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Company Research9 Apr 2025
Yum! Brands: The Company Behind Pizza Hut, KFC, and Taco Bell
Yum! Brands started at PepsiCo in the 1970s and is home to some of the most well-known brands in the world, such as Pizza Hut, KFC, and Taco Bell.
PepsiCo (PEP) investor relations material
PepsiCo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Accelerated productivity initiatives focus on technology, AI, and data to optimize costs, with integration of large businesses and global capability centers, especially in North America.
Net revenue for Q2 2025 was $22.7B, up 1% year-over-year, with international business showing strong growth, while North America improved execution and competitiveness.
Operating profit fell 56% due to $1.9B in impairment charges, higher costs, and restructuring expenses, mainly related to Rockstar and Be & Cheery brands.
Major acquisitions of Siete and poppi were completed, expanding PFNA and PBNA segments.
Portfolio transformation emphasizes permissible snacks and no-sugar beverages, with innovation in protein and functional offerings planned.
Financial highlights
Q2 2025 net revenue: $22.7B (+1% year-over-year); YTD net revenue: $40.6B (flat year-over-year).
Q2 2025 GAAP EPS: $0.92, down 59% year-over-year; core EPS: $2.12, down 5% in constant currency.
Q2 2025 net income: $1.26B, down from $3.08B in Q2 2024; YTD net income: $3.10B, down from $5.13B.
Gross margin for Q2 2025: 54.7%; operating margin: 7.9%.
Free cash flow for 24 weeks was negative $342M, down from negative $259M a year ago.
Outlook and guidance
Management expects to return $8.6B to shareholders in 2025, with $7.6B in dividends and $1.0B in share repurchases.
2025 guidance affirms low-single-digit organic revenue growth and stable core constant currency EPS, with foreign exchange headwind now expected at 1.5 percentage points.
Productivity initiatives and cost management continue, with the 2019 Productivity Plan extended through 2030.
No material impact expected from recent U.S. tax reform or OECD global minimum tax in 2025.
Assess drivers of PFNA revenue decline.
Explain the improved core USD EPS outlook.
How will PepsiCo improve North America?
Quantify productivity savings this year.
Discuss long-term strategy for away-from-home.
Detail plans for liquid protein launches.
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Next PepsiCo earnings date
Q3 20259 Oct, 2025
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Frequently asked questions
A Beverage Industry Titan
PepsiCo Inc., globally known for its namesake beverage, Pepsi, stands as one of the largest food and beverage companies in the world. Founded in the late 19th century, the company has built an extensive portfolio that extends beyond soft drinks, reaching into the snacks and non-alcoholic beverages sectors. PepsiCo has a long-standing history and is today well established globally.
Brad’s Drink
PepsiCo's roots stretch back to the late 19th century when a North Carolina pharmacist, Caleb Bradham, created what would become Pepsi-Cola in 1893. Originally named "Brad's Drink," it was rebranded as Pepsi-Cola in 1898, inspired by the medical term for indigestion, "dyspepsia," highlighting its early marketing as a health drink. Despite the Great Depression’s adversity, which led the company to bankruptcy in 1931, Pepsi-Cola re-emerged under new management and introduced the 12-ounce bottle, a game-changing strategy in the soft drink industry.
Over the decades, PepsiCo has experienced a series of expansions and mergers, the most significant being the 1965 merger with Frito-Lay, which diversified its portfolio beyond beverages. Notably, in 1997, PepsiCo spun off its fast-food chains, including Pizza Hut, KFC, and Taco Bell, into a separate company called Yum! Brands.
Not Just Cola
PepsiCo, far beyond its well-known cola, maintains a diverse portfolio of products that spans a variety of beverage and snack categories. They've successfully carved out their place in the soft drink industry with staples like Pepsi, Mountain Dew, and 7UP. In the juice sector, PepsiCo owns Tropicana and Naked Juice, and the company's foray into the non-alcoholic beverage market includes other household names like Gatorade and Aquafina.
The Rivalry with Coca-Cola
Even if Pepsi competes against companies like Keurig Dr Pepper, nothing compares to its main rival. The rivalry between PepsiCo and Coca-Cola, often referred to as the "Cola Wars," is one of the most enduring in corporate history. Originating in the early 20th century, this competition has been characterized by creative marketing campaigns and new product introductions aimed at outperforming the other. Despite their rivalry, both brands have successfully carved out significant market share in the global beverage industry.
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