Net income as a percent of revenue mirrored the overall profit trends, with peaks strongly driven by one-off gains, particularly in early 2022. Excluding such effects, net income mostly hovered between 5% and 14%. The quarterly net income attributable to the company closely tracked the total net income pattern, signifying minimal noncontrolling interest impact.
- Seasonality and Volatility
- The data indicate recurring patterns where certain quarters, particularly year-end periods, exhibit lower operating margins and higher administrative expenses. The presence of significant one-time gains and impairments during select quarters adds to the volatility observed across several financial indicators.
- Overall Financial Trends
- The financial percentages of net revenue demonstrate a dynamic interplay between cost control, operational efficiency, and extraordinary items. While the company maintains relatively stable cost structures in relation to revenue, episodic gains and impairments produce marked fluctuations in profitability metrics. This suggests a strategic environment influenced by both recurring operations and discrete financial events.