PepsiCo, Inc.
PEPNASDAQ
$138.20
Last price · USD
- Market cap
- $189.7B
- P/E
- 23.0x
- EV / EBITDA
- 14.8x
- P/S
- 2.0x
- FCF yield
- 4.0%
- Div. yield
- 4.03%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
PepsiCo, Inc. cash flow statement
Annual · USD millions except per-share data · 38 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 8,295 | 9,626 | 9,155 | 8,978 | 7,679 | +1.9% | |
| Depreciation & amortization | 4,178 | 3,815 | 3,518 | 3,280 | 3,215 | +6.8% | |
| Deferred income tax | 71 | 176 | (271) | (787) | 488 | -38.2% | |
| Stock-based compensation | 288 | 362 | 380 | 343 | 301 | -1.1% | |
| Change in working capital | (1,645) | (1,696) | (337) | (888) | 718 | — | |
| Accounts receivables | (580) | (138) | (793) | (1,763) | (651) | — | |
| Inventory | (150) | (314) | (261) | (1,142) | (582) | — | |
| Accounts payables | (677) | (1,161) | 420 | 1,842 | 1,762 | — | |
| Other working capital | (238) | (83) | 297 | 175 | 189 | — | |
| Other non-cash items | 900 | 224 | 997 | (115) | (785) | — | |
| Net cash from operating activities | 12,087 | 12,507 | 13,442 | 10,811 | 11,616 | +1.0% | |
| Operating cash flow | 12,087 | 12,507 | 13,442 | 10,811 | 11,616 | +1.0% | |
| Investing activities | |||||||
| Investments in PP&E | (4,415) | (5,318) | (5,518) | (5,207) | (4,625) | — | |
| Capital expenditure | (4,415) | (5,318) | (5,518) | (5,207) | (4,625) | — | |
| Acquisitions, net | (3,391) | (90) | (239) | 2,632 | 108 | — | |
| Purchases of investments | (190) | (425) | (555) | (291) | (58) | — | |
| Sales / maturities of investments | 689 | 5 | 571 | 174 | 1,135 | -11.7% | |
| Other investing activities | 428 | 356 | 246 | 262 | 171 | +25.8% | |
| Net cash from investing activities | (6,879) | (5,472) | (5,495) | (2,430) | (3,269) | — | |
| Financing activities | |||||||
| Net debt issuance | 3,748 | 695 | 4,770 | (810) | (4,132) | — | |
| Short-term net debt issuance | (359) | 539 | 2,293 | (13) | 45 | — | |
| Long-term net debt issuance | 4,107 | 156 | 2,477 | (797) | (4,177) | — | |
| Net stock issuance | (903) | (1,000) | (1,140) | (1,607) | 79 | — | |
| Common stock issuance | 97 | 0 | 0 | 0 | 0 | — | |
| Common stock repurchased | (1,000) | (1,000) | (1,000) | (1,500) | (106) | — | |
| Net common stock issuance | (903) | (1,000) | (1,000) | (1,500) | (106) | — | |
| Common dividends paid | (7,638) | (7,229) | (6,682) | (6,172) | (5,815) | — | |
| Net dividends paid | (7,638) | (7,229) | (6,682) | (6,172) | (5,815) | — | |
| Net preferred stock issuance | 0 | 0 | (140) | (107) | 185 | — | |
| Other financing activities | (186) | (22) | 43 | 66 | (912) | — | |
| Net cash from financing activities | (4,979) | (7,556) | (3,009) | (8,523) | (10,780) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 422 | (687) | (277) | (465) | (114) | — | |
| Net change in cash | 651 | (1,208) | 4,661 | (607) | (2,547) | — | |
| Cash at beginning of period | 8,553 | 9,761 | 5,100 | 5,707 | 8,254 | +0.9% | |
| Cash at end of period | 9,204 | 8,553 | 9,761 | 5,100 | 5,707 | +12.7% | |
| Free cash flow | 7,672 | 7,189 | 7,924 | 5,604 | 6,991 | +2.4% | |
| Income taxes paid | 3,086 | 3,064 | 2,532 | 2,766 | 1,933 | +12.4% | |
| Interest paid | 1,748 | 1,585 | 1,401 | 1,043 | 1,184 | +10.2% | |