Common-Size Income Statement
Quarterly Data
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PepsiCo Inc., common-size consolidated income statement (quarterly data)
Based on: 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 and Gross Profit Trends
- Throughout the periods analyzed, the cost of sales generally fluctuated between approximately -44% and -48% of net revenue, showing some variability but no consistent long-term directional trend. Notably, there were peaks in cost ratios during late 2020 and late 2023 to early 2024. Correspondingly, gross profit margins, the complement of cost of sales relative to net revenue, ranged from about 51.96% to 55.92%, with gradual declines at certain intervals, such as late 2020 and late 2023. Peaks in gross profit were recorded in early 2023 and mid-2024, suggesting periodic strength in margin management.
- Selling, General and Administrative Expenses
- SG&A expenses as a percentage of net revenue demonstrated volatility across quarters, with values ranging roughly from -36.5% to -44.3%. There were intermittent increases in expense ratios notably around the end of 2022 and early 2024, suggesting episodic rises in operating costs which can be attributed to various operational factors. Lower SG&A ratios occurred sporadically in mid-2021 and mid-2023, indicating periods of more efficient expense control.
- Special Items and Non-Recurring Adjustments
- A significant gain associated with a Juice Transaction appeared distinctly in Q3 and Q4 of 2021, contributing up to 20.51% of net revenue in one quarter, which markedly boosted operating performance in that period. Impairments of intangible assets appeared sporadically after mid-2021, with notable negative impacts, including -6.72% and -8.18% in specific quarters, indicating periodic write-downs that adversely affected profitability.
- Operating Profit and Income Before Taxes
- Operating profit as a percentage of net revenue showed considerable variability across quarters, ranging between approximately 2.91% and 32.51%. The exceptionally high operating profit in Q1 2022 coincided with the one-time gain from the Juice Transaction. Apart from this, operating profit typically oscillated between about 6% and 17%, with periods of decline reflecting impacts from increased costs and impairments. Income before income taxes correlates closely with operating profit patterns, slightly lower due to net interest expenses and other factors, with similar peaks and troughs.
- Net Interest Expense and Other Income (Expense)
- Net interest expense typically ranged between about -0.78% and -4.48% of net revenue, with a notable spike to -4.48% in Q4 2021, suggesting a one-time increase in financing costs or other charges in that quarter. Generally, interest expense remained moderate and somewhat stable in other periods, reflecting controlled financing costs.
- Provision for Income Taxes
- The effective tax provision fluctuated between approximately -0.75% and -5.48% of net revenue. Noteworthy decreases in tax provisions were observed during quarters with extraordinary items, such as the Q4 2021 and Q4 2023 periods, where provisions were significantly less negative or even positive, likely reflecting tax benefits from non-recurring events. Otherwise, tax rates maintained a somewhat consistent pattern averaging near -3%.
- Net Income and Attributable Earnings
- Net income as a percentage of net revenue showed marked volatility with values ranging from about 1.91% to 26.38%. The outlier high in Q1 2022 aligns with the gain from the Juice Transaction impacting operating income and net income. Excluding this anomaly, net income generally fluctuated between approximately 5% and 14%, with cyclical ups and downs corresponding to operating profit and cost variability. The net income attributable specifically to PepsiCo closely tracked total net income, confirming that noncontrolling interests had minimal impact.
- Summary of Overall Patterns
- The data reveal that the company experienced distinct fluctuations in profitability primarily driven by variations in cost of sales, SG&A expenses, and occasional one-time items like the Juice Transaction gain and intangible asset impairments. Margins showed resilience but were sensitive to episodic cost pressures and impairments. Financial expenses remained relatively stable except for isolated spikes. Tax provisions varied in response to profit swings and special items. Overall, financial performance demonstrated a pattern of moderate cyclicality punctuated by significant non-recurring events, resulting in volatility in profitability metrics across the analyzed quarters.