<SEC-DOCUMENT>0001104659-25-069374.txt : 20250722
<SEC-HEADER>0001104659-25-069374.hdr.sgml : 20250722
<ACCEPTANCE-DATETIME>20250721183038
ACCESSION NUMBER:		0001104659-25-069374
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250722
DATE AS OF CHANGE:		20250721

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277003
		FILM NUMBER:		251138277

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2516509d8_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-277003</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July 21, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PepsiCo,
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>4.100% Senior Notes due 2029</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.300% Senior Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.650% Senior Notes due 2032</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.000% Senior Notes due 2035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: -0.125in; border: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo, Inc.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 21, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 23, 2025</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.100% Senior Notes due 2029</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.300% Senior Notes due 2030</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.650% Senior Notes due 2032 </FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.000% Senior Notes due 2035 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750,000,000</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$650,000,000</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$850,000,000</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,250,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 15, 2029</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 23, 2030</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 23, 2032</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 23, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually in arrears on each January 15 and July 15, commencing January 15, 2026</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually in arrears on each January 23 and July 23, commencing January 23, 2026</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually in arrears on each January 23 and July 23, commencing January 23, 2026</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually in arrears on each January 23 and July 23, commencing January 23, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875% due July 15, 2028</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875% due June 30, 2030</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.000% due June 30, 2032</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.250% due May 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.808%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.910%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.125%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.372%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+33</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+43</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+53</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+63</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.138%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.340%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.655%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.002%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.100</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.300</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.650</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.000</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.879%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.822%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.970%</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.984%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to December 15, 2028, make-whole call at Treasury Rate plus 5 basis points; par call at any time on or after December 15, 2028</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to June 23, 2030, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after June 23, 2030</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to May 23, 2032, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after May 23, 2032</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to April 23, 2035, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after April 23, 2035</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$747,405,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$646,568,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$846,345,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,244,175,000</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo intends to use the net proceeds from this offering for general corporate purposes, including the repayment of commercial paper.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448GL6 / US713448GL64</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448GH5 / US713448GH52</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448GJ1 / US713448GJ19</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448GK8 / US713448GK81</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
Book-Running Managers:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA Securities, Inc.</FONT><FONT STYLE="font-size: 10pt"><BR>
Citigroup Global Markets Inc.<BR>
J.P. Morgan Securities LLC</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ING Financial Markets LLC<BR>
TD Securities (USA) LLC</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Academy Securities, Inc.<BR>
ANZ Securities, Inc.<BR>
Castle Oak Securities, L.P. <BR>
Loop Capital Markets LLC<BR>
PNC Capital Markets LLC<BR>
RBC Capital Markets, LLC<BR>
Siebert Williams Shank &amp; Co., LLC<BR>
U.S. Bancorp Investments, Inc.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer expects that delivery of the notes will be made, against
payment for the notes, on or about July 23, 2025, which will be the second business day following the pricing of the notes. Under Rule
15c6-1 of the Securities Exchange Act of 1934, as amended, purchases or sales of securities in the secondary market generally are required
to settle within one business day (T+1), unless the parties to any such transactions expressly agree otherwise. Accordingly, purchasers
of notes who wish to trade the notes on the date hereof will be required, because the notes initially will settle within two business
days (T+2), to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes
who wish to trade on the date hereof should consult their own legal and financial advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An explanation of the significance of ratings may be obtained from
the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of their own investigations,
studies and assumptions, as they deem appropriate. The security ratings above are not a recommendation to buy, sell or hold the securities
offered hereby. The ratings may be subject to review, revision, suspension, reduction or withdrawal at any time by S&amp;P and Moody&rsquo;s.
Each of the security ratings above should be evaluated independently of any other security rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free
at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or J.P. Morgan Securities LLC collect at 1-212-834-4533.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below are not applicable
to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication
being sent via Bloomberg or another email system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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