FINANCIAL MODEL

PepsiCo, Inc.

PEP · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	62,799	63,525	64,661	67,161	70,372	79,474	86,392	91,471	91,854	93,925
Cost of Goods Sold	28,222	28,796	29,381	30,132	31,797	37,075	40,576	41,881	41,744	43,066
Gross Profit	34,577	34,729	35,280	37,029	38,575	42,399	45,816	49,590	50,110	50,859
SG&A	24,773	24,453	25,170	26,738	28,495	31,237	34,459	36,677	37,190	37,368
R&D
EBITDA	12,172	12,645	12,509	12,723	12,628	13,872	14,275	14,934	16,047	14,949
D&A	2,368	2,369	2,399	2,432	2,548	2,710	2,763	2,948	3,160	3,451
EBIT (Operating Income)	9,804	10,276	10,110	10,291	10,080	11,162	11,512	11,986	12,887	11,498
Interest Expense	1,342	1,151	1,525	1,135	1,128	1,863	939	819	919	1,121
Pre-Tax Income	8,553	9,602	9,189	9,312	9,069	9,821	10,705	11,417	11,946	10,244
Tax Expense	2,174	4,694	-3,370	1,959	1,894	2,142	1,727	2,262	2,320	1,949
Net Income	6,329	4,857	12,515	7,314	7,120	7,618	8,910	9,074	9,578	8,240
Diluted EPS	4.36	3.38	8.78	5.20	5.12	5.49	6.42	6.56	6.95	6.00
Diluted Shares (M)	1,452.0	1,438.0	1,425.0	1,407.0	1,392.0	1,389.0	1,387.0	1,383.0	1,378.0	1,373.0
Balance Sheet
Total Cash & Equivalents		19,510	8,993	5,738	9,551	5,988	5,348	9,711	9,266	9,530
Short-term Debt		5,485	4,026	2,920	3,780	4,308	3,414	6,510	7,082	6,861
Long-term Debt		33,796	28,295	29,148	40,370	36,026	35,657	37,595	37,224	42,321
Total Debt		39,281	32,321	32,068	44,150	40,334	39,071	44,105	44,306	49,182
Net Debt		19,771	23,328	26,330	34,599	34,346	33,723	34,394	35,040	39,652
Total Current Assets		31,027	21,893	17,645	23,001	21,783	21,539	26,950	25,826	27,949
Total Current Liabilities		20,502	22,138	20,461	23,372	26,220	26,785	31,647	31,536	32,764
Total Assets		79,804	77,648	78,547	92,918	92,377	92,187	100,495	99,467	107,399
Total Liabilities		68,823	63,046	63,679	79,366	76,226	74,914	81,858	81,296	86,852
Shareholders' Equity		11,045	14,518	14,786	13,454	16,043	17,149	18,503	18,041	20,406
Minority Interest	50	51	44	39	55	61	124	81	48	141
Intangibles & Goodwill		14,744	14,808	15,501	18,757	18,381	18,202	17,728	17,534	18,916
PP&E		17,240	17,589	19,305	21,369	22,407	24,291	27,039	28,008	29,905
Receivables		7,024	7,142	7,822	8,404	8,680	10,163	10,815	10,333	11,506
Payables		15,017	18,112	17,541	19,592	9,834	23,371	25,137	24,454	25,903
Inventory		2,947	3,128	3,338	4,172	4,347	5,222	5,334	5,306	5,845
Retained Earnings		52,839	59,947	61,946	63,443	65,165	67,800	70,035	72,266	72,788
Cash Flow
Cash from Operations	10,663	10,030	9,415	9,649	10,613	11,616	10,811	13,442	12,507	12,087
Capital Expenditures	3,040	2,969	3,282	4,232	4,240	4,625	5,207	5,518	5,318	4,415
Free Cash Flow	7,623	7,061	6,133	5,417	6,373	6,991	5,604	7,924	7,189	7,672
Stock-Based Compensation	284	292	256	237	264	301	343	380	362	288
Dividends Paid	4,227	4,472	4,930	5,304	5,509	5,815	6,172	6,682	7,229	7,638
Share Repurchases	3,000	2,000	2,000	3,000	2,000	106	1,500	1,000	1,000	1,000