FASTER, STRONGER, BETTER.
ANNUAL REPORT 2019
CREATING MORE
SMILES WITH EVERY SIP
AND EVERY BITE
OUR VISION:
BE THE GLOBAL LEADER
IN CONVENIENT FOODS
AND BEVERAGES BY
WINNING WITH PURPOSE
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%.
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