PEPSICO INC
PEP · Beverages · 1.37B shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $620M (gross $1.0B, SBC $380M)
Reference price $164.46 · est. market cap ~$224.8B — last insider sale, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Dominant global beverage and convenient-food franchise with iconic brands, pricing power, and exceptional returns.
Strengths
- ROE 40.4% (77.3th pct), gross margin 54% (70th), interest coverage and cash position top-decile; durable moat from Lay's/Doritos/Gatorade/Pepsi and DSD scale
- Diversified across six segments and 200+ countries with strong operating cash generation
Risks
- Net income fell ~14% on impairments/cost pressure; revenue growth only modest (2.3%)
- High leverage (D/E 2.4) and demand headwinds from GLP-1, 'ultra-processed' scrutiny, and affordability shifts
Notable findings
- High leverageHigh leverage (debt/equity 2.41)
- Weak liquidityCurrent ratio 0.85 (<1)
- Insider sellingInsider selling — 3 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$6M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
54.1%
Operating margin
12.2%
Net margin
8.8%
Return on equity
40.4%
Return on assets
7.7%
ROIC
13.1%
Revenue growth (QoQ)
8.5%
Net-income growth
-14.0%
Debt / equity
2.4×
Net debt / EBITDA
2.7×
Interest coverage
10.3×
Current ratio
0.9×
EBITDA
$14.9B
Tangible book value
$990M
Cash & investments
$9.5B
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | VASELLA DANIEL | Grant | 424 | $141.52 |
| 2026-06-01 | Diamond Susan M | Grant | 565 | $141.52 |
| 2026-06-01 | Bailey Jennifer | Grant | 424 | $141.52 |
| 2026-06-01 | Gibbs David W | Grant | 71 | $141.52 |
| 2026-05-31 | VASELLA DANIEL | Grant | 1.5K | — |
| 2026-05-31 | Bailey Jennifer | Grant | 125 | — |
| 2026-05-31 | Diamond Susan M | Grant | 128 | — |
| 2026-05-06 | Gibbs David W | Grant | 1.0K | — |
| 2026-05-06 | Gibbs David W | Grant | 534 | — |
| 2026-03-04 | Willemsen Eugene | Sell | 3.8K | $164.46 |
| 2026-03-04 | Willemsen Eugene | Sell | 2.7K | $164.44 |
| 2026-03-02 | Laguarta Ramon | Sell | 28K | $167.39 |
| 2026-03-02 | POHLAD ROBERT C | Grant | 200 | $138.96 |
| 2026-03-02 | POHLAD ROBERT C | Other | 900K | — |
| 2026-03-02 | POHLAD ROBERT C | Other | 900K | — |
| 2026-03-01 | Schmitt Becky | Disposition | 1.1K | — |
| 2026-03-01 | Schmitt Becky | Tax withheld | 3.7K | $169.05 |
| 2026-03-01 | Willemsen Eugene | Grant | 13K | — |
| 2026-03-01 | Willemsen Eugene | Grant | 26K | — |
| 2026-03-01 | Willemsen Eugene | Disposition | 1.0K | — |
| 2026-03-01 | Willemsen Eugene | Tax withheld | 3.9K | $169.05 |
| 2026-03-01 | Popovici Silviu | Grant | 14K | — |
| 2026-03-01 | Popovici Silviu | Grant | 27K | — |
| 2026-03-01 | Popovici Silviu | Disposition | 1.4K | — |
| 2026-03-01 | Popovici Silviu | Tax withheld | 4.0K | $169.05 |
| 2026-03-01 | Krishnan Ramkumar | Grant | 27K | — |
| 2026-03-01 | Krishnan Ramkumar | Grant | 18K | — |
| 2026-03-01 | Krishnan Ramkumar | Tax withheld | 4.1K | $169.05 |
| 2026-03-01 | Laguarta Ramon | Grant | 67K | — |
| 2026-03-01 | Laguarta Ramon | Grant | 45K | — |
| 2026-03-01 | Laguarta Ramon | Disposition | 6.9K | — |
| 2026-03-01 | Laguarta Ramon | Tax withheld | 25K | $169.05 |
| 2026-03-01 | Krishnan Ramkumar | Disposition | 1.3K | — |
| 2026-03-01 | Kanioura Athina | Grant | 27K | — |
| 2026-03-01 | Kanioura Athina | Grant | 18K | — |
| 2026-03-01 | Kanioura Athina | Disposition | 895 | — |
| 2026-03-01 | Kanioura Athina | Tax withheld | 2.5K | $169.05 |
| 2026-03-01 | Schmitt Stephen T. | Grant | 18K | — |
| 2026-03-01 | Schmitt Stephen T. | Grant | 12K | — |
| 2026-03-01 | Tammara Christine E | Grant | 5.0K | — |
| 2026-03-01 | Tammara Christine E | Tax withheld | 1.2K | $169.05 |
| 2026-03-01 | Flavell David | Grant | 12K | — |
| 2026-03-01 | Flavell David | Grant | 26K | — |
| 2026-03-01 | Flavell David | Disposition | 783 | — |
| 2026-03-01 | Flavell David | Tax withheld | 2.1K | $169.05 |
| 2026-03-01 | Schmitt Becky | Grant | 11K | — |
| 2026-03-01 | Schmitt Becky | Grant | 25K | — |
| 2025-12-01 | Bailey Jennifer | Grant | 401 | $149.51 |
| 2025-12-01 | Lewis Dave J | Grant | 401 | $149.51 |
| 2025-12-01 | Agbaje Segun | Grant | 401 | $149.51 |
| 2025-12-01 | Diamond Susan M | Grant | 535 | $149.51 |
| 2025-12-01 | VASELLA DANIEL | Grant | 401 | $149.51 |
| 2025-11-10 | Schmitt Stephen T. | Grant | 49K | $142.25 |
| 2025-10-01 | POHLAD ROBERT C | Grant | 1.4K | $143.14 |
| 2025-10-01 | Bailey Jennifer | Grant | 1.4K | $143.14 |
| 2025-10-01 | Lewis Dave J | Grant | 1.4K | $143.14 |
| 2025-10-01 | Agbaje Segun | Grant | 1.4K | $143.14 |
| 2025-10-01 | Diamond Susan M | Grant | 1.4K | $143.14 |
| 2025-10-01 | Walker Darren | Grant | 1.4K | $143.14 |
| 2025-10-01 | VASELLA DANIEL | Grant | 1.4K | $143.14 |
| 2025-10-01 | Page David C | Grant | 1.4K | $143.14 |
| 2025-10-01 | Conde Cesar | Grant | 1.4K | $143.14 |
| 2025-10-01 | COOPER EDITH W | Grant | 1.4K | $143.14 |
| 2025-10-01 | Gass Michelle | Grant | 1.4K | $143.14 |
| 2025-10-01 | COOK IAN M | Grant | 1.4K | $143.14 |
| 2025-10-01 | Weisser Alberto | Grant | 1.4K | $143.14 |
| 2025-10-01 | DUBLON DINA | Grant | 1.4K | $143.14 |
| 2025-09-30 | Agbaje Segun | Grant | 231 | — |
| 2025-09-30 | Gass Michelle | Grant | 366 | — |
| 2025-09-30 | COOPER EDITH W | Grant | 233 | — |
| 2025-09-30 | Conde Cesar | Grant | 607 | — |
| 2025-09-30 | Lewis Dave J | Grant | 163 | — |
| 2025-09-30 | Page David C | Grant | 723 | — |
| 2025-09-30 | COOK IAN M | Grant | 1.6K | — |
| 2025-09-30 | VASELLA DANIEL | Grant | 1.5K | — |
| 2025-09-30 | Weisser Alberto | Grant | 1.1K | — |
| 2025-09-30 | Walker Darren | Grant | 558 | — |
| 2025-09-30 | DUBLON DINA | Grant | 1.7K | — |
| 2025-09-30 | Diamond Susan M | Grant | 95 | — |
| 2025-09-30 | POHLAD ROBERT C | Grant | 694 | — |
| 2025-09-30 | Bailey Jennifer | Grant | 95 | — |
| 2025-06-01 | Lewis Dave J | Grant | 458 | $130.91 |
| 2025-06-01 | Agbaje Segun | Grant | 458 | $130.91 |
| 2025-06-01 | VASELLA DANIEL | Grant | 458 | $130.91 |
| 2025-06-01 | Diamond Susan M | Grant | 458 | $130.91 |
| 2025-06-01 | Bailey Jennifer | Grant | 458 | $130.91 |
| 2025-06-01 | Schmitt Becky | Tax withheld | 1.3K | $132.00 |
| 2025-05-31 | Diamond Susan M | Grant | 73 | — |
| 2025-05-31 | Bailey Jennifer | Grant | 73 | — |
| 2025-05-31 | Lewis Dave J | Grant | 132 | — |
| 2025-05-31 | Agbaje Segun | Grant | 190 | — |
| 2025-05-31 | VASELLA DANIEL | Grant | 1.3K | — |
| 2025-03-04 | Gallagher Marie T. | Sell | 25K | $159.55 |
| 2025-03-04 | Willemsen Eugene | Gift | 7.6K | — |
| 2025-03-04 | Willemsen Eugene | Gift | 7.6K | — |
| 2025-03-03 | Krishnan Ramkumar | Sell | 9.7K | $150.91 |
| 2025-03-03 | Krishnan Ramkumar | Sell | 225 | $153.51 |
| 2025-03-03 | Williams Steven C | Sell | 18K | $150.89 |
| 2025-03-03 | Flavell David | Sell | 6.9K | $150.90 |
| 2025-03-03 | Laguarta Ramon | Sell | 50K | $154.90 |
| 2025-03-03 | Willemsen Eugene | Sell | 10K | $154.33 |
| 2025-03-01 | Krishnan Ramkumar | Tax withheld | 11K | $153.72 |
| 2025-03-01 | Schmitt Becky | Grant | 12K | — |
| 2025-03-01 | Laguarta Ramon | Grant | 75K | — |
| 2025-03-01 | Laguarta Ramon | Grant | 58K | — |
| 2025-03-01 | Laguarta Ramon | Tax withheld | 55K | $153.72 |
| 2025-03-01 | Popovici Silviu | Grant | 13K | — |
| 2025-03-01 | Santilli Paula | Grant | 11K | — |
| 2025-03-01 | Santilli Paula | Grant | 9.1K | — |
| 2025-03-01 | Santilli Paula | Tax withheld | 6.4K | $153.72 |
| 2025-03-01 | Gallagher Marie T. | Tax withheld | 3.1K | $153.72 |
| 2025-03-01 | Willemsen Eugene | Grant | 13K | — |
| 2025-03-01 | Willemsen Eugene | Grant | 7.6K | — |
| 2025-03-01 | Willemsen Eugene | Tax withheld | 7.6K | $153.72 |
| 2025-03-01 | Popovici Silviu | Grant | 16K | — |
| 2025-03-01 | Flavell David | Grant | 12K | — |
| 2025-03-01 | Williams Steven C | Tax withheld | 10K | $153.72 |
| 2025-03-01 | Williams Steven C | Grant | 14K | — |
| 2025-03-01 | Ferdinando Rachel | Grant | 8.9K | — |
| 2025-03-01 | Williams Steven C | Grant | 25K | — |
| 2025-03-01 | Ferdinando Rachel | Tax withheld | 2.7K | $153.72 |
| 2025-03-01 | Flavell David | Tax withheld | 5.2K | $153.72 |
| 2025-03-01 | Caulfield James T. | Grant | 14K | — |
| 2025-03-01 | Krishnan Ramkumar | Grant | 17K | — |
| 2025-03-01 | Krishnan Ramkumar | Grant | 12K | — |
| 2025-03-01 | Popovici Silviu | Tax withheld | 9.6K | $153.72 |
| 2025-03-01 | Flavell David | Grant | 6.1K | — |
| 2025-02-27 | Santilli Paula | Sell | 7.8K | $151.90 |
| 2025-02-27 | Santilli Paula | Option exercise | 7.8K | $98.75 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07563855 ↗ | An Open Label Direct-to-Consumer Study Assessing the Impact of Health and Wellness Products on GI Health and Related Health Outcomes Health, Wellness | NA | Recruiting | 2026-07-01 |
| NCT03911427 ↗ | Oat and Cholesterol Elevated LDL Cholesterol | NA | Completed | 2020-02-20 |
| NCT02020798 ↗ | Glycemic Response Testing Glycemic Response | NA | Completed | 2014-02-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (1)
Suppliers (5)
- Keurig Dr Pepper Inc.
- Dole Food Company, Inc.
- Ocean Spray Cranberries, Inc.
- Celsius Holdings, Inc.
- Tropicana Beverages Group
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-22 | 2026-05-22 | 0001104659-26-065758 ↗ |
| 8-K | 2026-05-08 | 2026-05-06 | 0000077476-26-000024 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0000077476-26-000019 ↗ |
| 10-Q | 2026-04-16 | 2026-03-21 | 0000077476-26-000017 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001104659-26-013379 ↗ |
| 10-K | 2026-02-03 | 2025-12-27 | 0000077476-26-000007 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0000077476-26-000009 ↗ |
| 8-K | 2025-12-15 | 2025-12-15 | 0000077476-25-000062 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0000077476-25-000059 ↗ |
| 8-K | 2025-10-09 | 2025-10-03 | 0000077476-25-000055 ↗ |
| 10-Q | 2025-10-09 | 2025-09-06 | 0000077476-25-000053 ↗ |
| 8-K | 2025-07-28 | 2025-07-28 | 0001104659-25-071182 ↗ |