---
title: "PepsiCo: Business Model & Revenue Engine"
description: "PepsiCo revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/pepsico/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# PepsiCo Business Model & Revenue Engine

## Direct Answer

PepsiCo reports revenue across 6 business segments in its fiscal 2025 Form 10-K. Pepsi Co Beverages North America is the largest, with $28.2 billion of revenue (30% of the total), followed by Pepsi Co Foods North America at $27.5 billion (29%). 56% of revenue came from the United States.

## How Does PepsiCo Make Money?

No single line supplies a majority of revenue: the largest, Pepsi Co Beverages North America, is 30%, which spreads PepsiCo's exposure across several demand drivers. Between fiscal 2024 and 2025, Europe Middle East Africa grew fastest (+8.2%) and Latin America Foods slowest (-0.2%), so the revenue mix tilts toward Europe Middle East Africa while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Pepsi Co Beverages North America | $28.2 billion | $27.8 billion | 30.0% | 1.5% |
| Pepsi Co Foods North America | $27.5 billion | $27.4 billion | 29.3% | 0.4% |
| Europe Middle East Africa | $18.0 billion | $16.7 billion | 19.2% | 8.2% |
| Latin America Foods | $10.5 billion | $10.6 billion | 11.2% | -0.2% |
| International Beverage Franchise | $5.0 billion | $4.9 billion | 5.3% | 2.4% |
| Asia Pacific Foods | $4.6 billion | $4.5 billion | 4.9% | 1.8% |

![Bar chart of PepsiCo revenue by segment for fiscal 2025: Pepsi Co Beverages North America 30.0%, Pepsi Co Foods North America 29.3%, Europe Middle East Africa 19.2%, Latin America Foods 11.2%, International Beverage Franchise 5.3%, Asia Pacific Foods 4.9%.](https://www.getswoopr.com/images/charts/pepsico-business-model-segment-mix.webp)
*PepsiCo revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which PepsiCo Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Pepsi Co Beverages North America | $1.1 billion | 3.9% |
| Pepsi Co Foods North America | $6.2 billion | 22.4% |
| Europe Middle East Africa | $2.1 billion | 11.7% |
| Latin America Foods | $2.0 billion | 19.1% |
| International Beverage Franchise | $1.8 billion | 35.4% |
| Asia Pacific Foods | $369 million | 8.0% |

Segment operating income is the profit measure PepsiCo reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within PepsiCo more safely than against another company.

## Where Does PepsiCo's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $52.2 billion | $51.7 billion | 55.6% | 1.1% |
| All Other Countries | $17.9 billion | $17.0 billion | 19.1% | 5.4% |
| Mexico | $6.9 billion | $7.1 billion | 7.4% | -2.5% |
| Canada | $3.7 billion | $3.8 billion | 4.0% | -0.9% |
| China | $2.6 billion | $2.7 billion | 2.8% | -3.2% |
| United Kingdom | $2.1 billion | $2.1 billion | 2.3% | 3.8% |
| Brazil | $1.8 billion | $1.8 billion | 1.9% | 1.0% |
| South Africa | $1.8 billion | $1.9 billion | 1.9% | -4.9% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of PepsiCo's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value PepsiCo reported in the segment note and revenue disclosures of its Form 10-K filed February 3, 2026 (accession 0000077476-26-000007), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are PepsiCo's business segments?

In its fiscal 2025 Form 10-K, PepsiCo reports revenue for Pepsi Co Beverages North America, Pepsi Co Foods North America, Europe Middle East Africa, Latin America Foods, International Beverage Franchise and Asia Pacific Foods.

### Which part of PepsiCo brings in the most revenue?

Pepsi Co Beverages North America, with $28.2 billion of revenue in fiscal 2025, or 30% of the total.

### How much of PepsiCo's revenue comes from outside the United States?

44% in fiscal 2025, by the geographic breakdown PepsiCo reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: PEPSICO INC Form 10-K filed February 3, 2026](https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm)
- [SEC EDGAR: PEPSICO INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=77476&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).