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How PepsiCo (PEP) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/09/2026
PepsiCo, Inc. is an American multinational food and beverage corporation headquartered in Harrison, New York, in the hamlet of Purchase. · Wikipedia
More about the company
PepsiCo's business encompasses all aspects of the food and beverage market. It oversees the manufacturing, distribution, and marketing of its products. PepsiCo was formed in 1965 with the merger of the Pepsi-Cola Company and Frito-Lay, Inc., PepsiCo has since expanded from its namesake product Pepsi to a diversified range of food and beverage brands. Significant acquisitions include Tropicana Products in 1998, the Quaker Oats Company in 2001, which added the Gatorade brand to the Pepsi portfolio, and Pioneer Foods in 2020 for US$1.7 billion.
Key growth driver: PBNA (Bev NA) — the fastest-growing revenue line: $7,243, +7% y/y. · by the Q2 2026 report
How does PepsiCo make money?
PepsiCo brought in $24.2 billion of revenue in Q2 2026, up 6.4% year over year. The largest source was PBNA (Bev NA): $7.24 billion, or 30% of the total, followed by PFNA (Foods NA) ($6.37B, 26%) and EMEA ($4.98B, 21%); other lines add the remaining 23%. Net income for the quarter was $2.98 billion, up 136% year over year.
Revenue by source, Q2 2026
- PBNA (Bev NA)$7.24B · 30% · +7%
- PFNA (Foods NA)$6.37B · 26% · −2%
- EMEA$4.98B · 21% · +10%
- LatAm Foods$2.94B · 12% · +15%
- Intl Beverages Franchise$1.52B · 6% · +11%
- Asia Pacific Foods$1.12B · 5% · +12%
Shares of $24.2B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is PEP’s next earnings date?
Thursday, October 8, 2026confirmed · before market open
PepsiCo (PEP) is scheduled to report results for the quarter ending Sep 2026 on Oct 8, 2026. Consensus EPS forecast: $2.29 (7 analysts), vs $2.29 in the same quarter last year.
What time does PEP report? Usually after market close: the last 4 results releases reached the SEC at 5:55 pm, 6:01 pm, 6:12 pm, 7:16 pm ET.
Last report: Jul 9, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$24,181
+6.4%
Gross profit
$13,111
+5.5%
54.2% margin
Operating income
$4,023
+125%
16.6% margin
Net income
$2,981
+136%
EPS $2.18 vs $0.92; incl. NCI carve-out
Verdict: a deceptively strong quarter — GAAP operating profit surged 125% and net income 136% almost entirely because last year's Rockstar/Be & Cheery impairment charge and restructuring costs don't repeat, while underlying core operating profit grew a modest 4% as PBNA and PFNA volume/pricing pressure offset strong international growth.
OCF $2,365M (24 wks); capital spending $1,266M (24 wks); dividends paid $3,914M (24 wks); buybacks $479M (24 wks); FY26 guidance affirmed: organic revenue +2-4%, core constant-currency EPS +4-6%, core tax rate ~22%, cash returns ~$8.9B.
Source and notation
* marks non-cash / ≈ estimated. Source: PepsiCo press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
PEP earnings history: past report dates
| Jul 8, 2026 Wed | 5:55 pmafter market close | Jun 13, 2026 | $24.2B+6% y/y | $2.18+137% y/y |
| Apr 15, 2026 Wed | 6:01 pmafter market close | Mar 21, 2026 | $19.4B+9% y/y | $1.70+28% y/y |
| Feb 2, 2026 Mon | 6:12 pmafter market close | Dec 27, 2025 | ≈$29.3B+6% y/y | ≈$1.85+67% y/y |
| Oct 8, 2025 Wed | 7:16 pmafter market close | Sep 6, 2025 | $23.9B+3% y/y | $1.90−11% y/y |
| Jul 16, 2025 Wed | 6:11 pmafter market close | Jun 14, 2025 | $22.7B+1% y/y | $0.92−59% y/y |
| Apr 23, 2025 Wed | 6:13 pmafter market close | Mar 22, 2025 | $17.9B−2% y/y | $1.33−10% y/y |
| Feb 3, 2025 Mon | 6:23 pmafter market close | Dec 28, 2024 | ≈$27.8B−0% y/y | ≈$1.11+19% y/y |
| Oct 7, 2024 Mon | 5:49 pmafter market close | Sep 7, 2024 | $23.3B−1% y/y | $2.13−5% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
PepsiCo: 5-year financials
| 2025 | 93,925 | 11,498 | 8,240 | 7,638 |
| 2024 | 91,854 | 12,887 | 9,578 | 7,229 |
| 2023 | 91,471 | 11,986 | 9,074 | 6,682 |
| 2022 | 86,392 | 11,512 | 8,910 | 6,172 |
| 2021 | 79,474 | 11,162 | 7,618 | 5,815 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K 2025: a single class registered — PEP common stock; Legal Proceedings lists only plastic pollution suits. sec.gov ↗
- Dec 2025Dividend per share rose from $4.02 (2020) to $5.62 (2025) (XBRL). data.sec.gov ↗
- Dec 2025Diluted shares fell 1.4% over 2020–2025; SBC was 0.3% of revenue (XBRL). data.sec.gov ↗
Scoring: 2.0, no deductions: single share class, shares −1.4% over 5 years, SBC 0.3%, dividend raised every year, no shareholder suits or SEC cases
- Share classes
- Single class of common stock (10-K 2025 cover).
- Dilution
- Diluted shares 2020→2025 −1.4%; SBC 0.3% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Dividend raised every year: $4.02 (2020) → $5.62 (2025); uninterrupted quarterly payments since 1965.
- Lawsuits & regulators
- The 10-K lists only plastic pollution suits (New York Attorney General and others) — not shareholder suits; no SEC cases.
- Related parties
- No material related-party transactions disclosed.
How the score works · checked as of Sep 2026
PepsiCo (PEP) earnings: FAQ
How does PepsiCo make money?
PepsiCo brought in $24.2 billion of revenue in Q2 2026, up 6.4% year over year. The largest source was PBNA (Bev NA): $7.24 billion, or 30% of the total, followed by PFNA (Foods NA) ($6.37B, 26%) and EMEA ($4.98B, 21%); other lines add the remaining 23%. Net income for the quarter was $2.98 billion, up 136% year over year.
When is PEP's next earnings date?
PepsiCo (PEP) is scheduled to report on Oct 8, 2026, before market open.
What time does PEP report earnings?
PepsiCo is scheduled to report before market open on Oct 8, 2026. Its last results releases were filed after market close, most recently at 5:55 pm ET on Jul 8, 2026.
When did PEP last report earnings?
PepsiCo reported Q2 2026 results on Jul 9, 2026.
What is the EPS estimate for PEP's next earnings?
The consensus EPS forecast is $2.29 (7 analysts), vs $2.29 in the same quarter last year.
Where can I find PepsiCo's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to PEP's filings; this page breaks the latest report down in a Sankey chart.
What was PEP's net income in Q2 2026?
PepsiCo reported net income of $2,981M for Q2 2026 (+136% year over year), under US GAAP.
Does PepsiCo pay dividends?
Yes. In 2025, PepsiCo paid $7,638M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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