Compare · Consumer Staples
Coca-Cola vs. PepsiCo: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Coca-Cola
1 · What it sells
Coca-Cola sells drink concentrates, syrups and finished drinks under brands such as Coca-Cola, Sprite and Fanta in more than 200 countries and territories, with $47.9 billion of revenue in FY2025.
Sources and detail on the Coca-Cola page2 · Who pays it
In FY2025, bottling partners buying concentrates and syrups paid 59% of revenue, and retailers, distributors and wholesalers buying finished drinks, mostly from bottlers Coca-Cola owns, paid 41%.
Sources and detail on the Coca-Cola page3 · What it keeps from $100
Of every $100 that came in during FY2025, Coca-Cola kept $25.3 as net income, including $3.89 billion of interest, equity and other income with a $1.95 billion one-off gain, while operating income was $28.71 per $100 of revenue.
Sources and detail on the Coca-Cola page4 · Where the operating profit comes from
North America earned 32.5% of FY2025 segment operating income, EMEA 27.6% and Latin America 24.0%, while the Bottling Investments segment earned 2.7% on 11.9% of revenue.
Sources and detail on the Coca-Cola page5 · The one thing to watch
Coca-Cola paid a $6.0 billion deposit in its IRS tax case in September 2024 and estimated in its FY2025 10-K (as of Dec 31, 2025) about $14 billion of added tax and interest for 2010 to 2025 if that method were applied, with the appeal heard on Jun 25, 2026.
Sources and detail on the Coca-Cola page
PepsiCo
1 · What it sells
PepsiCo sells snacks such as Lay's and Doritos and drinks such as Pepsi and Gatorade, with convenient foods 58% and beverages 42% of FY2025 net revenue of $93.9 billion.
Sources and detail on the PepsiCo page2 · Who pays it
In FY2025, Walmart and its affiliates paid about 14% of PepsiCo's net revenue and all other customers, from grocers to independent bottlers, about 86%.
Sources and detail on the PepsiCo page3 · What it keeps from $100
Of every $100 of FY2025 net revenue, PepsiCo kept $8.77 as net income after $2.1 of brand write-downs, while operating profit was $12.24 per $100.
Sources and detail on the PepsiCo page4 · Where the operating profit comes from
On a GAAP basis, North American snacks earned 45.7% of FY2025 segment operating profit and North American drinks 8.1% after $1,523 million of charges mainly for Rockstar, or 19.5% on PepsiCo's core basis.
Sources and detail on the PepsiCo page5 · The one thing to watch
In Q3 FY2026, North American snacks revenue was flat and operating profit fell 13%, while PepsiCo's total net revenue grew 5.6%.
Sources and detail on the PepsiCo page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Coca-Cola
Where $100 went · FY2025
| Selling, general and administrative | $28.0 |
|---|---|
| Cost of goods sold | $35.5 |
| Other operating charges | $2.4 |
| Interest expense | $3.2 |
| Partners' share in subsidiaries | $0.1 |
| Income tax | $5.5 |
| Kept as net income | $25.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus interest income, equity income and other income, $51.8 billion): each line = line ÷ $51.8 billion × 100. Operating income was $28.71 per $100 of revenue alone.
PepsiCo
Where $100 went · FY2025
| Selling, general and administrative | $39.8 |
|---|---|
| Cost of sales | $45.9 |
| Brand write-downs | $2.1 |
| Net interest, pension and other | $1.3 |
| Minority partners' share | $0.1 |
| Income tax | $2.1 |
| Kept as net income | $8.8 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $93.9 billion of net revenue × 100. Operating profit was $12.24.
Line items differ because each company groups its costs its own way in its filings. Only on Coca-Cola's receipt: Cost of goods sold; Other operating charges; Interest expense; Partners' share in subsidiaries. Only on PepsiCo's receipt: Cost of sales; Brand write-downs; Net interest, pension and other; Minority partners' share.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Coca-Cola
PepsiCo
See the numbers
Net income
Coca-Cola
PepsiCo
See the numbers
Free cash flow
Coca-Cola
PepsiCo
See the numbers
Who pays each company
Coca-Cola
- Bottling partners buying concentrates and syrups · 59.0% of revenueIndependent and partly owned bottlers that make, package and sell the finished drinks. Concentrate operations made 59% of FY2025 revenue.
- Retailers, distributors and wholesalers buying finished drinks · 41.0% of revenueMostly served by bottlers Coca-Cola owns. Finished product operations made 41% of FY2025 revenue, with lower gross margins than concentrate, the 10-K says.
PepsiCo
- Walmart and its affiliates · 14.0% of revenueAbout 14% of FY2025 net revenue, including Sam's Club, across all segments. PepsiCo says losing Walmart would have a material adverse effect on its North American foods and beverages units.
- All other customers · 86.0% of revenueGrocery, drug, convenience, dollar, mass, membership and e-commerce retailers, distributors, foodservice outlets and authorized independent bottlers. 86% is a Cityfort calculation from the FY2025 10-K: 100% minus Walmart's share.
Revenue by segment
Coca-Cola
FY2025
| Segment | Revenue | Share |
|---|---|---|
| North America | $19.6B | 40.8% |
| Europe, Middle East and Africa (EMEA) | $10.8B | 22.6% |
| Latin America | $6.3B | 13.2% |
| Bottling Investments | $5.7B | 11.9% |
| Asia Pacific | $5.3B | 11.1% |
PepsiCo
FY2025
| Segment | Revenue | Share |
|---|---|---|
| North American beverages (PBNA) | $28.2B | 30.0% |
| North American foods (PFNA) | $27.5B | 29.3% |
| Europe, Middle East and Africa | $18.0B | 19.2% |
| Latin America foods | $10.5B | 11.2% |
| International beverages franchise | $5.0B | 5.3% |
| Asia Pacific foods | $4.6B | 4.9% |
Debt and cash
Coca-Cola
- Debt
- $41.6B
- Cash and investments
- $16.6B
On Oct 2, 2026.
At Oct 2, 2026 Coca-Cola's debt exceeded its cash and investments by $25.0 billion, down from $29.7 billion at Dec 31, 2025.
PepsiCo
- Debt
- $51.9B
- Cash and investments
- $11.2B
On Sep 5, 2026.
At Sep 5, 2026, PepsiCo's debt exceeded its cash and short-term investments by $40.7 billion, about 2.2 times its EBITDA of the last four quarters.
Sources: Coca-Cola S14, S1, S2, S3, S4, S5 · PepsiCo S5, S1, S8, S4, S26
Who owns each company
Coca-Cola
- One class of shares.
- Officers and directors as a group: 0.9% of shares (as of Mar 2, 2026).
- Berkshire Hathaway: 9.3% (as of Dec 31, 2025).
- The Vanguard Group: 8.6% (as of Mar 16, 2026).
- BlackRock: 7.3% (as of Mar 16, 2026).
- 1 more holders on the Coca-Cola page.
PepsiCo
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Feb 26, 2026).
- The Vanguard Group, Inc.: 10.1% (as of Jun 5, 2025).
- BlackRock, Inc.: 8.2% (as of Jan 25, 2024).
- Vanguard Capital Management LLC: 7.5% (as of Apr 29, 2026).
Sources: Coca-Cola S18, S14, S20 · PepsiCo S18, S5, S19, S20
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: legal cases, customer or supplier concentration, demand, execution, commodity costs. Every risk is on each company's page.
Coca-Cola
- Currency moves (currency)60.1% of FY2025 revenue came from outside the US. Currency moves cut reported revenue growth by 5 points in Q1 FY2025 and added 3 points in Q1 FY2026.
- Cyberattacks (technology)A ransomware event at fairlife paused its US production in July 2026. Coca-Cola believes it is not material, and gave no cost.
PepsiCo
- Debt (debt)Debt exceeded cash and short-term investments by $40.7 billion at Sep 5, 2026, up from $34.3 billion at FY2021 year end. The 10-K lists a credit-rating downgrade as a risk.
- Russia (other)Russia made 5% of FY2025 revenue and 5% of assets, and held 20% of PepsiCo's cash at Sep 5, 2026. PepsiCo still operates there, with plants listed in Kashira and Moscow.
Sources: Coca-Cola S1, S8, S12, S25, S15 · PepsiCo S5, S1, S4, S25
Key facts
- How does Coca-Cola make money compared with PepsiCo?
- Coca-Cola's revenue by segment in FY2025: North America 40.8%, Europe, Middle East and Africa (EMEA) 22.6%, Latin America 13.2%, Bottling Investments 11.9%, Asia Pacific 11.1%. PepsiCo's revenue by segment in FY2025: North American beverages (PBNA) 30.0%, North American foods (PFNA) 29.3%, Europe, Middle East and Africa 19.2%, Latin America foods 11.2%, International beverages franchise 5.3%, and 1 more.
- Which is bigger by revenue, Coca-Cola or PepsiCo?
- Coca-Cola reported $47.9B of revenue in FY2025, and PepsiCo reported $93.9B in FY2025.
- How much net income did Coca-Cola and PepsiCo report?
- Coca-Cola reported net income of $13.1B in FY2025, and PepsiCo reported $8.2B in FY2025.
- How much of every $100 did Coca-Cola and PepsiCo keep as net income?
- Coca-Cola kept $25.3 of every $100 that came in during FY2025, and PepsiCo kept $8.8 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Coca-Cola and PepsiCo have?
- Coca-Cola had $41.6B of debt and $16.6B of cash and investments on Oct 2, 2026. PepsiCo had $51.9B of debt and $11.2B of cash and investments on Sep 5, 2026.
- When do Coca-Cola's and PepsiCo's fiscal years end?
- Coca-Cola: December 31. PepsiCo: Last Saturday of December.
Sources: Coca-Cola S3, S4, S1, S14, S2, S5 · PepsiCo S4, S1, S3, S2, S12, S5, S8, S26
Built from each company's page. Coca-Cola updated Nov 6, 2026; PepsiCo updated Nov 6, 2026.
Sources
Coca-Cola
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), The Coca-Cola Company (SEC EDGAR), Feb 20, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024), The Coca-Cola Company (SEC EDGAR), Feb 20, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), The Coca-Cola Company (SEC EDGAR), Feb 20, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), The Coca-Cola Company (SEC EDGAR), Feb 21, 2023
- S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021), The Coca-Cola Company (SEC EDGAR), Feb 22, 2022
- S8Earnings release, Q1 FY2026 (Form 8-K Ex. 99.1, Apr 28, 2026), The Coca-Cola Company (SEC EDGAR), Apr 28, 2026
- S12Earnings release, Q1 FY2025 (Form 8-K Ex. 99.1, Apr 29, 2025), The Coca-Cola Company (SEC EDGAR), Apr 29, 2025
- S14Form 10-Q, Q3 FY2026 (quarter ended Oct 2, 2026), The Coca-Cola Company (SEC EDGAR), Oct 28, 2026
- S15Form 10-Q, Q2 FY2026 (quarter ended Jul 3, 2026), The Coca-Cola Company (SEC EDGAR), Jul 29, 2026
- S18Proxy statement (DEF 14A) for the 2026 Annual Meeting, The Coca-Cola Company (SEC EDGAR), Mar 16, 2026
- S20Schedule 13G/A, The Vanguard Group (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S25Form 8-K, Item 8.01: fairlife ransomware event (Jul 16, 2026), The Coca-Cola Company (SEC EDGAR), Jul 16, 2026
PepsiCo
- S1Form 10-K, fiscal year 2025 (ended Dec 27, 2025), PepsiCo, Inc. (SEC EDGAR), Feb 3, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 28, 2024), PepsiCo, Inc. (SEC EDGAR), Feb 4, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 30, 2023), PepsiCo, Inc. (SEC EDGAR), Feb 9, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022, 53 weeks), PepsiCo, Inc. (SEC EDGAR), Feb 9, 2023
- S5Form 10-Q, Q3 fiscal 2026 (12 weeks ended Sep 5, 2026), PepsiCo, Inc. (SEC EDGAR), Oct 8, 2026
- S8Form 10-Q, Q3 fiscal 2025 (12 weeks ended Sep 6, 2025), PepsiCo, Inc. (SEC EDGAR), Oct 9, 2025
- S12Q4 and full-year 2025 earnings release (8-K Exhibit 99.1), PepsiCo, Inc. (SEC EDGAR), Feb 3, 2026
- S182026 proxy statement (DEF 14A), PepsiCo, Inc. (SEC EDGAR), Mar 27, 2026
- S19Schedule 13G/A (Amendment No. 13) filed by The Vanguard Group, event date Mar 13, 2026, The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S20Schedule 13G filed by Vanguard Capital Management, event date Mar 31, 2026, Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S25Free writing prospectus: pricing term sheet for 3.750% notes due 2029 and 4.250% notes due 2035 (states S&P and Moody's ratings), PepsiCo, Inc. (SEC EDGAR), Oct 9, 2026
- S268-K Item 8.01: issuance of euro senior notes (Oct 16, 2026), PepsiCo, Inc. (SEC EDGAR), Oct 16, 2026
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