Financials PepsiCo, Inc.

Equities

PEP

US7134481081

Non-Alcoholic Beverages

Market Closed - Nasdaq Other stock markets 21:00:00 10/12/2025 GMT			5-day change	1st Jan Change
149.70 ^USD	+3.50%		+1.11%	-1.55%

12-10	Campbell's Expected to Cut Prices After Pepsi's Indication of Price Reductions Next Year, RBC Says	MT
12-10	Investor Sentiment Muted as Fed Rate Decision Looms, Driving Quiet Premarket Action for US Equity Futures	MT

Projected Income Statement: PepsiCo, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	70,372	79,474	86,392	91,471	91,854	93,424	96,776	99,730
Change	-	12.93%	8.7%	5.88%	0.42%	1.71%	3.59%	3.05%
EBITDA ¹	13,079	14,124	15,088	16,823	17,858	18,153	19,186	20,204
Change	-	7.99%	6.83%	11.5%	6.15%	1.65%	5.69%	5.31%
EBIT ¹	10,531	11,414	12,325	13,875	14,698	14,755	15,719	16,541
Change	-	8.38%	7.98%	12.58%	5.93%	0.39%	6.53%	5.23%
Interest Paid ¹	-1,128	-1,863	-939	-819	-919	-1,065	-1,074	-1,093
Earnings before Tax (EBT) ¹	9,069	9,821	10,705	11,417	11,946	10,756	13,639	14,410
Change	-	8.29%	9%	6.65%	4.63%	-9.97%	26.81%	5.66%
Net income ¹	7,120	7,618	8,910	9,074	9,578	8,682	10,763	11,272
Change	-	6.99%	16.96%	1.84%	5.55%	-9.35%	23.97%	4.72%
Announcement Date	11/02/21	10/02/22	09/02/23	09/02/24	04/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	22,455	14,820	19,217	20,189	25,248	16,200	20,225	21,971	27,996	17,846	22,322	23,453	27,850	18,250	22,501	23,319	27,784	17,919	22,726	23,937	28,957	18,660	23,554	24,776	29,927	19,188	24,275	25,457
Change	-	-34%	29.67%	5.06%	25.06%	-35.84%	24.85%	8.63%	27.42%	-36.26%	25.08%	5.07%	18.75%	-34.47%	23.29%	3.64%	19.15%	-35.51%	26.83%	5.33%	20.97%	-35.56%	26.22%	5.19%	20.79%	-35.88%	26.51%	4.87%
EBITDA ¹	3,666	2,824	3,822	3,891	3,587	2,947	4,048	4,254	3,839	3,392	4,537	4,734	4,160	3,580	4,859	4,915	4,504	3,473	4,718	4,961	5,046	3,666	5,022	5,286	5,426	3,922	5,363	5,638
Change	-	-22.97%	35.34%	1.81%	-7.81%	-17.84%	37.36%	5.09%	-9.76%	-11.64%	33.76%	4.34%	-12.13%	-13.94%	35.73%	1.15%	-8.36%	-22.89%	35.85%	5.15%	1.71%	-27.35%	36.98%	5.27%	2.65%	-27.72%	36.72%	5.14%
EBIT ¹	2,849	2,264	3,169	3,241	2,740	2,392	3,408	3,595	2,930	2,802	3,859	4,029	3,185	2,939	4,121	4,176	3,462	2,789	3,911	4,137	4,030	2,959	4,199	4,435	4,293	3,152	4,435	4,674
Change	-	-20.53%	39.97%	2.27%	-15.46%	-12.7%	42.47%	5.49%	-18.5%	-4.37%	37.72%	4.41%	-20.95%	-7.72%	40.22%	1.33%	-17.1%	-19.44%	40.23%	5.78%	-2.58%	-26.58%	41.89%	5.61%	-3.2%	-26.58%	40.73%	5.38%
Charge d'intérêts ¹	-339	-258	-241	-232	-1,132	-240	-236	-190	-273	-200	-201	-201	-217	-202	-234	-219	-264	-264	-260	-264	-316	-267.7	-264.7	-259.9	-302.8	-265.4	-259.4	-249.8
Earnings before Tax (EBT) ¹	2,357	2,174	3,014	3,045	1,588	5,161	1,839	3,199	506	2,490	3,518	3,876	1,533	2,573	3,870	3,694	1,809	2,342	1,571	3,331	3,814	2,646	3,996	4,173	3,979	2,795	4,202	4,388
Change	-	-7.76%	38.64%	1.03%	-47.85%	225%	-64.37%	73.95%	-84.18%	392.09%	41.29%	10.18%	-60.45%	67.84%	50.41%	-4.55%	-51.03%	29.46%	-32.92%	112.03%	14.51%	-30.63%	51.02%	4.43%	-4.65%	-29.76%	50.34%	4.43%
Net income ¹	1,845	1,714	2,358	2,224	1,322	4,261	1,429	2,702	518	1,932	2,748	3,092	1,302	2,042	3,083	2,930	1,523	1,834	1,263	2,603	3,014	2,110	3,188	3,329	3,173	2,230	3,352	3,500
Change	-	-7.1%	37.57%	-5.68%	-40.56%	222.31%	-66.46%	89.08%	-80.83%	272.97%	42.24%	12.52%	-57.89%	56.84%	50.98%	-4.96%	-48.02%	20.42%	-31.13%	106.1%	15.78%	-29.99%	51.09%	4.42%	-4.69%	-29.72%	50.31%	4.42%
Announcement Date	11/02/21	15/04/21	13/07/21	05/10/21	10/02/22	26/04/22	12/07/22	12/10/22	09/02/23	25/04/23	13/07/23	10/10/23	09/02/24	23/04/24	11/07/24	08/10/24	04/02/25	24/04/25	17/07/25	09/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: PepsiCo, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	34,599	34,346	33,723	34,102	35,040	39,449	39,668	39,721
Change	-	-0.73%	-1.81%	1.12%	2.75%	12.58%	0.56%	0.13%
Announcement Date	11/02/21	10/02/22	09/02/23	09/02/24	04/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: PepsiCo, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	4,240	4,625	5,207	5,518	5,318	4,656	5,044	5,234
Change	-	9.08%	12.58%	5.97%	-3.62%	-12.44%	8.32%	3.76%
Free Cash Flow (FCF) ¹	6,373	6,991	5,604	7,924	7,189	9,134	10,934	11,780
Change	-	9.7%	-19.84%	41.4%	-9.28%	27.05%	19.71%	7.73%
Announcement Date	11/02/21	10/02/22	09/02/23	09/02/24	04/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: PepsiCo, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	18.59%	17.77%	17.46%	18.39%	19.44%	19.43%	19.83%	20.26%
EBIT Margin (%)	14.96%	14.36%	14.27%	15.17%	16%	15.79%	16.24%	16.59%
EBT Margin (%)	12.89%	12.36%	12.39%	12.48%	13.01%	11.51%	14.09%	14.45%
Net margin (%)	10.12%	9.59%	10.31%	9.92%	10.43%	9.29%	11.12%	11.3%
FCF margin (%)	9.06%	8.8%	6.49%	8.66%	7.83%	9.78%	11.3%	11.81%
FCF / Net Income (%)	89.51%	91.77%	62.9%	87.33%	75.06%	105.2%	101.59%	104.51%
Profitability
ROA	8.3%	8.22%	9.66%	9.42%	9.58%	9.43%	10.62%	10.8%
ROE	50.42%	51.65%	53.69%	50.9%	52.42%	57.87%	53.77%	50.87%
Financial Health
Leverage (Debt/EBITDA)	2.65x	2.43x	2.24x	2.03x	1.96x	2.17x	2.07x	1.97x
Debt / Free cash flow	5.43x	4.91x	6.02x	4.3x	4.87x	4.32x	3.63x	3.37x
Capital Intensity
CAPEX / Current Assets (%)	6.03%	5.82%	6.03%	6.03%	5.79%	4.98%	5.21%	5.25%
CAPEX / EBITDA (%)	32.42%	32.75%	34.51%	32.8%	29.78%	25.65%	26.29%	25.9%
CAPEX / FCF (%)	66.53%	66.16%	92.92%	69.64%	73.97%	50.98%	46.13%	44.43%
Items per share
Cash flow per share ¹	7.624	8.363	7.795	9.72	9.076	9.915	10.88	11.24
Change	-	9.69%	-6.79%	24.7%	-6.62%	9.24%	9.7%	3.33%
Dividend per Share ¹	4.022	4.248	4.525	4.945	-	5.612	5.899	6.219
Change	-	5.59%	6.53%	9.28%	-	-	5.12%	5.43%
Book Value Per Share ¹	9.749	11.6	12.45	13.47	13.15	14.93	16.94	18.7
Change	-	18.98%	7.36%	8.16%	-2.38%	13.57%	13.42%	10.42%
EPS ¹	5.12	5.49	6.42	6.56	6.95	6.273	8.014	8.34
Change	-	7.23%	16.94%	2.18%	5.95%	-9.75%	27.76%	4.07%
Nbr of stocks (in thousands)	1,381,956	1,398,745	1,393,956	1,391,178	1,387,929	1,383,174	1,383,174	1,383,174
Announcement Date	11/02/21	10/02/22	09/02/23	09/02/24	04/02/25	-	-	-