Name: PepsiCo Inc. (NASDAQ:PEP) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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PepsiCo Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 5, 2026	Jun 13, 2026	Mar 21, 2026	Dec 27, 2025	Sep 6, 2025	Jun 14, 2025	Mar 22, 2025	Dec 28, 2024	Sep 7, 2024	Jun 15, 2024	Mar 23, 2024	Dec 30, 2023	Sep 9, 2023	Jun 17, 2023	Mar 25, 2023	Dec 31, 2022	Sep 3, 2022	Jun 11, 2022	Mar 19, 2022	Dec 25, 2021	Sep 4, 2021	Jun 12, 2021	Mar 20, 2021
Net revenue	25,274)	24,181)	19,443)	29,343)	23,937)	22,726)	17,919)	27,784)	23,319)	22,501)	18,250)	27,850)	23,453)	22,322)	17,846)	27,996)	21,971)	20,225)	16,200)	25,248)	20,189)	19,217)	14,820)
Cost of sales	(11,520)	(11,070)	(8,712)	(13,723)	(11,113)	(10,304)	(7,926)	(13,181)	(10,396)	(9,919)	(8,248)	(13,097)	(10,675)	(10,121)	(7,988)	(13,420)	(10,308)	(9,415)	(7,433)	(12,130)	(9,394)	(8,880)	(6,671)
Gross profit	13,754)	13,111)	10,731)	15,620)	12,824)	12,422)	9,993)	14,603)	12,923)	12,582)	10,002)	14,753)	12,778)	12,201)	9,858)	14,576)	11,663)	10,810)	8,767)	13,118)	10,795)	10,337)	8,149)
Selling, general and administrative expenses	(9,494)	(9,088)	(7,518)	(12,063)	(9,122)	(8,773)	(7,410)	(12,344)	(9,027)	(8,534)	(7,285)	(12,149)	(8,757)	(8,542)	(7,229)	(12,197)	(8,295)	(7,387)	(6,580)	(10,556)	(7,636)	(7,208)	(5,837)
Gain associated with the Juice Transaction	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(14)	13)	3,322)	—)	—)	—)	—)
Impairment of intangible assets	—)	—)	—)	—)	(133)	(1,860)	—)	(9)	(24)	—)	—)	(921)	(6)	—)	—)	(1,564)	(1)	(1,359)	(242)	—)	—)	—)	—)
Operating profit	4,260)	4,023)	3,213)	3,557)	3,569)	1,789)	2,583)	2,250)	3,872)	4,048)	2,717)	1,683)	4,015)	3,659)	2,629)	815)	3,353)	2,077)	5,267)	2,562)	3,159)	3,129)	2,312)
Other pension and retiree medical benefits income (expense)	(114)	59)	58)	(224)	26)	42)	23)	(177)	41)	56)	58)	67)	62)	60)	61)	(36)	36)	(2)	134)	158)	118)	126)	120)
Net interest expense and other	(242)	(230)	(301)	(333)	(264)	(260)	(264)	(264)	(219)	(234)	(202)	(217)	(201)	(201)	(200)	(273)	(190)	(236)	(240)	(1,132)	(232)	(241)	(258)
Income before income taxes	3,904)	3,852)	2,970)	3,000)	3,331)	1,571)	2,342)	1,809)	3,694)	3,870)	2,573)	1,533)	3,876)	3,518)	2,490)	506)	3,199)	1,839)	5,161)	1,588)	3,045)	3,014)	2,174)
Provision for income taxes	(834)	(848)	(632)	(445)	(713)	(292)	(499)	(275)	(749)	(776)	(520)	(209)	(760)	(747)	(546)	29)	(475)	(393)	(888)	(247)	(802)	(642)	(451)
Net income	3,070)	3,004)	2,338)	2,555)	2,618)	1,279)	1,843)	1,534)	2,945)	3,094)	2,053)	1,324)	3,116)	2,771)	1,944)	535)	2,724)	1,446)	4,273)	1,341)	2,243)	2,372)	1,723)
Net income attributable to noncontrolling interests	(22)	(23)	(11)	(15)	(15)	(16)	(9)	(11)	(15)	(11)	(11)	(22)	(24)	(23)	(12)	(17)	(22)	(17)	(12)	(19)	(19)	(14)	(9)
Net income attributable to PepsiCo	3,048)	2,981)	2,327)	2,540)	2,603)	1,263)	1,834)	1,523)	2,930)	3,083)	2,042)	1,302)	3,092)	2,748)	1,932)	518)	2,702)	1,429)	4,261)	1,322)	2,224)	2,358)	1,714)

Revenue exhibits a consistent seasonal pattern across the analyzed period, with peak performance occurring in the fourth quarter of each year and troughs in the first quarter. An overall upward trajectory in top-line growth is evident, with quarterly revenues increasing from 14,820 million US$ in March 2021 to 25,274 million US$ by September 2026.

Gross Profitability and Margin Stability: Gross profit consistently mirrors the seasonal fluctuations of net revenue. The cost of sales maintains a proportional relationship with revenue, indicating relatively stable gross margins over the five-year period. Gross profit peaks consistently in the December quarters, reaching a high of 15,620 million US$ in December 2025.
Operating Profit and Non-Recurring Impacts: Operating profit has experienced significant volatility due to non-operational items. A substantial one-time gain associated with the Juice Transaction in March 2022 significantly inflated operating results for that period. This is contrasted by periodic impairment of intangible assets, with notable charges in June 2022 (1,359 million US$), December 2022 (1,564 million US$), and June 2025 (1,860 million US$), which created sharp declines in operating income during those specific quarters.
Operating Expense Trends: Selling, general, and administrative expenses follow the same seasonal curve as revenue, increasing during the high-volume fourth quarters. While these expenses have grown in absolute terms alongside revenue, they have not exhibited an erratic growth pattern relative to the top line.
Financial Costs and Tax Provisions: Net interest expenses have remained relatively stable, though a moderate increase is observed toward the end of the series, peaking at 333 million US$ in December 2025. Provision for income taxes fluctuates in alignment with pre-tax income, with a notable tax benefit observed in December 2022, coinciding with a period of lower income before taxes.
Net Income and Bottom-Line Performance: Net income attributable to the company shows a general trend of growth when adjusted for non-recurring impairment charges. The volatility in net income is primarily driven by the timing of intangible asset write-downs and the one-time gain in early 2022. Despite these fluctuations, the baseline quarterly net income has shifted upward over the period, ending at 3,048 million US$ in September 2026.

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PepsiCo Inc. (NASDAQ:PEP)

Income StatementQuarterly Data

Income Statement
Quarterly Data