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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
PepsiCo
PepsiCo (PEP) investor relations material
PepsiCo Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Accelerated affordability initiatives and innovation in North America are driving volume and sales growth, with a focus on low and middle-income consumers and key brand restaging, including Lay's, Tostitos, Gatorade, and Quaker.
Fourth quarter 2025 saw sequential acceleration in reported and organic revenue growth, with improvements in North America and International segments, leading to strong operating margin expansion and double-digit EPS growth year-over-year.
Management affirmed 2026 financial guidance and announced a 4% increase in the annualized dividend, marking the 54th consecutive annual increase.
Double-digit shelf space gains for Frito-Lay are expected from March/April resets, supporting category and company growth.
Comprehensive brand restaging and innovation efforts are underway, focusing on simpler ingredients, functionality, and portion control.
Financial highlights
Productivity gains in Q4 2025 are expected to fund commercial and innovation investments, with Q4 net revenue up 5.6% and full-year net revenue up 2.3%.
Q4 reported EPS was $1.85 (up 68% year-over-year); full-year reported EPS was $6.00 (down 14%), while core EPS was $2.26 for Q4 and $8.14 for the year.
Advertising spend declined by $500 million in 2025 due to efficiency gains, but is expected to increase in 2026 to support growth initiatives.
Organic growth will be supported by recent acquisitions (Siete, Poppi, Alani Nu) as they transition into the organic base throughout 2026.
Q4 gross margin was 53.2%; full-year gross margin was 54.1%.
Outlook and guidance
2026 organic revenue is expected to increase 2–4%, with core constant currency EPS to rise 4–6%.
Frito-Lay is expected to grow volume, net revenue, and operating margin in 2026, with growth weighted toward the first half of the year.
Sales growth is projected to strengthen in the second half of 2026 as new initiatives and acquisitions gain traction.
International business is expected to maintain mid-single digit growth, with acceleration in North America driven by both food and beverage segments.
EPS is expected to be balanced between the first and second halves of the year.
How will 2026 productivity savings be deployed?
What caused the full-year PBNA operating profit decline?
Detail the 2026 cash return to shareholders plan.
PFNA margin expansion with affordability investments?
GLP-1: PepsiCo's key opportunities and response?
Integrated F&B distribution: Learnings & value?
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Next PepsiCo earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202618 Feb, 2026
PepsiCo
Next PepsiCo earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202618 Feb, 2026
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David Gibbs has gained experience at all three of Yum! Brands' major chains – Taco Bell, KFC, and Pizza Hut – before becoming its CEO in 2020.
Frequently asked questions
A Beverage Industry Titan
PepsiCo Inc., globally known for its namesake beverage, Pepsi, stands as one of the largest food and beverage companies in the world. Founded in the late 19th century, the company has built an extensive portfolio that extends beyond soft drinks, reaching into the snacks and non-alcoholic beverages sectors. PepsiCo has a long-standing history and is today well established globally.
Brad’s Drink
PepsiCo's roots stretch back to the late 19th century when a North Carolina pharmacist, Caleb Bradham, created what would become Pepsi-Cola in 1893. Originally named "Brad's Drink," it was rebranded as Pepsi-Cola in 1898, inspired by the medical term for indigestion, "dyspepsia," highlighting its early marketing as a health drink. Despite the Great Depression’s adversity, which led the company to bankruptcy in 1931, Pepsi-Cola re-emerged under new management and introduced the 12-ounce bottle, a game-changing strategy in the soft drink industry.
Over the decades, PepsiCo has experienced a series of expansions and mergers, the most significant being the 1965 merger with Frito-Lay, which diversified its portfolio beyond beverages. Notably, in 1997, PepsiCo spun off its fast-food chains, including Pizza Hut, KFC, and Taco Bell, into a separate company called Yum! Brands.
Not Just Cola
PepsiCo, far beyond its well-known cola, maintains a diverse portfolio of products that spans a variety of beverage and snack categories. They've successfully carved out their place in the soft drink industry with staples like Pepsi, Mountain Dew, and 7UP. In the juice sector, PepsiCo owns Tropicana and Naked Juice, and the company's foray into the non-alcoholic beverage market includes other household names like Gatorade and Aquafina.
The Rivalry with Coca-Cola
Even if Pepsi competes against companies like Keurig Dr Pepper, nothing compares to its main rival. The rivalry between PepsiCo and Coca-Cola, often referred to as the "Cola Wars," is one of the most enduring in corporate history. Originating in the early 20th century, this competition has been characterized by creative marketing campaigns and new product introductions aimed at outperforming the other. Despite their rivalry, both brands have successfully carved out significant market share in the global beverage industry.
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