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: 2025-06-14), 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally stable trend with minor fluctuations over the periods analyzed. Starting at 3.29 in March 2020, it gradually increased to peak around 3.69 in December 2023, indicating improved efficiency in utilizing fixed assets to generate sales. However, after this peak, a declining pattern emerges, dropping to 3.19 by June 2025. This decline suggests a potential deceleration in asset utilization effectiveness in the most recent periods.
- Total Asset Turnover
- This ratio exhibits a steady upward trend from 0.76 in March 2020 to a high of approximately 0.95 between March and June 2023, indicating improving efficiency in managing all assets collectively to produce revenue. Following this peak, the ratio experiences a slight decline, fluctuating around 0.9 in the last observed periods, ending at 0.87 in June 2025. This pattern reflects a marginal decrease in overall asset productivity recently, although still above earlier year levels.
- Equity Turnover
- Equity turnover shows more variability relative to the other turnover ratios. Beginning at 5.23 in March 2020, it decreases steadily through the mid-periods reaching a low near 4.41 around late 2021. Subsequently, the ratio rebounds to around 5.17 in early 2023, suggesting an improvement in how equity is used to generate sales. The latter periods reveal a slight downward trend again, closing near 4.98 by mid-2025. This indicates fluctuations in operational efficiency with respect to equity, but maintaining an overall moderate usage level.
Net Fixed Asset Turnover
PepsiCo Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net revenue | 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) | 22,455) | 18,091) | 15,945) | 13,881) | |||||||
| Property, plant and equipment, net | 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) | 21,369) | 19,726) | 19,187) | 18,980) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 3.29 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | 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 | 3.06 | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 2.94 | — | — | — | |||||||
| Philip Morris International Inc. | 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 | 4.51 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024
+ Net revenueQ3 2024)
÷ Property, plant and equipment, net
= (22,726 + 17,919 + 27,784 + 23,319)
÷ 28,797 = 3.19
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods in terms of net revenue, property, plant and equipment (net), and net fixed asset turnover ratio.
- Net Revenue
- There is a general upward trajectory in net revenue from 2020 through early 2025, despite some fluctuations. Starting from approximately $13.9 billion in March 2020, revenue increased significantly by the end of 2020 reaching over $22 billion, indicating strong growth within that period. This pattern of growth continues into subsequent years, with quarterly revenues peaking around $27.8 billion in late 2024. Notably, there are some seasonal or cyclical variations as revenue dips and recovers in certain quarters, but the overall trend remains upward, suggesting steady expansion in sales or service delivery.
- Property, Plant, and Equipment (Net)
- The net value of property, plant, and equipment exhibits a consistent upward trend throughout the observed timeframe. Starting at around $18.9 billion in early 2020, the asset base steadily rises to nearly $28.8 billion by mid-2025. This growth appears gradual but continuous, indicative of ongoing capital investment, asset acquisitions, or reinvestments supporting operational capacity and future growth.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio showed an initial increase from approximately 3.29 in late 2020 to peaks near 3.69 in late 2021, signaling improved efficiency in utilizing fixed assets to generate revenue during that period. However, from 2022 onwards, this ratio demonstrates a slight but steady decline to about 3.19 by mid-2025. This decline may suggest that while investments in fixed assets are growing, revenue growth relative to these assets is stabilizing or growing at a slower rate, possibly indicating diminishing returns on recent capital expenditures or changes in operational efficiency.
In summary, revenue and asset base expanded notably over the period with consistent capital investments. The asset turnover ratio's improvement followed by a gradual decline points to evolving dynamics in asset utilization efficiency, highlighting a potential area for operational review to sustain or enhance effectiveness in converting fixed assets to revenue.
Total Asset Turnover
PepsiCo Inc., total asset turnover calculation (quarterly data)
| Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net revenue | 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) | 22,455) | 18,091) | 15,945) | 13,881) | |||||||
| Total assets | 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) | 92,918) | 92,041) | 89,525) | 85,062) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 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 | 0.76 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | 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 | 0.38 | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 0.39 | — | — | — | |||||||
| Philip Morris International Inc. | 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 | 0.64 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
1 Q2 2025 Calculation
Total asset turnover
= (Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024
+ Net revenueQ3 2024)
÷ Total assets
= (22,726 + 17,919 + 27,784 + 23,319)
÷ 105,345 = 0.87
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue exhibits a consistent upward trend over the reported periods. Starting at $13,881 million in March 2020, revenues increase through successive quarters, peaking periodically during the final quarters of each year. The data reflect cyclical growth patterns, with higher figures typically reported in the fourth quarter. For example, the net revenue reaches a high of $27,996 million in December 2022 and $27,784 million in December 2024. There is a steady quarter-to-quarter increase in revenue during the majority of the periods, indicating strong sales growth and market demand. The fluctuations suggest seasonal impacts but overall demonstrate sustained expansion.
- Total Assets
- Total assets maintain a relatively stable pattern with moderate growth over time. Beginning at $85,062 million in March 2020, total assets increase moderately and exhibit minor variations across quarters. The asset base grows from $92,224 million in March 2021 to $105,345 million by June 2025. Notable intermediate fluctuations occur, such as a slight decline in December 2020 and again in December 2022, but these are followed by recovery phases. Overall, the asset levels suggest controlled asset management and careful investment strategies that support incremental expansion without significant volatility.
- Total Asset Turnover Ratio
- The total asset turnover ratio, reported starting from September 2020, illustrates operational efficiency in generating revenue from assets. Initially at 0.76, the ratio shows a rising trend, reaching 0.94 by March 2023, indicating improved utilization of assets to generate sales. The ratio stabilizes around the 0.9 mark in subsequent periods, with minor fluctuations between 0.87 and 0.95. This pattern reflects consistent asset efficiency, suggesting the company maintains effective management and productive use of its asset base relative to revenue generation.
Equity Turnover
PepsiCo Inc., equity turnover calculation (quarterly data)
| Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | Dec 25, 2021 | Sep 4, 2021 | Jun 12, 2021 | Mar 20, 2021 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net revenue | 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) | 22,455) | 18,091) | 15,945) | 13,881) | |||||||
| Total PepsiCo common shareholders’ equity | 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) | 13,454) | 13,483) | 12,491) | 13,465) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 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 | 5.23 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | 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 | 1.71 | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 0.96 | — | — | — | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-05), 10-Q (reporting date: 2020-06-13), 10-Q (reporting date: 2020-03-21).
1 Q2 2025 Calculation
Equity turnover
= (Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024
+ Net revenueQ3 2024)
÷ Total PepsiCo common shareholders’ equity
= (22,726 + 17,919 + 27,784 + 23,319)
÷ 18,418 = 4.98
2 Click competitor name to see calculations.
The quarterly financial data reveal several noteworthy trends over the observed periods. Net revenue exhibits a recurring seasonal pattern with notable increases during the fourth quarters of each year, reaching peak values in December quarters. There is a general upward trajectory in net revenue across the years, indicating growth in sales or pricing power. The revenue growth, however, shows some fluctuations quarter to quarter, with modest dips typically following peak quarters before rising again in subsequent periods.
Total PepsiCo common shareholders’ equity presents a mostly steady progression with a few periods of decline. Equity values increased notably from early 2020 through mid-2022, peaking around the third quarter of 2022. Following this peak, equity fluctuates with minor declines and recoveries, indicating some variability possibly driven by retained earnings, share buybacks, dividends, or other equity transactions. Despite these fluctuations, the overall trend suggests gradual growth in shareholders’ equity over the multi-year span.
The equity turnover ratio highlights the efficiency with which the company utilizes shareholders’ equity to generate revenue. The ratio maintains a relatively stable range between approximately 4.4 to 5.2 throughout the observed quarters, with slight declines in some periods and modest increases in others. The ratio typically decreases slightly after strong seasonal revenue quarters, reflecting the lagged effect of changes in both equity and revenue. The general stability of the equity turnover ratio indicates consistent operational efficiency relative to equity investment, without significant deterioration or improvement in asset utilization over time.
- Net Revenue
- Exhibits strong seasonality, with regular peaks in the fourth quarter each year.
- Overall upward trend from 2020 through 2025, with occasional quarter-to-quarter fluctuations.
- Growth may reflect increasing sales volume, price increases, or a combination thereof.
- Total Shareholders’ Equity
- Generally increasing trend with peaks observed in late 2022.
- Some periods of decline suggest equity adjustments possibly from corporate actions or earnings variability.
- The stability of equity over time indicates sustained investment and capital retention by the company.
- Equity Turnover Ratio
- Relatively consistent with minor fluctuations within a narrow range (approx. 4.4 to 5.2).
- Mild decreases follow peak revenue periods, reflecting changes in asset utilization efficiency.
- The ratio’s stability implies steady operational performance relative to equity capital employed.
In summary, the data signal a growth-oriented trajectory with traditional seasonal revenue spikes and consistent equity management. The operational efficiency as measured by equity turnover remains stable, supporting the observation of a mature and well-managed financial structure across the periods examined.