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PepsiCo supplies snacks, cereals and drinks for everyday consumption worldwide, with brands including Lay’s, Quaker and Pepsi-Cola. Its food businesses sell packaged products to retailers and distributors. In beverages, PepsiCo both produces finished drinks in its own bottling plants and sells concentrates to independent bottlers, which make and sell the branded drinks in assigned territories. This lets it earn from beverage sales without bottling every drink itself.
Products reach stores through direct deliveries, retailers’ warehouses and distributors. The business depends on consumers choosing its brands and retailers stocking and promoting them. Walmart and its affiliates, including Sam’s Club, are a major customer across the business; this relationship also includes drinks supplied by independent bottlers that buy PepsiCo’s concentrates. Losing Walmart would particularly hurt the North American food and beverage businesses.
Local rules restrict how PepsiCo can formulate, label, advertise and sell some products, including limits on marketing to children and sales in schools. Ingredient-based taxes on beverages and snacks also affect the prices consumers pay.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
PepsiCo’s results turn on beverage and snack demand, pricing and input costs, while Nestlé and Mars add global food competition not shown in this list.
Coca-Cola Company is PepsiCo’s main beverage rival in many countries, selling soft drinks, sports drinks, water and other beverages to retailers and distributors. Its pricing and promotions show the competition facing PepsiCo’s beverage sales worldwide.
Keurig Dr Pepper competes with PepsiCo for drink purchases and restaurant accounts that buy syrup to mix drinks on site, but PepsiCo also distributes some of its brands in certain U.S. and Canadian markets. Dr Pepper makes up most of its fountain-drink volume, making that brand a useful watchpoint for restaurant competition.
Utz Brands competes directly with PepsiCo’s Frito-Lay business in potato chips, tortilla chips, cheese snacks, pretzels and dips sold to snack buyers. Watch its branded salty snacks, where Utz concentrates investment and brand-building, for competition facing Lay’s, Doritos and Cheetos.
Campbell’s competes with PepsiCo’s Frito-Lay products through Cape Cod, Kettle Brand, Late July and other salty snacks sold in U.S. retail stores. Its Snacks segment is the relevant business to watch for this rivalry, rather than its soup sales.
Mondelēz competes with PepsiCo globally for packaged-snack purchases, including crackers, salted snacks and snack bars. Ritz and Clif Bar sit closer to this overlap than its chocolate brands, making its biscuits and baked snacks the business to watch.
General Mills competes with PepsiCo’s Quaker business for cereal and snack-bar purchases, and with its broader convenient-food range. Nature Valley bars are a concrete place to watch the competition with Quaker.
Monster Beverage competes for retail purchases and shelf space with the energy drinks PepsiCo distributes and the ready-to-drink Starbucks coffee it sells through a joint venture. Monster sells energy drinks mainly to bottlers and distributors; Java Monster and Killer Brew also expose the coffee side of this rivalry.
PepsiCo’s energy-drink offering partly depends on Celsius Holdings, which supplies branded drinks that PepsiCo distributes in certain channels in the United States and Canada. Sales of CELSIUS, Alani Nu and Rockstar are the relevant portfolio to watch, rather than Celsius’s wider wellness products.
PepsiCo depends heavily on Walmart’s food and beverage purchases: sales tied to Walmart and affiliates, including Sam’s Club, were approximately 14% of its 2025 consolidated net revenue, including concentrate sold to bottlers supplying Walmart. Walmart resells to shoppers in stores and online; losing this customer would materially hurt PepsiCo’s North American food and beverage businesses.
Hershey competes with PepsiCo’s salty snacks for shoppers and shelf space through SkinnyPop popcorn, Pirate’s Booty snacks and Dot’s pretzels. Its U.S. salty-snack segment, rather than its chocolate business, is the relevant revenue line to watch.
Conagra competes with PepsiCo’s convenient foods for shoppers and retail shelf space through popcorn and other snacks that keep without refrigeration. Its U.S. Grocery & Snacks business, including Angie’s BOOMCHICKAPOP, is the part most relevant to that competition.
Kraft Heinz competes with PepsiCo for grocery shoppers buying convenient packaged foods and refreshment beverages. Its Lunchables, Capri Sun and Kool-Aid brands give concrete places to follow that overlap.
Primo Brands competes with PepsiCo’s Aquafina and other hydration drinks for U.S. bottled-water buyers. Its Poland Spring and Pure Life brands and position in retail bottled water are more relevant to this rivalry than its water dispensers and filtration services.
Hormel Foods competes for snack and dip purchases with PepsiCo through Planters snacks and Wholly dips. Wholly is the direct watchpoint for competition with PepsiCo’s Sabra refrigerated dips and spreads.
Coca-Cola Consolidated competes with PepsiCo’s bottling and distribution operations by making and delivering nonalcoholic drinks to retail customers across its territories in 14 U.S. states and the District of Columbia. Its bottle-and-can sales offer a local view of beverage competition, distinct from Coca-Cola Company’s worldwide brand business.
Ambev helps PepsiCo reach several Latin American markets by buying its concentrate, then bottling and selling its beverages under exclusive agreements. Its Pepsi beverage sales are the relevant signal for PepsiCo, rather than Ambev’s much broader beer business.
PepsiCo buys flavor ingredients from McCormick and accounted for approximately 12% of McCormick’s consolidated sales in 2025, making the supplier meaningfully dependent on PepsiCo’s orders. McCormick’s Flavor Solutions business is the relevant line to watch for this ingredient link.
National Beverage competes with PepsiCo for U.S. purchases of sparkling water, soft drinks, juices and energy drinks. LaCroix sparkling water and Rip It energy drinks give specific products to watch for pricing, promotions and retail-space competition.
PepsiCo buys beverage cans from Ardagh Metal Packaging, linking the supplier to PepsiCo’s packaged-drink production and packaging costs. Ardagh’s beverage-can business is the relevant watchpoint for this relationship, though it also serves many other beverage producers.
CCU extends PepsiCo’s reach by producing and distributing licensed PepsiCo beverages in Chile and distributing its snacks in Paraguay. Those beverage and snack sales are the relevant activities to watch, rather than CCU’s beer business.
Ardagh Metal Packaging S.A. earningsAMBP
Ardagh Metal Packaging’s beverage-can business gives a supplier-side read on can demand and costs behind PepsiCo’s packaged drinks.
Watch beverage-can volumes alongside any cost pressures Ardagh reports. Steady volumes and easing costs would point to a more stable supply backdrop for PepsiCo’s canned drinks; weaker volumes or rising costs would flag possible pressure, but would not establish the prices PepsiCo itself pays.
Coca-Cola Company earningsKO
Coca-Cola’s beverage sales, pricing and promotions will show the competitive conditions facing PepsiCo’s drinks around the world.
Read Coca-Cola’s beverage sales alongside its pricing and promotions. Steady sales with prices holding would suggest a rival sustaining both demand and pricing power; weaker sales or heavier promotions would point to softer drink demand and tougher competition for PepsiCo’s shoppers and shelf space.
Fed Interest Rate Decision
PepsiCo’s use of commercial paper and debt to fund its needs means the Fed’s benchmark borrowing rate can affect what it pays to refinance or raise money.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets a higher rate than expected, refinancing and new borrowing may cost PepsiCo more, particularly if its credit rating weakens and access to funding tightens.
If it comes in below expectations
If the Fed sets a lower rate than expected, refinancing and new borrowing may cost PepsiCo less, easing the cost of meeting its funding needs.
Utz Brands, Inc. earningsUTZ
Utz Brands’ branded salty-snack sales and promotions will show the competition facing PepsiCo’s Frito-Lay chips and snacks.
Watch sales of Utz’s branded salty snacks alongside any change in promotions. Steady sales without heavier discounting would suggest shoppers are still buying and brands can hold value; weaker sales or more discounting would signal softer snack demand or greater pressure on PepsiCo’s competing products.
Celsius Holdings, Inc. earningsCELH
Celsius’s report will show demand for its drink brands, a signal for the energy drinks PepsiCo distributes in the United States and Canada.
Focus on sales of CELSIUS, Alani Nu and Rockstar drinks. Stronger sales would support demand for the brands PepsiCo distributes; weaker sales would suggest less demand behind that distribution business, but would not reveal PepsiCo’s own revenue or profit from it.
Retail Sales MoM (Oct)
Retail sales track what consumers spend at stores; because PepsiCo sells foods and drinks through retailers, including Walmart, stronger spending can support retailers’ orders and PepsiCo’s sales, while weaker spending can reduce them.
Stronger retail sales point to firmer consumer spending, which may support retailer orders for PepsiCo’s foods and drinks; weaker sales point to softer spending and a risk of reduced orders, including from Walmart, a major customer.
Walmart Inc. earningsWMT
Walmart’s grocery sales and replenishment will show demand at a customer that accounted for about 14% of PepsiCo’s 2025 consolidated net revenue.
Read Walmart’s grocery sales alongside inventory and replenishment trends. Steady sales and normal restocking would suggest shoppers are buying and Walmart has reason to keep ordering; weaker sales or leaner inventory would raise the risk of pressure on PepsiCo’s orders from this major customer. Walmart’s sales to shoppers are not the same as PepsiCo’s sales to Walmart.
