Stock Analysis on Net
Stock Analysis on Net

PepsiCo Inc. (NASDAQ:PEP)

Common-Size Income Statement
Quarterly Data

PepsiCo Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 5, 2026 Jun 13, 2026 Mar 21, 2026 Dec 27, 2025 Sep 6, 2025 Jun 14, 2025 Mar 22, 2025 Dec 28, 2024 Sep 7, 2024 Jun 15, 2024 Mar 23, 2024 Dec 30, 2023 Sep 9, 2023 Jun 17, 2023 Mar 25, 2023 Dec 31, 2022 Sep 3, 2022 Jun 11, 2022 Mar 19, 2022 Dec 25, 2021 Sep 4, 2021 Jun 12, 2021 Mar 20, 2021
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -45.58 -45.78 -44.81 -46.77 -46.43 -45.34 -44.23 -47.44 -44.58 -44.08 -45.19 -47.03 -45.52 -45.34 -44.76 -47.94 -46.92 -46.55 -45.88 -48.04 -46.53 -46.21 -45.01
Gross profit 54.42% 54.22% 55.19% 53.23% 53.57% 54.66% 55.77% 52.56% 55.42% 55.92% 54.81% 52.97% 54.48% 54.66% 55.24% 52.06% 53.08% 53.45% 54.12% 51.96% 53.47% 53.79% 54.99%
Selling, general and administrative expenses -37.56 -37.58 -38.67 -41.11 -38.11 -38.60 -41.35 -44.43 -38.71 -37.93 -39.92 -43.62 -37.34 -38.27 -40.51 -43.57 -37.75 -36.52 -40.62 -41.81 -37.82 -37.51 -39.39
Gain associated with the Juice Transaction 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.06 20.51 0.00 0.00 0.00 0.00
Impairment of intangible assets 0.00 0.00 0.00 0.00 -0.56 -8.18 0.00 -0.03 -0.10 0.00 0.00 -3.31 -0.03 0.00 0.00 -5.59 0.00 -6.72 -1.49 0.00 0.00 0.00 0.00
Operating profit 16.86% 16.64% 16.53% 12.12% 14.91% 7.87% 14.41% 8.10% 16.60% 17.99% 14.89% 6.04% 17.12% 16.39% 14.73% 2.91% 15.26% 10.27% 32.51% 10.15% 15.65% 16.28% 15.60%
Other pension and retiree medical benefits income (expense) -0.45 0.24 0.30 -0.76 0.11 0.18 0.13 -0.64 0.18 0.25 0.32 0.24 0.26 0.27 0.34 -0.13 0.16 -0.01 0.83 0.63 0.58 0.66 0.81
Net interest expense and other -0.96 -0.95 -1.55 -1.13 -1.10 -1.14 -1.47 -0.95 -0.94 -1.04 -1.11 -0.78 -0.86 -0.90 -1.12 -0.98 -0.86 -1.17 -1.48 -4.48 -1.15 -1.25 -1.74
Income before income taxes 15.45% 15.93% 15.28% 10.22% 13.92% 6.91% 13.07% 6.51% 15.84% 17.20% 14.10% 5.50% 16.53% 15.76% 13.95% 1.81% 14.56% 9.09% 31.86% 6.29% 15.08% 15.68% 14.67%
Provision for income taxes -3.30 -3.51 -3.25 -1.52 -2.98 -1.28 -2.78 -0.99 -3.21 -3.45 -2.85 -0.75 -3.24 -3.35 -3.06 0.10 -2.16 -1.94 -5.48 -0.98 -3.97 -3.34 -3.04
Net income 12.15% 12.42% 12.02% 8.71% 10.94% 5.63% 10.29% 5.52% 12.63% 13.75% 11.25% 4.75% 13.29% 12.41% 10.89% 1.91% 12.40% 7.15% 26.38% 5.31% 11.11% 12.34% 11.63%
Net income attributable to noncontrolling interests -0.09 -0.10 -0.06 -0.05 -0.06 -0.07 -0.05 -0.04 -0.06 -0.05 -0.06 -0.08 -0.10 -0.10 -0.07 -0.06 -0.10 -0.08 -0.07 -0.08 -0.09 -0.07 -0.06
Net income attributable to PepsiCo 12.06% 12.33% 11.97% 8.66% 10.87% 5.56% 10.23% 5.48% 12.56% 13.70% 11.19% 4.68% 13.18% 12.31% 10.83% 1.85% 12.30% 7.07% 26.30% 5.24% 11.02% 12.27% 11.57%

Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-04), 10-Q (reporting date: 2021-06-12), 10-Q (reporting date: 2021-03-20).

Analysis of the common-size income statement reveals a pattern of overall stability in gross margins contrasted with significant volatility in operating and net profit margins, largely driven by non-recurring items and seasonal expense spikes.

Gross Profitability Trends
Gross profit margins remained relatively consistent, generally fluctuating between 52% and 56% of net revenue. The cost of sales consistently ranged from 44% to 48%, indicating a stable relationship between direct production costs and revenue generation across the analyzed period.
Operating Expense and Margin Volatility
Selling, general, and administrative (SG&A) expenses exhibit significant quarterly variance, with recurring peaks observed in December of each year, where expenses reached as high as 44.43% of net revenue. Operating profit margins were heavily influenced by one-time events; most notably, a substantial gain associated with the Juice Transaction in March 2022 inflated the operating margin to 32.51%. Conversely, periodic impairment of intangible assets—such as the 8.18% reduction in June 2025—contributed to sharp contractions in operating profitability during specific quarters.
Net Income Performance
Net income attributable to the parent company mirrored the volatility of the operating profit, with a significant low of 1.85% in December 2022 and a peak of 26.30% in March 2022. Excluding the outlier from the Juice Transaction, net margins typically fluctuated between 5% and 13%. The provision for income taxes generally ranged between 2% and 3.5% of net revenue, though this figure decreased during quarters of lower pre-tax income.
Financial Costs and Other Income
Net interest expense remained largely stable, typically representing approximately 1% of net revenue, with a notable exception in December 2021 when it reached 4.48%. Other pension and retiree medical benefits generally provided a marginal positive contribution to the bottom line, although negative values were observed in the December quarters of 2021, 2022, and 2025.

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