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: 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), 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).
The analysis of the quarterly financial ratios reveals several noteworthy trends over the examined periods.
- Net Fixed Asset Turnover
- This ratio exhibited a generally stable to slightly declining trend throughout the periods. Initially, there was a gradual increase from 3.36 to a peak near 3.69, indicating improved efficiency in utilizing fixed assets to generate sales. However, in the later quarters, the ratio consistently decreased, reaching approximately 3.18 by the end of the timeline. This suggests a reduction in how effectively fixed assets are used to produce revenue in recent quarters.
- Total Asset Turnover
- The total asset turnover showed a progressive increase early on, moving from 0.78 up to around 0.95, reflecting enhanced overall asset utilization to generate sales. After achieving this peak, the ratio experienced a moderate decline and some fluctuation but largely remained stable in the range of 0.87 to 0.92 toward the end of the periods. This pattern indicates an initially improving trend in asset efficiency, followed by a stabilization with minor decreases in recent quarters.
- Equity Turnover
- The equity turnover ratio displayed variability but no clear long-term trend. Starting at 5.11, it experienced a decline to around 4.41 in mid-periods, followed by a rebound close to 5.17, and then fluctuated around the mid-4 to low-5 range. Toward the last quarters, the ratio decreased somewhat, stabilizing near 4.76. This variability indicates changing equity utilization rates for generating sales, without a consistent direction.
Overall, the data indicate that while asset turnover measures improved initially, suggesting better use of assets and fixed assets, there is a general declining trend in asset utilization efficiency in the most recent quarters. Equity turnover shows fluctuations without a clear sustained trend. These shifts might reflect changes in operational efficiency, asset composition, or sales dynamics in recent periods.
Net Fixed Asset Turnover
PepsiCo Inc., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenue | 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) | ||||||
| Property, plant and equipment, net | 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) | 22,407) | 21,257) | 21,619) | 21,249) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 3.55 | 3.61 | 3.45 | 3.36 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 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 | 3.90 | 3.76 | 3.45 | 3.13 | ||||||
| Mondelēz International Inc. | 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 | 3.32 | 3.27 | 3.14 | 3.09 | ||||||
| Philip Morris International Inc. | 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 | 5.09 | 5.07 | 5.03 | 4.89 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024)
÷ Property, plant and equipment, net
= (23,937 + 22,726 + 17,919 + 27,784)
÷ 29,053 = 3.18
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends with respect to net revenue, property, plant and equipment, and net fixed asset turnover ratios over the given periods.
- Net Revenue
- Net revenue demonstrates a generally increasing pattern over the observed quarters, with periodic fluctuations. Initially, there is growth from 14,820 million US dollars in March 2021 to 25,248 million in December 2021. This is followed by a decline in the first quarter of 2022 but then a recovery and a steady upward movement through 2023 and 2024. The revenue figures show consistent seasonal increases toward the end of each year. The data up to September 2025 suggests that net revenue continues to rise, reaching around 23,937 million US dollars.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment demonstrates a gradual increase across the periods. Starting from roughly 21,249 million US dollars in early 2021, the amount steadily rises to over 29,000 million by the middle of 2025. The growth in this asset base indicates ongoing investment or capitalization in fixed assets, suggesting expansion or maintenance of operational capacity over time.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of fixed asset use in generating revenue, shows an initial increase from 3.36 in March 2021 to a peak near 3.69 in late 2023. This denotes improving efficiency in the utilization of fixed assets to drive revenue. However, following this peak, there is a noticeable downward trend through 2024 and into 2025, declining to around 3.18 by September 2025. This decline may indicate that although the asset base continues to grow, revenue growth is not keeping pace at the same rate, reflecting diminishing returns on fixed asset investments.
In summary, the company exhibits a solid revenue growth trajectory complemented by continuous investment in fixed assets. The initial improvement in asset utilization efficiency is offset by a more recent decline, suggesting a need for scrutiny on how effectively new or existing assets contribute to revenue generation in the long term.
Total Asset Turnover
PepsiCo Inc., total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenue | 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) | ||||||
| Total assets | 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) | 92,377) | 93,254) | 92,385) | 91,224) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 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 | 0.86 | 0.82 | 0.81 | 0.78 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 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 | 0.41 | 0.42 | 0.40 | 0.37 | ||||||
| Mondelēz International Inc. | 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 | 0.43 | 0.42 | 0.42 | 0.41 | ||||||
| Philip Morris International Inc. | 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 | 0.76 | 0.74 | 0.74 | 0.73 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Total asset turnover
= (Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024)
÷ Total assets
= (23,937 + 22,726 + 17,919 + 27,784)
÷ 106,558 = 0.87
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in net revenue, total assets, and total asset turnover across the observed periods.
- Net Revenue
- Net revenue demonstrates a clear seasonal pattern with pronounced peaks in the fourth quarter of each year, reflecting higher sales or operational activity during these periods. Starting at 14,820 million US$ in the first quarter of 2021, revenue rises sharply to a peak of 25,248 million US$ by the fourth quarter of the same year. This pattern repeats consistently, with subsequent peaks occurring in the last quarters of 2022, 2023, and 2024, reaching values close to or exceeding 27,000 million US$. The first quarters tend to have the lowest revenue figures each year, generally ranging from approximately 16,000 to 18,000 million US$. There is an overall upward trend in revenue, with higher trough and peak values observed in the later years, indicating gradual growth in sales volume or pricing over the period.
- Total Assets
- Total assets remain relatively stable with minor fluctuations throughout the timeline. Asset values lie mostly in the range of 90,000 to 106,000 million US$, showing gradual appreciation but no strong cyclical behavior associated with the quarters. There is a slight upward trend from about 91,224 million US$ in early 2021 to around 106,558 million US$ by the third quarter of 2025. Occasional small declines in asset value are followed by recoveries, suggesting ongoing asset management or periodic disposals balanced by acquisitions or organic growth of asset base.
- Total Asset Turnover
- The ratio of total asset turnover shows initial improvement from 0.78 in the first quarter of 2021 to a peak of around 0.95 in early 2023, indicating improving efficiency in utilizing assets to generate revenue. After reaching this highest efficiency point, there is a slight decline and stabilization around 0.90 to 0.92 in the subsequent periods, with the ratio dipping further to approximately 0.87 towards the end of the dataset in 2025. This pattern suggests that while asset utilization improved initially, maintaining such efficiency levels became more challenging as the asset base expanded, or external factors influenced operational performance.
In summary, the financial data indicates steady revenue growth with strong seasonal effects, a stable yet gradually increasing asset base, and a dynamic asset turnover ratio that improves before moderating. These trends highlight progressive operational scaling and efficiency adjustments over the examined timeframe.
Equity Turnover
PepsiCo Inc., equity turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenue | 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) | ||||||
| Total PepsiCo common shareholders’ equity | 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) | 16,043) | 15,872) | 15,299) | 13,947) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 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 | 4.95 | 4.83 | 4.88 | 5.11 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 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 | 1.68 | 1.70 | 1.64 | 1.64 | ||||||
| Mondelēz International Inc. | 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 | 1.02 | 1.02 | 1.01 | 1.00 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Equity turnover
= (Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024)
÷ Total PepsiCo common shareholders’ equity
= (23,937 + 22,726 + 17,919 + 27,784)
÷ 19,388 = 4.76
2 Click competitor name to see calculations.
The financial data over multiple quarters reveals several key trends in revenue generation, equity levels, and efficiency ratios.
- Net Revenue
- Net revenue shows a clear pattern of seasonal fluctuations within each fiscal year, with notable peaks generally observed in the last quarter. Across the entire timeframe, revenue exhibits a gradual increasing trend with some periodic variation. For instance, the revenue rose significantly from the first quarter of 2021 through the end of the same year, with a trough typically occurring in the first quarter of each year. The yearly peaks slightly increase over the years, suggesting overall business growth despite interim dips.
- Total Common Shareholders’ Equity
- Shareholders’ equity demonstrates some variability with an overall moderate increase during the first half of the observation period. After reaching a high in the third quarter of 2022, equity declined markedly by the end of 2022 and fluctuated around a slightly lower range in subsequent periods. The fluctuations could reflect changes in retained earnings, dividend payments, or share repurchase activities affecting the equity base. The trend towards a somewhat stable but slightly declining equity base in the later periods suggests cautious financial management or capital allocation strategies.
- Equity Turnover Ratio
- The equity turnover ratio, which reflects how efficiently the company uses shareholder equity to generate revenue, exhibits relatively stable behavior with minor swings around values close to 5. The ratio tends to dip below 4.8 in some quarters but recovers promptly, indicating consistent operational efficiency. Some modest cyclical patterns parallel the revenue seasonality, implying that revenue fluctuations directly impact this efficiency metric. Overall, the company maintains steady performance in leveraging its equity base to support revenue production.
In summary, the data suggests a generally growing revenue trend with seasonal seasonality, a somewhat fluctuating but stable shareholders' equity in the medium term, and sustained efficient utilization of equity as evidenced by the balanced equity turnover ratio.