Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

$24.99

Analysis of Revenues

Microsoft Excel

Revenues as Reported

PepsiCo Inc., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
PepsiCo Foods North America (PFNA)
PepsiCo Beverages North America (PBNA)
International Beverages Franchise (IB Franchise)
Europe, Middle East and Africa (EMEA)
Latin America Foods (LatAm Foods)
Asia Pacific Foods
Net revenue

Based on: 10-K (reporting date: 2025-12-27), 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).


The financial performance between 2021 and 2025 reveals consistent revenue generation across various segments, with an overall upward trend in net revenue. While some segments exhibit fluctuations, the company demonstrates growth in aggregate.

PepsiCo Foods North America (PFNA)
PFNA revenue began at US$28,015 million in 2023 and experienced a slight decrease to US$27,431 million in 2024. This was followed by a modest recovery to US$27,528 million in 2025. The segment shows relative stability, with limited overall growth during the analyzed period.
PepsiCo Beverages North America (PBNA)
PBNA demonstrates a consistent upward trajectory. Starting at US$27,626 million in 2023, revenue increased to US$27,769 million in 2024 and continued to grow to US$28,197 million in 2025. This segment consistently contributes to overall revenue growth.
International Beverages Franchise (IB Franchise)
The IB Franchise exhibits steady growth throughout the period. Revenue increased from US$4,559 million in 2023 to US$4,879 million in 2024, and further to US$4,997 million in 2025. This indicates a positive trend in international beverage sales.
Europe, Middle East and Africa (EMEA)
EMEA shows the most substantial growth among the reported segments. Revenue increased from US$16,210 million in 2023 to US$16,658 million in 2024, and significantly to US$18,025 million in 2025. This suggests a strong performance and expanding market share in the region.
Latin America Foods (LatAm Foods)
LatAm Foods revenue remained relatively stable, experiencing a slight decline from US$10,576 million in 2023 to US$10,568 million in 2024, followed by a further decrease to US$10,549 million in 2025. This segment demonstrates limited growth during the analyzed timeframe.
Asia Pacific Foods
Asia Pacific Foods shows consistent, albeit modest, growth. Revenue increased from US$4,485 million in 2023 to US$4,549 million in 2024, and continued to US$4,629 million in 2025. This indicates a positive, though gradual, trend in the region.
Net Revenue
Net revenue increased consistently from US$91,471 million in 2023 to US$91,854 million in 2024, and further to US$93,925 million in 2025. This overall growth is driven primarily by the strong performance of the PBNA and EMEA segments.

In summary, the company demonstrates a positive revenue trend, with EMEA and PBNA being the primary drivers of growth. While some segments exhibit stability or slight declines, the overall financial picture indicates a healthy and expanding revenue base.