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), 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).
The analysis of the turnover ratios over the observed periods reveals several noteworthy trends in asset and equity utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrated a gradual upward trend beginning in early 2020, rising from approximately 3.29 to a peak near 3.69 by late 2023. Following this peak, a slight decline is observed, with the ratio decreasing to around 3.18 by late 2025. This pattern suggests an initial improvement in the efficiency of fixed asset use to generate revenue, which stabilizes and mildly contracts in subsequent periods.
- Total Asset Turnover
- Total asset turnover exhibited consistent growth beginning in early 2020, moving from 0.76 to a high near 0.95 by early 2023. Post this peak, the ratio experienced a marginal decline, settling near 0.87 toward the end of the observed period. The overall increase followed by a mild correction signals enhanced utilization of total assets for revenue generation, with a potential stabilization or slight reduction in operational efficiency thereafter.
- Equity Turnover
- Equity turnover fluctuated moderately throughout the periods examined. Starting at around 5.23 in early 2020, it decreased to approximately 4.41 by the end of 2021, indicating a reduction in revenue generated per unit of equity during that timeframe. Subsequently, the ratio increased again to above 5.0 by early 2023, followed by another gradual decline to around 4.76 by late 2025. These oscillations suggest varying degrees of effectiveness in leveraging equity to produce revenue, possibly influenced by changes in equity base or revenue levels.
Overall, the turnover ratios point to an initial phase of increasing efficiency in asset and equity utilization, reaching peaks by 2023, followed by slight decreases. This may imply that the company optimized its resource use effectively during the earlier period but faced challenges in sustaining this level of efficiency in subsequent years.
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 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 22,455) | 18,091) | 15,945) | 13,881) | |||||||
| 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) | 21,369) | 19,726) | 19,187) | 18,980) | |||||||
| 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 | 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: 2025-09-06), 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), 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 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.
- Net Revenue
-
The net revenue demonstrates a consistent growth pattern over the observed periods, showing notable quarterly fluctuations that likely correspond to seasonal business cycles. Starting from approximately $13.9 billion in March 2020, net revenue increased steadily, peaking around $27.9 billion in December 2022. Following this peak, the figures fluctuate modestly, maintaining a range between $17.9 billion and $23.9 billion across quarters in 2023 and the first half of 2024, indicating sustained revenue generation despite some volatility. This trend underscores solid demand and market presence over the analyzed timeframe.
- Property, Plant, and Equipment, Net
-
The net value of property, plant, and equipment shows a gradual but steady increase throughout the periods, starting near $18.9 billion in March 2020 and rising to over $29 billion by September 2025. This increase suggests ongoing capital expenditures and investments in fixed assets, likely to support business growth and operational capacity expansion. The continuous upward trend indicates strategic asset accumulation, providing the company with expanding physical resources.
- Net Fixed Asset Turnover
-
The net fixed asset turnover ratio reflects the efficiency with which the company utilizes its fixed assets to generate revenue. The ratio peaked at approximately 3.69 in December 2021, followed by a gradual decline to around 3.18 by December 2025. Despite some fluctuations early on, this downward trend suggests a marginal reduction in fixed asset utilization efficiency over time. This decline could be due to the relatively faster growth in fixed assets compared to revenue or changes in operational dynamics affecting asset productivity.
- Overall Analysis
-
The financial data reveals strong revenue growth alongside substantial investment in property, plant, and equipment. However, the decreasing net fixed asset turnover ratio indicates a slight diminishing return on these investments in terms of revenue generation. The balance between growing assets and revenue implies a strategic focus on expanding capacity, although with some challenges in maintaining efficiency. These trends should be monitored to ensure that asset growth continues to support revenue increases effectively.
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 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 22,455) | 18,091) | 15,945) | 13,881) | |||||||
| 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) | 92,918) | 92,041) | 89,525) | 85,062) | |||||||
| 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 | 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: 2025-09-06), 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), 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 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.
- Net Revenue Trends
- Net revenue demonstrates a clear seasonal pattern with higher values each fourth quarter and relatively lower values in the first quarter of each year. Starting at 13,881 million US dollars in March 2020, the revenue exhibits a general upward trend over the covered periods, reaching a peak of 27,996 million US dollars in December 2022. Following this peak, quarterly revenues fluctuate within a range roughly between 17,800 and 27,800 million US dollars. The increase from the early 2020 quarters to late 2024 is substantial, indicating overall sales growth despite some fluctuations in individual quarters.
- Total Assets Evolution
- Total assets steadily increase over the observed timeline, starting from 85,062 million US dollars in the first quarter of 2020 and rising to 106,558 million US dollars by the third quarter of 2025. This growth is gradual and consistent, without abrupt changes, suggesting ongoing asset accumulation or capitalization that supports company expansion and operational scale. Minor fluctuations in some quarters do not significantly disrupt the upward trend in asset base.
- Total Asset Turnover Analysis
- The total asset turnover ratio, available from September 2020 onwards, reveals an improving efficiency in asset utilization during the initial periods. The ratio rises from 0.76 to a peak of 0.95 by June 2023, reflecting increased revenue generation per unit of asset. After this peak, a slight downward adjustment to around 0.87 is observed by the end of 2025. This pattern implies an initial phase of enhanced operational efficiency followed by a stabilization or modest decline in asset productivity.
- Overall Insights
- The data collectively indicates a company that has grown its revenue notably over the five-year period while steadily expanding its asset base. The improvement in asset turnover ratios in the earlier years suggests focused efforts on leveraging assets more effectively, though this efficiency gains retreat modestly in the later periods. Seasonality in revenue points to recurrent fluctuations likely tied to market or consumer behaviors, yet the underlying growth trend supports a positive business momentum. The stable asset increases indicate ongoing investments or acquisitions aligned with growth strategies.
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 | Dec 26, 2020 | Sep 5, 2020 | Jun 13, 2020 | Mar 21, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 22,455) | 18,091) | 15,945) | 13,881) | |||||||
| 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) | 13,454) | 13,483) | 12,491) | 13,465) | |||||||
| 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 | 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: 2025-09-06), 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), 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 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 analysis of the quarterly financial data reveals several notable trends and patterns across key metrics over the observed periods.
- Net Revenue
- Net revenue exhibits a consistent upward trajectory with some seasonal fluctuations. Each year's first quarter shows a modest revenue figure, followed by increases in subsequent quarters, peaking typically in the fourth quarter. The revenue growth trend is evident from 2019 through 2025, with increases in absolute terms in most quarters. Despite cyclical dips and some quarter-to-quarter variability, the overall expansion of net revenue suggests sustained business growth and potentially improved market demand or pricing power over time.
- Total Common Shareholders’ Equity
- The total common shareholders' equity demonstrates a generally positive trend with moderate volatility. Equity values slightly decline initially around early 2020 but recover and grow steadily from mid-2020 onwards. Some periods show equity contraction or stagnation but the longer-term direction is upward, reflecting retained earnings accumulation and possible capital injections. The equity base remains robust, underpinning the company's financial stability and capacity to support ongoing operations and growth initiatives.
- Equity Turnover Ratio
- The equity turnover ratio, calculated as net revenue divided by shareholders’ equity, shows more fluctuation compared to the other metrics. It peaks around early 2020 above 5.0, then slightly decreases through 2021, stabilizing between approximately 4.4 and 5.2 in subsequent quarters. This ratio's oscillations indicate varying efficiency in utilizing equity to generate revenue. Periods of higher equity turnover imply improved asset use efficiency or higher revenue generation relative to equity, while declines may indicate increased equity holdings not immediately matched by proportional revenue gains.
Overall, the data reflects a company that is expanding its revenue base consistently over time, supported by a growing equity base that remains relatively stable. The equity turnover ratio's variations suggest changing operational efficiency or capital structure adjustments, but no extreme volatility, pointing to steady management of equity resources relative to revenue generation.