PEP
PepsiCo, Inc.
PEP's fundamentals are strong and it looks cheap: trading at 18x earnings, below its usual 26x.
PEP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Unavailable | |
| Stable |
PEP's profitability is currently strong, and its revenue and balance sheet are stable. There isn't enough data to rate its cash flow.
PEP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $142 | — |
| Cheap | 22x | $177 | +24% |
| Fair | 26x | $209 | +47% |
| Expensive | 28x | $226 | +59% |
Historical ranges are pointers, not guarantees.
PEP's PE is in its cheap range at 18x.
PEP Forward outlook
There aren't enough analyst estimates for PEP to show an outlook.
PEP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $7.96 | +51% |
| Q2 2026 | $7.63 | +39% |
| Q1 2026 | $6.37 | -6.3% |
| Q4 2025 | $6.00 | -14% |
| Q3 2025 | $5.26 | -22% |
| Q2 2025 | $5.49 | -20% |
| Q1 2025 | $6.80 | +2.4% |
| Q4 2024 | $6.95 | +5.9% |
PEP earned $7.96 per share over the past year, up 51% from the year before.
PEP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $25.3B | +5.6% |
| Q2 2026 | $24.2B | +6.4% |
| Q1 2026 | $19.4B | +8.5% |
| Q4 2025 | $29.3B | +5.6% |
| Q3 2025 | $23.9B | +2.7% |
| Q2 2025 | $22.7B | +1% |
| Q1 2025 | $17.9B | -1.8% |
| Q4 2024 | $27.8B | -0.2% |
PEP's revenue has grown year over year for six quarters in a row: $25.3B last quarter, up 5.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +1.9 points |
| Q2 2026 | 17% | +8.8 points |
| Q1 2026 | 17% | +2.1 points |
| Q4 2025 | 12% | +4 points |
| Q3 2025 | 15% | -1.7 points |
| Q2 2025 | 7.9% | -10 points |
| Q1 2025 | 14% | -0.5 points |
| Q4 2024 | 8.1% | +2.1 points |
PEP's operating margin was 17% last quarter, up 1.9 points from the same quarter a year ago.
PEP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $1.5B | +41% |
| Q1 2026 | -$406M | +$1.2B |
| Q3 2025 | $3.5B | -7.3% |
| Q2 2025 | $1.1B | -16% |
| Q1 2025 | -$1.6B | +$79M |
| Q2 2024 | $1.3B | -14% |
| Q1 2024 | -$1.7B | -$682M |
| Q2 2023 | $1.5B | +37% |
PEP still generates free cash flow, though less than at its 2020 peak: $5.6B over the past year.
PEP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -2M shares |
| 1 year | -0.4% | -5M shares |
| 3 years | -1.2% | -16M shares |
| 5 years | -1.6% | -22M shares |
| Available history | -2.8% | -40M shares |
PEP has 1.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $297M |
| Q1 2026 | $182M |
| Q3 2025 | $258M |
| Q2 2025 | $311M |
| Q1 2025 | $183M |
| Q3 2024 | $299M |
| Q2 2024 | $315M |
| Q1 2024 | $146M |
PEP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 2.7x | Moderate |
PEP's net debt is about 2.5 years of its operating earnings (EBITDA).
PEP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.1 | Neutral |
| Stochastic | 75.1 | Neutral |
PEP's weekly RSI is 54 (neutral) and its Stochastic is 75 (neutral).
PEP PE vs Consumer Defensive Sector
| Metric | PEP | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 19x | 8.3% below |
| PE % | 5 | 18 | 13 pts below |
PEP is trading at 18x earnings, in line with the Consumer Defensive sector's median of 19x.
PEP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $133.6 | 6.5% above |
| 20 week MA | $136.6 | 4.2% above |
| 50 week MA | $145.8 | 2.5% below |
| 100 week MA | $144.7 | 1.7% below |
| 200 week MA | $159.0 | 11% below |
PEP has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 11% below its 200-week average.
PEP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $137.5 | $145.1 | +5.5% |
| 2021 | $145.1 | $169.8 | +17% |
| 2022 | $169.8 | $182.3 | +7.4% |
| 2023 | $182.3 | $169.8 | -6.8% |
| 2024 | $169.8 | $152.9 | -10% |
| 2025 | $152.9 | $143.8 | -6% |
| 2026 YTD | $143.8 | $142.3 | -1.1% |
PEP has finished three years in a row lower, and it's down 1.1% so far in 2026.