Consumer Staples
Consumer Staples Beverage
PepsiCo is larger than Coca-Cola on the income statement
PepsiCo 2025 net revenue $93.9B includes Frito-Lay. Coca-Cola $47.9B is concentrate plus finished product. KDP $16.6B. Monster $8.3B.
Volume was even. KDP volume/mix was not.
Coca-Cola 2025 unit case volume was even (33.8 billion cases). PepsiCo beverage volume was even and foods volume was -2%. KDP constant-currency volume/mix was +4.8%, including 3.8 points from GHOST.
Coca-Cola by operating segment
2025: North America $19.6B, EMEA $11.5B, Latin America $6.3B, Asia Pacific $5.6B, Bottling Investments $5.7B. Eliminations omitted.
Coca-Cola is still sparkling
Sparkling soft drinks were 69% of worldwide unit case volume in 2025, unchanged from 2024. Trademark Coca-Cola was 47%. The other 31% is still beverages.
Half of PepsiCo is convenient food
2025: PBNA $28.2B, PFNA $27.5B, EMEA $18.0B, LatAm Foods $10.5B. The six printed segments sum to $93.9B.
KDP is U.S. refreshment, then coffee
2025: U.S. Refreshment $10.4B, U.S. Coffee $4.0B, International $2.2B. The three lines sum to $16.6B. JDE Peet is 2026 guide, not a 2025 actual.
KDP coffee lost volume. Refreshment did not.
2025: U.S. Refreshment volume/mix +9.0% and price +2.9%. U.S. Coffee volume/mix -4.2% and price +4.8%. Consolidated constant-currency sales +8.6%.
VolumePrice
Monster energy cases are still a rounding error versus Coke
2025: Monster Energy Drinks 756 million 192-ounce cases, Strategic Brands 203 million. Coca-Cola sold 33.8 billion unit cases. Alcohol Brands are omitted.