Customer concentration
A small number of large retailers can represent a meaningful share of revenue and bargaining power.
- Scope
- Walmart and affiliates represented about 14% of consolidated net revenue in 2025.
- Materiality
- high
PepsiCo, Inc
PepsiCo is a U.S.-based consumer packaged goods company that sells beverages and convenient foods through a global portfolio of brands. Its business spans company-owned bottling, franchise beverage operations, and branded snack and food distribution across more than 200 countries and territories.
15,9 %
54,1 %
8,8 %
+2,3 %
0.85
0.67
| % | |
|---|---|
| North America Beverages | 26% Beverage concentrates, fountain syrups and finished goods sold in the U.S. and Canada. |
| North America Convenient Foods | 25% Snack foods, cereals, dips and other convenient foods sold in the U.S. and Canada. |
| International Beverages Franchise | 10% International franchise beverage systems and SodaStream products. |
| EMEA Foods and Beverages | 20% Convenient foods and company-owned bottling operations across Europe, the Middle East and Africa. |
| Latin America Foods | 10% Convenient foods businesses across Latin America. |
| Asia Pacific Foods | 9% Convenient foods businesses in Asia Pacific, including China, Australia, New Zealand and India. |
PepsiCo sells to large retailers, wholesalers, foodservice operators, independent distributors, and bottling partners,...
- Mass retail and club channelsprimary
Large chains such as Walmart buy beverages and snacks for nationwide resale and shelf presence.
- Independent bottlers and distributorsprimary
They buy concentrates and finished goods to manufacture, distribute and sell branded beverages.
- Foodservice and away-from-homesecondary
Restaurants, cafeterias and other operators buy fountain syrups, chilled drinks and packaged products.
- Grocery, convenience and e-commerce retailersprimary
They buy packaged beverages and snacks for consumer takeaway and repeat purchase.
- Consumersprimary
End consumers choose PepsiCo brands for taste, convenience, hydration and snacking occasions.
PepsiCo operates globally, with major revenue concentration in the United States and meaningful businesses across...
- •United States is the largest revenue market and core operating base
- •Mexico, Canada and the UK are significant country-level markets
- •Russia is a notable disclosed revenue market in the company’s country table
- •Operations span more than 200 countries and territories
- •Local bottling and manufacturing matter for distribution reach and cost
PepsiCo’s strategy centers on managing a broad portfolio of beverage and food brands across multiple channels and...
01
Brand portfolio managementmedium-term
Iconic brands drive repeat purchase, pricing power and shelf presence across categories.
02
Distribution and bottling scalemedium-term
Broad physical reach is essential for beverage availability and route-to-market efficiency.
03
Channel execution with major retailersshort-term
Large customers influence volume, shelf placement and promotional intensity.
04
International growth and localizationlong-term
Local product fit and market structure determine performance outside North America.
PepsiCo faces demand risk if consumers trade down or reduce purchases of branded snacks and beverages, and it is...
Commodity and supply-chain disruption
The company depends on agricultural inputs, packaging, transport and manufacturing continuity.
- Scope
- Open-market commodities and global sourcing across multiple regions.
- Materiality
- high
Product quality and recall events
Food and beverage products can be affected by contamination, mislabeling or spoilage.
- Scope
- Brand damage, inventory write-offs, returns and legal costs.
- Materiality
- high
Foreign exchange and geopolitical exposure
A large share of revenue and assets is outside the U.S., creating translation and operating risk.
- Scope
- International revenue and operations across Europe, Latin America, Asia and Africa.
- Materiality
- high
Goodwill and intangible asset impairment
Brand and franchise values depend on long-term cash flow assumptions and discount rates.
- Scope
- Indefinite-lived intangibles and goodwill across reporting units.
- Materiality
- high
Revenue recognition and marketplace spending
Net revenue and gross-to-net trends
Goodwill and indefinite-lived intangible assets
Operating profit and balance sheet carrying values
Derivatives and commodity hedging
Cost of sales and other income/expense
Pension and retiree medical assumptions
Operating expenses and other liabilities
Expected credit losses
Accounts receivable and bad debt expense
: 11/08/2026