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: 2026-06-13), 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).
An analysis of long-term activity ratios indicates a general decline in asset and equity utilization efficiency over the observed period. While there were periods of stability and moderate growth in the first half of the timeline, a consistent downward trend emerged across all three primary metrics starting in late 2024 and continuing through mid-2026.
- Net Fixed Asset Turnover
- The ratio maintained a relatively stable range between 3.56 and 3.69 from March 2022 through September 2023. Following this period, a persistent decline is observed, with the ratio dropping to 3.14 by December 2025. Although a slight recovery to 3.25 is noted by June 2026, the overall trajectory suggests a reduction in the efficiency of fixed asset employment in generating revenue.
- Total Asset Turnover
- Total asset efficiency exhibited lower volatility compared to other metrics, peaking at 0.95 in March 2023. The ratio remained consolidated between 0.91 and 0.94 for much of 2023 and 2024. A gradual softening is evident from March 2025 onward, with the ratio descending to 0.86 by June 2026, reflecting a slight decrease in the overall productivity of the company's total asset base.
- Equity Turnover
- Equity utilization demonstrated significant fluctuation, initially rising from 4.44 in March 2022 to a peak of 5.17 in March 2023. After maintaining elevated levels through 2024, including a secondary peak of 5.09 in December 2024, a steady and pronounced decline occurred. The ratio fell to 4.39 by June 2026, indicating that the company generated less revenue per unit of equity toward the end of the period than at the beginning.
The synchronized decline in these ratios during the latter part of the period suggests a broader trend of diminishing returns on investment. The contraction in equity turnover, in particular, aligns with the downward movement in fixed asset turnover, pointing toward an increase in the asset or equity base that has not been matched by proportional growth in revenue.
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Net Fixed Asset Turnover
PepsiCo Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | 29,771) | 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 | 3.25 | 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. | — | 5.18 | 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. | — | 3.72 | 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. | 5.12 | 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: 2026-06-13), 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 Q2 2026 Calculation
Net fixed asset turnover
= (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
÷ Property, plant and equipment, net
= (24,181 + 19,443 + 29,343 + 23,937)
÷ 29,771 = 3.25
2 Click competitor name to see calculations.
The analysis of asset utilization efficiency reveals a long-term downward trend in the net fixed asset turnover ratio, indicating that revenue growth has not kept pace with the expansion of the fixed asset base over the observed period.
- Revenue and Fixed Asset Dynamics
- Net revenue exhibits consistent seasonality, with significant peaks occurring every fourth quarter. Despite these fluctuations, there is a general upward trajectory in total revenue. Simultaneously, property, plant, and equipment, net, showed a steady and continuous increase, rising from 22,017 million US$ in March 2022 to 29,771 million US$ by June 2026, reflecting sustained capital investment in long-term infrastructure.
- Net Fixed Asset Turnover Trends
- The net fixed asset turnover ratio remained relatively stable, fluctuating between 3.56 and 3.69 from March 2022 through September 2023. A pivot occurred in December 2023, initiating a period of gradual decline. The ratio reached its lowest point of 3.14 in December 2025. This contraction suggests that the growth in the net fixed asset base outpaced the growth in revenue, resulting in lower asset productivity during this interval.
- Recent Performance and Recovery
- An inflection point is observed in early 2026, where the ratio began to recover from its December 2025 low. By June 2026, the net fixed asset turnover improved to 3.25. This recent uptick indicates an improvement in the efficiency of asset utilization, potentially suggesting that recent capital expenditures are beginning to translate into higher revenue generation.
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Total Asset Turnover
PepsiCo Inc., total asset turnover calculation (quarterly data)
| 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 | 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 | 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 | 0.86 | 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. | — | 0.47 | 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. | — | 0.55 | 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. | 0.62 | 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: 2026-06-13), 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 Q2 2026 Calculation
Total asset turnover
= (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
÷ Total assets
= (24,181 + 19,443 + 29,343 + 23,937)
÷ 112,189 = 0.86
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a non-linear trajectory over the analyzed period, characterized by an initial growth phase, a period of stabilization, and a subsequent gradual decline. While net revenue grew in absolute terms, the simultaneous expansion of the asset base impacted the overall efficiency of asset utilization.
- Net Revenue Performance
- A pronounced seasonal pattern is evident in net revenue, with consistent peaks occurring in the fourth quarter of each fiscal year, typically reaching between 27,784 and 29,343 million US dollars. A long-term upward trend is observable, as quarterly lows increased from 16,200 million US dollars in March 2022 to 19,443 million US dollars by March 2026.
- Asset Base Expansion
- Total assets demonstrated a steady and consistent increase throughout the period. The asset base grew from 92,962 million US dollars in March 2022 to 112,189 million US dollars by June 2026. This continuous expansion indicates significant investment in the company's infrastructure or resource acquisition.
- Total Asset Turnover Trends
- The asset turnover ratio experienced three distinct phases. First, an improvement phase occurred between March 2022 and March 2023, where the ratio climbed from 0.87 to a peak of 0.95. Second, a period of relative stability was observed throughout 2024, with the ratio fluctuating narrowly between 0.90 and 0.92. Third, a downward trend emerged starting in March 2025, with the ratio declining and eventually plateauing at 0.86 by June 2026.
- Operational Efficiency Insight
- The decline in the total asset turnover ratio during the latter half of the period suggests that the growth in total assets outpaced the growth in net revenue. The transition from a peak efficiency of 0.95 in early 2023 to 0.86 in mid-2026 indicates a diminishing marginal return on asset investment regarding revenue generation.
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Equity Turnover
PepsiCo Inc., equity turnover calculation (quarterly data)
| 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 | 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 | 22,098) | 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 | 4.39 | 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. | — | 1.47 | 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. | — | 1.53 | 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: 2026-06-13), 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 Q2 2026 Calculation
Equity turnover
= (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
÷ Total PepsiCo common shareholders’ equity
= (24,181 + 19,443 + 29,343 + 23,937)
÷ 22,098 = 4.39
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a cyclical pattern characterized by an initial peak in efficiency followed by a gradual decline as the equity base expanded relative to revenue growth.
- Revenue Performance and Seasonality
- Net revenue demonstrates a consistent seasonal trend, with significant peaks occurring every December. While revenue figures remained relatively stable between 2022 and 2024, a growth inflection point is observed in late 2025, where December revenue reached a period high of 29,343 million USD. This seasonal volatility heavily influences the quarterly turnover fluctuations.
- Shareholders' Equity Trends
- Total common shareholders' equity remained largely range-bound between 17,000 and 19,500 million USD from March 2022 through December 2024. However, starting in early 2025, a sustained upward trajectory is evident, with equity increasing to 22,098 million USD by June 2026. This represents a significant expansion of the company's capital base over the final stages of the observed period.
- Equity Turnover Analysis
- The equity turnover ratio experienced an upward move in early 2023, reaching a maximum of 5.17 in March 2023, signifying a period of high asset utilization relative to equity. Following this peak, the ratio entered a period of moderate fluctuation before beginning a steady decline from December 2024 (5.09) through June 2026 (4.39). The downward trend in the latter half of the period suggests that the growth in shareholders' equity outpaced the growth in net revenue, leading to a decrease in the efficiency of equity utilization for revenue generation.
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