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Basis of Presentation and Our Divisions (Tables) | 8 Months Ended
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Sep. 06, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Segment Reporting Information, by Segment | Net Revenue, Significant Expenses and Operating Profit by Segment
| 12 Weeks Ended 9/6/2025
| PFNA |  | PBNA |  | IB Franchise |  | EMEA |  | LatAm Foods |  | Asia Pacific Foods |  | Total
Net revenue | $ | 6,526 |  |  | $ | 7,327 |  |  | $ | 1,291 |  |  | $ | 5,022 |  |  | $ | 2,656 |  |  | $ | 1,115 |  |  | $ | 23,937 |
Segment cost of sales (a) | 2,557 |  |  | 3,407 |  |  | 405 |  |  | 2,864 |  |  | 1,134 |  |  | 666 |  |  |
Segment selling, general and administrative expenses (a) | 2,399 |  |  | 2,945 |  |  | 375 |  |  | 1,350 |  |  | 999 |  |  | 293 |  |  |
Restructuring and impairment charges (b) | 32 |  |  | 19 |  |  | 2 |  |  | 69 |  |  | 17 |  |  | 5 |  |  |
Acquisition and divestiture-related charges (c) | 2 |  |  | 219 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Impairment and other charges (d) | — |  |  | 8 |  |  | 73 |  |  | 19 |  |  | — |  |  | — |  |  |
Indirect and income tax impact (e) | — |  |  | — |  |  | — |  |  | — |  |  | 82 |  |  | — |  |  |
Segment operating profit | $ | 1,536 |  |  | $ | 729 |  |  | $ | 436 |  |  | $ | 720 |  |  | $ | 424 |  |  | $ | 151 |  |  | $ | 3,996 |
Corporate unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  | (427) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 3,569 |
Other pension and retiree medical benefits income |  |  |  |  |  |  |  |  |  |  |  |  | 26 |
Net interest expense and other |  |  |  |  |  |  |  |  |  |  |  |  | (264) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,331 |
| 12 Weeks Ended 9/7/2024
| PFNA |  | PBNA |  | IB Franchise |  | EMEA |  | LatAm Foods |  | Asia Pacific Foods |  | Total
Net revenue | $ | 6,536 |  |  | $ | 7,175 |  |  | $ | 1,290 |  |  | $ | 4,612 |  |  | $ | 2,615 |  |  | $ | 1,091 |  |  | $ | 23,319 |
Segment cost of sales (a) | 2,489 |  |  | 3,188 |  |  | 386 |  |  | 2,578 |  |  | 1,092 |  |  | 635 |  |  |
Segment selling, general and administrative expenses (a) | 2,420 |  |  | 2,940 |  |  | 431 |  |  | 1,276 |  |  | 1,032 |  |  | 325 |  |  |
Restructuring and impairment charges (b) | 8 |  |  | 128 |  |  | 15 |  |  | 35 |  |  | 11 |  |  | 2 |  |  |
Acquisition and divestiture-related charges (c) | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Impairment and other charges | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  |
Product recall-related impact | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Segment operating profit | $ | 1,620 |  |  | $ | 914 |  |  | $ | 458 |  |  | $ | 713 |  |  | $ | 480 |  |  | $ | 129 |  |  | $ | 4,314 |
Corporate unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  | (442) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 3,872 |
Other pension and retiree medical benefits income |  |  |  |  |  |  |  |  |  |  |  |  | 41 |
Net interest expense and other |  |  |  |  |  |  |  |  |  |  |  |  | (219) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,694 |
| 36 Weeks Ended 9/6/2025
| PFNA |  | PBNA |  | IB Franchise |  | EMEA |  | LatAm Foods |  | Asia Pacific Foods |  | Total
Net revenue | $ | 19,215 |  |  | $ | 19,999 |  |  | $ | 3,418 |  |  | $ | 11,946 |  |  | $ | 6,865 |  |  | $ | 3,139 |  |  | $ | 64,582 |
Segment cost of sales (a) | 7,376 |  |  | 9,056 |  |  | 1,017 |  |  | 6,909 |  |  | 2,906 |  |  | 1,905 |  |  |
Segment selling, general and administrative expenses (a) | 7,206 |  |  | 8,379 |  |  | 1,073 |  |  | 3,339 |  |  | 2,540 |  |  | 824 |  |  |
Restructuring and impairment charges (b) | 147 |  |  | 192 |  |  | 7 |  |  | 118 |  |  | 36 |  |  | 9 |  |  |
Acquisition and divestiture-related charges (c) | 23 |  |  | 285 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Impairment and other charges (d) | — |  |  | 1,537 |  |  | 73 |  |  | 270 |  |  | — |  |  | 80 |  |  |
Indirect and income tax impact (e) | — |  |  | — |  |  | — |  |  | — |  |  | 82 |  |  | — |  |  |
Segment operating profit | $ | 4,463 |  |  | $ | 550 |  |  | $ | 1,248 |  |  | $ | 1,310 |  |  | $ | 1,301 |  |  | $ | 321 |  |  | $ | 9,193 |
Corporate unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  | (1,252) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 7,941 |
Other pension and retiree medical benefits income |  |  |  |  |  |  |  |  |  |  |  |  | 91 |
Net interest expense and other |  |  |  |  |  |  |  |  |  |  |  |  | (788) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,244 |
| 36 Weeks Ended 9/7/2024
| PFNA |  | PBNA |  | IB Franchise |  | EMEA |  | LatAm Foods |  | Asia Pacific Foods |  | Total
Net revenue | $ | 19,240 |  |  | $ | 19,860 |  |  | $ | 3,355 |  |  | $ | 11,228 |  |  | $ | 7,254 |  |  | $ | 3,133 |  |  | $ | 64,070 |
Segment cost of sales (a) | 7,091 |  |  | 8,993 |  |  | 1,003 |  |  | 6,455 |  |  | 3,002 |  |  | 1,842 |  |  |
Segment selling, general and administrative expenses (a) | 7,119 |  |  | 8,306 |  |  | 1,116 |  |  | 3,179 |  |  | 2,784 |  |  | 878 |  |  |
Restructuring and impairment charges (b) | 47 |  |  | 143 |  |  | 15 |  |  | 75 |  |  | 32 |  |  | 6 |  |  |
Acquisition and divestiture-related charges (c) | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Impairment and other charges | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  |
Product recall-related impact (f) | 181 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Segment operating profit | $ | 4,802 |  |  | $ | 2,411 |  |  | $ | 1,221 |  |  | $ | 1,509 |  |  | $ | 1,436 |  |  | $ | 407 |  |  | $ | 11,786 |
Corporate unallocated expenses (g) |  |  |  |  |  |  |  |  |  |  |  |  | (1,149) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 10,637 |
Other pension and retiree medical benefits income |  |  |  |  |  |  |  |  |  |  |  |  | 155 |
Net interest expense and other |  |  |  |  |  |  |  |  |  |  |  |  | (655) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,137 |
(a)Does not include items recorded in the cost of sales or selling, general and administrative expenses lines on our income statement that are presented in the restructuring and impairment charges, acquisition and divestiture-related charges, impairment and other charges, indirect and income tax impact and product recall-related impact lines of these tables. (b)See Note 3 for further information related to restructuring and impairment charges. (c)See Note 12 for further information related to acquisitions and divestiture-related charges. (d)In the 12 weeks ended September 6, 2025, we recorded pre-tax charges of $100 million ($92 million after tax or $0.07 per share), primarily related to the impairment of the Rockstar brand in our IB Franchise and PBNA segments, with $83 million recorded in impairment of intangible assets and $17 million recorded in selling, general and administrative expenses. In the 36 weeks ended September 6, 2025, we recorded pre-tax charges of $1,960 million ($1,539 million after-tax or $1.12 per share), primarily related to the impairment of the Rockstar brand in our PBNA, EMEA and IB Franchise segments and the Be & Cheery brand in our Asia Pacific Foods segment, with $1,943 million recorded in impairment of intangible assets and $17 million recorded in selling, general and administrative expenses. See Note 4 for further information. (e)In the 12 and 36 weeks ended September 6, 2025, we recorded a pre-tax charge of $82 million in selling, general and administrative expenses and income tax expense of $47 million in provision for income taxes (collectively, $0.09 per share) related to an indirect and income tax audit settlement in our LatAm Foods segment. (f)In the 36 weeks ended September 7, 2024, we recorded a pre-tax charge of $184 million ($141 million after-tax or $0.10 per share) associated with a previously announced voluntary recall of certain bars and cereals in our PFNA segment (Quaker Recall) with $174 million recorded in cost of sales related to property, plant and equipment write-offs, employee severance costs and other costs, $7 million recorded in selling, general and administrative expenses and $3 million recorded in other pension and retiree medical benefits income, which is not included in operating profit. (g)In the 36 weeks ended September 7, 2024, we recorded a pre-tax gain of $76 million ($57 million after-tax or $0.04 per share) in selling, general and administrative expenses as a result of the sale of a corporate asset.
Summary of Segment Reporting Information by Percentage of Disaggregated Net Revenue | Disaggregation of Net Revenue Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the percentage of net revenue generated between our beverage business and our convenient food business:
| 12 Weeks Ended
| 9/6/2025 |  | 9/7/2024
| Beverages(a) |  | Convenient Foods |  | Beverages(a) |  | Convenient Foods
North America | 53 | % |  | 47 | % |  | 52 | % |  | 48 | %
International (b) | 33 | % |  | 67 | % |  | 32 | % |  | 68 | %
PepsiCo | 45 | % |  | 55 | % |  | 44 | % |  | 56 | %
| 36 Weeks Ended
| 9/6/2025 |  | 9/7/2024
| Beverages(a) |  | Convenient Foods |  | Beverages(a) |  | Convenient Foods
North America | 51 | % |  | 49 | % |  | 51 | % |  | 49 | %
International (b) | 32 | % |  | 68 | % |  | 30 | % |  | 70 | %
PepsiCo | 43 | % |  | 57 | % |  | 43 | % |  | 57 | %
(a)Beverage revenue from company-owned bottlers, which includes our consolidated bottling operations in our PBNA and EMEA segments, was 38% and 37% of our consolidated net revenue in the 12 and 36 weeks ended September 6, 2025, respectively, and 37% and 36% of our consolidated net revenue in the 12 and 36 weeks ended September 7, 2024, respectively. Generally, our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b)Beverage and convenient foods revenue generated from our EMEA segment was 41% and 59% of EMEA net revenue, respectively, in the 12 weeks ended September 6, 2025, 38% and 62% of EMEA net revenue, respectively, in the 36 weeks ended September 6, 2025, 39% and 61% of EMEA net revenue, respectively, in the 12 weeks ended September 7, 2024 and 36% and 64% of EMEA net revenue, respectively, in the 36 weeks ended September 7, 2024.
Schedule Of Segment Reporting Information By Capital Spending, Amortization Of Intangible Assets And Depreciation And Other Amortization | Other Segment Information Capital spending, amortization of intangible assets, and depreciation and other amortization of each segment are as follows:
| 12 Weeks Ended
| Capital Spending(a) |  | Amortization of Intangible Assets |  | Depreciation and Other Amortization
| 9/6/2025 |  | 9/7/2024 |  | 9/6/2025 |  | 9/7/2024 |  | 9/6/2025 |  | 9/7/2024
PFNA | $ | 220 |  |  | $ | 253 |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 233 |  |  | $ | 190 |
PBNA | 278 |  |  | 313 |  |  | 7 |  |  | 5 |  |  | 229 |  |  | 234 |
IB Franchise | 31 |  |  | 33 |  |  | 4 |  |  | 4 |  |  | 25 |  |  | 24 |
EMEA | 167 |  |  | 189 |  |  | 4 |  |  | 4 |  |  | 138 |  |  | 117 |
LatAm Foods | 178 |  |  | 207 |  |  | — |  |  | — |  |  | 105 |  |  | 96 |
Asia Pacific Foods | 60 |  |  | 96 |  |  | 2 |  |  | 2 |  |  | 36 |  |  | 32 |
Total segment | 934 |  |  | 1,091 |  |  | 21 |  |  | 17 |  |  | 766 |  |  | 693 |
Corporate | 58 |  |  | 58 |  |  | — |  |  | — |  |  | 37 |  |  | 29 |
Total | $ | 992 |  |  | $ | 1,149 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 803 |  |  | $ | 722 |
| 36 Weeks Ended
| Capital Spending(a) |  | Amortization of Intangible Assets |  | Depreciation and Other Amortization
| 9/6/2025 |  | 9/7/2024 |  | 9/6/2025 |  | 9/7/2024 |  | 9/6/2025 |  | 9/7/2024
PFNA | $ | 645 |  |  | $ | 788 |  |  | $ | 12 |  |  | $ | 8 |  |  | $ | 665 |  |  | $ | 564 |
PBNA | 809 |  |  | 791 |  |  | 17 |  |  | 15 |  |  | 713 |  |  | 713 |
IB Franchise | 77 |  |  | 77 |  |  | 11 |  |  | 11 |  |  | 64 |  |  | 61 |
EMEA | 354 |  |  | 436 |  |  | 10 |  |  | 11 |  |  | 348 |  |  | 303 |
LatAm Foods | 339 |  |  | 413 |  |  | 1 |  |  | 1 |  |  | 266 |  |  | 262 |
Asia Pacific Foods | 152 |  |  | 167 |  |  | 5 |  |  | 5 |  |  | 94 |  |  | 81 |
Total segment | 2,376 |  |  | 2,672 |  |  | 56 |  |  | 51 |  |  | 2,150 |  |  | 1,984 |
Corporate | 123 |  |  | 178 |  |  | — |  |  | — |  |  | 109 |  |  | 83 |
Total | $ | 2,499 |  |  | $ | 2,850 |  |  | $ | 56 |  |  | $ | 51 |  |  | $ | 2,259 |  |  | $ | 2,067 |
(a) Asset and other balance sheet information for segments is not provided to our chief operating decision maker.

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