Income Statement

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

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Net revenue	91,854)	91,471)	86,392)	79,474)	70,372)
Cost of sales	(41,744)	(41,881)	(40,576)	(37,075)	(31,797)
Gross profit	50,110)	49,590)	45,816)	42,399)	38,575)
Selling, general and administrative expenses	(37,190)	(36,677)	(34,459)	(31,237)	(28,495)
Gain associated with the Juice Transaction	—)	—)	3,321)	—)	—)
Impairment of intangible assets	(33)	(927)	(3,166)	—)	—)
Operating profit	12,887)	11,986)	11,512)	11,162)	10,080)
Other pension and retiree medical benefits income (expense)	(22)	250)	132)	522)	117)
Interest expense	(1,606)	(1,437)	(1,119)	(1,988)	(1,252)
Interest income and other	687)	618)	180)	125)	124)
Net interest expense and other	(919)	(819)	(939)	(1,863)	(1,128)
Income before income taxes	11,946)	11,417)	10,705)	9,821)	9,069)
Provision for income taxes	(2,320)	(2,262)	(1,727)	(2,142)	(1,894)
Net income	9,626)	9,155)	8,978)	7,679)	7,175)
Net income attributable to noncontrolling interests	(48)	(81)	(68)	(61)	(55)
Net income attributable to PepsiCo	9,578)	9,074)	8,910)	7,618)	7,120)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

Net Revenue: The net revenue demonstrates a consistent upward trend over the five-year period, increasing from $70,372 million in 2020 to $91,854 million in 2024. Growth rates appear to moderate slightly in the most recent years but remain positive overall.
Cost of Sales: The cost of sales also shows an increasing trend, rising from $31,797 million in 2020 to a peak of $41,881 million in 2023, before slightly decreasing to $41,744 million in 2024. The growth in costs mirrors the rise in revenue but shows signs of stabilization in the latest year.
Gross Profit: Gross profit increases steadily from $38,575 million in 2020 to $50,110 million in 2024. This reflects the combined effect of rising revenues and managed costs, resulting in improving gross margins.
Selling, General and Administrative Expenses (SG&A): SG&A expenses grow consistently from $28,495 million in 2020 to $37,190 million in 2024. The increase in these expenses aligns with revenue growth but at a pace that slightly exceeds the increase in gross profit, indicating a rising operational cost base.
Special Items: A significant gain of $3,321 million related to the Juice Transaction is recorded in 2022, positively impacting profitability for that year. Impairment of intangible assets appears in 2022 and subsequent years, though decreasing from $3,166 million in 2022 to $33 million in 2024, indicating a diminishing impact of non-cash charges on the income statement.
Operating Profit: Operating profit rises steadily from $10,080 million in 2020 to $12,887 million in 2024. Despite fluctuations related to impairments and gains, the operating profit shows consistent improvement, supported by revenue growth and controlled expenses.
Net Interest Expense and Other: Net interest expense and other related items decline from $1,128 million in 2020 to $919 million in 2024, with some volatility in the interim years. Interest expense shows variability, while interest income and other income have generally increased, improving the net interest expense position.
Income Before Income Taxes: Income before income taxes shows steady growth, increasing from $9,069 million in 2020 to $11,946 million in 2024. This reflects improved operating results alongside relatively stable net interest expenses.
Provision for Income Taxes: The tax provision generally rises over the period, from $1,894 million in 2020 to $2,320 million in 2024, though with some fluctuation, reflecting higher pre-tax income.
Net Income: Net income attributable to PepsiCo increases steadily from $7,120 million in 2020 to $9,578 million in 2024. This growth is consistent with the trends in operating profit and income before taxes, demonstrating improved profitability. The net income attributable to noncontrolling interests remains relatively small and stable throughout the period.

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PepsiCo Inc. (NASDAQ:PEP)

Income Statement