v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurements Fair Value Measurements
The guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and identifies required disclosures related to fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to value the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant judgment.

PepsiCo Master Trust assets measured at fair value as of December 31, 2025 and 2024 are categorized consistently by Level 1 (Quoted and Published Prices in Active Markets for Identical Assets) and Level 2 (Significant Other Observable Inputs) in both years, with no assets categorized as Level 3 (Significant Unobservable Inputs), and are as follows:
Fair Value Hierarchy Level20252024
(in thousands)
Assets
Cash and cash equivalents(a)
1$35,269 $29,226 
PepsiCo common stock(b)
11,140,476 1,356,452 
Money market fund(b)
113,047 14,427 
Fixed income securities(c)
2273,188 254,101 
Commingled trust funds(d)
113,329,006 11,422,930 
Self-directed brokerage(b,d,e)
1931,026 815,394 
Total assets at fair value$15,722,012 $13,892,530 
(a)Restricted in use.
(b)Based on quoted market prices in active markets.
(c)Based primarily on yields currently available on comparable securities with similar credit ratings and a compilation of primary observable market information.
(d)Based on the published price of the fund.
(e)Includes cash and cash equivalents held in self-directed brokerage accounts.