Both KO and PEP have posted steady top-line growth over the FY2022–FY2025 period, though at different scales and rates. KO grew revenues from $43.0B in FY2022 [KO:Q0] to $47.9B in FY2025 [KO:Q3], representing cumulative growth of roughly 11.5% over three years, with each year adding incrementally: $45.8B in FY2023 [KO:Q1], $47.1B in FY2024 [KO:Q2], and $47.9B in FY2025 [KO:Q3]. PEP, operating at roughly twice KO's revenue base, grew from $86.4B in FY2022 [PEP:Q0] to $93.9B in FY2025 [PEP:Q3], a cumulative gain of about 8.7%, with the bulk of that growth front-loaded in FY2023 ($91.5B [PEP:Q1]) and only modest incremental gains in FY2024 ($91.9B [PEP:Q2]) and FY2025 ($93.9B [PEP:Q3]). In percentage terms, KO has demonstrated slightly stronger compounding momentum across this window, while PEP's growth has decelerated noticeably after FY2023.
KO: Coca-Cola has delivered consistent annual revenue growth, rising from $43.0B in FY2022 [KO:Q0] to $47.9B in FY2025 [KO:Q3], a cumulative increase of approximately 11.5% with no year showing a decline. Growth has been relatively steady year-over-year, suggesting durable pricing power and volume resilience across its beverage portfolio.
PEP: PepsiCo's revenue trajectory shows strong initial growth—jumping from $86.4B in FY2022 [PEP:Q0] to $91.5B in FY2023 [PEP:Q1]—but has since plateaued, with FY2024 revenues of $91.9B [PEP:Q2] nearly flat versus FY2023 before a modest recovery to $93.9B in FY2025 [PEP:Q3]. This deceleration suggests PEP may be facing greater headwinds from volume softness or pricing normalization in its diversified food and beverage segments.
Coca-Cola (KO) and PepsiCo (PEP) both show revenue growth over the FY2022–FY2025 period, but their profitability profiles diverge meaningfully, particularly in the most recent year. KO grew revenues from $43.0B in FY2022 [KO:Q0] to $47.9B in FY2025 [KO:Q3], while PEP operates at a much larger scale, expanding from $86.4B [PEP:Q0] to $93.9B [PEP:Q3]. On gross margin, KO's gross profit rose to approximately $29.5B [KO:Q15], implying a gross margin of roughly 61.6% in FY2025—meaningfully higher than PEP's gross profit of approximately $50.9B [PEP:Q15] on $93.9B in revenue, or about 54.1%, reflecting PEP's heavier exposure to lower-margin food and beverage manufacturing.
At the bottom line, KO's net income reached $13.1B [KO:Q7] in FY2025 (a net margin of ~27.3%), while PEP's net income declined to $8.2B [PEP:Q7] from $9.6B in FY2024 [PEP:Q6] (a net margin of ~8.8%). It is worth noting that both of these year-over-year swings may be influenced by non-recurring items—KO's operating income rose sharply to $13.8B [KO:Q11] from $10.0B in FY2024 [KO:Q10], a magnitude of increase that is atypical for a mature beverage company and may partly reflect one-time gains rather than purely organic operational improvement. Similarly, PEP's earnings decline may be driven in part by non-recurring charges such as impairments or restructuring costs, rather than solely by underlying margin deterioration—a distinction that materially affects how the FY2025 results should be interpreted. Overall, KO demonstrates superior margin quality across gross, operating, and net measures, while PEP faces profitability headwinds despite its larger revenue base.
KO: Coca-Cola posted strong FY2025 profitability metrics, with net income of $13.1B [KO:Q7] and operating income of $13.8B [KO:Q11] on revenues of $47.9B [KO:Q3], translating to a net margin of approximately 27.3%. Its gross margin of roughly 61.6% [KO:Q15] reflects the premium pricing power of its concentrate-heavy business model. The scale of the FY2025 operating income improvement relative to FY2024 [KO:Q10] is notable, though investors should consider whether non-recurring items contributed to the magnitude of the rebound.
PEP: PepsiCo's profitability came under pressure in FY2025, with net income declining to $8.2B [PEP:Q7] from $9.6B in FY2024 [PEP:Q6], and operating income falling to $11.5B [PEP:Q11] from $12.9B [PEP:Q10], even as revenues grew modestly to $93.9B [PEP:Q3]. While PEP's absolute gross profit of approximately $50.9B [PEP:Q15] exceeds KO's in dollar terms, its gross and net margins trail KO's considerably. The earnings decline may reflect a combination of structural cost pressures in its diversified snack and beverage portfolio and potentially non-recurring charges; distinguishing between these factors is important for assessing PEP's underlying earnings trajectory.