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% |
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.