PepsiCo provided a safe harbor statement noting that any forward-looking statements are based on currently available information and are subject to risks and uncertainties. It also provided information on non-GAAP measures and directing readers to its website for disclosure and reconciliation. The document then discussed PepsiCo's business overview, including that it is a global beverage and convenient food company with iconic brands, $91 billion in net revenue in 2023, and nearly $14 billion in core operating profit. It operates through a divisional structure with a focus on local consumers.
2. Safe Harbor Statement & Non-GAAP Information
Safe Harbor Statement
Statements in this communication that are “forward-
looking statements,” including our long-term targets, are
based on currently available information, operating plans
and projections about future events and trends.
Terminology such as “aim,” “anticipate,” “believe,” “drive,”
“estimate,” “expect,” “expressed confidence,” “forecast,”
“future,” “goal,” “guidance,” “intend,” “may,” “objective,”
“outlook,” “plan,” “position,” “potential,” “project,” “seek,”
“should,” “strategy,” “target,” “will” or similar statements
or variations of such words and other similar expressions
are intended to identify forward-looking statements,
although not all forward-looking statements contain such
terms. Forward-looking statements inherently involve risks
and uncertainties that could cause actual results to differ
materially from those predicted in such forward-looking
statements. Such risks and uncertainties include, but are
not limited to: the risks associated with the deadly conflict
in Ukraine; future demand for PepsiCo’s products;
damage to PepsiCo’s reputation or brand image; product
recalls or other issues or concerns with respect to product
quality and safety; PepsiCo’s ability to compete effectively;
PepsiCo’s ability to attract, develop and maintain a highly
skilled and diverse workforce or effectively manage
changes in our workforce; water scarcity; changes in the
retail landscape or in sales to any key customer;
disruption of PepsiCo’s manufacturing operations or
supply chain, including continued increased commodity,
packaging, transportation, labor and other input costs;
political, social or geopolitical conditions in the markets
where PepsiCo’s products are made, manufactured,
distributed or sold; PepsiCo’s ability to grow its business
in developing and emerging markets; changes in
economic conditions in the countries in which PepsiCo
operates; future cyber incidents and other disruptions to
our information systems; failure to successfully complete
or manage strategic transactions; PepsiCo’s reliance on
third-party service providers and enterprise-wide systems;
climate change or measures to address climate change
and other sustainability matters; strikes or work
stoppages; failure to realize benefits from PepsiCo’s
productivity initiatives; deterioration in estimates and
underlying assumptions regarding future performance of
our business or investments that can result in impairment
charges; fluctuations or other changes in exchange rates;
any downgrade or potential downgrade of PepsiCo’s
credit ratings; imposition or proposed imposition of new
or increased taxes aimed at PepsiCo’s products;
imposition of limitations on the marketing or sale of
PepsiCo’s products; changes in laws and regulations
related to the use or disposal of plastics or other
packaging materials; failure to comply with personal data
protection and privacy laws; increase in income tax rates,
changes in income tax laws or disagreements with tax
authorities; failure to adequately protect PepsiCo’s
intellectual property rights or infringement on intellectual
property rights of others; failure to comply with applicable
laws and regulations; and potential liabilities and costs
from litigation, claims, legal or regulatory proceedings,
inquiries or investigations.
For additional information on these and other factors that
could cause PepsiCo’s actual results to materially differ
from those set forth herein, please see PepsiCo’s filings
with the Securities and Exchange Commission, including
its most recent annual report on Form 10-K and
subsequent reports on Forms 10-Q and 8-K. Investors are
cautioned not to place undue reliance on any such
forward-looking statements, which speak only as of the
date they are made. PepsiCo undertakes no obligation to
update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Non-GAAP Information
Please refer to PepsiCo’s website at www.pepsico.com in
the “Investors” section under “Financial Information –
Events and Presentations,” and PepsiCo’s filings with the
Securities and Exchange Commission, to find disclosure
and a reconciliation of any non-GAAP financial measures
contained herein. PepsiCo provides guidance on a non-
GAAP basis as the Company cannot predict certain
elements which are included in reported GAAP results,
including the impact of foreign exchange and mark-to-
market adjustments.
2
3. WHO WE ARE
1
WHO WE ARE WHERE WE ARE WHERE WE ARE
GOING
CAPITAL ALLOCATION
& FINANCIAL TARGETS
3
4. We are a global
beverage and
convenient food
company with
large, iconic and
trusted brands
4
NET REVENUE
More than
$91
BILLION
in 2023
ICONIC GLOBAL
BRANDS
Sold in
OVER
200
countries and
territories
CORE OPERATING
PROFIT
Nearly
$14
BILLION
in 2023
2023 reported operating profit was $12.0 billion. Core operating profit is a non-GAAP financial measure that excludes certain items.
5. $91B
Net Revenue
That are well-
positioned in
large, attractive
categories
5
Leader in
savory snacks
CONVENIENT
FOOD
Expanding into other
convenient food occasions
Strong position in
all LRB categories
Expanding across
beverage occasions
$53B $38B
PepsiCo data based on 2023 reported net revenue. Market share data
(retail sales for savory snacks and beverages) based on 2023 Euromonitor.
59% 41%
6. Europe
14%
LatAm
13%
AMESA
7%
APAC
5%
PBNA
30%
FLNA
27%
QFNA
3%
INCLUDING A DIVISIONAL STRUCTURE DESIGNED TO
OPERATE WITH A LOCAL FOCUS ON THE CONSUMER
6
PepsiCo data based on 2023 reported net revenue. Percentages may not sum due to rounding.
Developed and Developing & Emerging Markets were 69% and 31% of PepsiCo’s 2023 reported net revenue, respectively.
International
$36B
North
America
$55B
Division / Geography
Net Revenue Breakdown
61% 39%
$91B
7. LED BY A DIVERSE PORTFOLIO OF TRUSTED BRANDS LOVED
BY CONSUMERS IN NORTH AMERICA
7 PepsiCo data based on 2023 reported net revenue.
Net Revenue
~$28B
Net Revenue
~$25B
Net Revenue
~$3B
PEPSICO BEVERAGES
NORTH AMERICA
FRITO LAY
NORTH AMERICA
QUAKER FOODS
NORTH AMERICA
Brands that span across Salty,
Savory and Macrosnacks
Broad presence across LRB
including CSD, Sports/Hydration,
RTD Coffee/Tea and Energy
Strong presence in Breakfast
offerings, Lite snacks and
Side/Pasta dishes
#1 Manufacturer Ranking Kantar PoweRanking Survey 8th Consecutive Year
8. AND AN EXPANSIVE REACH ACROSS INTERNATIONAL
MARKETS
8
PepsiCo data based on 2023 reported net revenue.
Food and beverage mix sourced from 2023 Form 10-K filed with the SEC.
Net Revenue
~$12B
Net Revenue
~$13B
Net Revenue
~$6B
Net Revenue
~$5B
Brazil
Mexico Colombia
U.K. France
Turkey Egypt India
South
Africa
China Australia Thailand
Saudi Pakistan Vietnam Philippines
Chile
Poland Spain Peru
Food / Beverage %
52% / 48%
Food / Beverage % Food / Beverage % Food / Beverage %
91% / 9% 71% / 29% 77% / 23%
EUROPE LATIN AMERICA AMESA APAC
9. SHARING A STRATEGIC FRAMEWORK AND CULTURE THAT
EMPHASIZES PERFORMANCE, OWNERSHIP AND INCLUSIVITY
9
Create more smiles with every sip and every bite
Be the global leader in beverages and
convenient foods by winning with
FASTER
Winning in the marketplace,
being more consumer-centric
and accelerating investment
for topline growth
STRONGER
Transforming our capabilities, cost
and culture by operating as one
PepsiCo, leveraging technology,
winning locally and globally enabled
BETTER
Creating growth and value by
operating within planetary
boundaries and inspiring positive
change for the planet and people
MISSION
VISION
THE
PEPSICO
WAY
10. WHO WE ARE WHERE WE ARE
2
WHERE WE ARE WHERE WE ARE
GOING
CAPITAL ALLOCATION
& FINANCIAL TARGETS
10
11. SINCE 2019, WE
HAVE PRIORITIZED
INVESTMENTS
AND BUILT
CAPABILITIES
TO BECOME
FASTER,
STRONGER
AND BETTER
11
FASTER
INVESTED
Brands &
Innovation
Manufacturing
Capacity
Go to Market
Systems
Away From
Home
E-Commerce
STRONGER
ELEVATED
Holistic Cost
Management
Digitization
IT Harmonization
Talent and
Culture
BETTER
ADVANCED
Positive Choices
Integrate
Purpose into
Strategy
Positive Value
Chain
Positive
Agriculture
12. INCLUDING INVESTMENTS TO ACCELERATE GROWTH
AND BUILD FOR THE FUTURE
12
STRONGER
FASTER
BETTER
$4.2B
$5.7B
2018 2023
$3.1B
$5.3B
2018 2023
ADVERTISING & MARKETING NET CAPEX
+36%
+69%
Net capex is capital spending less cash proceeds from sales of property, plant and equipment which is a non-GAAP financial measure.
13. AS WE ELEVATED OUR FOCUS ON CONSUMER-CENTRIC
INNOVATION THAT DRIVES CONSUMPTION
13
FUNCTIONAL
AND
HYDRATION
POSITIVE
CHOICES
Pepsi
Low/Zero
Sugar
>$9B
SunChips/
Baked
>$2B
Reduced sugar and sodium, whole
grain and baked offerings
Expanding our presence to meet
consumer preferences
PACKAGE
SIZES
Variety
Multipack &
Canisters
>$3B
Expansive set of portion control
options
BOLD
FLAVORS
Bold flavors with greater assortment
and variety
Gatorade +
Propel
>$11B
Based on 2023 global estimated Retail Sales Value (RSV).
Variety Multipack is U.S. MULOC retail sales.
STRONGER
FASTER
BETTER
Energy
>$6B
14. WHICH HAS RESULTED IN STRONG REVENUE GROWTH
ACROSS OUR GLOBAL CATEGORIES AND BRANDS
14
2016 –2018 average reported net revenue grew 0.1% for Global Beverage and 1.6% for Global Convenient Food. 2019-2023 average reported net revenue growth was 5.0% for Global
Beverage and 9.1% for Global Convenient Food. Brand growth rates are 2021-2023 CAGR based on constant currency net revenue data from 25 key markets. Organic revenue growth and
constant currency net revenue are non-GAAP financial measures that exclude certain items. Reported Brand 2021-2023 net revenue CAGR are 12% Gatorade, 8% Pepsi, 8% Mountain
Dew, 15% Doritos, 14% Cheetos and 10% Lay's.
2%
5%
7%
10%
Global Beverage Global Convenient Food
2016-18 Average 2019-23 Average
ORGANIC REVENUE GROWTH
BY CATEGORY
NET REVENUE GROWTH
BY BRAND (2021-’23 CAGR)
+13%
+16%
+14%
+10%
+8%
+12%
STRONGER
FASTER
BETTER
15. AS WELL AS ACROSS GEOGRAPHIES AND MARKETS
15
2016 –2018 average reported net revenue grew 1.7% for North America and declined (0.3)% for International. 2019-2023 average reported net revenue growth was 6.9% for North
America and 7.8% for International. Organic revenue growth is a non-GAAP financial measure that excludes certain items.
NET REVENUE
BY GEOGRAPHY
ORGANIC REVENUE GROWTH
BY GEOGRAPHY
1.5%
6%
7%
10%
North America International
2016-18 Average 2019-23 Average
$40B $55B
$25B
$36B
2018 2023
NORTH AMERICA
INTERNATIONAL
STRONGER
FASTER
BETTER
$65B
$91B
Net
Revenue
+$26B
16. LED BY SIGNIFICANT GROWTH WITHIN OUR NORTH AMERICA
BUSINESSES
16
Divested juice business includes Tropicana, Naked and other select juice brands
Contribution to U.S. Food & Beverage growth based on Circana syndicated data
STRONGER
FASTER
BETTER
$40B
$55B
NORTH AMERICA NET REVENUE
PBNA
FLNA
QFNA
2018 2023
• Expanded presence across
LRB while delivering
profitable growth
• Increased zero sugar and
energy presence
• Started to advance
Beyond the Bottle
Strategy
• Divested Juice business
PBNA
FLNA
Net Revenue
>$6B SINCE 2018
Net Revenue
>$8B SINCE 2018
• Gained Savory share
• Expanded packaging
optionality
• Introduced bold new
flavors and textures
• Broadened permissible
portfolio
PepsiCo was the #1 contributor to U.S. Food & Beverage growth for four consecutive years
17. WHICH WE LEVERAGE TO BUILD AND EXPAND OUR
INTERNATIONAL BUSINESSES
17 Metrics for China, Brazil and Mexico for value share and per capita consumption are 2018-2023.
STRONGER
FASTER
BETTER
Other
International
Mexico
China
United Kingdom
Brazil
South Africa
2018 2023
$25B
$36B
INTERNATIONAL NET REVENUE
2
2023
NET REVENUE
(in USD$)
CUMULATIVE
VALUE SHARE
GAIN
PER CAPITA
CONSUMPTION
INCREASE
Mexico
China
Brazil
BUILDING SCALE IN KEY D&E MARKETS
EXPANDING THE PRESENCE OF OUR BRANDS
$7B
~$3B
~$2B
18. WITH A BROAD SET OF PRODUCTIVITY INITIATIVES THAT HELP
FUND INVESTMENTS AND IMPROVE GLOBAL PROFITABILITY
18
STRONGER
FASTER
BETTER
DRIVING EXCELLENCE AT THE BASICS
KEY INITIATIVES
Optimized Labor
Through Global
Business Services
Network & Route
Optimization
Automated Plants
& Warehouses
Transitioned from functional silos to
end-to-end approach
Digitally connected GTM to optimize
selling and merchandising
Simplified and harmonized route
design and aligned products with
optimal GTM system
Automated Warehouse storage and
optimized packaging operations
DIVISION PROFIT
Elevated Store GTM & Execution Delivering Productivity Across Many Dimensions
$8B
$10B
$4B
$6B
2018 2023
$12B
$16B
NORTH AMERICA
INTERNATIONAL
Figures for profit are division core operating profit which is a non-GAAP financial measure that excludes certain items. Division reported operating profit in 2018 was $7.9B and $3.6B for
North America and International, respectively and in 2023 was $9.8B and $4.5B for North America and International, respectively.
19. AS WE CONTINUE TO MAKE PROGRESS
AGAINST OUR GOALS
19
STRONGER
FASTER
BETTER
Metrics through 2022, PepsiCo 2022 ESG Summary.
1 Metric counts the cumulative number of regenerative acres globally since 2021. Regenerative acres reported for 2022 include U.S., Mexico, Canada and 17 European countries only.
2 Metric counts the cumulative people impacted since 2021
3 Measured versus a 2015 baseline. In 2022, we remeasured the 2015 baseline to reflect the divestiture of Tropicana, enhancements in our calculation methodology and the inclusion of additional data.
4 25% improvement goal measured against 2015 baseline. In 2022, we remeasured the 2015 baseline and prior results to reflect the divestiture of Tropicana.
5 PepsiCo considers packaging to be recyclable, compostable, biodegradable or reusable (RCBR) if certain end-of-life waste management criteria is achieved.
6 As of 2022, based on Top 26 Beverage markets, which represented 78% of our global beverages volume and Top 23 Convenient Foods markets, which represented 86% of our global convenient foods volume. Results
reflect exclusion of Be & Cheery portfolio.
POSITIVE AGRICULTURE POSITIVE VALUE CHAIN POSITIVE CHOICES
2M+
Acre collaboration with
Walmart that aims to
adopt regenerative
agriculture
0.9M+
Acres adopted
regenerative
practices since
20211
11K+
Livelihoods
improved in our
supply chain and
communities2
23% Reduction in Scope 1
and Scope 2 emissions3
22% Water efficiency improvement
vs 2025 goal of 25%3, 4
~8.7B Liters of water replenished
into watersheds in 2022
88%
Of global packaging
is recyclable, compostable,
biodegradable or
reusable5
56% Of beverages portfolio
meeting added sugars
reduction target6
68%
Of convenient foods
portfolio meeting
sodium reduction
target6
75%
Of convenient foods
portfolio meeting
saturated fat reduction
target6
20. WHICH HAS RESULTED IN FINANCIAL PERFORMANCE THAT
HAS EXCEEDED OUR LONG-TERM TARGETS IN RECENT YEARS
20
2021-23 average reported net revenue growth was 9.2% and 2021-23 average reported EPS growth was 8.8%. Organic revenue growth and core constant currency EPS growth are non-
GAAP financial measures that exclude certain items.
ORGANIC REVENUE GROWTH CORE CONSTANT CURRENCY EPS
11%
2021-23 Average Long Term Target
+4-6%
12%
2021-23 Average Long Term Target
+HSD
22. WHERE WE ARE
GOING
WHO WE ARE WHERE WE ARE
3
WHERE WE ARE
GOING
CAPITAL ALLOCATION
& FINANCIAL TARGETS
22
23. WE CONTINUE TO OPERATE IN LARGE, GLOBAL CATEGORIES
WITH AN ATTRACTIVE GROWTH PROFILE
23
PepsiCo defined convenient foods includes savory, sweet, grains and dairy foods categories. PepsiCo defined beverages includes liquid refreshment beverages and dairy categories.
Figures exclude foodservice. Market size (2022) based on retail sales value of top 80 PepsiCo countries from PepsiCo Portfolio Growth Model. Share is based on 2022 retail value share
from Euromonitor. $1.2T opportunity includes LRB and Convenient Foods, not Away From Home.
GLOBAL BEVERAGE & CONVENIENT FOOD OPPORTUNITY
Savory
Salty
CONVENIENT
FOODS
ALL EATING
OCCASIONS
LRB
CSD
ALL DRINKING
OCCASIONS
HSD% PEP Share
of Global Beverage &
Convenient Food
>$1.2 Trillion
Opportunity
+MSD%
Estimated Long-Term
Growth
24. AND WILL AIM TO GROW OUR GLOBAL PRESENCE
ACROSS OUR KEY CATEGORIES
Population information sourced from Central Intelligence Agency 2021 “The World Factbook”.
GLOBAL PRESENCE
Multiple opportunities to build our international presence where
population trends are favorable
PepsiCo Net Revenue Population
PER CAPITA CONSUMPTION OPPORTUNITIES
LRB Savory
1.7x
3.0x
NORTH AMERICA
INTERNATIONAL
24
INTERNATIONAL NORTH
AMERICA
NORTH
AMERICA
INTERNATIONAL
25. WITH A CLEAR SET OF PRIORITIES WITHIN OUR CATEGORIES
AND GEOGRAPHIES
25
GLOBAL BEVERAGES GLOBAL CONVENIENT FOODS
Consumer-Centric Innovation, Leverage Our Brands, Be Available Always And Everywhere
North America
• Drive profitable growth by addressing consumer trends
across all LRB categories
North America
• Accelerate growth by capturing new needs and occasions,
innovation and precision execution
International
• Develop greater scale in high growth LRB categories
• Strategically invest to be profitable #1 or #2 player
International
• Broaden portfolio, expand to new categories & occasions
• Build scale by driving affinity, availability and affordability,
especially in developing markets
27. WE WILL ADVANCE OUR CONSUMER-CENTRIC INNOVATION
CAPABILITIES
CONSUMER-CENTRICITY
INNOVATIVE SOLUTIONS
NEW OCCASIONS
CROSS SELL EXCITING
PRODUCTS ACROSS
PORTFOLIO
STRONGER
FASTER
BETTER
POSITIVE CHOICES
MAKE MY OWN
BEVERAGES
EXPAND OUR
BRANDS INTO
MEAL
OCCASIONS
EXTEND TO
OTHER
CATEGORIES
27
28. AND EXPAND THE SCOPE AND SCALE OF OUR BRANDS
28
LEVERAGE OUR BRANDS
STRONGER
FASTER
BETTER
29. STRONGER
FASTER
BETTER
WHILE ALSO WIDENING OUR REACH ACROSS CHANNELS
AT HOME E-COMMERCE AWAY FROM HOME
Meaningful
F&B experiences
ENSURING OUR PRODUCTS ARE EVERYWHERE
29
30. WITH BRANDS THAT CAN SPAN ACROSS MULTIPLE OCCASIONS
AND DESTINATIONS
30
STRONGER
FASTER
BETTER
ALWAYS EVERYWHERE
Experiential
Ecosystem
31. STRONGER
FASTER
BETTER
WE WILL ALSO ELEVATE OUR PRODUCTIVITY INITIATIVES
THAT WILL HELP FUND OUR INVESTMENTS FOR GROWTH
KEY INITIATIVES
Productivity
Investment for
Growth
Scale
Efficiency
Advancing
Digitalization & AI
to deliver deep consumer
intimacy and Precision at Scale
Accelerating Network
Optimization &
Automation at Plants &
Warehouses
Design to Value &
Portfolio
Optimization
Expanding the
Scope of Global
Business Services
Model
TO DRIVE ELEVATED PRODUCTIVITY
31
32. STRONGER
FASTER
BETTER
WHICH INCLUDE FOCUSED EFFORTS TO DIGITALIZE OUR
COMPANY AND BUILD CAPABILITIES
Digital & AI Capabilities
DIGITAL, DATA, AND AI TRANSFORMATION ACROSS END-TO-END VALUE CHAIN
INNOVATE + MARKET
DELIVER
SELL
PLAN
MAKE
Outcomes
• Leverage AI models to capture consumer
preferences and trends
• Personalization, direct to consumer
• Precision at Scale for seamless execution and
deliver cross selling strategies
• Net revenue management for efficient promotional activity
• Automated order building and truck loading
• Intelligent, dynamic routing
• Integrated business planning
• AI Forecasting
• Agile networks
• Digital simulations
32
33. STRONGER
FASTER
BETTER
AND ADVANCE OUR BOLD AND AMBITIOUS
AGENDA THROUGHOUT OUR ORGANIZATION
Note: Positive Agriculture goals are 2030 goals. Become Net Water Positive and Cut virgin plastic per serving by 50% are 2030 goals.
POSITIVE
AGRICULTURE
Cut virgin plastic
per serving by
across our global food
& beverage portfolio
100%
50%
of our key crops
+ ingredients
Net
Water
Positive
Reduce use +
replenish more
Diversifying ingredients
Execute our DE&I
agenda, invest more
than
7million
acres Achieve
Net-
Zero
emissions
by 2040
Evolve our portfolio of products so they are
better for the planet + people, by:
POSITIVE
VALUE CHAIN
POSITIVE
CHOICES
Leverage our iconic
brands to inspire
positive choices
Lay’s will support farmers
moving to regenerative
practices
million in our
Racial Equality Journey
by 2025
$570
Scaling little to no
single-use packaging
platforms
Accelerating science-
based targets
Expanding position in
nuts & seeds category
Spread regenerative
agriculture across
Sustainably source
33
34. CAPITAL ALLOCATION
& FINANCIAL TARGETS
WHO WE ARE WHERE WE ARE WHERE WE ARE
GOING
4
CAPITAL ALLOCATION
& FINANCIAL TARGETS
34
35. WE WILL REMAIN DISCIPLINED WITH OUR CAPITAL
ALLOCATION PRIORITIES
While creating shareholder value by prioritizing capital spending and dividends:
Committed to a strong financial foundation and maintaining an appropriate capital structure
INVESTING IN
THE BUSINESS
1
• Fund initiatives that drive
growth and productivity
through effective and efficient
use of capital
• Advance our capabilities and
reinforce sustainable business
RETURNING CASH TO
SHAREHOLDERS
2
• Pay and grow dividends
SELECTIVELY CONSIDER
ACQUISITIONS,
PARTNERSHIPS &
DIVESTITURES
3
• That meet strict strategic and
financial criteria
SHARE REPURCHASES
4
35
36. WITH A FOCUS ON INVESTING FOR GROWTH AND ELEVATING
OUR PRODUCTIVITY INITIATIVES
Net capex is capital spending less cash proceeds from sales of property, plant and equipment which is a non-GAAP financial measure.
4.4%
4.9%
6.0% 5.9%
5.6% 5.7% 5.8%
2017 2018 2019 2020 2021 2022 2023
▪ IT
Harmonization
▪ Automation
▪ Logistics
▪ Digitalization
▪ Innovation
▪ Manufacturing
Capacity
▪ Go-to-Market
Systems
▪ Agriculture
▪ Climate
▪ Packaging
Sustainability
▪ Maintenance
$2.8B $3.1B $4.1B $4.2B $4.5B $5.0B $5.3B
Net
Capex
NET CAPITAL SPENDING (% NR) 2023 CAPITAL SPENDING BREAKDOWN
36
37. AND RETURNING CASH TO SHAREHOLDERS WITH OUR 52ND
CONSECUTIVE ANNUAL DIVIDEND INCREASE
2024 dividend increase effective with the dividend expected to be paid in June 2024. We expect to repurchase $1.0 billion worth of shares in 2024.
52
Consecutive years of
dividend increases
CASH DIVIDENDS PAID PER SHARE
$1.89
$2.03 $2.13 $2.24
$2.53
$2.76
$2.96
$3.17
$3.59
$3.79
$4.02
$4.25
$4.53
$4.95
$5.33
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CAGR
7.7%
37
38. AS WE AIM TO DELIVER ON OUR LONG-TERM TARGETS TO
CREATE VALUE FOR SHAREHOLDERS
Organic revenue growth, core operating margin and core constant currency EPS growth are non-GAAP financial measures.
PEPSICO LONG-TERM TARGETS
CREATE SHAREHOLDER
VALUE
Organic Revenue Growth +4-6%
Core Operating Margin Expansion +20-30bps
Core Constant Currency
Earnings Per Share Growth
Dividend ~3% Yield
38
+HSD