# Who are PepsiCo's customers? Who does PepsiCo earn revenue from?
Canonical: https://valuechain.wiki/pepsico · Facet: customers · Updated: 2026-09-24T12:56:02.024646+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: PepsiCo's confirmed revenue counterparties include Walmart, Costco Wholesale, Sysco Corporation plus 5 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 8 revenue edges, backed by 10 dated sources, 2 of them primary filings (as of 2026-09-24).

### 소비자·소매유통 (북미 스낵·음료) (high)
- metric: Amount $55.6B · FY2024 · North American three-segment revenue (FLNA+PBNA+QFNA)
- note: Beyond Walmart, PepsiCo sells snacks (Frito-Lay, Quaker) and beverages (PBNA) to North American consumers through mass retail, convenience, grocery and e-commerce; the three North American segments totaled about $55.6B in 2024, tied to the consumer-spending cycle.
- [mentions] 24/7 Wall St (EN, analysis, published 2026-04-05) https://247wallst.com/investing/2026/04/05/is-the-pepsico-turnaround-story-finally-a-buy/: "Whether a turnaround takes hold amid soft consumption and volume declines is the watch item."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-03) https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm: "PepsiCo FY2025 (ended Dec 2025) net revenue $93.9B (+2.3% GAAP, +1.7% organic), net income $8.24B (-14% on a $1.993B Rockstar brand impairment). Volume -2% amid soft consumption, defended by price/mix."
- [confirms] TradingView (EN, news, published 2025-02-04) https://www.tradingview.com/news/tradingview:99304324277be:0-pepsico-inc-sec-10-k-report/: "PepsiCo's 2024 net revenue was $91,854M, flat YoY, and net income $9,578M (+5.5%), across seven segments including FLNA, QFNA and PBNA."
- [mentions] MoneyNeverSleeps (KO, news, published 2024-10-09) https://moneyneversleeps.co.kr/news/articleView.html?idxno=103710: "PepsiCo sells beverages (Pepsi, Gatorade, Tropicana) and snacks (Lay's, Doritos, Cheetos, Quaker), and cut its organic revenue guidance on North American softness and a Quaker recall."

### 국제 소비자 (중남미·유럽·AMESA·APAC) (high)
- metric: Amount $36.2B · FY2024 · international segments revenue (implied)
- note: International segments (Latin America, Europe, AMESA, APAC) generated about $36.2B in 2024, roughly 40% of total revenue, exposed to emerging-market consumption and currency.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-03) https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm: "PepsiCo FY2025 (ended Dec 2025) net revenue $93.9B (+2.3% GAAP, +1.7% organic), net income $8.24B (-14% on a $1.993B Rockstar brand impairment). Volume -2% amid soft consumption, defended by price/mix."
- [confirms] TradingView (EN, news, published 2025-02-04) https://www.tradingview.com/news/tradingview:99304324277be:0-pepsico-inc-sec-10-k-report/: "PepsiCo runs Latin America, Europe, AMESA and APAC international segments; APAC convenient-foods volume rose 4% in 2024 against total net revenue of $91,854M."

### Walmart (high)  → /walmart.md
- metric: Market share 14% · FY2024 · consolidated net revenue (Walmart + Sam's Club)
- note: PepsiCo's largest customer is Walmart (including Sam's Club), about 14% of consolidated net revenue in 2024, with sales across all divisions; the 10-K says losing this customer would materially hurt its North American foods and beverages segments.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-03) https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm: "PepsiCo FY2025 (ended Dec 2025) net revenue $93.9B (+2.3% GAAP, +1.7% organic), net income $8.24B (-14% on a $1.993B Rockstar brand impairment). Volume -2% amid soft consumption, defended by price/mix."
- [confirms] StockTitan (EN, filing, published 2026-02-02) https://www.stocktitan.net/sec-filings/PEP/10-k-pepsico-inc-files-annual-report-fb33a43f0bd7.html: "PepsiCo's 10-K states sales to Walmart (including Sam's Club) were about 14% of consolidated net revenue and that losing this customer would materially adversely affect its PFNA and PBNA segments."

### Costco Wholesale (mid)  → /costco.md
- note: Costco is a major channel for PepsiCo brands and was its exclusive food-court fountain outlet from 2013 to 2025.
- [confirms] Fox Business (EN, news, published 2025-07-19) https://www.foxbusiness.com/lifestyle/bye-pepsi-costco-locations-begin-make-switch-coca-cola-its-food-courts: "Costco food courts, which had offered Pepsi products since 2013."

### 시스코 (mid)  → /sysco.md
- note: PepsiCo Foodservice was named a gold beverage supplier in Sysco's 2019 supplier awards, while Sysco does not disclose its current purchases from PepsiCo.
- [confirms] Sysco Corporation (EN, ir, published 2019-11-08) https://investors.sysco.com/annual-reports-and-sec-filings/news-releases/2019/11-08-2019-155843099: "Beverage | PepsiCo Foodservice"

### 달러 제너럴 (mid)  → /dollar-general.md
- note: PepsiCo, together with Frito-Lay, supplies beverages and snacks sold through Dollar General stores, a brand relationship that Dollar General directly identifies without disclosing counterparty-specific purchases or share.
- [confirms] Dollar General Newsroom (EN, ir, published 2025-06-30) https://newscenter.dollargeneral.com/news/dollar-general-announces-call-for-small-businesses/c87fb480-e9b5-4dc0-ab88-0bfb3bdda355: "Trusted brands such as Coca Cola, PepsiCo/Frito-Lay, General Mills and Hershey."

### 케이시스 (mid)  → /caseys.md
- note: PepsiCo supplies beverages to Casey's stores and runs national promotions pairing Casey's pizza with Pepsi. The value of product supply and joint promotion activity was not disclosed.
- [confirms] Casey's (EN, ir, published 2025-11-19) https://investor.caseys.com/news-releases/news-release-details/caseys-and-pepsir-team-celebrate-ultimate-duo-pizza-and-pepsi: "Casey’s and Pepsi teamed up on a bold, unexpected new advertising spot."

### 이마트 (low)  → /emart.md
- note: Korea's E-mart buys and resells PepsiCo snacks and drinks — a domestic retail channel where Korean consumer traffic transmits into Pepsi sales.
- [confirms] E-Mart Mall (SSG) (KO, ir, published 2026-07-05) https://emart.ssg.com/disp/category.ssg?dispCtgId=6000213428: "E-Mart Mall's carbonated beverage category sells Pepsi products including Pepsi and Pepsi Zero."

Reverse side: https://valuechain.wiki/pepsico/suppliers.md · Ripple: https://valuechain.wiki/pepsico/ripple.md

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Full node: https://valuechain.wiki/pepsico.md · JSON: https://valuechain.wiki/pepsico.json