Global snacks and beverages giant (Frito-Lay, Pepsi), a dividend-aristocrat defensive with no AI exposure
PepsiCo
PepsiCo is a global food-and-beverage giant selling snacks (Frito-Lay, Lay's, Doritos, Cheetos, Quaker) and drinks (Pepsi, Gatorade, Mountain Dew, Tropicana). 2024 net revenue was $91.85 billion and net income $9.58 billion, essentially flat growth, and it is a dividend aristocrat that has raised its dividend for 52 straight years. Revenue runs on consumer spending and commodity (corn, potatoes, sugar, aluminum, PET) cycles, with essentially no AI exposure. It is a defensive consumer name placed alongside Coca-Cola.
Business categories Food & Beverage Brands · Consumer Brands & Commerce · primary Branded Consumer Goods · Consumer Brands & Commerce
PEP Updated Sep 24, 2026 7 AI consumers· 5 recurring
Per the valuechain.wiki graph, PepsiCo is directly linked to 13 companies (7 supply, 6 revenue relationships) and reaches 20 companies within two hops; the links are backed by 20 dated sources, 3 of them primary filings (as of 2026-09-24).
Annual return · 2026-09-04'21+20.6%'22+6.8%'23-3.3%'24-7.6%'25-1.8%YTD-2.2%
Money in ▸소비자·소매유통 (북미 스낵·음료)●Amount $55.6B국제 소비자 (중남미·유럽·AMESA·APAC)●Amount $36.2BWalmart●Market share 14%Costco Wholesale◐Sysco Corporation◐Dollar General Corporation◐Casey's◐E-mart Inc.○
PepsiCoNet revenue $93.9B
▸ Money out원자재 (옥수수·감자·설탕·식용유·알루미늄·PET, 비공개)●물류·유통·광고·판촉 (비공개)●Keurig Dr Pepper Inc.●The Kroger Co.●Archer-Daniels-Midland Company◐Count 675,000 acresSalesforce, Inc.◐Count 120,000 field_sales_repsBunge Global SA◐Smurfit Westrock plc◐LyondellBasell Industries N.V.◐
Financials & Segments
- Total revenue · Net revenue $93.9B (FY2025, +2.3%), net income $8.24B (-14% on $1.993B Rockstar impairment), volume -2%
- Customer concentration · The largest customer is Walmart (including Sam's Club) at about 14% of consolidated net revenue. A defensive name running on consumer and commodity cycles with no AI exposure. The FY2025 10-K reorganized into six segments (PFNA, PBNA, IB Franchise, EMEA, LatAm Foods, APAC Foods).
- Segments · Frito-Lay North America (FLNA) · PepsiCo Beverages North America (PBNA) · Quaker Foods North America (QFNA) · International (Latin America, Europe, AMESA, APAC)
Revenue from
- 소비자·소매유통 (북미 스낵·음료) High confidence· Amount $55.6B · FY2024 · North American three-segment revenue (FLNA+PBNA+QFNA)
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 EN 24/7 Wall St Published Apr 5, 2026: Is the PepsiCo turnaround finally a buy (analyst analysis) - 국제 소비자 (중남미·유럽·AMESA·APAC) High confidence· Amount $36.2B · FY2024 · international segments revenue (implied)
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. - Walmart High confidence· Market share 14% · FY2024 · consolidated net revenue (Walmart + Sam's Club)
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. - Costco Wholesale Medium confidence
Costco is a major channel for PepsiCo brands and was its exclusive food-court fountain outlet from 2013 to 2025.Confirms EN Fox Business Published Jul 19, 2025: Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts - Sysco Corporation Medium confidence
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 EN Sysco Corporation Published Nov 8, 2019: Sysco Corporation Honors 2019 Top Suppliers and Names McCormick US Branded Flavor Solutions Supplier of the Year - Dollar General Corporation Medium confidence
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 EN Dollar General Newsroom Published Jun 30, 2025: Dollar General Announces Call for Small Businesses - Casey's Medium confidence
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 EN Casey's Published Nov 19, 2025: Casey’s and PEPSI Team Up to Celebrate the Ultimate Duo: Pizza and Pepsi - E-mart Inc. Low confidence
Korea's E-mart buys and resells PepsiCo snacks and drinks — a domestic retail channel where Korean consumer traffic transmits into Pepsi sales.
Pays to
- 원자재 (옥수수·감자·설탕·식용유·알루미늄·PET, 비공개) High confidence
Snacks use potatoes, corn and cooking oils; beverages use sugar, sweeteners and concentrate plus aluminum cans and PET resin. Commodity price swings are the key margin variable, with specific suppliers undisclosed. - 물류·유통·광고·판촉 (비공개) High confidence
Direct-store-delivery (DSD) logistics and brand advertising and promotion are major cost axes; as a defensive consumer company it sustains brand dominance with heavy marketing. Specific vendors and media are undisclosed. - Keurig Dr Pepper Inc. High confidence
PepsiCo manufactures and distributes KDP-licensed Dr Pepper, Crush, and Schweppes under rights that KDP grants to PepsiCo-affiliated bottlers, while KDP sells products directly to partners and customers but does not disclose counterparty-specific revenue. - The Kroger Co. High confidence
PepsiCo is an advertiser with Kroger Precision Marketing and was the first advertiser in a KPM and Disney program that used Kroger purchase data to target Hulu advertising and measure sales impact.Confirms EN EMARKETER Published Apr 19, 2023: Kroger partners with Disney for latest retail media enhancementConfirms EN Disney Advertising Published Apr 19, 2023: Disney and Kroger Precision Marketing Connect Retail Media Insights To Premium Content In Streaming TV - Archer-Daniels-Midland Company Medium confidence· Count 675,000 acres · 2024 crop year · Corn, wheat, and soy acreage funded by PepsiCo in ADM's regenerative agriculture program
PepsiCo operates a 7.5-year commercial agreement with ADM across shared North American supply chains and funded 675,000 acres of corn, wheat, and soy in ADM's program in the 2024 crop year, with ingredients flowing to PepsiCo brands. - Salesforce, Inc. Medium confidence· Count 120,000 field_sales_reps · 2025 · Scale of PepsiCo's Salesforce deployment - number of field sales reps using Salesforce (contract dollar value not disclosed)
Runs seven Salesforce products (Consumer Goods Cloud, Service Cloud, Field Service, Marketing Cloud, Data 360, MuleSoft, and planned Agentforce), used daily by 100,000+ employees and 120,000 field sales reps across North America, Latin America and Europe, with plans to roll out Agentforce across 100+ global contact centers. No contract dollar value is disclosed.Confirms EN Salesforce Published Sep 17, 2025: PepsiCo builds an Agentic Enterprise with the Salesforce PlatformMentions EN IDC (via Salesforce newsroom) Published May 16, 2025: Salesforce Named #1 CRM Provider by IDC Market Share for 2025 - Bunge Global SA Medium confidence
PepsiCo is a named large food customer that purchases oils and grain-derived ingredients from Bunge, but public sources do not disclose the value or share of purchases attributable to Bunge.Confirms EN Feed Strategy Published Apr 4, 2024: PepsiCo drives growth of greener fuels with agriculture partners - Smurfit Westrock plc Medium confidence
PepsiCo relied on Smurfit Kappa as the sole packaging supplier for its European food business before the combination and also received products in several markets in the Americas, with the 15-year relationship becoming part of Smurfit Westrock's customer base.Confirms EN Smurfit Kappa Published Nov 15, 2023: Smurfit Kappa comes out top amongst PepsiCo's global suppliers - LyondellBasell Industries N.V. Medium confidence
PepsiCo used LyondellBasell's CirculenRenew material in packaging for Lay's crisps sold in France, while revenue from the packaging material and PepsiCo's share of sales are not disclosed.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| UnitedHealth Group Incorporated | lead2 | +45.2 | +6.9 | +0.8 | -2.4 | -33.1 | +21.9 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Casey's | lead1 | +11.2 | +14.5 | +23.3 | +45 | +40.1 | +17.2 |
| Sysco Corporation | lead1 | +8.3 | -0.3 | -1.7 | +7.4 | -1 | +11 |
| Costco Wholesale | lead1 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Dollar General Corporation | lead1 | +13 | +5.6 | -44.1 | -43.1 | +79.6 | +1.8 |
| Walmart Inc | lead1 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| E-mart Inc. | lead1 | -18.4 | -19.5 | -25.3 | -14.6 | +44.7 | -21.1 |
| PepsiCo | node | +20.6 | +6.8 | -3.3 | -7.6 | -1.8 | -2.2 |
| LyondellBasell Industries N.V. | benef1 | +5.1 | -1 | +20.7 | -17.4 | -36 | +51.6 |
| Archer-Daniels-Midland Company | benef1 | +37.3 | +40 | -20.4 | -27.5 | +18.2 | +41.8 |
| Bunge Global SA | benef1 | +45.9 | +9.3 | +3.8 | -20.7 | +18.6 | +35.7 |
| Smurfit Westrock plc | benef1 | +17.3 | -28 | +14.1 | +37.6 | -26.2 | +22 |
| Keurig Dr Pepper Inc. | benef1 | +17.5 | -1.2 | -4.2 | -1.1 | -10.1 | +17 |
| The Kroger Co. | benef1 | +45.4 | +0.4 | +5 | +36.9 | +4.3 | -4.6 |
| Salesforce, Inc. | benef1 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| Evergy | benef2 | +28 | -4.9 | -13.3 | +23.4 | +22.4 | +15.3 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | benef2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| DoorDash, Inc. | benef2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | benef2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| McDonald's | benef2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -21.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
PepsiCo operates across Global snacks and beverages giant (Frito-Lay, Pepsi), a dividend-aristocrat defensive with no AI exposure. It remained weak at -1.8% in 2025 and -2.2% in 2026. Demand side (avg -4.5%), the stock (-2.2%) and supply side (avg -1.6%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Costco Wholesale (+6.7%) and the furthest behind is E-mart Inc. (-17.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It is a defensive consumer name placed alongside Coca-Cola.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $164 · Price $137.63 (09-04) · Upside +19%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS · Peter Grom | Buy | $172 | Jul 2, 2026 | Report ↗ |
| Barclays · Lauren Lieberman | Equal-Weight | $144 | Jul 2, 2026 | Report ↗ |
| J.P. Morgan · Andrea Faria Teixeira | Overweight | $170 | Jul 1, 2026 | Report ↗ |
| Citi · Filippo Falorni | Buy | $170 | Jun 25, 2026 | Report ↗ |
| Jefferies · Kaumil Gajrawala | Hold | $162 | Jun 25, 2026 | Report ↗ |
Buy at a Street-high $172, citing a snacks (Frito-Lay) recovery and international growth.
Analyses covering this node
- Consumption does not run on one clock: staples, discretionary, luxury diverge Jul 5, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026
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