PepsiCo, Inc. (PEP) Income Statement
PEP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPEP revenue and net income
Where PEP's revenue goes
2025Each bar shows an amount and its share of revenue. PEP kept 8.8% of revenue as net income.
PEP profit margins
PEP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.3% | +2.8% | +5.9% | +4.1% |
| Gross profit | +1.5% | +3.5% | +5.7% | +4.0% |
| Operating income | −10.8% | −0.0% | +2.7% | +3.2% |
| Net income | −14.0% | −2.6% | +3.0% | +4.2% |
| EPS (diluted) | −0.1% | +6.3% | +8.1% | +6.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PEP quarterly EPS vs estimates
PepsiCo beat the analyst EPS estimate in 7 of the last 8 quarters.
PEP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.92B | $91.85B | $91.47B | $86.39B | $79.47B | $70.37B | $67.16B | $64.66B | $63.52B | $62.80B |
| Cost of revenue | $43.07B | $41.74B | $41.88B | $40.58B | $37.08B | $31.80B | $30.13B | $29.38B | $28.80B | $28.22B |
| Gross profit | $50.86B | $50.11B | $49.59B | $45.82B | $42.40B | $38.58B | $37.03B | $35.28B | $34.73B | $34.58B |
| Research & development | — | $813.0M | $804.0M | $771.0M | $752.0M | $719.0M | $711.0M | $680.0M | $737.0M | $760.0M |
| Sales, general & admin | $37.37B | $37.19B | $36.68B | $14.26B | $29.81B | $26.99B | $26.74B | $25.17B | $23.37B | $23.58B |
| Total operating expenses | $39.36B | $37.22B | $37.60B | $34.30B | $31.24B | $28.50B | $26.74B | $25.17B | $24.45B | $24.77B |
| Operating income | $11.50B | $12.89B | $11.99B | $11.51B | $11.16B | $10.08B | $10.29B | $10.11B | $10.28B | $9.80B |
| Interest income | — | — | — | — | — | — | $200.0M | $306.0M | $244.0M | $110.0M |
| Interest expense | $1.12B | $919.0M | $819.0M | $939.0M | $1.86B | $1.13B | $935.0M | $1.52B | $1.15B | $1.34B |
| Income before taxes | $10.24B | $11.95B | $11.42B | $10.71B | $9.82B | $9.07B | $9.31B | $9.19B | $9.60B | $8.55B |
| Income taxes | $1.95B | $2.32B | $2.26B | $1.73B | $2.14B | $1.89B | $1.96B | −$3.37B | $4.69B | $2.17B |
| Net income | $8.24B | $9.58B | $9.07B | $8.91B | $7.62B | $7.12B | $7.31B | $12.52B | $4.86B | $6.33B |
| EBITDA | $15.54B | $16.68B | $15.75B | $14.92B | $14.90B | $12.74B | $12.68B | $13.11B | $13.12B | $12.26B |
| EPS (diluted) | $8.15 | $8.16 | $7.62 | $6.79 | $6.25 | $5.52 | $5.52 | $5.65 | $5.23 | $3.49 |
| Gross margin | 54.1% | 54.6% | 54.2% | 53.0% | 53.3% | 54.8% | 55.1% | 54.6% | 54.7% | 55.1% |
| Operating margin | 12.2% | 14.0% | 13.1% | 13.3% | 14.0% | 14.3% | 15.3% | 15.6% | 16.2% | 15.6% |
| Net margin | 8.8% | 10.4% | 9.9% | 10.3% | 9.6% | 10.1% | 10.9% | 19.4% | 7.6% | 10.1% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.27B | $24.18B | $19.44B | $29.34B | $23.94B | $22.73B | $22.73B | $27.78B | $23.32B | $22.50B | $18.25B | $27.85B |
| Cost of revenue | $11.52B | $11.07B | $8.71B | $13.72B | $11.11B | $10.30B | $10.30B | $13.18B | $10.40B | $9.92B | $8.25B | $13.10B |
| Gross profit | $13.75B | $13.11B | $10.73B | $15.62B | $12.82B | $12.42B | $12.42B | $14.60B | $12.92B | $12.58B | $10.00B | $14.75B |
| Research & development | — | — | — | — | — | — | — | $813.0M | — | — | — | $804.0M |
| Sales, general & admin | — | $9.09B | $7.52B | $12.06B | $9.12B | $8.77B | $8.77B | $12.34B | $9.03B | $8.53B | $7.29B | $12.15B |
| Total operating expenses | $9.49B | $9.09B | $7.52B | $12.06B | $9.26B | $10.63B | $10.63B | $12.35B | $9.05B | $8.53B | $7.29B | $13.07B |
| Operating income | $4.26B | $4.02B | $3.21B | $3.56B | $3.57B | $1.79B | $1.79B | $2.25B | $3.87B | $4.05B | $2.72B | $1.68B |
| Interest expense | $242.0M | $230.0M | $301.0M | $333.0M | $264.0M | $260.0M | $260.0M | $264.0M | $219.0M | $234.0M | $202.0M | $217.0M |
| Income before taxes | $3.90B | $3.85B | $2.97B | $3.00B | $3.33B | $1.57B | $1.57B | $1.81B | $3.69B | $3.87B | $2.57B | $1.53B |
| Income taxes | $834.0M | $848.0M | $632.0M | $445.0M | $713.0M | $292.0M | $292.0M | $275.0M | $749.0M | $776.0M | $520.0M | $209.0M |
| Net income | $3.05B | $2.98B | $2.34B | $2.54B | $2.60B | $1.26B | $1.26B | $1.52B | $2.93B | $3.08B | $2.04B | $1.30B |
| EBITDA | $5.22B | $5.16B | $4.17B | $4.71B | $4.59B | $2.81B | $2.81B | $3.33B | $4.81B | $4.99B | $3.54B | $2.91B |
| EPS (diluted) | $2.34 | $2.20 | $1.61 | $2.26 | $2.29 | $2.12 | $1.48 | $1.96 | $2.31 | $2.28 | $1.61 | $1.78 |
| Gross margin | 54.4% | 54.2% | 55.2% | 53.2% | 53.6% | 54.7% | 54.7% | 52.6% | 55.4% | 55.9% | 54.8% | 53.0% |
| Operating margin | 16.9% | 16.6% | 16.5% | 12.1% | 14.9% | 7.9% | 7.9% | 8.1% | 16.6% | 18.0% | 14.9% | 6.0% |
| Net margin | 12.1% | 12.3% | 12.0% | 8.7% | 10.9% | 5.6% | 5.6% | 5.5% | 12.6% | 13.7% | 11.2% | 4.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PEP's financial statements (latest annual report filed February 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PEP financial results
In fiscal year 2025 (ended December 31, 2025), PepsiCo reported revenue of $93.9 billion, up 2.3% from the year before. It had net income of $8.2 billion (down 14.0%), a net profit margin of 8.8%. Diluted earnings per share came to $8.15. Over five years revenue grew at an average rate of 5.9% a year.
See the PEP stock overview for the latest quote and news, or the PEP chart for price history and technical indicators.
PEP income statement FAQ
What is PepsiCo's annual revenue?
PepsiCo reported total revenue of $93.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.3% from $91.9 billion the previous year.
Is PepsiCo profitable?
Yes. PepsiCo reported net income of $8.2 billion in fiscal 2025, a net profit margin of 8.8%; its operating margin was 12.2%.
What is PepsiCo's gross margin?
PepsiCo's gross margin was 54.1% in fiscal 2025: for every $100 of revenue, PepsiCo kept $54 after the direct cost of its products and services.
How fast is PepsiCo growing?
Revenue grew 5.9% a year on average over the last five fiscal years, from $70.4 billion to $93.9 billion.
What are PepsiCo's earnings per share?
PepsiCo earned $8.15 per diluted share in fiscal 2025, compared with $8.16 a year earlier.
When does PepsiCo's fiscal year end?
PepsiCo's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 3, 2026.