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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- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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PepsiCo Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-13), 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).
Revenue exhibits a consistent upward trajectory characterized by strong seasonal fluctuations, with peak performance consistently occurring in the fourth quarter of each fiscal year. Net revenue grew from 14,820 million US dollars in March 2021 to 24,181 million US dollars by June 2026, indicating a sustained expansion of the top line over the observed period.
- Revenue and Gross Margin Analysis
- Gross profit margins have remained relatively stable, closely tracking net revenue growth. While cost of sales has increased in absolute terms, the gross profit consistently maintains a proportional relationship with revenue. The highest gross profit was recorded in December 2025 at 15,620 million US dollars, coinciding with the highest recorded quarterly revenue of 29,343 million US dollars.
- Operating Expense Trends
- Selling, general, and administrative (SG&A) expenses demonstrate high correlation with revenue cycles, peaking during the fourth quarter. These expenses have scaled upward alongside revenue, though they represent a significant portion of the total cost structure, often exerting pressure on the operating margin during high-volume periods.
- Impact of Non-Recurring Items
- Operating profit and net income have been subject to significant volatility due to non-recurring items. A substantial gain associated with the Juice Transaction in March 2022 artificially inflated operating profit to 5,267 million US dollars. Conversely, periodic impairments of intangible assets have caused sharp contractions in profitability, most notably in June 2022, December 2022, and June 2025, where impairments reached 1,359 million, 1,564 million, and 1,860 million US dollars, respectively.
- Net Income and Bottom-Line Performance
- Net income attributable to the company reflects the volatility of the operating profit. There is a visible trend of earnings instability, where strong organic performance in some quarters is offset by large impairment charges in others. For instance, net income dropped to 518 million US dollars in December 2022 following a significant impairment, while it reached a peak of 4,261 million US dollars in March 2022 due to the aforementioned transaction gain.
- Interest and Tax Considerations
- Net interest expenses have remained relatively stable, generally fluctuating between 200 million and 333 million US dollars per quarter, with a notable spike to 1,132 million US dollars in December 2021. The provision for income taxes varies significantly, occasionally resulting in tax benefits or minimal charges during quarters with low pre-tax income, such as December 2022.