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.

PepsiCo Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	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	(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	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	(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	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)	(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	(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	3,000)	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	(445)	(713)	(292)	(499)	(275)	(749)	(776)	(520)	(209)	(760)	(747)	(546)	29)	(475)	(393)	(888)	(247)	(802)	(642)	(451)
Net income	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	(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	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)

The financial performance presented demonstrates considerable fluctuation over the analyzed period, spanning from March 2021 to December 2025. Net revenue exhibits a generally increasing trend, although 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 the most volatility, influenced by significant fluctuations in expenses and occasional non-recurring items.

Revenue and Gross Profit Trends: Net revenue generally increased from 2021 through 2023, peaking at US$27,996 million in December 2022, before showing some moderation in 2024 and 2025. The first half of 2021 shows lower revenue figures compared to the latter half, likely reflecting seasonal sales patterns. Gross profit generally follows the revenue trend, with a strong correlation. However, the gross margin (Gross Profit / Net Revenue) appears relatively stable, fluctuating between approximately 54% and 56% throughout the period, indicating consistent cost management relative to sales.
Expense Management: Selling, general and administrative expenses consistently represent a significant portion of revenue, generally increasing alongside revenue growth. However, the expense ratio (SG&A / Net Revenue) also shows some fluctuation, suggesting varying levels of operational efficiency. The presence of "Gain associated with the Juice Transaction" and "Impairment of intangible assets" in specific quarters significantly impacts operating profit, demonstrating the influence of non-recurring events on overall profitability. The impairment charges, particularly in December 2022 and June 2025, represent substantial deductions from operating income.
Profitability Analysis: Operating profit exhibits substantial quarterly variation. A peak is observed in March 2022 (US$5,267 million), followed by a significant decline. This decline is likely attributable to a combination of factors, including increased expenses and the impact of the Juice Transaction. Net income attributable to PepsiCo mirrors the operating profit trend, with similar peaks and troughs. The impact of "Other pension and retiree medical benefits income (expense)" and "Net interest expense and other" are relatively consistent, though the latter shows a notable increase in expense in December 2025. Provision for income taxes fluctuates with net income, maintaining a relatively consistent effective tax rate.

Overall, the financial performance demonstrates a capacity for revenue growth, but is subject to considerable volatility due to expense management, non-recurring items, and potentially seasonal sales patterns. While gross margins appear stable, operating profit is significantly impacted by fluctuations in SG&A expenses and infrequent charges. Net income ultimately reflects these underlying trends, exhibiting similar patterns of growth and decline.

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PepsiCo Inc. (NASDAQ:PEP)

Income Statement Quarterly Data

Income Statement
Quarterly Data