PepsiCo, Inc. (PEP): return on invested capital, 10 filed years
ROIC at PepsiCo, Inc. was 14.5% in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 14.5% (FY2025) to 18.9% (FY2019), with a median of 17.2%.
Tonight's figure on the company page: 14.5%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-02-15 |
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-02-13 |
| FY2018 The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed. | n/a | 10-K, filed 2019-02-15 |
| FY2019 | 18.9% | 10-K, filed 2020-02-13 |
| FY2020 | 15.6% | 10-K, filed 2021-02-11 |
| FY2021 | 16.5% | 10-K, filed 2022-02-10 |
| FY2022 | 18.0% | 10-K, filed 2023-02-09 |
| FY2023 | 17.2% | 10-K, filed 2024-02-09 |
| FY2024 | 18.1% | 10-K, filed 2025-02-04 |
| FY2025 | 14.5% | 10-K, filed 2026-02-03 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.