American food-and-beverage company, maker of Pepsi, Lay's and Quaker Oats. More than half its revenue comes from packaged food. Its brands account for 11% of the American soft-drink market, compared with 17% for Coca-Cola's, according to Beverage Digest. Unlike Coca-Cola, PepsiCo has continued to make its own drinks in its home market rather than franchising out bottling operations.
PepsiCo's market value has slumped by 15% since the start of 2023, hurt by hefty price rises it applied to its food and beverages amid the post-pandemic inflation surge—exceeding even those of its competitors. Cost-conscious shoppers fled to upstart brands and retailers' in-house alternatives. The company has also suffered from growing health-consciousness among consumers, the boom in weight-loss drugs and the rise of ultra-processed-food concerns.
In September 2025 Elliott Management took a stake worth $4bn in PepsiCo and demanded cost cuts, a trimmed product range, renewed focus on marketing core sodas and outsourced bottling in America. PepsiCo fended off the hedge fund's attempt at a board seat but agreed to lower prices, axe a fifth of its snack brands and shut some factories. Underperforming labels such as Quaker Oats may be sold off. The company is considering experimenting with outsourcing bottling in a few American states.
In May 2025 PepsiCo acquired Poppi, a prebiotic-soda brand, for $2bn. The deal has helped boost beverage sales.
On April 16th 2026 PepsiCo reported that operating profits were up by 24% year on year in the first quarter, beating the 19% increase reported by Coca-Cola on April 28th. Fears that PepsiCo might be displaced by Dr Pepper as America's second-biggest fizzy-drink seller appear to have subsided.
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