Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

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Common-Size Income Statement

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PepsiCo Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Net revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Gain associated with the Juice Transaction
Impairment of intangible assets
Operating profit
Other pension and retiree medical benefits income (expense)
Interest expense
Interest income and other
Net interest expense and other
Income before income taxes
Provision for income taxes
Net income
Net income attributable to noncontrolling interests
Net income attributable to PepsiCo

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).

Cost of Sales
The cost of sales as a percentage of net revenue increased from -45.18% in 2020 to a peak of -46.97% in 2022, followed by a slight decline to -45.45% in 2024. This indicates a temporary rise in production or procurement costs before a moderate recovery.
Gross Profit
Gross profit margin declined from 54.82% in 2020 to 53.03% in 2022, aligned with the rise in cost of sales, but gradually improved to 54.55% by 2024, reflecting a rebound in profitability at the gross level.
Selling, General and Administrative Expenses
SG&A expenses as a percentage of net revenue showed minor fluctuations, decreasing from -40.49% in 2020 to -39.3% in 2021, then slightly increasing again to -40.49% by 2024, suggesting consistent investment in operational expenditures over the period.
Special Items
A gain associated with the Juice Transaction appeared exclusively in 2023 at 3.84%, contributing positively to that year's profitability. Conversely, impairment of intangible assets was recorded from 2022 through 2024, with a notable impact of -3.66% in 2022 tapering down to minimal at -0.04% in 2024, indicating some asset write-downs that lessened over time.
Operating Profit
Operating profit margin declined from 14.32% in 2020 to 13.1% in 2023, then showed recovery to 14.03% in 2024. The dip corresponds with increased costs and impairments, while the recovery may be linked to operational efficiencies and one-time gains.
Interest and Other Financial Items
Interest expense fluctuated over the period, increasing in 2021 to -2.5% before decreasing somewhat, ending at -1.75% in 2024. Interest income and other related income improved noticeably, especially from 2022 onwards, raising net interest expense to a minimum of -0.9% in 2023 before increasing slightly to -1% in 2024, indicating some benefit from financial activities.
Income Before Taxes
This metric remained relatively stable, fluctuating between 12.36% and 13.01% over the years, with a modest upward trend towards 2024, indicating stable earnings before tax adjustments.
Provision for Income Taxes
The provision for income taxes remained fairly constant, around -2.5%, with a slight reduction to -2.0% in 2022, reflecting minor variations in tax liability or effective rates.
Net Income
Net income as a percentage of net revenue decreased from 10.2% in 2020 to 9.59% in 2021, then steadily increased to 10.48% in 2024, suggesting an overall improvement in profitability after earlier dips. Net income attributable to noncontrolling interests remained minimal and stable, showing limited influence on consolidated profitability.