Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Analysis of Profitability Ratios 
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

PepsiCo Inc., profitability ratios (quarterly data)

Microsoft Excel
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 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Return on Sales
Gross profit margin 54.68% 54.44% 54.13% 54.21% 53.93% 53.58% 53.28% 53.03% 53.03% 53.13% 53.20% 53.35% 53.87% 54.23% 54.65% 54.82% 55.19% 55.28% 55.15% 55.13%
Operating profit margin 13.40% 13.54% 13.14% 13.10% 12.14% 11.60% 10.08% 13.33% 15.85% 15.96% 17.46% 14.04% 14.90% 15.12% 14.68% 14.32% 14.52% 14.48% 14.98% 15.32%
Net profit margin 10.18% 10.34% 10.00% 9.92% 9.05% 8.76% 7.48% 10.31% 11.61% 11.28% 12.57% 9.59% 10.62% 11.01% 10.51% 10.12% 10.27% 10.13% 10.62% 10.89%
Return on Investment
Return on equity (ROE) 48.10% 48.95% 48.22% 49.04% 44.08% 44.67% 38.62% 51.96% 51.19% 49.78% 55.85% 47.48% 51.29% 53.65% 53.75% 52.92% 52.22% 54.84% 53.76% 49.47%
Return on assets (ROA) 9.31% 9.56% 9.18% 9.03% 8.29% 8.24% 7.07% 9.67% 10.28% 9.92% 10.93% 8.25% 8.73% 8.88% 8.22% 7.66% 7.65% 7.65% 8.51% 9.31%

Based on: 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), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. PepsiCo Inc. gross profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. PepsiCo Inc. operating profit margin ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. PepsiCo Inc. net profit margin ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. PepsiCo Inc. ROE improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.
ROA A profitability ratio calculated as net income divided by total assets. PepsiCo Inc. ROA improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024 not reaching Q1 2024 level.

Gross Profit Margin

PepsiCo Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Selected Financial Data (US$ in millions)
Gross profit 12,923 12,582 10,002 14,753 12,778 12,201 9,858 14,576 11,663 10,810 8,767 13,118 10,795 10,337 8,149 12,029 9,935 8,857 7,754 11,294 9,494 9,045 7,196
Net revenue 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 20,640 17,188 16,449 12,884
Profitability Ratio
Gross profit margin1 54.68% 54.44% 54.13% 54.21% 53.93% 53.58% 53.28% 53.03% 53.03% 53.13% 53.20% 53.35% 53.87% 54.23% 54.65% 54.82% 55.19% 55.28% 55.15% 55.13%
Benchmarks
Gross Profit Margin, Competitors2
Altria Group Inc. 58.87% 58.48% 58.34% 58.06% 57.43% 56.98% 56.77% 55.67% 55.06% 54.48% 53.79% 53.04% 52.53% 51.96% 49.80% 50.13% 49.79% 49.43% 50.62%
Coca-Cola Co. 60.53% 59.98% 59.52% 59.14% 58.52% 58.09% 58.14% 58.49% 58.89% 60.27% 60.27% 60.72% 60.61% 59.42% 59.31% 59.90% 60.04% 60.66% 60.77%
Philip Morris International Inc. 63.88% 63.70% 63.35% 63.12% 62.58% 63.07% 64.10% 65.32% 66.49% 67.17% 68.06% 68.14% 68.02% 67.59% 66.65% 66.25% 65.83% 65.41% 64.73%

Based on: 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), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Q3 2024 Calculation
Gross profit margin = 100 × (Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024 + Gross profitQ4 2023) ÷ (Net revenueQ3 2024 + Net revenueQ2 2024 + Net revenueQ1 2024 + Net revenueQ4 2023)
= 100 × (12,923 + 12,582 + 10,002 + 14,753) ÷ (23,319 + 22,501 + 18,250 + 27,850) = 54.68%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. PepsiCo Inc. gross profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Operating Profit Margin

PepsiCo Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Selected Financial Data (US$ in millions)
Operating profit 3,872 4,048 2,717 1,683 4,015 3,659 2,629 815 3,353 2,077 5,267 2,562 3,159 3,129 2,312 2,826 3,011 2,319 1,924 2,699 2,855 2,729 2,008
Net revenue 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 20,640 17,188 16,449 12,884
Profitability Ratio
Operating profit margin1 13.40% 13.54% 13.14% 13.10% 12.14% 11.60% 10.08% 13.33% 15.85% 15.96% 17.46% 14.04% 14.90% 15.12% 14.68% 14.32% 14.52% 14.48% 14.98% 15.32%
Benchmarks
Operating Profit Margin, Competitors2
Altria Group Inc. 46.14% 47.10% 47.16% 46.99% 46.58% 47.31% 47.49% 46.89% 45.82% 45.44% 44.44% 43.77% 44.01% 43.46% 41.57% 41.46% 41.04% 40.34% 41.12%
Coca-Cola Co. 22.20% 21.89% 24.72% 24.68% 24.76% 24.99% 25.37% 24.81% 24.96% 27.39% 26.67% 29.03% 28.49% 27.93% 27.25% 26.36% 26.29% 26.98% 27.06%
Philip Morris International Inc. 34.97% 33.02% 32.85% 33.81% 33.73% 36.46% 38.56% 38.69% 40.11% 40.64% 41.32% 42.07% 42.31% 42.31% 40.66% 38.91% 37.09% 37.31% 35.33%

Based on: 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), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Q3 2024 Calculation
Operating profit margin = 100 × (Operating profitQ3 2024 + Operating profitQ2 2024 + Operating profitQ1 2024 + Operating profitQ4 2023) ÷ (Net revenueQ3 2024 + Net revenueQ2 2024 + Net revenueQ1 2024 + Net revenueQ4 2023)
= 100 × (3,872 + 4,048 + 2,717 + 1,683) ÷ (23,319 + 22,501 + 18,250 + 27,850) = 13.40%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. PepsiCo Inc. operating profit margin ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024.

Net Profit Margin

PepsiCo Inc., net profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Selected Financial Data (US$ in millions)
Net income attributable to PepsiCo 2,930 3,083 2,042 1,302 3,092 2,748 1,932 518 2,702 1,429 4,261 1,322 2,224 2,358 1,714 1,845 2,291 1,646 1,338 1,766 2,100 2,035 1,413
Net revenue 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 20,640 17,188 16,449 12,884
Profitability Ratio
Net profit margin1 10.18% 10.34% 10.00% 9.92% 9.05% 8.76% 7.48% 10.31% 11.61% 11.28% 12.57% 9.59% 10.62% 11.01% 10.51% 10.12% 10.27% 10.13% 10.62% 10.89%
Benchmarks
Net Profit Margin, Competitors2
Altria Group Inc. 42.25% 34.81% 33.21% 35.58% 27.39% 22.44% 22.97% 18.61% 6.88% 11.64% 9.51% 10.65% 17.22% 16.80% 17.08% 2.84% -3.57% -3.33% -5.15%
Coca-Cola Co. 22.92% 23.41% 23.42% 23.92% 23.81% 22.69% 22.19% 23.44% 23.16% 25.69% 25.28% 23.31% 22.19% 21.59% 23.47% 24.90% 26.77% 26.95% 23.94%
Philip Morris International Inc. 24.15% 22.16% 22.21% 23.38% 24.26% 27.20% 28.49% 27.57% 28.56% 28.58% 29.00% 29.25% 29.51% 29.69% 28.08% 26.57% 24.98% 25.35% 24.11%

Based on: 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), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Q3 2024 Calculation
Net profit margin = 100 × (Net income attributable to PepsiCoQ3 2024 + Net income attributable to PepsiCoQ2 2024 + Net income attributable to PepsiCoQ1 2024 + Net income attributable to PepsiCoQ4 2023) ÷ (Net revenueQ3 2024 + Net revenueQ2 2024 + Net revenueQ1 2024 + Net revenueQ4 2023)
= 100 × (2,930 + 3,083 + 2,042 + 1,302) ÷ (23,319 + 22,501 + 18,250 + 27,850) = 10.18%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. PepsiCo Inc. net profit margin ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024.

Return on Equity (ROE)

PepsiCo Inc., ROE calculation (quarterly data)

Microsoft Excel
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 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Selected Financial Data (US$ in millions)
Net income attributable to PepsiCo 2,930 3,083 2,042 1,302 3,092 2,748 1,932 518 2,702 1,429 4,261 1,322 2,224 2,358 1,714 1,845 2,291 1,646 1,338 1,766 2,100 2,035 1,413
Total PepsiCo common shareholders’ equity 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 14,786 14,129 13,952 14,202
Profitability Ratio
ROE1 48.10% 48.95% 48.22% 49.04% 44.08% 44.67% 38.62% 51.96% 51.19% 49.78% 55.85% 47.48% 51.29% 53.65% 53.75% 52.92% 52.22% 54.84% 53.76% 49.47%
Benchmarks
ROE, Competitors2
Altria Group Inc. 139.55% 148.95% 157.34% 23.38% -16.07% -13.16% -20.78%
Coca-Cola Co. 41.19% 40.80% 41.30% 40.92% 40.40% 39.13% 39.59% 43.52% 41.60% 41.49% 42.48% 39.74% 36.31% 35.46% 40.14% 44.78% 52.56% 55.17% 46.99%
Philip Morris International Inc.

Based on: 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), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Q3 2024 Calculation
ROE = 100 × (Net income attributable to PepsiCoQ3 2024 + Net income attributable to PepsiCoQ2 2024 + Net income attributable to PepsiCoQ1 2024 + Net income attributable to PepsiCoQ4 2023) ÷ Total PepsiCo common shareholders’ equity
= 100 × (2,930 + 3,083 + 2,042 + 1,302) ÷ 19,453 = 48.10%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. PepsiCo Inc. ROE improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.

Return on Assets (ROA)

PepsiCo Inc., ROA calculation (quarterly data)

Microsoft Excel
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 Dec 28, 2019 Sep 7, 2019 Jun 15, 2019 Mar 23, 2019
Selected Financial Data (US$ in millions)
Net income attributable to PepsiCo 2,930 3,083 2,042 1,302 3,092 2,748 1,932 518 2,702 1,429 4,261 1,322 2,224 2,358 1,714 1,845 2,291 1,646 1,338 1,766 2,100 2,035 1,413
Total assets 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 78,547 77,444 75,084 75,466
Profitability Ratio
ROA1 9.31% 9.56% 9.18% 9.03% 8.29% 8.24% 7.07% 9.67% 10.28% 9.92% 10.93% 8.25% 8.73% 8.88% 8.22% 7.66% 7.65% 7.65% 8.51% 9.31%
Benchmarks
ROA, Competitors2
Altria Group Inc. 29.54% 23.23% 21.08% 24.02% 18.35% 15.18% 15.60% 13.84% 4.77% 7.48% 6.26% 7.01% 10.24% 8.90% 9.42% 1.57% -1.82% -1.64% -2.62%
Coca-Cola Co. 10.52% 10.85% 10.97% 11.04% 10.67% 10.13% 10.29% 10.73% 10.27% 10.96% 10.36% 9.73% 8.96% 8.02% 8.87% 8.57% 9.70% 10.65% 10.33%
Philip Morris International Inc. 13.38% 12.20% 11.96% 12.74% 13.01% 14.04% 14.67% 21.48% 22.18% 21.62% 22.06% 21.62% 21.81% 21.73% 17.98% 19.67% 18.60% 20.42% 16.76%

Based on: 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), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-07), 10-Q (reporting date: 2019-06-15), 10-Q (reporting date: 2019-03-23).

1 Q3 2024 Calculation
ROA = 100 × (Net income attributable to PepsiCoQ3 2024 + Net income attributable to PepsiCoQ2 2024 + Net income attributable to PepsiCoQ1 2024 + Net income attributable to PepsiCoQ4 2023) ÷ Total assets
= 100 × (2,930 + 3,083 + 2,042 + 1,302) ÷ 100,513 = 9.31%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. PepsiCo Inc. ROA improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024 not reaching Q1 2024 level.