# PepsiCo, Inc. (PEP)

> Source: Nexqual · https://nexqual.com/PEP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PepsiCo, Inc. (PEP), nexqual.com/PEP" · informational, not investment advice.

**Price:** USD 138.83 (+3.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 134.7 · day 134.85–138.99 · 52w 123.47–171.48 · market cap $189B · NMS

## Key facts
- Last four reported quarters (through Sep 5, 2026): revenue $98.2B, net income $10.9B (11.1% margin), free cash flow $10.5B (SEC filings).
- Valuation: P/E 17.4x (avg 23.9x at the last 3 fiscal year-ends), EV/EBITDA 12.3x, net debt $40.7B.
- 12 of 80 tracked superinvestors hold PEP (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 6 added, 3 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $405K; 1 not under a Rule 10b5-1 plan ($405K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $23.7M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.71 on a 1–5 scale) (24 analysts), mean target USD 141.59 (range 106–169).
- Total return with dividends: 1Y -4.7% vs S&P 500 +14.9%; 5Y +2.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-08, EPS estimate USD 2.24, revenue estimate $30.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $79.5B | $86.4B | $91.5B | $91.9B | $93.9B | $98.2B |
| Gross profit | $42.4B | $45.8B | $49.6B | $50.1B | $50.9B | — |
| Operating income | $11.2B | $11.5B | $12.0B | $12.9B | $11.5B | $15.1B |
| Net income | $7.62B | $8.91B | $9.07B | $9.58B | $8.24B | $10.9B |
| EPS (diluted) | $5.49 | $6.42 | $6.56 | $6.95 | $6.00 | — |
| Free cash flow | $6.99B | $5.60B | $7.92B | $7.19B | $7.67B | $10.5B |
| Gross margin | 53.3% | 53.0% | 54.2% | 54.6% | 54.1% | — |
| Operating margin | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% | 15.3% |
| Net margin | 9.6% | 10.3% | 9.9% | 10.4% | 8.8% | 11.1% |
| Revenue growth | +12.9% | +8.7% | +5.9% | +0.4% | +2.3% | — |
| Cash + short-term investments | $5.99B | $5.35B | $10.0B | $9.27B | $9.53B | — |
| Total debt | $40.3B | $39.1B | $44.1B | $44.3B | $49.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 5, 2026)
P/E 17.4x · P/S 1.9x · EV/EBITDA 12.3x · EV/Sales 2.3x · P/FCF 18.1x · P/B 8.5x · FCF yield 5.53% · Earnings yield 5.76% · Dividend yield (paid, TTM) 4.17% · Buyback yield (TTM) 0.52% · Net debt $40.7B · EV $230B
P/E at fiscal year-ends: Dec 2025 23.9x, Dec 2024 21.9x, Dec 2023 25.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
12 of 80 tracked investors hold PEP (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Lindsell Train |  | 5.27% | $139M | Reduced -19.9% | Q2 2026 |
| Yacktman Asset Management |  | 3.47% | $281M | Added +2.2% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 3.11% | $37.7M | Added +11.0% | Q3 2026 |
| Torray Funds |  | 2.67% | $19.8M | Added +7.6% | Q2 2026 |
| Jensen Investment Management |  | 0.26% | $10.8M | Reduced -1.7% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.10% | $13.0M | Unchanged | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $280K | Unchanged | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.01% | $6.5M | Added +3.8% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.01% | $1.2M | Reduced -1.0% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.2M | Added +2.2% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $416K | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $273K | Added +21.0% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-27 | Flavell David | EVP, Gen Counsel & Corp Sec | 2,900 | $405K | 3.7% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $23.7M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-14 | Pohlad Robert C | Director | 184,646 | $23.7M | 128.28 | Too little history (no open-market trades in 2024 or 2025) |

## Analysts
Consensus Hold (mean 2.71 on a 1–5 scale), 24 analysts; mean target USD 141.59 (low 106, high 169).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Barclays | Target lowered | Equal-Weight | $133 → $126 |
| 2026-10-09 | Citigroup | Target lowered | Neutral | $142 → $135 |
| 2026-10-09 | JP Morgan | Target lowered | Neutral | $138 → $137 |
| 2026-10-09 | BNP Paribas | Target lowered | Outperform | $161 → $157 |
| 2026-10-09 | Piper Sandler | Target lowered | Overweight | $176 → $140 |
| 2026-10-09 | RBC Capital | Reiterated | Sector Perform | $150 |
| 2026-10-06 | RBC Capital | Target lowered | Sector Perform | $161 → $150 |
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $140 → $135 |
| 2026-10-02 | UBS | Target lowered | Buy | $159 → $145 |
| 2026-10-01 | Barclays | Target lowered | Equal-Weight | $142 → $133 |
| 2026-09-30 | Evercore ISI Group | Target lowered | In-Line | $150 → $135 |
| 2026-09-29 | JP Morgan | Downgrade | Overweight → Neutral | $170 → $138 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -4.7% | +2.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -4.7% | +0.4% |
| Volatility (annualized) | 21.1% | 18.4% |
| Max drawdown | -25.2% (Feb 2026→Oct 2026) | -29.8% (May 2023→May 2025) |

## Peers (Beverages - Non-Alcoholic)
MNST (Monster Beverage Corporation) USD 47.3 +1.44% · KO (Coca-Cola Company (The)) USD 95.34 +2.87% · CCEP (Coca-Cola Europacific Partners ) USD 114.23 +3.57% · KDP (Keurig Dr Pepper Inc.) USD 35.19 +2.09% · COKE (Coca-Cola Consolidated, Inc.) USD 214.93 +2.50% · PRMB (Primo Brands Corporation) USD 20.14 +0.55%

## More
Full page: https://nexqual.com/PEP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name PEP in their own reports (relationship from PEP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | SANFILIPPO JOHN B & SON INC (JBSS) | 10-K 2026-08-19 | "In the bar industry, we compete with, among others, General Mills (Nature Valley brand), PepsiCo, Inc. (Quaker brand), Mondelez (CLIF brand), Kellanova (Nutrigrain brand), Mars (KIND and Nature's Bake…" |
| partner | UNITED BREWERIES CO INC (CCU) | 20-F 2026-04-29 | "principal licensing, distribution and / or joint venture agreements include Heineken Brouwerijen B.V., PepsiCo Inc., Seven-up International," |
| partner | BEYOND MEAT, INC. (BYND) | 10-K 2026-04-09 | "In 2021, we entered into TPP, a joint venture with PepsiCo, Inc., to develop, produce and market innovative snack products made from plant-based protein." |
| related | New Providence Acquisition Corp. III/Cayman (NPAC) | 10-K 2026-03-31 | "our Co-Chief Executive Officer and Co-Chairman since inception, has held senior management positions at PepsiCo, Red Bull, Big Red," |
| competitor | Sow Good Inc. (SOWG) | 10-K 2026-03-31 | "Within the conventional packaged food category, our competitors include, but are not limited to, Nestlé S.A., The Hershey Company, Mars Inc., PepsiCo, Inc., Van Drunen Farms, Mondelēz International, H…" |
| competitor | Oatly Group AB (OTLY) | 20-F 2026-03-13 | "Our competitors include consumer packaged goods companies such as Danone, PepsiCo and Coca-Cola, dairy companies and brands, such as Lactalis, Fonterra, Arla Foods, Chobani, Dean Foods and Lactaid (ow…" |
| partner | Ardagh Metal Packaging S.A. (AMBP) | 20-F 2026-03-05 | "For example, in 2025 Celsius made two acquisitions, purchasing Alani Nu in April 2025 and the Rockstar Energy brand in the U.S. and Canada from PepsiCo as part of a strategic partnership in August 202…" |
| partner | Anheuser-Busch InBev SA/NV (BUD) | 20-F 2026-03-03 | "Our subsidiary Ambev has non-beer beverage operations in South America and the Caribbean, including a long-term agreement with PepsiCo, Inc. ("PepsiCo") whereby it has been granted the exclusive right…" |
| partner | AMBEV S.A. (ABEV) | 20-F 2026-03-03 | "have a long-term agreement with PepsiCo whereby we have been granted the exclusive right to bottle, sell and distribute certain brands" |
| competitor | Monster Beverage Corp (MNST) | 10-K 2026-02-27 | "Our products compete with all liquid refreshments, including TCCC, PepsiCo, Inc. ("PepsiCo"), Keurig Dr. Pepper Inc. ("KDP") and Red Bull GmbH." |
| supplier | SILGAN HOLDINGS INC (SLGN) | 10-K 2026-02-26 | "Our largest customers of our dispensing and specialty closures business include Beiersdorf AG, British American Tobacco AB, Campbell, The Coca-Cola Company, Colgate-Palmolive Company, Coty, Inc., Dair…" |
| competitor | Zevia PBC (ZVIA) | 10-K 2026-02-25 | "Our competitors in the beverage market include category leaders such as The Coca-Cola Company, Keurig Dr. Pepper, PepsiCo, Inc., National Beverage Corp., Monster Energy, and Red Bull, as well as estab…" |
| competitor | Keurig Dr Pepper Inc. (KDP) | 10-K 2026-02-24 | "Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M." |
| partner | BOSTON BEER CO INC (SAM) | 10-K 2026-02-24 | "In 2021, the Company entered a licensing agreement with PepsiCo, Inc. ("Pepsi")." |
| competitor | COCA COLA CO (KO) | 10-K 2026-02-20 | "In many of the countries in which we do business, PepsiCo, Inc. is a primary competitor." |

## Revenue by business segment (quarter ended 2026-09-05)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| PepsiCo Beverages North America | $7.71B | 30.5% | +5.2% | $1.06B | 13.7% |
| PepsiCo Foods North America | $6.50B | 25.7% | -0.3% | $1.33B | 20.5% |
| Europe, Middle East & Africa (Segment) | $5.41B | 21.4% | +7.8% | $897.0M | 16.6% |
| Latin America Foods (Segment) | $3.02B | 12.0% | +13.7% | $624.0M | 20.7% |
| International Beverage Franchise | $1.40B | 5.5% | +8.5% | $562.0M | 40.1% |
| Asia Pacific Foods (Segment) | $1.23B | 4.9% | +10.2% | $174.0M | 14.2% |
| Corporate costs (not allocated) | — | — | — | -$386.0M | — |
| Total revenue | $25.27B | 100% | — | $4.26B | 16.9% |

## Revenue by region (fiscal year ended 2025-12-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $52.23B | 55.6% | +1.1% |
| All Other Countries | $17.94B | 19.1% | +5.4% |
| Mexico | $6.95B | 7.4% | -2.5% |
| Russia | $4.77B | 5.1% | +22.9% |
| Canada | $3.73B | 4.0% | -0.9% |
| China | $2.62B | 2.8% | -3.2% |
| United Kingdom | $2.14B | 2.3% | +3.8% |
| Brazil | $1.78B | 1.9% | +1.0% |
| South Africa | $1.77B | 1.9% | -4.9% |
| Total revenue | $93.92B | 100% | — |

## Customer concentration

Period ended 2025-12-27: 14% of revenue from unnamed direct customers (10-K, filed 2026-02-03).

## Company outlook (8-K filed 2026-10-08)

- "Guidance • Company updates fiscal 2026 financial guidance 2 PURCHASE, N.Y. - October 8, 2026 - PepsiCo, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.24 | $2.44 | -8.1% | $30.43B | 17 |
| Next quarter (ends 2027-03-31) | $1.60 | $1.66 | -3.7% | $19.89B | 12 |
| Current fiscal year (ends 2026-12-31) | $8.40 | $8.56 | -2.0% | $99.30B | 20 |
| Next fiscal year (ends 2027-12-31) | $8.64 | $8.99 | -3.9% | $101.77B | 23 |