Analysis of Geographic Areas
PepsiCo Inc. operates in 2 regions: United States and International.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Area Asset Turnover
PepsiCo Inc., asset turnover by geographic area
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
Based on: 10-K (reporting date: 2025-12-27), 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).
An examination of asset turnover ratios across geographic areas reveals distinct patterns over the observed period. Information is available for the years 2024 and 2025, allowing for a comparative analysis between the United States and International segments.
- United States
- The asset turnover ratio for the United States segment demonstrates a stable trend. The ratio is reported as 3.12 in 2024 and increases marginally to 3.13 in 2025. This suggests consistent efficiency in utilizing assets to generate sales within the domestic market.
- International
- The International segment exhibits a more pronounced change in asset turnover. The ratio begins at 3.51 in 2024, indicating relatively efficient asset utilization compared to the United States at that time. However, a decrease is observed in 2025, with the ratio falling to 3.15. This suggests a potential decline in the efficiency of asset use in international operations during this period.
- Comparative Analysis
- In 2024, the International segment demonstrated a higher asset turnover ratio than the United States, implying greater sales generation per dollar of assets. However, this advantage diminished in 2025 as the International ratio decreased and converged with that of the United States. The narrowing gap suggests a potential shift in operational efficiency or sales strategies between the two geographic areas.
Further investigation may be warranted to understand the factors contributing to the change in the International segment’s asset turnover, such as shifts in market conditions, investment in new assets, or changes in sales composition.
Area Asset Turnover: United States
PepsiCo Inc.; United States; area asset turnover calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenue | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
Analysis of the provided financial information reveals a stable performance in area asset turnover for the United States segment over the observed period. Revenue and net property, plant, and equipment figures are available for the most recent two years, allowing for a focused assessment of asset utilization efficiency.
- Net Revenue
- Net revenue for the United States area exhibited a modest increase, rising from US$51,668 million in 2024 to US$52,228 million in 2025. This suggests a positive trend in sales generation within the region.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment experienced a slight increase, moving from US$16,550 million in 2024 to US$16,671 million in 2025. This indicates a marginal expansion of the asset base utilized to generate revenue.
- Area Asset Turnover
- The area asset turnover ratio remained remarkably consistent, registering at 3.12 in 2024 and 3.13 in 2025. This stability suggests that the company effectively maintained its efficiency in generating revenue from its assets in the United States. The ratio indicates that for every dollar of assets, approximately US$3.12 to US$3.13 of revenue was generated. The minimal change suggests a consistent operational strategy and asset utilization approach.
Overall, the financial metrics for the United States area demonstrate a pattern of incremental growth in both revenue and assets, coupled with a highly stable asset turnover ratio. This suggests effective asset management and a consistent ability to generate sales from the existing asset base.
Area Asset Turnover: International
PepsiCo Inc.; International; area asset turnover calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenue | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
Analysis of the provided financial information reveals trends in international area asset turnover. Revenue and net property, plant, and equipment figures are available for the most recent periods, allowing for calculation and observation of this key efficiency metric.
- Net Revenue
- Net revenue demonstrates an increasing trend, rising from 40,186 US$ millions in 2024 to 41,697 US$ millions in 2025. This indicates growth in international sales during this period.
- Property, Plant, and Equipment (PP&E)
- Net property, plant, and equipment experienced an increase, moving from 11,458 US$ millions in 2024 to 13,234 US$ millions in 2025. This suggests investment in international assets during the period.
- Area Asset Turnover
- The area asset turnover ratio decreased from 3.51 in 2024 to 3.15 in 2025. This indicates a reduced efficiency in generating revenue from international assets. While revenue increased, the growth in PP&E was proportionally larger, resulting in a lower turnover ratio. This could be due to recent capital investments not yet fully contributing to revenue generation, or a slowdown in sales relative to asset growth.
The observed decline in area asset turnover, despite revenue growth, warrants further investigation. A deeper analysis should explore the specific investments contributing to the increase in PP&E and their expected impact on future revenue. Consideration should also be given to potential factors impacting sales efficiency within the international segment.
Net revenue
PepsiCo Inc., net revenue by geographic area
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-27), 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).
Net revenue figures demonstrate growth across both the United States and International segments during the periods of December 25, 2024 and December 27, 2025. Prior to 2024, revenue information is unavailable for comparison.
- United States Net Revenue
- Net revenue from the United States increased from US$51,668 million in December 2024 to US$52,228 million in December 2025. This represents a growth of approximately 1.05% year-over-year.
- International Net Revenue
- International net revenue experienced an increase from US$40,186 million in December 2024 to US$41,697 million in December 2025. This indicates a growth of approximately 3.75% year-over-year.
- Total Net Revenue
- Total net revenue, encompassing both the United States and International segments, rose from US$91,854 million in December 2024 to US$93,925 million in December 2025. This signifies an overall growth of approximately 2.27% year-over-year.
- Comparative Growth
- The International segment exhibited a higher rate of growth (3.75%) compared to the United States segment (1.05%) between December 2024 and December 2025. This suggests a potentially stronger performance or increased market penetration within international markets during this period.
The observed growth in total net revenue is driven by increases in both geographic segments. The faster growth rate in the International segment contributed proportionally more to the overall revenue increase.
Property, plant and equipment, net
PepsiCo Inc., property, plant and equipment, net by geographic area
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-27), 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).
The reported values for property, plant, and equipment, net, demonstrate growth across both the United States and International segments between December 30, 2023, and December 27, 2025. Prior to 2023, values are not available for comparison. The International segment exhibits a more substantial rate of increase than the United States segment during the observed period.
- United States Segment
- The United States segment reported a value of US$16,550 million as of December 28, 2024, increasing to US$16,671 million by December 27, 2025. This represents a growth of approximately 0.73% over the two-year period. The increase suggests continued investment in property, plant, and equipment within the United States, though at a relatively moderate pace.
- International Segment
- The International segment experienced a more significant increase, moving from US$11,458 million on December 28, 2024, to US$13,234 million on December 27, 2025. This constitutes a growth of approximately 15.51% over the same two-year timeframe. This substantial growth indicates a potentially larger investment focus or faster asset accumulation in international operations.
- Total
- The combined value for both segments increased from US$28,008 million to US$29,905 million between December 28, 2024, and December 27, 2025, representing an overall growth of approximately 6.76%. The total growth rate falls between the growth rates of the individual segments, reflecting the contributions from both geographic areas.
The observed trends suggest a strategic allocation of capital towards property, plant, and equipment, with a particularly strong emphasis on expansion or modernization within the International segment. Further investigation into the specific nature of these investments would be necessary to understand the underlying drivers of these changes.