Basis of Presentation and Our Divisions (Tables)

6 Months Ended

Jun. 14, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Segment Reporting Information, by Segment

Net Revenue, Significant Expenses and Operating Profit/(Loss) by Segment


	12 Weeks Ended 6/14/2025
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	6,476	$	6,796	$	1,368	$	4,536	$	2,548	$	1,002	$	22,726
Segment cost of sales (a)	2,471		2,990		400		2,638		1,074		627
Segment selling, general and administrative expenses (a)	2,517		2,812		430		1,241		929		282
Restructuring and impairment charges (b)	91		48		3		36		12		3
Acquisition and divestiture-related charges (c)	6		56		—		—		—		—

Impairment and other charges (d)	—		1,529		—		251		—		80


Segment operating profit/(loss)	$	1,391	$	(639)	$	535	$	370	$	533	$	10	$	2,200
Corporate unallocated expenses													(411)
Operating profit													1,789
Other pension and retiree medical benefits income													42
Net interest expense and other													(260)
Income before income taxes													$	1,571


	12 Weeks Ended 6/15/2024
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	6,435	$	6,811	$	1,326	$	4,183	$	2,749	$	997	$	22,501
Segment cost of sales (a)	2,330		3,052		400		2,406		1,145		597
Segment selling, general and administrative expenses (a)	2,400		2,767		424		1,173		1,054		293
Restructuring and impairment charges (b)	13		5		—		22		16		4


Product recall-related impact (e)	15		—		—		—		—		—

Segment operating profit	$	1,677	$	987	$	502	$	582	$	534	$	103	$	4,385
Corporate unallocated expenses (f)													(337)
Operating profit													4,048
Other pension and retiree medical benefits income													56
Net interest expense and other													(234)
Income before income taxes													$	3,870


	24 Weeks Ended 6/14/2025
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	12,689	$	12,672	$	2,127	$	6,924	$	4,209	$	2,024	$	40,645
Segment cost of sales (a)	4,819		5,649		612		4,045		1,772		1,239
Segment selling, general and administrative expenses (a)	4,807		5,434		698		1,989		1,541		531
Restructuring and impairment charges (b)	115		173		5		49		19		4
Acquisition and divestiture-related charges (c)	21		66		—		—		—		—
Impairment and other charges (d)	—		1,529		—		251		—		80


Segment operating profit/(loss)	$	2,927	$	(179)	$	812	$	590	$	877	$	170	$	5,197
Corporate unallocated expenses													(825)
Operating profit													4,372
Other pension and retiree medical benefits expense													65
Net interest expense and other													(524)
Income before income taxes													$	3,913


	24 Weeks Ended 6/15/2024
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	12,704	$	12,685	$	2,065	$	6,616	$	4,639	$	2,042	$	40,751
Segment cost of sales (a)	4,602		5,805		617		3,877		1,910		1,207
Segment selling, general and administrative expenses (a)	4,699		5,366		685		1,903		1,752		553
Restructuring and impairment charges (b)	39		15		—		40		21		4
Acquisition and divestiture-related charges (c)	—		2		—		—		—		—

Product recall-related impact (e)	182		—		—		—		—		—

Segment operating profit	$	3,182	$	1,497	$	763	$	796	$	956	$	278	$	7,472
Corporate unallocated expenses (f)													(707)
Operating profit													6,765
Other pension and retiree medical benefits expense													114
Net interest expense and other													(436)
Income before income taxes													$	6,443

(a)Does not include items recorded in the cost of sales or selling, general and administrative expenses lines on our income statement that are presented in the restructuring and impairment charges, acquisition and divestiture-related charges, impairment and other charges and product recall-related impact lines of these tables.

(b)See Note 3 for further information related to restructuring and impairment charges.

(c)See Note 12 for further information related to acquisitions and divestiture-related charges.

(d)In the 12 and 24 weeks ended June 14, 2025, we recorded pre-tax charges of $1,860 million ($1,447 million after-tax or $1.05 per share), of which $1,780 million is related to the impairment of the Rockstar brand in our PBNA and EMEA segments. The remaining $80 million is related to the impairment of the Be & Cheery brand in our Asia Pacific Foods segment. See Note 4 for further information.

(e)In the 12 weeks ended June 15, 2024, we recorded a pre-tax charge of $15 million ($11 million after-tax or $0.01 per share) associated with a previously announced voluntary recall of certain bars and cereals in our PFNA segment (Quaker Recall) with $8 million recorded in cost of sales and $7 million recorded in selling, general and administrative expenses. In the 24 weeks ended June 15, 2024, we recorded a pre-tax charge of $182 million ($139 million after-tax or $0.10 per share) associated with the Quaker Recall, with $175 million recorded in cost of sales related to property, plant and equipment write-offs, employee severance costs and other costs and $7 million recorded in selling, general and administrative expenses.

(f)In the 12 and 24 weeks ended June 15, 2024, we recorded a pre-tax gain of $76 million ($57 million after-tax or $0.04 per share) in selling, general and administrative expenses as a result of the sale of a corporate asset.

Summary of Segment Reporting Information by Percentage of Disaggregated Net Revenue

Disaggregation of Net Revenue

Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the percentage of net revenue generated between our beverage business and our convenient food business:


	12 Weeks Ended
	6/14/2025				6/15/2024
	Beverages(a)		Convenient Foods		Beverages(a)		Convenient Foods




North America	51	%	49	%	51	%	49	%
International (b)	33	%	67	%	30	%	70	%
PepsiCo	43	%	57	%	43	%	57	%


	24 Weeks Ended
	6/14/2025				6/15/2024
	Beverages(a)		Convenient Foods		Beverages(a)		Convenient Foods




North America	50	%	50	%	50	%	50	%
International (b)	31	%	69	%	28	%	72	%
PepsiCo	43	%	57	%	42	%	58	%

(a)Beverage revenue from company-owned bottlers, which includes our consolidated bottling operations in our PBNA and EMEA segments, was 36% of our consolidated net revenue in the 12 and 24 weeks ended June 14, 2025 and 36% and 35% of our consolidated

net revenue in the 12 and 24 weeks ended June 15, 2024, respectively. Generally, our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages.

(b)Beverage and convenient foods revenue generated from our EMEA segment was 38% and 62% of EMEA net revenue, respectively, in the 12 weeks ended June 14, 2025, 36% and 64% of EMEA net revenue, respectively, in the 24 weeks ended June 14, 2025 and 35% and 65% of EMEA net revenue, respectively, in the 12 and 24 weeks ended June 15, 2024.

Schedule Of Segment Reporting Information By Capital Spending, Amortization Of Intangible Assets And Depreciation And Other Amortization

Other Segment Information

Capital spending, amortization of intangible assets, and depreciation and other amortization of each segment are as follows:


	12 Weeks Ended
	Capital Spending(a)				Amortization of Intangible Assets				Depreciation and Other Amortization
	6/14/2025		6/15/2024		6/14/2025		6/15/2024		6/14/2025		6/15/2024
PFNA	$	230	$	298	$	4	$	3	$	226	$	185
PBNA	283		298		5		5		236		243
IB Franchise	30		33		4		4		23		22
EMEA	137		177		4		4		131		110
LatAm Foods	115		145		1		1		99		102
Asia Pacific Foods	68		52		2		2		36		29
Total segment	863		1,003		20		19		751		691
Corporate	41		84		—		—		36		28
Total	$	904	$	1,087	$	20	$	19	$	787	$	719


	24 Weeks Ended
	Capital Spending(a)				Amortization of Intangible Assets				Depreciation and Other Amortization
	6/14/2025		6/15/2024		6/14/2025		6/15/2024		6/14/2025		6/15/2024
PFNA	$	425	$	535	$	8	$	6	$	432	$	374
PBNA	531		478		10		10		484		479
IB Franchise	46		44		7		7		39		37
EMEA	187		247		6		7		210		186
LatAm Foods	161		206		1		1		161		166
Asia Pacific Foods	92		71		3		3		58		49
Total segment	1,442		1,581		35		34		1,384		1,291
Corporate	65		120		—		—		72		54
Total	$	1,507	$	1,701	$	35	$	34	$	1,456	$	1,345

(a) Asset and other balance sheet information for segments is not provided to our chief operating decision maker.