Who are PepsiCo’s competitors?
PepsiCo names 14 companies as competitors in its latest annual report, on 2 fronts. 8 companies name PepsiCo back.
Skip to the field, head to head ↓PepsiCo company profile
PepsiCo names one primary rival and 13 others, and the one it names earns more
PepsiCo draws its rivalry in two tiers. One company gets the top line: "The Coca-Cola Company is our primary beverage competitor." Thirteen others, from Mars to Monster Beverage to Utz Brands, sit under "Other beverage and convenient food competitors include, but are not limited to". Since fiscal 2022, the list added Primo Brands, The Campbell’s and Mars.
The feeling is mutual. Coca-Cola writes, "In many of the countries in which we do business, PepsiCo, Inc. is a primary competitor." Keurig Dr Pepper and National Beverage list PepsiCo too, and Sanfilippo puts it in bars with the Quaker brand. PepsiCo is a rival in drinks, in snacks and on the bar shelf.
Now set the two primary rivals side by side. Both grew 2%. PepsiCo had $93.9 billion in revenue and a 9% net margin. Coca-Cola had $47.9 billion and 27%. The thing to repeat: PepsiCo is the rival everyone names, and the rival it names back keeps more of each dollar.
Where PepsiCo says it competes
“Other beverage and convenient food competitors include, but are not limited to”
“The Coca-Cola Company is our primary beverage competitor.”
Who names PepsiCo as a competitor
“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 Bakery brands) as well as regional bar manufacturers.”
10-K for 2026“Several competitors, including those that dominate the beverage industry, such as The Coca-Cola Company, PepsiCo, Keurig Dr. Pepper, and Nestlé S.A., are larger and have greater financial resources.”
10-K for 2026“In many of the countries in which we do business, PepsiCo, Inc. is a primary competitor.”
10-K for 2025“Our principal competitors include local bottlers of PepsiCo, Inc. products and, in some regions, local bottlers of Dr Pepper products.”
10-K for 2025“Our primary competitors include Coca-Cola, PepsiCo, Starbucks Corporation, The J.M. Smucker Company, The Kraft Heinz Company, and Nestlé S.A.”
10-K for 2025“The Mondelēz International performance peer group consists of the following companies considered our market competitors or that have been selected on the basis of industry, global focus or industry leadership: Campbell Soup Company, The Coca-Cola Company, Colgate-Palmolive Company, Danone S.A., General Mills, Inc., …”
10-K for 2025“Our products compete with all liquid refreshments, including TCCC, Starbucks Corporation, PepsiCo, Red Bull GmbH, KDP, Molson Coors, Constellation Brands, AB InBev, The Boston Beer Company and The Mark Anthony Group.”
10-K for 2025“Our principal identified competitors include PepsiCo, Campbell’s, Mars, General Mills, Grupo Bimbo, Hershey’s, Hain Celestial, and Arca Continental, among others.”
10-K for 2025Who joined, who left
Against its annual report for fiscal 2022, PepsiCo’s latest list adds Primo Brands, The Campbell’s and Mars; it no longer names Kellanova and Kellogg.
| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Conagra Brands | ● | ● | ● | ● |
| Hormel Foods | ● | ● | ● | ● |
| Keurig Dr Pepper | ● | ● | ● | ● |
| Link Snacks | ● | ● | ● | ● |
| Mondelēz International | ● | ● | ● | ● |
| Monster Beverage | ● | ● | ● | ● |
| Nestlé | ● | ● | ● | ● |
| Red Bull GmbH | ● | ● | ● | ● |
| The Coca-Cola | ● | ● | ● | ● |
| The Kraft Heinz | ● | ● | ● | ● |
| Utz Brands | ● | ● | ● | ● |
| Campbell Soup | ● | ● | · | · |
| Kellanova | · | ● | ● | · |
| Primo Brands | · | · | ● | ● |
| The Campbell’s | · | · | ● | ● |
| Kellogg | ● | · | · | · |
| Mars | · | · | · | ● |
● named in that year’s annual report, for the fiscal years shown.
The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| PepsiCo | 2025 | $93.9B | +2% | 9% | 306,000 |
| Coca-Cola | 2025 | $47.9B | +2% | 27% | – |
| Mondelez | 2025 | $38.5B | +6% | 6% | – |
| Keurig Dr Pepper | 2025 | $16.6B | +8% | 13% | 30,600 |
| Conagra Brands | FY to May 2026 | $11.3B | −3% | −17% | 18,500 |
| Campbell's | FY to Aug 2026 | $9.7B | −5% | 4% | 13,700 |
| Monster Beverage | 2025 | $8.3B | +11% | 23% | 6,891 |
| Coca-Cola Consolidated | 2025 | $7.2B | +5% | 8% | 17,000 |
| Primo Brands | 2025 | $6.7B | +29% | 1% | 12,600 |
| Utz Brands | 2025 | $1.4B | +2% | 0% | 3,100,200 |
| National Beverage | FY to May 2026 | $1.2B | −2% | 16% | 1,677 |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
What the rivals have done lately
“Refer to Note 2, Acquisitions and Divestitures , for more information on the October 1, 2023 sale of the developed market gum business, November 1, 2022 acquisition of Ricolino, August 1, 2022 acquisition of Clif Bar and the January 3, 2…” filing
“During 2024, we completed the acquisition of Evirth (Shanghai) Industrial Co., Ltd. (“Evirth”), a leading manufacturer of cakes and pastries in China.” filing
“Effective December 31, 2024, we acquired a controlling interest in GHOST.” filing
“On May 30, 2024, we entered into an agreement with Kalil, under which we agreed to acquire all of Kalil’s production, sales, and distribution assets for total consideration of $ 103 million, subject to certain adjustments outlined in the…” filing
“In August 2024, we acquired the outstanding equity of Sweetwood Smoke & Co., maker of FATTY ® smoked meat sticks, for a cash purchase price of $ 179.4 million, net of cash acquired and including working capital adjustments.” filing
“In August 2024, we acquired the outstanding equity of Sweetwood Smoke & Co., maker of FATTY ® smoked meat sticks, for a cash purchase price of $ 179.4 million, net of cash acquired and including working capital adjustments.” filing
“On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion.” filing
“On May 4, 2026, we acquired the 49% interests in La Regina for $146 million in cash.” filing
“On July 31, 2023, we completed our acquisition of substantially all of the assets of Vital Pharmaceuticals, Inc. and certain of its affiliates (collectively, "Bang Energy") (the "Bang Transaction").” filing
“In 2023, we completed our acquisition of the Bang Energy® drink business.” filing
Decisions that shaped the field
Asked about PepsiCo’s competitors
Who are PepsiCo's competitors?
In its annual report for fiscal 2025, PepsiCo names 14 competitors across 2 fronts: other beverage and convenient food competitors and primary beverage competitor. 10-K for fiscal 2025
Which companies name PepsiCo as a competitor?
8 companies in our coverage name it in their own annual reports: Sanfilippo John B & SON, National Beverage, Coca-Cola, Coca-Cola Consolidated, Keurig Dr Pepper, Mondelez, Monster Beverage and Utz Brands.
How does PepsiCo compare with its rivals?
PepsiCo reported $93.9B in revenue in its latest fiscal year, +2% on a year, with a 9% net margin. Coca-Cola: $47.9B, 27% net margin; Keurig Dr Pepper: $16.6B, 13% net margin.
What are the alternatives to PepsiCo?
The companies PepsiCo itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
What would it actually cost a challenger to take your customer?
Sources: PepsiCo’s annual report for fiscal 2025 and earlier years (2022, 2023, 2024); the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
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