One of the world's largest food and beverage companies, PepsiCo makes snacks and drinks sold under household brands like Lay's, Pepsi, Gatorade, Sabra, and SodaStream, reaching people in over 200 countries through direct store delivery. It was formed in 1965 when the Pepsi-Cola Company merged with Frito-Lay. The cola itself traces to 1893, when a North Carolina pharmacist named Caleb Bradham first served what he called "Brad's Drink"—later renamed Pepsi-Cola after the digestive enzyme pepsin and the cola nut.
PepsiCo enters new $5B 364-day and 5-year credit facilities, replacing 2025 agreements.
On May 22, 2026, PepsiCo terminated its existing $5 billion 364-day and five-year revolving credit agreements, both with no outstanding borrowings.
Show detailsHide details
PepsiCo entered into a new $5 billion 364-day unsecured revolving credit agreement expiring May 21, 2027, with Citibank as administrative agent.
PepsiCo also entered into a new $5 billion five-year unsecured revolving credit agreement expiring May 22, 2031, including a $1.2 billion euro swing line subfacility.
Both new facilities allow borrowing in U.S. dollars and euros, with an option to increase commitments to up to $5.75 billion.
The new credit agreements support general corporate purposes and contain customary terms, conditions, and events of default.
8.01 Other Events · 9.01 Financial Statements and Exhibits
PepsiCo reports Q1 2026 net revenue up 8.5%, EPS up 27%, affirms fiscal 2026 guidance.
Net revenue for the 12 weeks ended March 21, 2026 was $19,443 million, up 8.5% from $17,919 million in the prior-year period.
Show detailsHide details
GAAP EPS increased 27% to $1.70, while core EPS increased 9% to $1.61; core constant currency EPS increased 5%.
Operating profit rose 24% to $3,213 million, with operating margin expanding 210 basis points to 16.5%.
The company affirmed fiscal 2026 guidance: organic revenue growth of 2-4%, core constant currency EPS growth of 4-6%, and total cash returns to shareholders of approximately $8.9 billion.
Foreign exchange translation provided a 3.4-percentage-point benefit to net revenue growth, while acquisitions and divestitures contributed 2.5 percentage points.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
PepsiCo issues €2.5B in four tranches of euro-denominated senior notes
On February 4, 2026, PepsiCo announced an offering of €500M Floating Rate Notes due 2028, €650M 3.300% Senior Notes due 2034, €850M 3.700% Senior Notes due 2038, and €500M 4.150% Senior Notes due 2047.
Show detailsHide details
The notes were issued on February 11, 2026, and net proceeds were approximately €2,482 million after underwriting discounts and expenses.
Net proceeds will be used for general corporate purposes, including repayment of commercial paper.
Joint book-running managers were BNP PARIBAS, Goldman Sachs & Co. LLC, Mizuho International plc, and Morgan Stanley & Co. International plc.
The offering was made under PepsiCo's automatic shelf registration statement on Form S-3 and is reported under Item 8.01 as an other event.
8.01 Other Events · 9.01 Financial Statements and Exhibits
PepsiCo reports Q4 and full-year 2025 results; affirms 2026 outlook and raises dividend 4%.
Fourth quarter 2025 reported net revenue grew 5.6% and full-year grew 2.3%.
Show detailsHide details
Fourth quarter reported EPS was $1.85, up 68%; full-year reported EPS was $6.00, down 14%.
Fourth quarter core EPS was $2.26, up 11% on a constant currency basis; full-year core EPS was $8.14.
For fiscal 2026, PepsiCo expects organic revenue growth of 2-4% and core constant currency EPS growth of 4-6%.
PepsiCo increased its annualized dividend by 4% to $5.92 per share, effective with the June 2026 payment, and announced a new $10 billion share repurchase program through February 28, 2030.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
PepsiCo announces Steven Williams as EVP & Vice Chairman, Global Chief Commercial Officer & Corporate Affairs
On December 15, 2025, PepsiCo announced a leadership transition for Steven Williams.
Show detailsHide details
Steven Williams, currently CEO of North America, will become Executive Vice President & Vice Chairman, Global Chief Commercial Officer & Corporate Affairs.
The role change is effective December 28, 2025.
No reason for the transition or compensation terms were disclosed in the filing.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements