Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
PepsiCo Inc., profitability 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).
The profitability profile exhibits a pattern of cyclical volatility, characterized by a significant contraction in early 2023 and mid-2025, followed by subsequent recoveries. While top-line efficiency remains relatively stable, operational and bottom-line margins show higher sensitivity to cost pressures, which is mirrored in the fluctuations of return metrics.
- Gross Profit Margin
- This metric remained remarkably stable throughout the observed period, fluctuating within a narrow band between 53.03% and 54.74%. A slight upward trend was noted through 2023 and early 2024, peaking in March 2025, before stabilizing near 53.96% by June 2026. This consistency suggests resilient pricing power and a stable cost of goods sold relative to total revenue.
- Operating and Net Profit Margins
- Both metrics experienced a sharp decline from early 2022 levels—17.46% for operating and 12.57% for net—reaching troughs in March 2023 at 10.08% and 7.48%, respectively. A gradual recovery occurred through 2024, reaching a peak in December 2024 (14.03% operating; 10.43% net), before a second contraction in September 2025. A strong rebound is observed in the final quarter, with the operating margin reaching 14.82% and the net margin 10.78% by June 2026.
- Return on Equity (ROE)
- A general downward trajectory is evident from the initial peak of 55.85% in March 2022. The metric reached a significant low of 37.26% in September 2025. However, the ROE exhibits cyclicality, showing recovery phases in late 2022 and late 2024, ultimately ending the period at 47.29%.
- Return on Assets (ROA)
- The ROA trend closely mirrors the movements of the net profit margin and ROE. It declined from a high of 10.93% in March 2022 to a minimum of 6.78% in September 2025. The recovery to 9.32% by June 2026 indicates that the efficiency of asset utilization is heavily dependent on the fluctuations in bottom-line profitability.
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Return on Sales
Return on Investment
Gross Profit Margin
PepsiCo Inc., gross profit margin 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) | ||||||||||||||||||||||||
| Gross profit | 13,111) | 10,731) | 15,620) | 12,824) | 12,422) | 9,993) | 14,603) | 12,923) | 12,582) | 10,002) | 14,753) | 12,778) | 12,201) | 9,858) | 14,576) | 11,663) | 10,810) | 8,767) | ||||||
| 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | 53.96% | 54.06% | 54.15% | 53.96% | 54.43% | 54.74% | 54.55% | 54.68% | 54.44% | 54.13% | 54.21% | 53.93% | 53.58% | 53.28% | 53.03% | 53.03% | 53.13% | 53.20% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | 61.89% | 61.74% | 61.63% | 61.63% | 61.43% | 61.07% | 61.06% | 60.43% | 60.53% | 59.98% | 59.52% | 59.14% | 58.52% | 58.09% | 58.14% | 58.49% | 58.89% | 60.27% | ||||||
| Mondelēz International Inc. | 31.15% | 28.77% | 28.38% | 31.05% | 32.55% | 32.74% | 39.12% | 38.77% | 40.34% | 41.69% | 38.22% | 37.77% | 36.59% | 35.79% | 35.92% | 36.34% | 37.76% | 38.54% | ||||||
| Philip Morris International Inc. | 67.51% | 67.30% | 67.12% | 66.92% | 66.44% | 65.68% | 64.81% | 64.08% | 63.88% | 63.70% | 63.35% | 63.12% | 62.58% | 63.07% | 64.10% | 65.32% | 66.49% | 67.17% | ||||||
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
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
= 100 × (13,111 + 10,731 + 15,620 + 12,824)
÷ (24,181 + 19,443 + 29,343 + 23,937)
= 53.96%
2 Click competitor name to see calculations.
A consistent pattern of seasonal revenue fluctuation is evident throughout the analyzed period, with net revenue and gross profit peaking predictably in the fourth quarter of each fiscal year. Net revenue expanded from 16,200 million USD in March 2022 to 24,181 million USD by June 2026, indicating a steady growth trajectory in overall sales volume or pricing.
- Revenue and Profit Correlation
- Gross profit closely mirrors the trajectory of net revenue, maintaining a high degree of correlation across all quarters. The highest quarterly gross profit was recorded in December 2025 at 15,620 million USD, coinciding with the period's peak revenue of 29,343 million USD.
- Gross Profit Margin Dynamics
- The gross profit margin exhibited a period of gradual expansion starting in early 2023, rising from 53.28% in March 2023 to a peak of 54.74% in March 2025. This upward trend suggests a period of enhanced operational efficiency or successful price adjustments relative to the cost of goods sold.
- Margin Stabilization and Contraction
- Following the peak in early 2025, a slight downward correction occurred, with the margin settling at 53.96% by June 2026. Despite this recent contraction, the margin remains higher than the baseline levels observed in the first half of 2022, which reached a low of 53.03% in late 2022.
- Operational Stability
- The narrow range of the gross profit margin, which fluctuated by less than two percentage points over four years, indicates a high level of stability in the cost structure and an ability to maintain pricing consistency despite fluctuations in quarterly volume.
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Operating Profit Margin
PepsiCo Inc., operating profit margin 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) | ||||||||||||||||||||||||
| Operating profit | 4,023) | 3,213) | 3,557) | 3,569) | 1,789) | 2,583) | 2,250) | 3,872) | 4,048) | 2,717) | 1,683) | 4,015) | 3,659) | 2,629) | 815) | 3,353) | 2,077) | 5,267) | ||||||
| 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 14.82% | 12.71% | 12.24% | 11.03% | 11.44% | 13.93% | 14.03% | 13.40% | 13.54% | 13.14% | 13.10% | 12.14% | 11.60% | 10.08% | 13.33% | 15.85% | 15.96% | 17.46% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | 29.63% | 29.34% | 28.71% | 30.69% | 27.96% | 24.55% | 21.23% | 20.61% | 22.20% | 21.89% | 24.72% | 24.68% | 24.76% | 24.99% | 25.37% | 24.81% | 24.96% | 27.39% | ||||||
| Mondelēz International Inc. | 11.22% | 9.35% | 9.21% | 11.18% | 12.44% | 11.79% | 17.41% | 16.40% | 17.10% | 18.61% | 15.28% | 14.53% | 13.02% | 11.99% | 11.22% | 12.82% | 15.12% | 15.26% | ||||||
| Philip Morris International Inc. | 37.75% | 36.73% | 36.64% | 36.95% | 36.28% | 36.21% | 35.38% | 35.01% | 34.97% | 33.02% | 32.85% | 33.81% | 33.73% | 36.46% | 38.56% | 38.69% | 40.11% | 40.64% | ||||||
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
Operating profit margin = 100
× (Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025)
÷ (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
= 100 × (4,023 + 3,213 + 3,557 + 3,569)
÷ (24,181 + 19,443 + 29,343 + 23,937)
= 14.82%
2 Click competitor name to see calculations.
An analysis of the financial performance from March 2022 to June 2026 reveals significant quarterly seasonality in both revenue and operating profit, characterized by a volatile trajectory in the operating profit margin.
- Revenue and Operating Profit Dynamics
- Net revenue exhibits a consistent seasonal pattern, peaking in the fourth quarter of each year. The highest revenue levels were recorded in December 2022, December 2023, December 2024, and December 2025. Operating profit generally follows this seasonal trend, although the magnitude of profit growth does not always correlate linearly with revenue increases.
- Operating Profit Margin Contraction
- A significant downward trend in the operating profit margin is observed during the initial period, descending from a high of 17.46% in March 2022 to a period low of 10.08% in March 2023. This compression indicates a period where operating expenses grew at a faster rate than net revenue.
- Recovery and Stabilization Phases
- Following the trough in early 2023, the operating profit margin entered a recovery phase, rising steadily to 14.03% by December 2023. Throughout the 2024 fiscal year, the margin remained relatively stable, fluctuating within a narrow range between 13.14% and 14.03%, suggesting an achievement of operational equilibrium.
- Recent Volatility and Upward Trajectory
- A second period of margin erosion occurred in mid-2025, with the ratio dipping to 11.03% in September 2025. However, this decline was short-lived, as the margin transitioned into a strong upward trend, reaching 14.82% by June 2026. This recent increase indicates a successful improvement in operational efficiency or a positive shift in the cost-to-revenue ratio toward the end of the analyzed period.
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Net Profit Margin
PepsiCo Inc., net profit margin 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 income attributable to PepsiCo | 2,981) | 2,327) | 2,540) | 2,603) | 1,263) | 1,834) | 1,523) | 2,930) | 3,083) | 2,042) | 1,302) | 3,092) | 2,748) | 1,932) | 518) | 2,702) | 1,429) | 4,261) | ||||||
| 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 10.78% | 9.15% | 8.77% | 7.82% | 8.23% | 10.24% | 10.43% | 10.18% | 10.34% | 10.00% | 9.92% | 9.05% | 8.76% | 7.48% | 10.31% | 11.61% | 11.28% | 12.57% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | 28.56% | 27.80% | 27.34% | 27.34% | 25.89% | 23.00% | 22.59% | 22.45% | 22.92% | 23.41% | 23.42% | 23.92% | 23.81% | 22.69% | 22.19% | 23.44% | 23.16% | 25.69% | ||||||
| Mondelēz International Inc. | 8.86% | 6.64% | 6.36% | 9.38% | 9.81% | 9.88% | 12.65% | 10.56% | 10.97% | 11.87% | 13.77% | 12.97% | 12.13% | 11.99% | 8.63% | 10.30% | 12.93% | 14.34% | ||||||
| Philip Morris International Inc. | 25.56% | 26.74% | 27.92% | 21.57% | 21.08% | 19.80% | 18.63% | 26.42% | 24.15% | 22.16% | 22.21% | 23.38% | 24.26% | 27.20% | 28.49% | 27.57% | 28.56% | 28.58% | ||||||
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 profit margin = 100
× (Net income attributable to PepsiCoQ2 2026
+ Net income attributable to PepsiCoQ1 2026
+ Net income attributable to PepsiCoQ4 2025
+ Net income attributable to PepsiCoQ3 2025)
÷ (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
= 100 × (2,981 + 2,327 + 2,540 + 2,603)
÷ (24,181 + 19,443 + 29,343 + 23,937)
= 10.78%
2 Click competitor name to see calculations.
The net profit margin exhibits a cyclical and volatile trend over the analyzed period, characterized by an initial peak, significant contractions, and subsequent recovery phases.
- Margin Volatility and Contractions
- The highest profitability was recorded in March 2022 at 12.57%. This was followed by a general downward trend that culminated in a sharp decline to 7.48% by March 2023. A secondary contraction is observed in mid-2025, where margins dropped to 8.23% in June and reached a period low of 7.82% in September 2025.
- Recovery and Stabilization Patterns
- Following the decline in early 2023, a consistent recovery phase occurred throughout 2023 and 2024, with the margin stabilizing near the 10% threshold. Between March 2024 and March 2025, the margin remained relatively steady, fluctuating within a narrow range between 10.00% and 10.43%. A final recovery trend is evident from September 2025 through June 2026, with the margin ascending from 7.82% to 10.78%.
- Revenue Correlation and Seasonality
- Net revenue demonstrates a strong seasonal pattern, consistently peaking in the December quarter of each year. However, these peaks in revenue do not consistently result in proportional increases in the net profit margin. For instance, the highest revenue period in December 2025 coincided with a relatively low margin of 8.77%, suggesting that increased seasonal volume was accompanied by higher proportional costs or lower efficiency during that period.
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Return on Equity (ROE)
PepsiCo Inc., ROE 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 income attributable to PepsiCo | 2,981) | 2,327) | 2,540) | 2,603) | 1,263) | 1,834) | 1,523) | 2,930) | 3,083) | 2,042) | 1,302) | 3,092) | 2,748) | 1,932) | 518) | 2,702) | 1,429) | 4,261) | ||||||
| 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | 47.29% | 40.84% | 40.38% | 37.26% | 40.99% | 50.95% | 53.09% | 48.10% | 48.95% | 48.22% | 49.04% | 44.08% | 44.67% | 38.62% | 51.96% | 51.19% | 49.78% | 55.85% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | 39.60% | 40.74% | 40.74% | 41.70% | 42.62% | 41.16% | 42.77% | 39.25% | 41.19% | 40.80% | 41.30% | 40.92% | 40.40% | 39.13% | 39.59% | 43.52% | 41.60% | 41.49% | ||||||
| Mondelēz International Inc. | 13.20% | 10.13% | 9.49% | 13.49% | 13.90% | 13.97% | 17.12% | 13.70% | 14.25% | 15.06% | 17.50% | 16.09% | 14.45% | 13.97% | 10.11% | 11.78% | 14.04% | 14.89% | ||||||
| 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
ROE = 100
× (Net income attributable to PepsiCoQ2 2026
+ Net income attributable to PepsiCoQ1 2026
+ Net income attributable to PepsiCoQ4 2025
+ Net income attributable to PepsiCoQ3 2025)
÷ Total PepsiCo common shareholders’ equity
= 100 × (2,981 + 2,327 + 2,540 + 2,603)
÷ 22,098 = 47.29%
2 Click competitor name to see calculations.
The return on equity (ROE) exhibits significant quarterly fluctuations over the analyzed period, reflecting a volatile net income stream against a generally expanding equity base. While the ROE has periodically reached peaks above 50%, it has also experienced notable contractions, indicating a high sensitivity to quarterly earnings variability.
- Net Income Volatility
- Net income displays substantial variance, with significant peaks frequently occurring in the second quarter of each year. Earnings reached 3.08 billion USD in June 2024 and 2.98 billion USD in June 2026. Conversely, sharp declines are observed in certain year-end periods, such as the drop to 518 million USD in December 2022, which creates immediate downward pressure on profitability ratios.
- Equity Base Expansion
- Total common shareholders' equity maintains a long-term upward trajectory, increasing from 18.20 billion USD in March 2022 to 22.10 billion USD by June 2026. Despite intermittent contractions in late 2022 and late 2024, the overall growth in the equity base suggests a continuous increase in invested capital, which necessitates proportional growth in net income to sustain high ROE levels.
- ROE Trend Analysis
- ROE peaked at 55.85% in March 2022 and remained consistently above 49% through the end of 2022. A notable decline occurred in the first quarter of 2023, where the ratio fell to 38.62%, followed by a recovery to 49.04% by December 2023. A similar cyclical pattern is evident in 2025, where ROE dipped to 37.26% in June 2025 before trending upward to 47.29% by June 2026. This pattern indicates that while the equity base is growing, the company's ability to generate returns is heavily influenced by seasonal or quarterly earnings spikes.
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Return on Assets (ROA)
PepsiCo Inc., ROA 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 income attributable to PepsiCo | 2,981) | 2,327) | 2,540) | 2,603) | 1,263) | 1,834) | 1,523) | 2,930) | 3,083) | 2,042) | 1,302) | 3,092) | 2,748) | 1,932) | 518) | 2,702) | 1,429) | 4,261) | ||||||
| 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 9.32% | 7.89% | 7.67% | 6.78% | 7.17% | 9.21% | 9.63% | 9.31% | 9.56% | 9.18% | 9.03% | 8.29% | 8.24% | 7.07% | 9.67% | 10.28% | 9.92% | 10.93% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | 13.27% | 13.15% | 12.50% | 12.29% | 11.68% | 10.60% | 10.57% | 9.80% | 10.52% | 10.85% | 10.97% | 11.04% | 10.67% | 10.13% | 10.29% | 10.73% | 10.27% | 10.96% | ||||||
| Mondelēz International Inc. | 4.93% | 3.67% | 3.43% | 4.95% | 5.13% | 5.22% | 6.73% | 5.29% | 5.40% | 5.53% | 6.95% | 6.48% | 5.75% | 5.42% | 3.82% | 4.61% | 5.85% | 6.17% | ||||||
| Philip Morris International Inc. | 15.93% | 16.10% | 16.40% | 12.87% | 12.02% | 11.68% | 11.42% | 14.70% | 13.38% | 12.20% | 11.96% | 12.74% | 13.01% | 14.04% | 14.67% | 21.48% | 22.18% | 21.62% | ||||||
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
ROA = 100
× (Net income attributable to PepsiCoQ2 2026
+ Net income attributable to PepsiCoQ1 2026
+ Net income attributable to PepsiCoQ4 2025
+ Net income attributable to PepsiCoQ3 2025)
÷ Total assets
= 100 × (2,981 + 2,327 + 2,540 + 2,603)
÷ 112,189 = 9.32%
2 Click competitor name to see calculations.
The financial performance from March 2022 through June 2026 is characterized by a steady expansion of the asset base coupled with significant volatility in quarterly net income, which directly influenced the trajectory of the Return on Assets (ROA).
- Asset Growth Trend
- A consistent upward trend in total assets is observed, increasing from 92,962 million US$ in March 2022 to 112,189 million US$ by June 2026. This steady growth indicates a continuous expansion of the resource base over the analyzed period.
- Net Income Volatility
- Quarterly net income exhibited substantial fluctuations. A peak of 4,261 million US$ in March 2022 was followed by a sharp contraction to a low of 518 million US$ in December 2022. While profitability saw several recoveries, notably in June 2024 and June 2026, the figures remained inconsistent, reflecting variability in quarterly earnings power.
- Return on Assets (ROA) Dynamics
- The ROA demonstrates a general decline from the early 2022 peak of 10.93%. A significant drop to 7.07% occurred in March 2023, followed by a period of relative stability where the ratio fluctuated between 9.03% and 9.63% through 2023 and 2024. A second downturn was observed in 2025, with the ratio reaching a low of 6.78% in June 2025. However, the period ends with a recovery to 9.32% in June 2026, suggesting an improved ability to generate profit from the expanded asset base toward the end of the analyzed timeframe.
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