Analysis of Revenues
Revenues as Reported
PepsiCo Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
The revenue data exhibits several notable trends across different geographic and product segments over the five-year period analyzed.
- Frito-Lay North America (FLNA)
- The revenue for this segment shows a generally upward trajectory from 18,189 million USD in 2020 to a peak of 24,914 million USD in 2023. However, there is a slight decline in 2024 to 24,755 million USD, indicating a possible plateau or minor contraction after several years of growth.
- Quaker Foods North America (QFNA)
- This segment’s revenue remains relatively stable between 2020 and 2021, with a modest increase in 2022. However, from 2023 to 2024, there is a noticeable decline from 3,101 million USD to 2,676 million USD, marking a significant downturn that warrants attention.
- PepsiCo Beverages North America (PBNA)
- Revenue in this segment consistently increases every year, growing from 22,559 million USD in 2020 to 27,769 million USD in 2024. This steady growth suggests strong market performance and increasing demand within the beverages category in North America.
- Latin America (LatAm)
- There is a pronounced upward trend, with revenues rising sharply from 6,942 million USD in 2020 to 11,654 million USD in 2023, and a marginal increase to 11,718 million USD in 2024. This indicates expanding market penetration and/or successful operations in the Latin American region.
- Europe
- Revenues fluctuate mildly but display an overall gradual increase, moving from 11,922 million USD in 2020 to 13,874 million USD in 2024. The slight dip in 2022 is followed by recovery in subsequent years, reflecting relative stability in the European market.
- Africa, Middle East and South Asia (AMESA)
- This segment experiences growth from 4,573 million USD in 2020 to 6,438 million USD in 2022, followed by a decline in 2023 to 6,139 million USD and a minor recovery to 6,217 million USD in 2024. The volatility may indicate fluctuating market conditions or operational challenges in these regions.
- Asia Pacific, Australia and New Zealand and China Region (APAC)
- Revenue in this region shows sustained growth with a notable jump from 3,445 million USD in 2020 to 4,615 million USD in 2021, followed by slower but steady increases, ending at 4,845 million USD in 2024. This suggests solid performance with steady expansion in these diverse markets.
- Net Revenue
- The overall net revenue reflects a positive growth trajectory, starting at 70,372 million USD in 2020 and increasing continuously through the years to 91,854 million USD in 2024. This growth underscores the aggregate success of the company’s various segments and market regions despite some localized fluctuations.
In summary, the data reveals generally increasing revenues across most segments and regions, with the strongest growth observed in Latin America and North American beverage operations. Some declines in the Quaker Foods North America segment and slight volatility in AMESA highlight potential areas for strategic review. Overall, the consistent rise in net revenue indicates effective revenue generation across the company’s diversified portfolio.