Common-Size Income Statement
Quarterly Data
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PepsiCo Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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PepsiCo Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 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).
The common-size income statement reveals several noteworthy trends in the company’s financial performance over the analyzed period. Net revenue is consistently represented as 100% by definition, allowing for a clear view of the proportional changes in other income statement items. Cost of sales generally fluctuates between 44% and 49% of net revenue, with a noticeable increase in the latter half of 2021 and again in late 2024. Gross profit, consequently, demonstrates an inverse relationship, ranging from approximately 51% to 56% of net revenue. Operating profit exhibits significant variability, peaking in early 2022 and experiencing substantial declines in late 2022 and 2025.
- Cost of Sales & Gross Profit
- Cost of sales as a percentage of net revenue increased from 45.01% in March 2021 to 48.04% in December 2021, contributing to a decrease in gross profit from 54.99% to 51.96% over the same period. This trend reversed in 2022, with cost of sales decreasing to 46.55% in June and gross profit increasing to 53.45%. However, cost of sales rose again in late 2024, reaching 47.44% in December, while gross profit fell to 52.56%. The most recent period shows a slight improvement in gross profit, reaching 53.23% in December 2025.
- Operating Expenses
- Selling, general, and administrative expenses consistently represent a substantial portion of net revenue, typically between 36% and 44%. A peak was observed in December 2021 at 41.81%, followed by a decrease to 36.52% in June 2022. Expenses increased again in late 2024, reaching 44.43% in December. These fluctuations in operating expenses directly impact operating profit.
- Operating Profit Volatility
- Operating profit demonstrates the most significant fluctuations. It surged to 32.51% in March 2022, largely driven by the impact of the "Gain associated with the Juice Transaction" (20.51%). However, operating profit plummeted to 2.91% in September 2022 and 8.10% in December 2022, partially due to impairment charges and increased operating expenses. A similar pattern is observed in 2025, with a decline to 6.91% in June and 12.12% in December. The impact of impairment of intangible assets is particularly noticeable in June 2022 (-6.72%) and March 2025 (-8.18%).
- Net Income & Tax Rate
- Net income mirrors the trends in operating profit, ranging from a high of 26.38% in March 2022 to a low of 5.24% in December 2021. The provision for income taxes generally remains between 2% and 4% of net revenue, with some variability. The effective tax rate fluctuates, impacting the final net income attributable to the company. Net income attributable to PepsiCo consistently represents the vast majority of total net income, with noncontrolling interests accounting for a small percentage.
Overall, the company’s profitability is subject to considerable variation, influenced by factors such as cost of sales, operating expenses, one-time gains or losses (like the Juice Transaction), and impairment charges. The period from late 2022 through 2025 demonstrates a generally lower operating profit margin compared to early 2022, suggesting increased cost pressures or decreased operational efficiency. The impact of pension and retiree medical benefits, while relatively small, also contributes to the overall net income.