Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
PepsiCo Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-05), 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).
The analysis of long-term activity ratios reveals a general period of peak asset efficiency in 2023, followed by a gradual decline and a subsequent period of stabilization toward the end of the observed timeframe. While total asset utilization remains relatively constant, there is a more pronounced contraction in the efficiency of fixed asset and equity utilization.
- Net Fixed Asset Turnover
- A sustained downward trajectory is observed starting from a peak of 3.69 in September 2023, reaching a low of 3.14 by December 2025. This decline suggests a period where the growth in net fixed assets outpaced the growth in generated revenue, or a decrease in the productivity of long-term physical investments. However, a slight recovery is evident in 2026, with the ratio climbing back to 3.30 by September 2026.
- Total Asset Turnover
- This ratio demonstrates the highest level of stability among the three metrics. After reaching a peak of 0.95 in March 2023, the ratio fluctuated within a narrow band between 0.86 and 0.92. The minimal variance indicates a consistent relationship between total assets and net sales, suggesting that the overall asset base is managed with a steady level of efficiency despite changes in specific asset categories.
- Equity Turnover
- Equity utilization experienced significant volatility, rising from 4.44 in March 2022 to a peak of 5.17 in March 2023. Following this peak, a gradual contraction occurred, with the ratio descending to 4.39 by June 2026 before stabilizing at 4.41. The return to baseline levels suggests that the increase in shareholder equity has outpaced the growth in sales over the latter half of the period, reducing the revenue generated per unit of equity.
Overall, the synchronicity between the decline in net fixed asset turnover and equity turnover from 2023 through 2025 points toward a period of increased investment or equity accumulation that did not immediately result in proportional revenue growth. The stabilization observed in 2026 suggests a return to a steady state of operational efficiency.
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Net Fixed Asset Turnover
PepsiCo Inc., net fixed asset turnover calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenue | 25,274) | 24,181) | 19,443) | 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) | ||||||
| Property, plant and equipment, net | 29,731) | 29,771) | 29,807) | 29,905) | 29,053) | 28,797) | 28,213) | 28,008) | 27,188) | 27,042) | 26,792) | 27,039) | 24,853) | 24,500) | 24,228) | 24,291) | 22,800) | 22,694) | 22,017) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.30 | 3.25 | 3.20 | 3.14 | 3.18 | 3.19 | 3.24 | 3.28 | 3.38 | 3.40 | 3.43 | 3.38 | 3.69 | 3.68 | 3.63 | 3.56 | 3.67 | 3.61 | 3.67 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 5.20 | 5.18 | 4.99 | 4.37 | 4.36 | 4.50 | 4.57 | 4.70 | 4.89 | 4.95 | 4.95 | 5.08 | 4.55 | 4.42 | 4.37 | 4.58 | 4.37 | 4.10 | ||||||
| Mondelēz International Inc. | — | 3.73 | 3.72 | 3.61 | 3.64 | 3.60 | 3.73 | 3.84 | 3.73 | 3.79 | 3.77 | 3.72 | 3.87 | 3.67 | 3.60 | 3.49 | 3.53 | 3.41 | 3.24 | ||||||
| Philip Morris International Inc. | 5.15 | 5.12 | 5.02 | 4.84 | 4.93 | 4.86 | 5.10 | 5.18 | 4.93 | 5.02 | 4.99 | 4.68 | 4.98 | 4.74 | 4.72 | 4.73 | 5.65 | 5.33 | 5.26 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ Property, plant and equipment, net
= (25,274 + 24,181 + 19,443 + 29,343)
÷ 29,731 = 3.30
2 Click competitor name to see calculations.
The analysis of investment activity reveals a general decline in the efficiency of fixed asset utilization over the observed period from early 2022 through late 2026, characterized by a steady expansion of the asset base that outpaced revenue growth.
- Net Fixed Asset Turnover Trend
- The turnover ratio maintained a state of relative stability during the first two years, fluctuating within a narrow range between 3.56 and 3.69. A downward shift occurred starting in late 2023, with the ratio dropping to 3.38 in December 2023. This decline persisted through 2024 and 2025, reaching a minimum of 3.14 in December 2025. A slight recovery trend emerged in the first three quarters of 2026, with the ratio rising to 3.30 by September 2026.
- Fixed Asset Accumulation
- Net property, plant, and equipment exhibited consistent growth, increasing from 22,017 million in March 2022 to 29,731 million by September 2026. This steady upward trajectory indicates a sustained commitment to capital expenditure and the expansion of physical infrastructure.
- Revenue Dynamics and Asset Efficiency
- Net revenue displays pronounced seasonality, with peak values consistently recorded in the fourth quarter of each fiscal year. Despite these periodic surges, the overall revenue growth failed to scale proportionally with the increase in net fixed assets. The resulting compression of the turnover ratio suggests a diminishing marginal return on investment in fixed assets during the 2023-2025 period, implying that the expanded capacity had not yet been fully optimized for revenue generation.
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Total Asset Turnover
PepsiCo Inc., total asset turnover calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenue | 25,274) | 24,181) | 19,443) | 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) | ||||||
| Total assets | 111,976) | 112,189) | 110,646) | 107,399) | 106,558) | 105,345) | 101,737) | 99,467) | 100,513) | 99,533) | 100,040) | 100,495) | 99,953) | 95,906) | 93,042) | 92,187) | 94,461) | 93,103) | 92,962) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.88 | 0.86 | 0.86 | 0.87 | 0.87 | 0.87 | 0.90 | 0.92 | 0.91 | 0.92 | 0.92 | 0.91 | 0.92 | 0.94 | 0.95 | 0.94 | 0.89 | 0.88 | 0.87 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.47 | 0.44 | 0.46 | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.46 | 0.44 | 0.43 | ||||||
| Mondelēz International Inc. | — | 0.56 | 0.55 | 0.54 | 0.53 | 0.52 | 0.53 | 0.53 | 0.50 | 0.49 | 0.47 | 0.50 | 0.50 | 0.47 | 0.45 | 0.44 | 0.45 | 0.45 | 0.43 | ||||||
| Philip Morris International Inc. | 0.65 | 0.62 | 0.60 | 0.59 | 0.60 | 0.57 | 0.59 | 0.61 | 0.56 | 0.55 | 0.55 | 0.54 | 0.54 | 0.54 | 0.52 | 0.51 | 0.78 | 0.78 | 0.76 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 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).
1 Q3 2026 Calculation
Total asset turnover
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ Total assets
= (25,274 + 24,181 + 19,443 + 29,343)
÷ 111,976 = 0.88
2 Click competitor name to see calculations.
An analysis of the financial activity ratios reveals a period of asset expansion accompanied by consistent revenue growth, though the efficiency of asset utilization has experienced a slight downward correction following a peak in early 2023.
- Net Revenue Trends
- Revenue exhibits a strong cyclical pattern with consistent peaks occurring in the fourth quarter of each year, reflecting seasonal demand. A general upward trajectory is observable over the analyzed period, with the March quarterly baseline increasing from 16,200 million US dollars in 2022 to 19,443 million US dollars by March 2026. The highest recorded quarterly revenue occurred in December 2025, reaching 29,343 million US dollars.
- Total Asset Growth
- The asset base has undergone a steady and progressive expansion. Starting at 92,962 million US dollars in March 2022, total assets grew to 111,976 million US dollars by September 2026. This represents a consistent increase in the company's resource base, with the most significant growth phase occurring between late 2023 and 2026, where assets consistently exceeded the 100,000 million US dollar threshold.
- Total Asset Turnover Analysis
- The total asset turnover ratio demonstrates a non-linear trend. An initial improvement is observed from March 2022 (0.87) to a peak of 0.95 in March 2023, indicating an increase in the efficiency of assets in generating sales. However, a gradual decline followed, with the ratio stabilizing between 0.90 and 0.92 throughout 2023 and 2024. In the final two years of the period, the ratio softened further, fluctuating between 0.86 and 0.88. This trend suggests that the growth in the total asset base has slightly outpaced the growth in net revenue, leading to a marginal reduction in overall asset productivity.
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Equity Turnover
PepsiCo Inc., equity turnover calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenue | 25,274) | 24,181) | 19,443) | 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) | ||||||
| Total PepsiCo common shareholders’ equity | 22,292) | 22,098) | 21,383) | 20,406) | 19,388) | 18,418) | 18,389) | 18,041) | 19,453) | 19,446) | 19,047) | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 4.41 | 4.39 | 4.46 | 4.60 | 4.76 | 4.98 | 4.98 | 5.09 | 4.73 | 4.73 | 4.82 | 4.94 | 4.87 | 5.10 | 5.17 | 5.04 | 4.41 | 4.41 | 4.44 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 1.39 | 1.47 | 1.49 | 1.53 | 1.65 | 1.79 | 1.89 | 1.75 | 1.80 | 1.74 | 1.76 | 1.71 | 1.70 | 1.72 | 1.78 | 1.86 | 1.80 | 1.62 | ||||||
| Mondelēz International Inc. | — | 1.49 | 1.53 | 1.49 | 1.44 | 1.42 | 1.41 | 1.35 | 1.30 | 1.30 | 1.27 | 1.27 | 1.24 | 1.19 | 1.17 | 1.17 | 1.14 | 1.09 | 1.04 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 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).
1 Q3 2026 Calculation
Equity turnover
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ Total PepsiCo common shareholders’ equity
= (25,274 + 24,181 + 19,443 + 29,343)
÷ 22,292 = 4.41
2 Click competitor name to see calculations.
The financial performance from March 2022 through September 2026 is characterized by consistent seasonal revenue fluctuations and a gradual expansion of the shareholders' equity base, which collectively influenced the equity turnover efficiency.
- Net Revenue Trends
- Revenue exhibits a pronounced seasonal pattern, with peak performance consistently occurring in the fourth quarter of each year. The highest quarterly revenue was recorded in December 2025 at 29,343 million USD. While the quarterly values fluctuate, an overall upward trajectory is observable, as the revenue for the September quarter increased from 21,971 million USD in 2022 to 25,274 million USD in 2026.
- Shareholders' Equity Dynamics
- Total common shareholders' equity remained relatively stable between 17,042 million USD and 19,453 million USD from March 2023 through June 2024. A sustained growth phase began in late 2024, with equity rising steadily to reach 22,292 million USD by September 2026. This indicates an increase in the company's book value and a larger capital base supporting operations.
- Equity Turnover Analysis
- The equity turnover ratio demonstrates a period of peak efficiency in early 2023, reaching a maximum of 5.17 in March 2023. This peak coincided with a period where revenue growth outpaced the growth of the equity base. However, from mid-2023 onwards, a gradual downward trend is observed, with the ratio declining to 4.41 by September 2026. This contraction suggests that the growth in shareholders' equity has occurred at a faster rate than the growth in net revenue during the latter half of the analyzed period, leading to a slight decrease in the efficiency of equity utilization to generate sales.
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