NASDAQ$PEP
PepsiCo · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
PepsiCo reported strong Q4 and full-year 2022 results, demonstrating resilience and growth driven by investments in people, brands, portfolio, value chain, and go-to-market systems.
PepsiCo's Q4 2022 results showed resilience and strong growth, with a focus on driving growth, winning in the marketplace, and developing advantaged capabilities. The company expects to deliver 6% organic revenue growth and 8% core constant currency earnings per share growth in 2023 and announced a 10% increase in its annualized dividend.
- PepsiCo's business remained resilient and delivered another strong year of growth.
- Investments in people, brands, portfolio, value chain, and go-to-market systems are working.
- The company will continue to focus on driving growth and winning in the marketplace.
- Pep+ will be embedded at the center of the business in how they innovate, operate, run teams, and build brands.
Headline financials
Revenue & EPS history
PepsiCo · Revenue · Quarterly
$28B
Revenue by segment
PepsiCo · $24.2B total across 6 segments · Q2 2026
- PepsiCo Beverages North America$7.24B—30.0%
- PepsiCo Foods North America$6.37B—26.3%
- Europe, Middle East and Africa$4.98B—20.6%
- Latin America Foods$2.94B—12.2%
- International Beverages Franchise$1.52B—6.3%
- Asia Pacific Foods$1.12B—4.6%
Forward guidance
For 2023, the company expects a 6 percent increase in organic revenue and an 8 percent increase in core constant currency EPS. They also anticipate a core annual effective tax rate of 20 percent and total cash returns to shareholders of approximately $7.7 billion.
Tailwinds
- Expects a 6 percent increase in organic revenue.
- Expects an 8 percent increase in core constant currency EPS.
- Anticipates a core annual effective tax rate of 20 percent.
- Plans total cash returns to shareholders of approximately $7.7 billion.
- Announced a 10 percent increase in its annualized dividend to $5.06 per share.
Headwinds
- Expects an approximate 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth.
- Unable to reconcile full year projected 2023 organic revenue growth to full year projected 2023 reported net revenue growth because they are unable to predict the 2023 impact of foreign exchange.
- Unable to predict the occurrence or impact of any acquisitions, divestitures or other structural changes.
- Not able to reconcile full year projected 2023 core effective tax rate to full year projected 2023 reported effective tax rate.
- Not able to reconcile full year projected 2023 core constant currency EPS growth to full year projected 2023 reported EPS growth because they are unable to predict the 2023 impact of foreign exchange or the mark-to-market net impact on commodity derivatives.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
+0.7%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+0.6%
Avg return
30 days after
64%
46 / 72 earnings
Positive
+7.4%
Q3 2022
Best reaction
-4.9%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.3% | +0.8% | -4.2% | |
| Q4 2025 | +4.9% | +9.9% | +3.5% | |
| Q3 2025 | +4.0% | +9.1% | +3.0% | |
| Q2 2025 | +1.6% | -1.6% | +3.8% | |
| Q1 2025 | -4.9% | -5.6% | -9.1% | |
| Q4 2024 | -4.5% | -3.8% | +2.9% | |
| Q3 2024 | +3.2% | +4.5% | -1.9% | |
| Q2 2024 | +1.7% | +0.7% | +5.4% | |
| Q1 2024 | +0.5% | -0.5% | +1.6% | |
| Q4 2023 | -1.9% | -3.6% | -6.2% | |
| Q3 2023 | +0.8% | -0.8% | +3.0% | |
| Q2 2023 | +2.8% | +0.7% | +0.5% | |
| Q1 2023 | +1.6% | +2.9% | -0.9% | |
| Q4 2022 | +2.9% | +2.7% | +0.5% | |
| Q3 2022 | +7.4% | +6.2% | +9.5% | |
| Q2 2022 | -0.2% | +0.4% | +2.7% | |
| Q1 2022 | +0.6% | -1.2% | -2.1% | |
| Q4 2021 | -2.0% | -3.5% | -10.6% | |
| Q3 2021 | +3.2% | +3.9% | +9.4% | |
| Q2 2021 | +3.4% | +4.2% | +3.7% | |
| Q1 2021 | +1.4% | +2.5% | +3.2% | |
| Q4 2020 | -2.8% | -2.4% | -3.4% | |
| Q3 2020 | -0.4% | -2.1% | -3.8% | |
| Q2 2020 | +0.8% | +0.1% | +2.5% | |
| Q1 2020 | -0.8% | -3.2% | -1.6% | |
| Q4 2019 | +0.6% | -0.3% | -12.8% | |
| Q3 2019 | +4.7% | +2.5% | +2.2% | |
| Q2 2019 | +1.4% | +0.5% | -2.3% | |
| Q1 2019 | +3.8% | +3.3% | +6.6% | |
| Q4 2018 | +3.0% | +2.9% | +2.7% | |
| Q3 2018 | -2.9% | -3.8% | +0.7% | |
| Q2 2018 | +4.4% | +4.6% | +5.5% | |
| Q1 2018 | +0.6% | -2.0% | -0.8% | |
| Q4 2017 | -2.5% | -0.8% | +0.1% | |
| Q3 2017 | +1.2% | +0.8% | +1.0% | |
| Q2 2017 | +0.4% | +0.6% | +1.8% | |
| Q1 2017 | -1.3% | -1.6% | +3.3% | |
| Q4 2016 | +1.1% | +1.2% | +4.2% | |
| Q3 2016 | +1.3% | -0.3% | -0.3% | |
| Q2 2016 | +2.2% | +2.7% | +2.6% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +0.9% | — | — | |
| Q3 2015 | +2.8% | — | — | |
| Q2 2015 | -0.1% | — | — | |
| Q1 2015 | -2.2% | — | — | |
| Q4 2014 | +2.3% | — | — | |
| Q3 2014 | +0.8% | — | — | |
| Q2 2014 | +3.1% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q4 2013 | -4.2% | — | — | |
| Q3 2013 | +2.5% | — | — | |
| Q2 2013 | -0.8% | — | — | |
| Q1 2013 | +5.0% | — | — | |
| Q4 2012 | +3.0% | — | — | |
| Q3 2012 | +0.7% | — | — | |
| Q2 2012 | +3.5% | — | — | |
| Q1 2012 | -0.9% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | +2.3% | — | — | |
| Q2 2011 | -4.0% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | +3.1% | — | — | |
| Q1 2009 | +0.4% | — | — | |
| Q1 2010 | -0.4% | — | — | |
| Q4 2007 | -1.4% | — | — | |
| Q2 2009 | -1.4% | — | — | |
| Q4 2009 | -1.4% | — | — | |
| Q4 2008 | -0.9% | — | — | |
| Q3 2008 | -0.9% | — | — | |
| Q3 2009 | -0.9% | — | — |
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