{"slug":"pepsico","name":"PepsiCo","name_en":"PepsiCo","ticker":"PEP","updated_at":"2026-07-12T08:27:57.697+00:00","canonical":"https://valuechain.wiki/pepsico","same_as":["https://finance.yahoo.com/quote/PEP","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=77476"],"citable":"밸류체인 그래프 기준 PepsiCo의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, PepsiCo is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"글로벌 스낵·음료 대기업(프리토레이·펩시), 배당귀족·AI 무관 방어주","kicker_en":"Global snacks and beverages giant (Frito-Lay, Pepsi), a dividend-aristocrat defensive with no AI exposure","lead":"펩시코는 스낵(프리토레이·레이즈·도리토스·치토스·퀘이커)과 음료(펩시·게토레이·마운틴듀·트로피카나)를 파는 글로벌 식음료 대기업이다. 2024년 순매출 918.5억 달러, 순이익 95.8억 달러로 사실상 보합 성장이며, 52년 연속 배당을 올린 배당귀족이다. 매출은 소비 지출과 원자재(옥수수·감자·설탕·알루미늄·PET) 시계로 돌고, AI 노출은 사실상 없다. 코카콜라와 나란히 놓이는 방어 소비주다.","lead_en":"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.","segments":{"fy":2025,"parts":[{"desc":"레이즈·도리토스·치토스 등 스낵, 매출 249.1억 달러. 회사 영업이익의 43% 차지","name":"프리토레이 북미(FLNA)"},{"desc":"펩시·게토레이·트로피카나 등 음료, 매출 276.3억 달러","name":"펩시코 음료 북미(PBNA)"},{"desc":"퀘이커 오츠 등 시리얼·식품, 매출 31.0억 달러","name":"퀘이커 북미(QFNA)"},{"desc":"해외 스낵·음료, 매출 약 362억 달러","name":"국제(중남미·유럽·AMESA·APAC)"}],"total":"순매출 $93.9B(FY2025, +2.3%)·순이익 $8.24B(-14%, Rockstar 감손 $19.9억)·물량 -2%","source":"https://www.stocktitan.net/sec-filings/PEP/10-k-pepsico-inc-files-annual-report-fb33a43f0bd7.html","concentration":"최대 고객은 월마트(샘스클럽 포함)로 연결 순매출의 약 14%. 소비·원자재 시계로 도는 방어주이며 AI 노출은 없다. 2025 회계연도 10-K에서 6개 부문(PFNA·PBNA·IB프랜차이즈·EMEA·중남미푸드·APAC푸드)으로 재편됐다."},"segments_en":{"fy":2025,"parts":[{"desc":"Snacks (Lay's, Doritos, Cheetos), revenue $24.91B, about 43% of company operating profit","name":"Frito-Lay North America (FLNA)"},{"desc":"Beverages (Pepsi, Gatorade, Tropicana), revenue $27.63B","name":"PepsiCo Beverages North America (PBNA)"},{"desc":"Quaker Oats cereals and foods, revenue $3.10B","name":"Quaker Foods North America (QFNA)"},{"desc":"Overseas snacks and beverages, revenue about $36.2B","name":"International (Latin America, Europe, AMESA, APAC)"}],"total":"Net revenue $93.9B (FY2025, +2.3%), net income $8.24B (-14% on $1.993B Rockstar impairment), volume -2%","source":"https://www.stocktitan.net/sec-filings/PEP/10-k-pepsico-inc-files-annual-report-fb33a43f0bd7.html","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)."},"returns_yearly":{"2021":20.6,"2022":6.8,"2023":-3.3,"2024":-7.6,"2025":-1.8,"2026":-2.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":1,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":1,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":1,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}}],"benefiting":[],"analysis":"스낵(프리토레이)·음료의 글로벌 과점 방어주로, 52년 연속 배당을 올린 배당귀족이며 AI 노출은 사실상 없다. 논지의 핵심은 성장이 아니라 방어력 — 2024년 매출은 보합이었지만 프리토레이 북미가 영업이익의 43%를 책임지는 고마진 스낵 구조가 이익을 떠받친다. 변수는 소비 지출 둔화와 원자재(옥수수·감자·설탕·알루미늄·PET) 가격이며, 최대 고객 월마트(순매출 14%) 집중이 채널 리스크다. 그래프 파급은 월마트·코스트코 등 대형 유통 채널의 소비 트래픽이 펩시 매출로 전이되는 경로이고, 국제 부문(매출 약 40%)이 신흥국 소비·환율 변수를 더한다.","analysis_en":"A defensive oligopoly in snacks (Frito-Lay) and beverages, a dividend aristocrat that has raised its payout for 52 straight years with essentially no AI exposure. The thesis is defensiveness, not growth — 2024 revenue was flat, but a high-margin snack structure, with Frito-Lay North America carrying 43% of operating profit, underpins earnings. The swing factors are softening consumer spending and commodity prices (corn, potatoes, sugar, aluminum, PET), with concentration in top customer Walmart (14% of net revenue) a channel risk. In graph terms, consumer traffic at big retail channels like Walmart and Costco transmits into Pepsi sales, and the International segment (~40% of revenue) adds emerging-market consumption and FX risk.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"소비자·소매유통 (북미 스낵·음료)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"type":"amount","unit":"USD","as_of":"2024-12-28","basis":"북미 3개 부문(FLNA+PBNA+QFNA) 매출 합계","value":55640000000,"period":"FY2024","basis_en":"North American three-segment revenue (FLNA+PBNA+QFNA)","revenue_usd_bn":93.9,"volume_yoy_pct":-2,"revenue_yoy_pct":2.3,"net_income_usd_bn":8.24,"rockstar_impairment_usd_bn":1.993},"note":"월마트 외에 대형마트·편의점·식료품·이커머스를 통해 북미 소비자에게 스낵(프리토레이·퀘이커)과 음료(PBNA)를 판다. 2024년 북미 3개 부문 합계 매출은 약 556억 달러다. 소비 지출 시계에 연동된다.","note_en":"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.","sources":[{"stance":"mentions","publisher":"24/7 Wall St","publisher_en":"24/7 Wall St","kind":"analysis","lang":"en","published_at":"2026-04-05","url":"https://247wallst.com/investing/2026/04/05/is-the-pepsico-turnaround-story-finally-a-buy/","title":"펩시코 턴어라운드, 살 만한가(애널리스트 분석)","title_en":"Is the PepsiCo turnaround finally a buy (analyst analysis)","excerpt":"소비 둔화·물량 감소 속 턴어라운드 여부가 관전 포인트.","excerpt_en":"Whether a turnaround takes hold amid soft consumption and volume declines is the watch item."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm","title":"펩시코 10-K (FY2025, 2025.12 종료) — 매출 $93.9B(+2.3%), 순이익 $8.24B","title_en":"PepsiCo Form 10-K (FY2025, ended Dec 2025) — revenue $93.9B (+2.3%), net income $8.24B","excerpt":"펩시코 FY2025(2025.12) 순매출 $93.9B(+2.3% GAAP·+1.7% 유기적)·순이익 $8.24B(-14%, Rockstar 브랜드 감손 $19.9억). 물량 -2%로 소비 둔화 속 가격·믹스가 방어.","excerpt_en":"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."},{"stance":"confirms","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2025-02-04","url":"https://www.tradingview.com/news/tradingview:99304324277be:0-pepsico-inc-sec-10-k-report/","title":"펩시코 FY2024 10-K 리포트","title_en":"PepsiCo Inc SEC 10-K Report","excerpt":"펩시코의 2024년 순매출은 918.54억 달러로 전년과 보합, 순이익은 95.78억 달러(+5.5%)다. FLNA·QFNA·PBNA 등 7개 부문을 둔다.","excerpt_en":"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."},{"stance":"mentions","publisher":"머니네버슬립스","publisher_en":"MoneyNeverSleeps","kind":"news","lang":"ko","published_at":"2024-10-09","url":"https://moneyneversleeps.co.kr/news/articleView.html?idxno=103710","title":"3분기 실적 발표한 펩시코, 매출 제자리걸음","title_en":"PepsiCo Q3 revenue treads water","excerpt":"펩시코는 음료(펩시·게토레이·트로피카나)와 스낵(레이즈·도리토스·치토스·퀘이커)을 판매하며, 북미 실적 둔화와 퀘이커 리콜 영향으로 유기적 매출 가이던스를 낮췄다.","excerpt_en":"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."}]},{"direction":"revenue","counterparty":"국제 소비자 (중남미·유럽·AMESA·APAC)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"type":"amount","unit":"USD","as_of":"2024-12-28","basis":"국제 부문 매출 합계(추정)","value":36210000000,"period":"FY2024","basis_en":"international segments revenue (implied)","revenue_usd_bn":93.9,"volume_yoy_pct":-2,"revenue_yoy_pct":2.3,"net_income_usd_bn":8.24,"rockstar_impairment_usd_bn":1.993},"note":"국제 부문(중남미·유럽·아프리카중동남아시아·아시아태평양)이 2024년 매출 약 362억 달러로 전사 매출의 약 40%다. 신흥국 소비와 환율에 노출된다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm","title":"펩시코 10-K (FY2025, 2025.12 종료) — 매출 $93.9B(+2.3%), 순이익 $8.24B","title_en":"PepsiCo Form 10-K (FY2025, ended Dec 2025) — revenue $93.9B (+2.3%), net income $8.24B","excerpt":"펩시코 FY2025(2025.12) 순매출 $93.9B(+2.3% GAAP·+1.7% 유기적)·순이익 $8.24B(-14%, Rockstar 브랜드 감손 $19.9억). 물량 -2%로 소비 둔화 속 가격·믹스가 방어.","excerpt_en":"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."},{"stance":"confirms","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2025-02-04","url":"https://www.tradingview.com/news/tradingview:99304324277be:0-pepsico-inc-sec-10-k-report/","title":"펩시코 FY2024 10-K 리포트","title_en":"PepsiCo Inc SEC 10-K Report","excerpt":"펩시코는 중남미·유럽·AMESA·APAC 등 국제 부문을 운영하며, 2024년 APAC 편의식품 물량은 4% 늘었다. 총 순매출은 918.54억 달러다.","excerpt_en":"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."}]},{"direction":"revenue","counterparty":"Walmart","counterparty_slug":"walmart","confidence":"high","metric":{"fy":2025,"type":"share","unit":"%","as_of":"2024-12-28","basis":"연결 순매출(월마트+샘스클럽)","value":14,"period":"FY2024","basis_en":"consolidated net revenue (Walmart + Sam's Club)","revenue_usd_bn":93.9,"volume_yoy_pct":-2,"revenue_yoy_pct":2.3,"net_income_usd_bn":8.24,"rockstar_impairment_usd_bn":1.993},"note":"펩시코의 최대 고객은 월마트(샘스클럽 포함)로, 2024년 연결 순매출의 약 14%를 차지한다. 전 부문에 걸쳐 판매되며 이 고객을 잃으면 스낵·음료 북미 부문에 중대한 타격이라고 공시한다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm","title":"펩시코 10-K (FY2025, 2025.12 종료) — 매출 $93.9B(+2.3%), 순이익 $8.24B","title_en":"PepsiCo Form 10-K (FY2025, ended Dec 2025) — revenue $93.9B (+2.3%), net income $8.24B","excerpt":"펩시코 FY2025(2025.12) 순매출 $93.9B(+2.3% GAAP·+1.7% 유기적)·순이익 $8.24B(-14%, Rockstar 브랜드 감손 $19.9억). 물량 -2%로 소비 둔화 속 가격·믹스가 방어.","excerpt_en":"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."},{"stance":"confirms","publisher":"스톡타이탄","publisher_en":"StockTitan","kind":"filing","lang":"en","published_at":"2026-02-02","url":"https://www.stocktitan.net/sec-filings/PEP/10-k-pepsico-inc-files-annual-report-fb33a43f0bd7.html","title":"펩시코 10-K: 부문·월마트 의존·리스크","title_en":"PepsiCo outlines segments, Walmart reliance and risks","excerpt":"펩시코 10-K는 월마트(샘스클럽 포함)가 연결 순매출의 약 14%를 차지하며, 이 고객을 잃으면 PFNA·PBNA 부문에 중대한 악영향이 있다고 명시한다.","excerpt_en":"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."}]},{"direction":"cost","counterparty":"원자재 (옥수수·감자·설탕·식용유·알루미늄·PET, 비공개)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"qualifier":"cogs_input"},"note":"스낵은 감자·옥수수·식용유, 음료는 설탕·감미료·농축액과 알루미늄 캔·PET 수지를 원자재로 쓴다. 원자재 가격 변동이 마진의 핵심 변수이며 개별 조달처는 비공개다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"머니네버슬립스","publisher_en":"MoneyNeverSleeps","kind":"news","lang":"ko","published_at":"2024-10-09","url":"https://moneyneversleeps.co.kr/news/articleView.html?idxno=103710","title":"3분기 실적 발표한 펩시코, 매출 제자리걸음","title_en":"PepsiCo Q3 revenue treads water","excerpt":"북미 시장 포화와 건강 트렌드에 따른 탄산음료 수요 감소, 원자재 가격 불안정이 펩시코의 지속 리스크로 지적된다.","excerpt_en":"North American saturation, declining soda demand on health trends and unstable commodity prices are cited as PepsiCo's ongoing risks."}]},{"direction":"cost","counterparty":"물류·유통·광고·판촉 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"qualifier":"cogs_input"},"note":"직접 매장 배송(DSD) 물류망 운영비와 브랜드 광고·판촉비가 큰 원가 축이다. 방어 소비재 특성상 대규모 마케팅으로 브랜드 지배력을 유지한다. 세부 조달·매체는 비공개.","note_en":"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.","sources":[{"stance":"mentions","publisher":"트레이딩뷰","publisher_en":"TradingView","kind":"news","lang":"en","published_at":"2025-02-04","url":"https://www.tradingview.com/news/tradingview:99304324277be:0-pepsico-inc-sec-10-k-report/","title":"펩시코 FY2024 10-K 리포트","title_en":"PepsiCo Inc SEC 10-K Report","excerpt":"펩시코는 광고·판촉과 직접 매장 배송 물류 등 판매관리비를 통해 브랜드 지배력을 유지하며 2024년 순이익 95.78억 달러를 냈다.","excerpt_en":"PepsiCo sustains brand dominance through advertising, promotion and direct-store-delivery logistics within SG&A, posting $9,578M net income in 2024."}]},{"direction":"revenue","counterparty":"Costco Wholesale","counterparty_slug":"costco","confidence":"mid","metric":{"qualifier":"major_branded_channel"},"note":"Costco는 펩시코 브랜드의 주요 판매 채널로, 2013~2025년 푸드코트 음료를 독점 공급받음.","note_en":"Costco is a major channel for PepsiCo brands and was its exclusive food-court fountain outlet from 2013 to 2025.","sources":[{"stance":"confirms","publisher":"Fox Business","publisher_en":"Fox Business","kind":"news","lang":"en","published_at":"2025-07-19","url":"https://www.foxbusiness.com/lifestyle/bye-pepsi-costco-locations-begin-make-switch-coca-cola-its-food-courts","title":"Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts","title_en":"Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts","excerpt":"Costco food courts, which had offered Pepsi products since 2013.","excerpt_en":"Costco food courts, which had offered Pepsi products since 2013."}]},{"direction":"revenue","counterparty":"이마트","counterparty_slug":"emart","confidence":"low","metric":null,"note":"한국 대형마트 이마트가 펩시코 스낵·음료를 매입·판매 — 국내 소매 유통 채널로, 한국 소비 트래픽이 펩시 매출로 전이되는 접점.","note_en":"Korea's E-mart buys and resells PepsiCo snacks and drinks — a domestic retail channel where Korean consumer traffic transmits into Pepsi sales.","sources":[{"stance":"confirms","publisher":"이마트몰(SSG)","publisher_en":"E-Mart Mall (SSG)","kind":"ir","lang":"ko","published_at":"2026-07-05","url":"https://emart.ssg.com/disp/category.ssg?dispCtgId=6000213428","title":"이마트몰 콜라/탄산음료 카테고리","title_en":"E-Mart Mall cola/carbonated beverages category","excerpt":"이마트몰 탄산음료 카테고리에서 펩시콜라·펩시 제로 등 펩시 제품을 판매한다.","excerpt_en":"E-Mart Mall's carbonated beverage category sells Pepsi products including Pepsi and Pepsi Zero."}]}]}