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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
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PepsiCo Inc., consolidated income statement (quarterly data)
US$ in millions
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 financial performance presented demonstrates considerable fluctuation over the analyzed period, spanning from March 2021 to December 2026. Net revenue exhibits a generally increasing trend, though with significant quarterly variations. Cost of sales mirrors this revenue pattern, consistently representing a substantial portion of revenue. Gross profit follows a similar trajectory, peaking in certain quarters and experiencing declines in others. Operating profit demonstrates more pronounced volatility, influenced by fluctuations in selling, general, and administrative expenses, as well as infrequent but impactful items like gains from transactions and asset impairments.
A detailed examination reveals specific periods of notable change. The period between March 2021 and December 2021 shows a strong revenue increase, culminating in a peak in the December quarter. However, the first half of 2022 experienced a revenue dip before recovering. The latter half of 2023 and early 2024 also show a similar pattern of revenue growth followed by a decline. Net income attributable to PepsiCo generally aligns with operating profit trends, though is consistently reduced by net income attributable to noncontrolling interests.
- Revenue Growth
- Net revenue generally increased over the period, but with substantial quarterly variability. The most significant growth occurred between March 2021 and December 2021. Growth slowed in the first half of 2022, and again in the latter half of 2023 and early 2024. The final quarters show a return to growth, peaking in September 2025.
- Profitability
- Gross profit margins remained relatively stable, fluctuating between approximately 55% and 57% of net revenue. Operating profit, however, was more sensitive to changes in operating expenses and non-recurring items. The significant increase in operating profit in the March 2022 quarter was largely attributable to a substantial gain associated with a juice transaction. Impairment charges in several quarters negatively impacted operating profit. Net income margins also fluctuated, reflecting these trends.
- Expense Management
- Selling, general, and administrative expenses consistently represented a significant portion of net revenue, typically between 39% and 44%. These expenses generally increased alongside revenue, but their impact on operating profit was amplified during periods of slower revenue growth. The impact of other pension and retiree medical benefits income (expense) and net interest expense were relatively consistent, though net interest expense showed a notable increase in the later periods.
- Non-Recurring Items
- The gain associated with the Juice Transaction in March 2022 significantly boosted operating profit. Impairment of intangible assets, occurring in multiple quarters, consistently reduced operating profit. These items demonstrate the potential for one-time events to materially affect financial results.
Overall, the financial performance demonstrates a company capable of generating substantial revenue and profit, but subject to considerable quarterly fluctuations. These fluctuations are influenced by both organic revenue growth and the impact of non-recurring items and expense management. Continued monitoring of these trends is warranted to assess the sustainability of performance.