Company profile
SEC EDGAR ↗- Industry
- Beverages
- Listed
- Nasdaq: PEP
- Incorporated
- NC
- Headquarters
- Purchase, NY
- Fiscal year end
- Dec 26
Financials
FY2025- Revenue
- $93.9B
- Net income
- $8.24B
- Total assets
- $107.4B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $93.9B | $8.24B | $107.4B |
| FY2024 | $91.9B | $9.58B | $99.5B |
| FY2023 | $91.5B | $9.07B | $100.5B |
| FY2021 | $79.5B | $7.62B | $92.4B |
| FY2020 | $70.4B | $7.12B | $92.9B |
| FY2019 | $67.2B | $7.31B | $78.5B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
5 verified Decision Cases on PepsiCo, and the casebook each one belongs to.
| Fork date | Decision type | What PepsiCo chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 1992 | The Fall | Rush to market fast | Production ceased in late 1993 with final batches reaching retailers in early 1994 (1994) | Read the story → | The Fall Casebook → |
| 1997 | The Cross-Subsidy | Spin off chains | 43% of total division operating profit in 2024, versus 15% for PepsiCo Beverages North America (2024) | Read the story → | The Cross-Subsidy Casebook → |
| 2010 | Moat Anatomy | Direct-store-delivery | a federal judge unsealed the FTC's complaint alleging PepsiCo gave Walmart preferential pricing not offered to smaller retailers (2025-12) | Read the story → | Moat Anatomy Casebook → |
| 2024 | Crisis Response | Stay quiet, let demand pressure | Neither party disclosed the commercial terms of the resolution (2024-04) | Read the story → | Crisis Response Casebook → |
| 2025 | The Cross-Subsidy | Cut SKUs and lower snack prices | Too early to call | Read the story → | The Cross-Subsidy Casebook → |
Run one of these yourself
The decisions PepsiCo faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Crisis & ReinventionThe Crisis ResponseWhat is one more quarter of not acting worth?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →
The analyses
The Crisis Response · Crisis & Reinvention
In the PepsiCo–Carrefour Standoff, the Side That Won the Optics Lost on Price
When PepsiCo's Lay's, Doritos, and Pepsi vanished from Carrefour across at least five countries in January 2024, the story wrote itself: brave retailer, greedy supplier. The documented record is messier - and the side that won the optics never won the price.
7 min
The Cross-Subsidy · Business Model
PepsiCo Is a Snack Company That Happens to Sell Soda. That's Now Its Problem.
Frito-Lay threw off 47% of PepsiCo's division operating profit in 2023 at a margin near 30% - quietly carrying the soda business. Then the engine slipped to 43% in 2024, and a $4B activist showed up.
7 min
The Cross-Subsidy · Business Model
PepsiCo's Snack Empire Began as a 1965 Takeover Defense and Took 32 Years to Come True
PepsiCo's snack empire is sold as visionary planning. The 1965 Frito-Lay deal was partly a takeover defense, then hobbled by a 1968 FTC ruling that banned tie-in advertising between the two brands and barred PepsiCo from buying any snack or soft-drink maker for a decade. The cross-subsidy was an accident that took 32 years and one painful divorce to become real.
8 min
The Moat Anatomy · Moat & Competition
PepsiCo's Nearly 15,000 Frito-Lay Routes Rule Snacks — and Bend in Front of Walmart
Frito-Lay runs nearly 15,000 routes and 20,000 drivers servicing 315,000 stores a week — the largest direct-store-delivery system in North America. But the same moat that's near-unbreakable in snacks gets reversed at will in beverages, and bends entirely in front of Walmart.
8 min
The Limit · Business Model
PepsiCo's 9.5% Growth Was a Pull-Forward That Left 2024 Revenue Crawling at 0.4%
PepsiCo's 9.5% organic growth in 2023 looked like pricing power. It was a pull-forward. By 2024, revenue grew 0.4%, organic growth fell from 'at least 4%' to 2% across three guidance cuts, and units fell in every North American segment.
7 min
The Fall · Crisis & Reinvention
Crystal Pepsi's Inventor Called It the Best Idea He Ever Had, and the Worst Executed
The legend says Coca-Cola murdered Crystal Pepsi with a kamikaze product called Tab Clear. But the man who invented it later admitted the truth: 'the best idea I ever had, and the worst executed.' It was rushed to market in nine months, and it didn't taste like Pepsi.
7 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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