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: 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).
- Gross Profit Margin
- The gross profit margin has demonstrated relative stability, fluctuating moderately around the mid-50% range during the observed periods. After starting at approximately 54.82%, the margin experienced a gentle decline reaching a low near 53.03%, followed by a gradual recovery towards the latest periods where it stabilized just above 54%. This pattern indicates a generally consistent cost structure relative to sales, with minor variations possibly influenced by material costs or pricing strategies.
- Operating Profit Margin
- The operating profit margin showed higher volatility compared to the gross margin. Initially hovering around 14% to 15%, it peaked at 17.46% during one quarter before declining sharply to approximately 10.08%. Thereafter, it recovered modestly, hovering around the 13% range for several quarters, but finishing at a lower level near 11% in the most recent period. This variability suggests fluctuations in operating expenses or the impact of non-recurring costs, which have affected operational efficiency and profitability.
- Net Profit Margin
- The net profit margin mirrored the trends seen in operating margin but with slightly more pronounced fluctuations. Starting near 10.12%, it increased to above 12% at one point before experiencing a notable reduction to just below 7.5%. Subsequent quarters exhibited a partial recovery to around 10%, but the most recent figures indicated a decline towards 7.8%. Such movements highlight changes in overall profitability after all expenses, including interest and taxes, underlining sensitivity to factors beyond core operations, such as financing costs or tax impacts.
- Return on Equity (ROE)
- The return on equity showed significant variation through the periods. After reaching a peak near 55.85%, it declined substantially to lows in the high 30% range. Although there was some partial rebound with values around 50%, the trend in the most recent quarters pointed downward again to approximately 37%. This decline may reflect changes in net income generation relative to shareholder equity, possibly indicating shifts in profit retention, leverage, or equity base size.
- Return on Assets (ROA)
- The return on assets followed a general pattern of increase followed by decline. Starting near 7.66%, it improved steadily reaching values close to 10.93%, implying enhanced efficiency in asset utilization. However, subsequent quarters experienced a decline, settling around 6.78% in the final period. This suggests varying effectiveness in asset management, potentially influenced by capital investments, asset turnover, or changes in profitability.
Return on Sales
Return on Investment
Gross Profit Margin
PepsiCo Inc., gross profit margin 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) | ||||||||||||||||||||||||||||||
| Gross profit | 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) | 13,118) | 10,795) | 10,337) | 8,149) | 12,029) | 9,935) | 8,857) | 7,754) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | 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% | 53.35% | 53.87% | 54.23% | 54.65% | 54.82% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 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% | 60.27% | 60.72% | 60.61% | 59.42% | 59.31% | — | — | — | |||||||
| Mondelēz International Inc. | — | 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% | 39.19% | 39.82% | 40.44% | 40.43% | 39.30% | — | — | — | |||||||
| Philip Morris International Inc. | — | 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% | 68.06% | 68.14% | 68.02% | 67.59% | 66.65% | — | — | — | |||||||
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
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024)
= 100 × (12,824 + 12,422 + 9,993 + 14,603)
÷ (23,937 + 22,726 + 17,919 + 27,784)
= 53.96%
2 Click competitor name to see calculations.
- Net Revenue Trends
-
Net revenue demonstrates a consistent upward trajectory across the reported quarterly periods. Beginning at 13,881 million US dollars in the first quarter of 2020, revenue increases steadily, reaching 25,248 million US dollars by the fourth quarter of 2021. This growth pattern continues in subsequent periods, with revenues exceeding 27,000 million US dollars in the last quarters of 2022 and 2023. The trend suggests sustained expansion in sales over the observed timeframe.
- Gross Profit Development
-
Gross profit similarly exhibits a positive and steady increase over the quarters. Starting from 7,754 million US dollars in early 2020, gross profit rises consistently each quarter, peaking at figures around 14,753 million US dollars towards the end of 2023. Minor fluctuations are apparent but the overall direction remains upward, aligning closely with the revenue increases.
- Gross Profit Margin Stability and Variations
-
The gross profit margin remains relatively stable throughout the periods analyzed, with values predominantly in the range of approximately 53% to 55%. Initial available margin data begins at 54.82% in the second quarter of 2020 and exhibits slight oscillations but no significant deviations from this mid-50 percent range. Notably, the margin shows a mild decline around late 2020, decreasing from 54.82% to below 54%, followed by a gradual recovery and stabilization near 54.5% in later quarters. This indicates that despite rising revenues and gross profits, the proportion of gross profit relative to net revenue remains consistent and stable, reflecting steady cost management relative to sales.
- Seasonality and Periodic Fluctuations
-
Seasonal effects appear present as quarterly variations in both gross profit and net revenue, with peaks typically observed in the fourth quarter of each year. These peaks correspond to elevated revenue and profit numbers in the December quarter, likely due to increased consumer demand during year-end periods. Subsequent quarters often show slight declines or stabilization following these peak periods, which is a common pattern in retail and consumer goods industries.
- Summary of Financial Performance Insights
-
Overall, the data reveals a robust and steady growth in both revenue and gross profit over the period analyzed, with a stable gross profit margin indicating effective cost control and pricing strategies. The consistent seasonal upturns in the fourth quarter further highlight predictable cyclical performance aligned with typical market patterns. The financial health indicated by these trends suggests sound operational management and ongoing demand strength.
Operating Profit Margin
PepsiCo Inc., operating profit margin 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) | ||||||||||||||||||||||||||||||
| Operating profit | 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) | 2,562) | 3,159) | 3,129) | 2,312) | 2,826) | 3,011) | 2,319) | 1,924) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | 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% | 14.04% | 14.90% | 15.12% | 14.68% | 14.32% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 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% | 26.67% | 29.03% | 28.49% | 27.93% | 27.25% | — | — | — | |||||||
| Mondelēz International Inc. | — | 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% | 16.20% | 16.21% | 15.94% | 15.79% | 14.50% | — | — | — | |||||||
| Philip Morris International Inc. | — | 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% | 41.32% | 42.07% | 42.31% | 42.31% | 40.66% | — | — | — | |||||||
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
Operating profit margin = 100
× (Operating profitQ3 2025
+ Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024)
÷ (Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024)
= 100 × (3,569 + 1,789 + 2,583 + 2,250)
÷ (23,937 + 22,726 + 17,919 + 27,784)
= 11.03%
2 Click competitor name to see calculations.
The analysis of the quarterly financial performance reveals several notable trends in operating profit, net revenue, and operating profit margin over the reported periods.
- Operating Profit
- The operating profit exhibited significant fluctuations throughout the periods analyzed. Initial figures around 1924 million US dollars increased, reaching peaks near 3159 million US dollars in late 2021. However, subsequent quarters showed volatility with values dipping to as low as 815 million US dollars by the end of 2022. Following this trough, operating profit gradually recovered and again demonstrated upward movements, with notable peaks approaching 4048 million US dollars in mid-2024. The trend suggests periods of strong profitability interrupted by occasional declines, indicating variable operational performance possibly influenced by external or internal factors.
- Net Revenue
- Net revenue consistently trended upward over the observed quarters, reflecting general growth in sales or service income. Starting from approximately 13,881 million US dollars in early 2020, net revenue increased steadily, moving beyond 27,800 million US dollars by late 2024. Despite some quarterly volatility, the overall pattern points to sustained expansion in the company's top-line figures, with revenue growth appearing robust over the period under review.
- Operating Profit Margin
- The operating profit margin showed some variability but remained mostly within a moderate range. Initial margins around 14.3% in early 2021 fluctuated, declining to a low near 10.1% in late 2022. Margins then showed a gradual recovery to levels above 13% by mid-2024, before experiencing another modest decline towards the end of the dataset. These margin movements indicate shifts in profitability efficiency, potentially reflecting changes in cost control, pricing strategies, or product mix effects impacting operational leverage.
In summary, the financial data suggest a company experiencing steady growth in net revenue with more volatile operating profit results and moderate fluctuations in profitability margins. The variability in operating profit despite consistent revenue growth may imply periods of increased operational costs or investment, warranting further investigation into cost drivers and margin sustainability. The resilience shown in operating margins recovering after dips underscores potential management responsiveness to operational challenges.
Net Profit Margin
PepsiCo Inc., net profit margin 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 income attributable to PepsiCo | 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) | 1,322) | 2,224) | 2,358) | 1,714) | 1,845) | 2,291) | 1,646) | 1,338) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | 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% | 9.59% | 10.62% | 11.01% | 10.51% | 10.12% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 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% | 25.28% | 23.31% | 22.19% | 21.59% | 23.47% | — | — | — | |||||||
| Mondelēz International Inc. | — | 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% | 14.97% | 15.70% | 15.49% | 13.94% | 13.37% | — | — | — | |||||||
| Philip Morris International Inc. | — | 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% | 29.00% | 29.25% | 29.51% | 29.69% | 28.08% | — | — | — | |||||||
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 profit margin = 100
× (Net income attributable to PepsiCoQ3 2025
+ Net income attributable to PepsiCoQ2 2025
+ Net income attributable to PepsiCoQ1 2025
+ Net income attributable to PepsiCoQ4 2024)
÷ (Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024)
= 100 × (2,603 + 1,263 + 1,834 + 1,523)
÷ (23,937 + 22,726 + 17,919 + 27,784)
= 7.82%
2 Click competitor name to see calculations.
The quarterly financial performance reveals several notable trends in profitability and revenue generation over the observed periods.
- Net Income
- Net income attributable to the company exhibits considerable fluctuations across quarters. There are periods of strong increases such as the jump from 1,322 million US dollars in December 2021 to 4,261 million in March 2022, followed by a significant drop to 518 million in December 2022. Subsequently, net income shows a recovery trend, peaking again around 3,092 million in September 2023 before experiencing another decline by the end of 2024 and mid-2025. This indicates a volatile earnings pattern potentially impacted by external factors or non-recurring items.
- Net Revenue
- Net revenue consistently trends upward over the quarters, demonstrating steady growth from 13,881 million US dollars in March 2020 to nearly 28,000 million by December 2023. Although slight seasonal or cyclical variations are present, overall revenue increases appear stable and sustained. This consistent revenue expansion suggests successful market penetration or increased sales volume over time.
- Net Profit Margin
- Profit margin percentages are available from December 2020 onwards and generally range around 7.5% to 12.6%. Margins peak at 12.57% around March 2022, coinciding with elevated net income, but tend to moderate to an average near 9-10% in subsequent quarters. Despite some volatility, net profit margins reflect a relatively stable profitability ratio in relation to revenue, indicating controlled costs and operational efficiency after initial fluctuations.
In summary, the data indicates consistent revenue growth alongside volatile net income, leading to fluctuating but broadly stable profit margins over the analyzed period. This pattern may point to varying expense levels, pricing strategies, or external market dynamics affecting net earnings, while top-line sales maintain an upward trajectory.
Return on Equity (ROE)
PepsiCo Inc., ROE 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 income attributable to PepsiCo | 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) | 1,322) | 2,224) | 2,358) | 1,714) | 1,845) | 2,291) | 1,646) | 1,338) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | 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% | 47.48% | 51.29% | 53.65% | 53.75% | 52.92% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 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% | 42.48% | 39.74% | 36.31% | 35.46% | 40.14% | — | — | — | |||||||
| Mondelēz International Inc. | — | 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% | 15.21% | 16.08% | 15.66% | 13.96% | 12.89% | — | — | — | |||||||
| 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
ROE = 100
× (Net income attributable to PepsiCoQ3 2025
+ Net income attributable to PepsiCoQ2 2025
+ Net income attributable to PepsiCoQ1 2025
+ Net income attributable to PepsiCoQ4 2024)
÷ Total PepsiCo common shareholders’ equity
= 100 × (2,603 + 1,263 + 1,834 + 1,523)
÷ 19,388 = 37.26%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends in profitability and shareholder equity over the observed periods.
- Net Income Attributable to PepsiCo
-
Net income demonstrated considerable volatility throughout the periods, with notable fluctuations indicative of varying profitability levels.
Initial quarters showed a range of values from approximately 1,300 million to above 2,200 million USD, reaching a peak around early 2022 with a sharp increase up to approximately 4,261 million USD. Following this peak, net income sharply declined to levels as low as around 518 million USD, then recovered somewhat in later quarters, oscillating between roughly 1,200 million and 3,000 million USD. The most recent data points indicate a return to mid-range profitability, though some quarters display relatively subdued results.
- Total PepsiCo Common Shareholders’ Equity
-
Shareholders’ equity exhibited a general upward trend, reflecting gradual growth in the company’s net assets attributable to shareholders.
The equity base increased from around 13,500 million USD to nearly 19,500 million USD over the period, despite some intermittent periods of slight decreases or stagnation.
This upward movement suggests a strengthening capital foundation and potentially retained earnings accumulation, supporting ongoing operations and investment activities.
- Return on Equity (ROE)
-
ROE data showed high levels with percentages predominantly exceeding 40%, and in some quarters surpassing 50%, indicative of substantial earnings generation relative to shareholders’ equity.
There were significant peaks in ROE, reaching above 55% at certain intervals, highlighting periods of strong profitability efficiency. However, some recent quarters exhibited a declining trend in ROE, dropping to levels near 37%, which may signal either reduced net income or growth in equity without proportional income increases.
The fluctuations in ROE correspond with the volatility observed in net income, suggesting sensitivity of profitability metrics to operational performance variations.
In summary, the company demonstrated robust and evolving financial dynamics characterized by volatile net income, steadily increasing shareholder equity, and generally high but variable returns on equity. These patterns indicate responsive earnings performance amid a growing equity base, with potential implications for strategic financial management and operational efficiency moving forward.
Return on Assets (ROA)
PepsiCo Inc., ROA 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 income attributable to PepsiCo | 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) | 1,322) | 2,224) | 2,358) | 1,714) | 1,845) | 2,291) | 1,646) | 1,338) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | 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% | 8.25% | 8.73% | 8.88% | 8.22% | 7.66% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | — | 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% | 10.36% | 9.73% | 8.96% | 8.02% | 8.87% | — | — | — | |||||||
| Mondelēz International Inc. | — | 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% | 6.41% | 6.61% | 6.49% | 5.70% | 5.24% | — | — | — | |||||||
| Philip Morris International Inc. | — | 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% | 22.06% | 21.62% | 21.81% | 21.73% | 17.98% | — | — | — | |||||||
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
ROA = 100
× (Net income attributable to PepsiCoQ3 2025
+ Net income attributable to PepsiCoQ2 2025
+ Net income attributable to PepsiCoQ1 2025
+ Net income attributable to PepsiCoQ4 2024)
÷ Total assets
= 100 × (2,603 + 1,263 + 1,834 + 1,523)
÷ 106,558 = 6.78%
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends related to net income, total assets, and return on assets (ROA) for the company over multiple quarterly periods.
- Net Income
- Net income attributable to the company demonstrates significant variability across the periods analyzed. Initial quarters exhibit fluctuating net income values, with a peak around March 2022 followed by a notable decline in the subsequent quarter. The data shows several intermittent peaks and troughs, especially in later periods, indicating volatility in profitability. The net income figures do not show a clear upward or downward long-term trend but rather cyclical movements suggesting periodic changes in operational performance or external factors impacting earnings.
- Total Assets
- Total assets show a generally increasing trend over the period. Starting from a base of approximately 85 billion US dollars, the company's assets grow steadily with minor fluctuations. By the most recent quarters, assets exceed 106 billion US dollars, indicating consistent asset accumulation or valuation increases. The steady increase in total assets may indicate ongoing investment, acquisition, or growth strategies enhancing the company's asset base.
- Return on Assets (ROA)
- ROA data is only available from late 2020 onward. The ratio exhibits a fluctuating but generally high performance range, mostly between 6.7% and 10.9%. The highest ROA occurs in mid-2022, signifying efficient asset utilization during that quarter. While some later quarters show a decline closer to 6.7%, the overall ROA remains relatively robust, suggesting that the company manages to generate reasonable returns on its asset base despite net income fluctuations.
Overall, the company appears to maintain a stable asset growth trajectory, while its profitability as measured by net income experiences volatility. The ROA reflects efficient asset utilization with some variation but no drastic downward trend, indicating a resilient operational performance over the analyzed quarters.