Faster, stronger, better. Annual report 2019 creating more smiles with every sip

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FASTER, STRONGER, BETTER.
ANNUAL REPORT 2019
CREATING MORE
SMILES WITH EVERY SIP 
AND EVERY BITE

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OUR VISION:
BE THE GLOBAL LEADER
IN CONVENIENT FOODS
AND BEVERAGES BY
WINNING WITH PURPOSE

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NET REVENUE
PepsiCo Beverages North America 32%
PepsiCo Beverages North America 19%
Latin America 11%
Latin America 10%
Asia Pacific, Australia and New Zealand
and China Region 4%
Asia Pacific, Australia and New Zealand
and China Region 4%
Africa, Middle East and South Asia 6%
Africa, Middle East and South Asia 6%
Frito-Lay North America 25%
Frito-Lay North America 45%
Europe 18%
Europe 11%
Quaker Foods North America 4%
Quaker Foods North America 5%
MIX OF NET REVENUE
Food 54%
Beverage 46%
U.S. 58%
Outside U.S. 42%
DIVISION OPERATING PROFIT
PEPSICO, INC. AND SUBSIDIARIES
(in millions except per share data; all per share amounts assume dilution)
Summary of Operations 
2019 
2018 
% Chg 
(a)
Net revenue 
$ 67,161 
$ 64,661 
4%
Core operating profit 
(b)
$ 10,602 
$ 10,620 
—
Reported earnings per share 
$ 5.20 
$ 8.78 
(41)%
Core earnings per share 
(c)
$ 5.53 
$ 5.66 
(2)%
Free cash flow 
(d)
$ 5,587 
$ 6,267 
(11)%
Capital spending 
$ 4,232 
$ 3,282 
29%
Common share repurchases 
$ 3,000 
$ 2,000 
50%
Dividends paid 
$ 5,304 
$ 4,930 
8%
(a) Percentage changes are based on unrounded amounts.
(b) Excludes the mark-to-market net impact of our commodity derivatives, restructuring and impairment charges, as well as merger and integration charges in both 
years. In 2019, also excludes inventory fair value adjustments. See page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly 
comparable financial measure in accordance with GAAP. 2019 reported operating profit increased 2%.
(c) Excludes the mark-to-market net impact of our commodity derivatives, restructuring and impairment charges, merger and integration charges, as well as net tax related 
to the Tax Cuts and Jobs Act (TCJ Act) in both years. In 2019, also excludes inventory fair value adjustments and pension-related settlement charges. In 2018, also excludes 
other net tax benefits and charges related to cash tender and exchange offers. See page 56 “Results of Operations — Other Consolidated Results” in Management’s 
Discussion and Analysis of Financial Condition and Results of Operations, and page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the 
most directly comparable financial measure in accordance with GAAP.
(d) Includes the impact of net capital spending. See page 64 “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition 
and Results of Operations, and page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable financial measure in 
accordance with GAAP. 2019 net cash provided by operating activities increased 2.5%.