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Arphra AIPlain-English read on PepsiCo, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $79.47B | $86.39B | $91.47B | $91.85B | $93.93B | $99.13B | $102.24B | $105.81B | $107.83B |
| Cost of revenue | $37.08B | $40.58B | $41.88B | $41.74B | $43.07B | $44.29B | $46.1B | $48.01B | $48.65B |
| Gross profit | $42.4B | $45.82B | $49.59B | $50.11B | $50.86B | $53.21B | $54.17B | $56.94B | $58.97B |
| Gross margin | +53.35% | +53.03% | +54.21% | +54.55% | +54.15% | +53.67% | +52.98% | +53.82% | +54.69% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $31.24B | $34.46B | $36.68B | $37.19B | $37.37B | $40.45B | $40.61B | $43.37B | $43.7B |
| Total operating expenses | $31.24B | $34.3B | $37.6B | $37.22B | $37.37B | $40.16B | $40.79B | $42.9B | $44.45B |
| Operating income | $11.16B | $11.51B | $11.99B | $12.89B | $13.49B | $13.82B | $13.81B | $14.24B | $14.72B |
| Operating margin | +14.04% | +13.33% | +13.10% | +14.03% | +14.36% | +13.94% | +13.50% | +13.45% | +13.65% |
| EBITDA | $14.9B | $14.92B | $15.75B | $16.68B | $15.54B | $16.78B | $17.5B | $17.95B | $18.38B |
| EBIT | $11.68B | $11.64B | $12.24B | $12.87B | $11.37B | $13.25B | $13.43B | $14.06B | $14.1B |
| Below the line | |||||||||
| Interest expense | $1.86B | $939M | $819M | $919M | $1.12B | $1.03B | $1.03B | $1.12B | $1.14B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$1.34B | -$807M | -$569M | -$941M | -$3.25B | — | — | — | — |
| Pre-tax income | $9.82B | $10.71B | $11.42B | $11.95B | $10.24B | $11.97B | $12.57B | $13.07B | $12.8B |
| Income tax expense | $2.14B | $1.73B | $2.26B | $2.32B | $1.95B | $2.31B | $2.44B | $2.44B | $2.49B |
| Earnings | |||||||||
| Net income | $7.62B | $8.91B | $9.07B | $9.58B | $8.24B | $9.46B | $9.69B | $10.12B | $10.6B |
| Net income · continuing ops | $7.68B | $8.98B | $9.16B | $9.63B | $8.3B | $9.46B | $10.2B | $10.35B | $10.22B |
| Net margin | +9.59% | +10.31% | +9.92% | +10.43% | +8.77% | +9.54% | +9.47% | +9.57% | +9.83% |
| EPS · basic | $5.51 | $6.46 | $6.59 | $6.98 | $6.03 | $8.80 | $9.21 | $9.88 | $10.05 |
| EPS · diluted | $5.48 | $6.42 | $6.56 | $6.95 | $6.00 | $8.65 | $9.13 | $9.75 | $9.93 |
| EPS · low estimate | — | — | — | — | — | $8.60 | $8.98 | $8.17 | $9.79 |
| EPS · high estimate | — | — | — | — | — | $8.70 | $9.21 | $10.94 | $10.10 |
| Shares · basic | 1.38B | 1.38B | 1.38B | 1.37B | 1.37B | 1.36B | 1.36B | 1.37B | 1.35B |
| Shares · diluted | 1.39B | 1.39B | 1.38B | 1.38B | 1.37B | 1.38B | 1.37B | 1.37B | 1.38B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 13 | 8 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 6 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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