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



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2019 Annual Report

OUR BUSINESS
Executive Overview 
PepsiCo is a leading global food and beverage company with a complementary portfolio of brands, including 
Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. Through our operations, authorized bottlers, contract 
manufacturers and other third parties, we make, market, distribute and sell a wide variety of convenient 
beverages, foods and snacks, serving customers and consumers in more than 200 countries and territories
Everything we do is driven by an approach we call Winning with Purpose. Winning with Purpose is our guide 
for achieving accelerated, sustainable growth that includes our mission, to Create More Smiles with Every 
Sip and Every Bite; our vision, to Be the Global Leader in Convenient Foods and Beverages by Winning 
with Purpose; and The PepsiCo Way, seven behaviors that define our shared culture.
Winning with Purpose is designed to help us meet the needs of our shareholders, customers, consumers, 
partners and communities, while caring for our planet and inspiring our associates.
This strategy is also designed to address key challenges facing our Company, including: shifting consumer 
preferences and behaviors; a highly competitive operating environment; a rapidly changing retail landscape, 
including the growth in e-commerce; continued macroeconomic and political volatility; and an evolving 
regulatory landscape.
To adapt to these challenges, we intend to continue to focus on becoming Faster, Stronger, and Better:
• Faster by winning in the marketplace, being more consumer-centric and accelerating investment for 
topline growth. This includes broadening our portfolios to win locally in convenient foods and 
beverages, fortifying our North American businesses, and accelerating our international expansion, 
with disciplined focus on markets where we see a strong likelihood of prevailing over our competition.
• Stronger by continuing to transform our capabilities, cost, and culture by leveraging scale and 
technology in global markets across our operations and winning locally. This includes continuing to 
focus on driving savings through holistic cost management to reinvest to succeed in the marketplace, 
developing and scaling core capabilities through technology, and building differentiated talent and 
culture.
• Better by continuing to focus our sustainability agenda on helping to build a more sustainable food 
system and investing in six priority areas: next generation agriculture, water stewardship, plastic 
packaging, products, climate change, and people. 
We believe these priorities will position our Company for long-term sustainable growth.
See also “Item 1A. Risk Factors” for further information about risks and uncertainties that the Company 
faces.
Our Operations
See “Item 1. Business” for information on our divisions and a description of our distribution network, 
ingredients and other supplies, brands and intellectual property rights, seasonality, customers and competition. 
In addition, see Note 1 to our consolidated financial statements for financial information about our divisions 
and geographic areas. 


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