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
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).
- Revenue and Cost Trends
- Net revenue exhibits a generally increasing pattern across the periods, with notable seasonal fluctuations. There is a clear increase from early 2020 to late 2021, peaking around the Q4 quarters each year before slightly adjusting in subsequent quarters. This cyclical trend continues through 2022 and 2023 with peak revenues typically in the December quarters. The cost of sales parallels the revenue trend, increasing in line with net revenue but with some variability in magnitude, indicating consistent demand but fluctuating cost management or input prices over the quarters.
- Profitability Analysis
- Gross profit closely follows the revenue trend, increasing steadily over time with peak values also observed in the Q4 quarters, reflecting effective margin preservation despite growing costs. However, the gross profit margin appears stable given the proportionate growth of cost of sales and revenues.
- Operating Expenses
- Selling, general, and administrative expenses show a steady rise over the periods with distinct quarterly spikes, especially in Q4, indicating seasonal marketing or other operational cost increases. The expense trend slightly outpaces revenue growth in certain quarters, which could pressure operating margins.
- Special Items and Impairments
- Certain quarters featured significant non-recurring items: a substantial gain linked to a "Juice Transaction" was recorded around late 2021, positively impacting income. Conversely, impairment charges on intangible assets appeared intermittently from 2021 into 2024, occasionally negatively affecting operating results, pointing to asset write-downs possibly due to strategic realignments or valuation adjustments.
- Operating Profit
- Operating profit generally increases over time but with notable volatility. Peaks align with quarters showing revenue highs, yet several quarters reveal dips associated with impairments or extraordinary expenses, indicating sensitivity of operating income to such events.
- Other Income and Expenses
- The data shows relatively stable small contributions from pension and retiree medical benefits income/expense, with minimal impact on overall profitability. In contrast, net interest expense and other financial costs are consistently negative but fluctuate in magnitude without a clear trend, implying steady but variable financing costs.
- Income Before Taxes and Taxes
- Income before income taxes follows a similar pattern to operating profit, reflecting the underlying profitability adjusted by other income/expenses. Provision for income taxes varies quarterly and sometimes exhibits negative values, indicating possible tax benefits or adjustments, but generally corresponds with income before taxes, illustrating normal tax expense behavior.
- Net Income and Shareholder Attribution
- Net income shows a positive growth trajectory with seasonal variation, peaking near the end of each year. The net income attributable to the company closely tracks the total net income, consistently representing the majority of earnings. The small portion attributable to noncontrolling interests remains stable with minor fluctuations, suggesting limited external equity impact.
- Summary
- Overall, the financial performance displays consistent growth in revenue and profitability with seasonal variations, driven primarily by operational success. Margins appear sustainable despite cost increases and occasional impairments. The occurrence of significant gains and asset write-downs impacts quarterly results but does not drastically alter the long-term positive trend. Expense management, particularly of selling and administrative costs, will be crucial to maintaining operating profit growth given their steady rise. The company maintains stable financial costs and tax expense patterns, supporting continued net income growth attributable mainly to shareholders.