PepsiCo, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, PepsiCo Beverages North America was 30% and PepsiCo Foods North America was 29% of revenue.

Quarters: PepsiCo, Inc.'s SEC filings, named by the month they end. Fiscal years: PepsiCo, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $8.8 ends up as net income. Net margin fell from 10.3% to 8.8% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: PepsiCo, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report PepsiCo sells to Walmart; it names no suppliers.

Their suppliers

Amazon AMZNto Celsius Holdings

Microsoft MSFTto Celsius Holdings

Show 2

Suppliers

Celsius Holdings CELH

 

PEPPepsiCo

Customers

Walmart WMT 14%

PepsiCo's 10-K for the year to Dec 2025 gives one customer's share of its revenue: Wal Mart (14%).

From PepsiCo, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

Celsius Holdings CELHPepsiCo invested in it · Preferred-share investment and energy drink distribution$550 million invested in Series A preferred shares in 2022; $585 million acquisition value of Series B preferred shares on August 28, 2025

TBGPepsiCo invested in it · Investment and exclusive chilled beverage distribution

Unilever ULMakes and sells ready-to-drink Lipton tea

Starbucks SBUXMakes and sells ready-to-drink coffee

Keurig Dr Pepper KDPLicenses beverage brands for manufacture and distribution

Dole Food CompanyLicenses juice brands for manufacture and distribution

Ocean SprayLicenses juice brands for manufacture and distribution

Named in other companies’ filings

Celsius Holdings CELHPepsiCo invested in it · Preferred equity investor and primary beverage distributor390,000 Series B Preferred Stock shares issued in August 2025

Only the companies PepsiCo names in its 10-K filed Feb 3, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names PepsiCo. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 17.9x, below the peer median of 32.5x, with earnings still growing.

Priced 45% below the peer median of 32.5x.

At 17.9× trailing earnings PEP is below most of its five-year range; the five-year median is 25.9×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $142, about the same as the current price; 25% of 24 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 6 analysts (25%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $155.56 to $143.33 (−8%), while PEP went from $145.02 to $142.26 (−2%). In the past three months targets were cut 14 times and never raised. 1 upgrade and 3 downgrades over the year; the latest: JP Morgan moved it to Neutral from Overweight on Sep 29, 2026.

The day after each of these reports the stock moved +7.1% (Dec 2025, beat); +1.8% (Mar 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $2.24 a share, 1% less than the $2.26 of a year earlier, and revenue of $30.4B, up 4% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $101.8B, up 3% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $10.5B in free cash flow over the year, of which $8.9B went back to shareholders (dividends plus buybacks), leaving $1.6B in the company.

PepsiCo had 1.37B diluted shares in the quarter ended Aug 2026, 0.4% fewer than a year earlier, and 0.3% fewer each year on average since May 2020. It spent $987M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 51.3% and its net income rose 50.9%: fewer shares added about 0 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.9, short-term debt coverage is tight; shareholder equity is only 19% of assets, so debt-to-equity (2.4) says little; net debt is 2.7 years of operating cash flow, which is manageable.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 members of Congress and 8 funds whose copy leaves PEP out (not traded on the exchange): Tom Kean Jr., Mirae Asset Global Investments, Fisher Asset Management, Canada Pension Plan Investment Board, Norges Bank, Swiss National Bank and 4 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 18 held PEP at the end of their latest quarter (for most, Q3 2026). Over that quarter 8 added shares, 6 cut, 1 bought new, 1 sold all and 3 held the same. The largest of them is Norges Bank, 19.42M shares worth $2.6B at Jun 30, 2026, 7.7% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PEP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

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