PepsiCo is a leading global company specializing in convenient food and beverage products, operating in over 200 countries and territories . The company boasts a diverse portfolio of well-known brands, including Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream . PepsiCo's business is structured into seven reportable segments, generating revenue from both beverage and convenient food products .
- PepsiCo Beverages North America (PBNA) - Produces and distributes a wide range of beverage products, including popular brands like Pepsi-Cola and Mountain Dew, through company-owned bottlers and authorized partners.
- Frito-Lay North America (FLNA) - Manufactures and markets snack foods such as Lay’s, Doritos, and Cheetos, catering to the North American market.
- Quaker Foods North America (QFNA) - Offers a variety of convenient food products, including cereals and snacks, under the Quaker brand.
- Latin America (LatAm) - Manages the production and distribution of PepsiCo's food and beverage products across Latin American countries.
- Europe - Oversees the operations and sales of PepsiCo's diverse product portfolio throughout European markets.
- Africa, Middle East and South Asia (AMESA) - Handles the distribution and marketing of PepsiCo's food and beverage offerings in the AMESA region.
- Asia Pacific, Australia and New Zealand and China region (APAC) - Focuses on delivering PepsiCo's products to consumers in the APAC region, including Australia, New Zealand, and China.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ramon L. Laguarta ExecutiveBoard | Chairman and CEO | Director at Visa Inc.; Co-Chair of the World Economic Forum\u2019s Food Systems Initiative | Joined PepsiCo in 1996; became CEO in 2018 and Chairman in 2019; has held multiple leadership roles globally, including President of PepsiCo. | |
Becky Schmitt Executive | EVP and Chief People Officer | None | Joined PepsiCo in June 2023; previously EVP and Chief People Officer at Cognizant Technology Solutions and held HR leadership roles at Walmart. | |
David J. Flavell Executive | EVP, General Counsel, and Corporate Secretary | None | Joined PepsiCo in 2011; has held various legal leadership roles globally, including Chief Compliance & Ethics Officer. | |
Eugene Willemsen Executive | CEO, International Franchise Beverages | None | Joined PepsiCo in 1995; previously CEO of Africa, Middle East, and South Asia; has extensive experience in global categories and franchise management. | |
James T. Caulfield Executive | EVP and CFO | None | Joined PepsiCo in 1993; became CFO in November 2023; previously CFO of PepsiCo Foods North America and SVP of Investor Relations. | |
Marie T. Gallagher Executive | SVP and Controller (Principal Accounting Officer) | None | Joined PepsiCo in 2005; has served as SVP and Controller since 2011; retiring in May 2025. | |
Paula Santilli Executive | CEO, Latin America Foods | None | Joined PepsiCo in 2001; previously CEO of Latin America; has held leadership roles in Mexico Foods and Quaker Oats. | |
Silviu Popovici Executive | CEO, Europe, Middle East, and Africa | None | Joined PepsiCo in 2011; previously CEO of Europe and Sub-Saharan Africa; has led significant growth initiatives in Europe. | |
Steven Williams Executive | CEO, North America | None | Joined PepsiCo in 2001; previously CEO of PepsiCo Foods North America; has driven growth in snacks and sustainability initiatives. | |
Alberto Weisser Board | Director | Director at Bayer AG and Linde Plc; Member of Americas Advisory Panel of Temasek International. | Joined PepsiCo's Board in 2011; former CEO of Bunge Limited. | |
Cesar Conde Board | Director | Chairman of NBCUniversal News Group; Director at Walmart Inc.; Board member at Council on Foreign Relations and Aspen Institute. | Joined PepsiCo's Board in 2020; brings expertise in global media and business strategy. | |
Daniel Vasella Board | Director | Director at American Express Company and SciClone Pharmaceuticals; Board member at private companies. | Joined PepsiCo's Board in 2002; former Chairman and CEO of Novartis AG. | |
Darren Walker Board | Director | President of Ford Foundation; Director at Ralph Lauren Corporation and Bloomberg, Inc.; Board member at National Gallery of Art and Carnegie Hall. | Joined PepsiCo's Board in 2016; brings expertise in philanthropy, diversity, and public policy. | |
David C. Page Board | Director | Professor at MIT; Investigator at Howard Hughes Medical Institute; Chair of Harvard Medical School Visiting Committee. | Joined PepsiCo's Board in 2014; brings expertise in health, nutrition, and biomedical research. | |
Dina Dublon Board | Director | Director at T. Rowe Price Group, Inc.; Chair of Columbia University Mailman School of Public Health Board of Advisors. | Joined PepsiCo's Board in 2005; former CFO of JPMorgan Chase & Co.. | |
Edith W. Cooper Board | Director | Director at Amazon.com, Inc.; Co-founder of Medley; Board member at MoMA, Smithsonian National Museum of African American History and Culture, and Mount Sinai Hospital. | Joined PepsiCo's Board in 2021; former EVP and Global Head of Human Capital Management at Goldman Sachs. | |
Ian M. Cook Board | Presiding Director | Trustee at University of Puget Sound; Chair of Board of Visitors, University of Minnesota Medical School. | Joined PepsiCo's Board in 2008; former Chairman and CEO of Colgate-Palmolive. | |
Michelle Gass Board | Director | CEO of Levi Strauss & Co.; Board member at Retail Industry Leaders Association and National Retail Federation. | Joined PepsiCo's Board in 2019; former CEO of Kohl's Corporation. | |
Robert C. Pohlad Board | Director | President of Pohlad Holdings; Chair of University of Puget Sound Board of Trustees and University of Minnesota Medical School Board of Visitors. | Joined PepsiCo's Board in 2015; former Chairman and CEO of PepsiAmericas, Inc.. |
- Given the recent volume declines in the Frito-Lay North America business and the need for investments to stimulate consumer demand, how do you plan to balance these reinvestments with margin pressures to ensure sustainable growth in both revenue and profitability?
- With geopolitical tensions and weaker consumer demand impacting key international markets like China, Mexico, and the Middle East, what specific strategies are you implementing to mitigate these challenges and drive growth in your international convenience foods segment?
- As you invest in pricing and strategic initiatives to address slowdown in your snacks business, how are you assessing whether the decline is purely cyclical due to consumer affordability pressures or indicative of a more structural shift in consumption habits away from traditional snack categories?
- Considering the recent slowdown in the energy drink category and the decreased momentum of CELSIUS within your portfolio, what actions are you taking to reignite growth in this segment, and how confident are you in CELSIUS regaining its market share under PepsiCo's distribution system?
- If organic revenue growth remains in the low single digits, can you realistically achieve your target of 8% EPS growth, and what specific levers in cost management and productivity initiatives do you plan to utilize to deliver on earnings in a potentially prolonged challenging revenue environment?
Research analysts who have asked questions during PEPSICO earnings calls.
Dara Mohsenian
Morgan Stanley
6 questions for PEP
Filippo Falorni
Citigroup Inc.
6 questions for PEP
Kaumil Gajrawala
Jefferies
6 questions for PEP
Lauren Lieberman
Barclays
6 questions for PEP
Peter Grom
UBS Group
6 questions for PEP
Andrea Teixeira
JPMorgan Chase & Co.
5 questions for PEP
Bonnie Herzog
Goldman Sachs
5 questions for PEP
Michael Lavery
Piper Sandler & Co.
5 questions for PEP
Robert Moskow
TD Cowen
5 questions for PEP
Robert Ottenstein
Evercore ISI
5 questions for PEP
Christopher Carey
Wells Fargo & Company
4 questions for PEP
Kevin Grundy
BNP Paribas
4 questions for PEP
Bryan Spillane
Bank of America
3 questions for PEP
Peter Galbo
Bank of America
3 questions for PEP
Steve Powers
Deutsche Bank
3 questions for PEP
Chris Carey
Wells Fargo Securities
2 questions for PEP
Stephen Robert Powers
Deutsche Bank
2 questions for PEP
Charlie Higgs
Redburn Atlantic
1 question for PEP
Drew Levine
JPMorgan Chase & Co.
1 question for PEP
Gregory Melich
Evercore ISI
1 question for PEP
Stephen Powers
Deutsche Bank
1 question for PEP
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
In many countries, including the United States, this company is identified as the primary beverage competitor. It holds a significant carbonated soft drink (CSD) share advantage in many markets outside the United States. In 2024, it represented approximately 21% of the U.S. liquid refreshment beverage category by estimated retail sales in measured channels, compared to PepsiCo's 18% share. | |
This company is listed as a competitor in the beverage and convenient food categories, operating in multiple geographies. | |
This company competes in the convenient food category and operates in multiple geographies. | |
This company is identified as a competitor in the convenient food category. | |
This company is mentioned as a competitor in the convenient food category. | |
This company is listed as a competitor in the beverage category and operates in multiple geographies. | |
This company competes in the convenient food category. | |
Link Snacks, Inc. | This company is mentioned as a competitor in the convenient food category. |
This company is identified as a competitor in the convenient food category. | |
This company is listed as a competitor in the beverage category. | |
Nestlé S.A. | This company is mentioned as a competitor in both the beverage and convenient food categories. |
Primo Brands Corporation | This company is identified as a competitor in the beverage category. |
Red Bull GmbH | This company is listed as a competitor in the beverage category. |
This company is mentioned as a competitor in the convenient food category. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Walmart Inc. (including Sam’s Club) | Major retailer and distributor of PepsiCo products | All | In 2023, the customer accounted for 14% of consolidated net revenue. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Garza Food Ventures LLC (dba Siete Foods) | 2025 | Completed on January 17, 2025 for $1.2 billion, this acquisition supports PepsiCo's strategy to expand its range of nutritious and simple food options by adding a Mexican-American food brand known for its diverse product line available in over 40,000 retailers. |
Sabra Dipping Company and Obela | 2024 | Announced on November 22, 2024, PepsiCo acquired the remaining 50% interest in both Sabra Dipping Company and Obela—transitioning these from a joint venture to full ownership—to bolster its positive choice portfolio and expanded presence in key markets, including the U.S., Australia, New Zealand, and Mexico. |
Recent press releases and 8-K filings for PEP.
- Unit sales rose 42% in the U.S. and 11% in Canada during Prime Big Deal Days vs. last year.
- Outpaced the category: U.S. energy drinks +6% vs. GURU +42%; Canada -4% vs. GURU +11%.
- Secured top Amazon placements, with the GURU Zero Variety Pack ranking #2 in Canada, and logged its second-best Amazon.com sales day.
- Plans include new U.S. ecommerce initiatives, Black Friday/Cyber Monday promotions, and a brand refresh before year-end.
- Adjusted EBITDA for fiscal 2025 was $330.7 million, up 4% year-over-year, while Q4 Adjusted EBITDA fell 31% to $23.1 million.
- Gross profit exceeded $1.0 billion in fiscal 2025, the highest in company history.
- The company recorded a net loss of $15.6 million for fiscal 2025, compared to net earnings of $110.2 million in fiscal 2024.
- Propane sales volume rose 20.4 million gallons (3%) in fiscal 2025 despite warmer weather, driving retail sales up 4% and wholesale sales up 8%.
- Beverage volume and net revenue grew in Q3, while Foods shifted to everyday-low-value promos, driving more balanced category growth; service levels have recovered to 97–98%, boosting fill rates and execution.
- International performance rebounded in September to mid- to high-single-digit growth after a weather-related summer slowdown.
- Management sees a clear line of sight to return to its long-term net-revenue growth algorithm in 2026, leveraging “basics” execution and major brand relaunches of Pepsi, Lay’s, Tostitos and Gatorade, plus innovation in Away-from-Home, permissible snacks, functional hydration, protein, fiber and new oils.
- Full-year margin expansion is expected to resume in Q4 after Q3 was impacted by tariffs; cost actions in Frito-Lay and technology-driven productivity will support ongoing margin improvement in PBNA and North America Foods.
- CFO Jamie Caulfield will retire after 33 years at PepsiCo, to be succeeded by Steve Williams in the coming weeks.
- Steve Schmitt, formerly CFO of Walmart U.S., will assume the role of Executive Vice President and Chief Financial Officer on November 10, 2025, with current CFO Jamie Caulfield remaining through May 15, 2026, to ensure a smooth transition.
- PepsiCo reported a 2.6% increase in net revenue for Q3 2025 and reaffirmed its financial guidance, citing strong international resilience and North America momentum.
- The company holds a market capitalization of $190.08 billion and benefits from a diversified portfolio, with 55% of revenue from convenience foods and 40% of 2024 sales and operating profit generated internationally.
- Financial stability is underscored by a Z-Score of 3.39, indicating a strong financial position.
- PepsiCo’s North American food revenue fell 3% with volume down 4%, prompting a major snack business restructuring
- Plans include 7,000 Frito-Lay job cuts and plant and warehouse closures to drive aggressive cost savings
- New product initiatives include removing artificial flavors from Cheetos and Doritos, using avocado and olive oils in Lay’s, plus protein-rich snacks
- Activist investor Elliott Management holds a $4 billion stake and is pressing for a turnaround in the snack segment
- Lay’s global rebrand highlights real potatoes and 300,000 farmers in over 200 markets to boost authenticity and shelf impact
- Steve Schmitt named Executive VP and CFO effective Nov. 10, 2025; incumbent Jamie Caulfield will retire and serve as advisor through May 15, 2026.
- Schmitt joins from Walmart U.S., where he has served as EVP and CFO since 2016, leading omni-channel finance and digital transformation initiatives.
- Jamie Caulfield is retiring after more than 30 years with PepsiCo and will oversee the finance transition until his departure.
- PepsiCo generated $92 billion in net revenue in 2024, driven by its beverage and convenient foods portfolio.
- PepsiCo’s Q3 2025 GAAP net revenue increased 2.6% year-over-year, with EPS of $1.90; non-GAAP core constant currency EPS was $2.29, down 2%.
- Growth was driven by strong international resilience and improved North America Beverages momentum, aided by portfolio reshaping initiatives.
- Full-year 2025 guidance reaffirmed: expect low-single-digit organic revenue growth, core constant currency EPS approximately flat, a core tax rate near 20%, and ~$8.6 billion in cash returns to shareholders.
- Foreign exchange headwind forecast reduced to 0.5 percentage points (from 1.5), implying a 0.5% core EPS decline versus 2024’s $8.16.
- GURU returned to profitability with net income of C$1.3 M in Q3 2025 vs a C$2.2 M loss in Q3 2024; year-to-date net loss narrowed by 79% to C$1.4 M.
- Achieved record net revenue of C$10.4 M, up 31.4% year-over-year, driven by direct distribution in Canada and U.S. online momentum.
- Expanded gross margin to 71.3% (65.9% excluding a one-time adjustment), up from 55.4% in Q3 2024.
- Entering Q4 with a strong cash position of C$24.2 M, zero debt, and new product launches supporting sustained profitable growth.
- Elliott Management has taken a $4 billion stake, making it one of PepsiCo’s largest investors and one of Elliott’s biggest investments ever.
- The activist believes its proposals could deliver 50% upside to shareholders by addressing PepsiCo’s discounted valuation relative to peers and its own historical average.
- Elliott attributes underperformance to share loss and margin pressure in North American beverages and decelerating growth with declining profitability in North American foods.
- It calls for strategic reviews of the beverages brand portfolio and bottler refranchising, plus reinvestment in core products, and for streamlining costs in the foods business.
- PepsiCo says it is reviewing Elliott’s perspectives within its strategy and faces no public demands for board or C-suite changes at this time.
- Net sales rose 5.1% to $10.7 billion in Q2 fiscal 2025
- Same-store sales grew 2.8% year-over-year
- Operating profit increased 8.3% to $595.4 million, and diluted EPS rose 9.4% to $1.86
- Board declares a quarterly dividend of $0.59 per share
- Raises fiscal year 2025 guidance: net sales up 4.3–4.8%, same-store sales up 2.1–2.6%, and diluted EPS of $5.80–6.30