Adidas vs PepsiCo: Revenue, Profit and Business Model
Adidas reported ~$28B of revenue in FY2025 and ~$1.5B of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
Financial summary
Adidas
Adidas reported a ~$84.7 million (EUR75 million) attributable net loss in 2023 after ending the Ye partnership, followed by attributable net income of ~$863 million (EUR764 million) in 2024 and ~$1.51 billion (EUR1.340 billion) in 2025. Sales rose from ~$24.2 billion (EUR21.427 billion) in 2023 to ~$28 billion (EUR24.811 billion) in 2025.
PepsiCo
PepsiCo grew net revenue from $62.8 billion in 2016 to $93.9 billion in 2025, but growth slowed to 0.4% in 2024 and 2.3% in 2025 (1.7% organic) as North American snack volumes declined. Fiscal 2025 net income was $8.24 billion, down 14%, reflecting a roughly $2 billion impairment mainly on Rockstar. In 2026 the picture improved on the top line: Q1 net revenue rose 8.5% and Q2 rose 6.4% to $24.18 billion, helped by acquisitions, currency and international volume. Q2 2026 net income was $2.98 billion versus $1.26 billion a year earlier. For full-year 2026 PepsiCo guided to 2-4% organic revenue growth and 4-6% core constant-currency EPS growth.
Revenue and profit by year
Adidas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$28B | ~$1.5B | 5.4% | +4.8% | Source |
| FY2024 | ~$26.8B | ~$863.3M | 3.2% | +10.5% | Source |
| FY2023 | ~$24.2B | ~-$84.7M | -0.4% | -4.8% | Source |
| FY2022 | ~$25.4B | ~$691.6M | 2.7% | +6.0% | Source |
| FY2021 | ~$24B | ~$2.4B | 10.0% | +7.0% | Source |
| FY2020 | ~$22.4B | ~$484.8M | 2.2% | -16.1% | Source |
| FY2019 | ~$26.7B | ~$2.2B | 8.4% | +7.9% | Source |
| FY2018 | ~$24.8B | ~$1.9B | 7.8% | +3.3% | Source |
| FY2017 | ~$24B | ~$1.2B | 5.2% | +10.0% | Source |
| FY2016 | ~$21.8B | ~$1.1B | 5.3% | — | Source |
PepsiCo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $93.9B | $8.2B | 8.8% | +2.3% | Source |
| FY2024 | $91.9B | $9.6B | 10.4% | +0.4% | Source |
| FY2023 | $91.5B | $9.1B | 9.9% | +5.9% | Source |
| FY2022 | $86.4B | $8.9B | 10.3% | +8.7% | Source |
| FY2021 | $79.5B | $7.6B | 9.6% | +12.9% | Source |
| FY2020 | $70.4B | $7.1B | 10.1% | +4.8% | Source |
| FY2019 | $67.2B | $7.3B | 10.9% | +3.9% | Source |
| FY2018 | $64.7B | $12.5B | 19.4% | +1.8% | Source |
| FY2017 | $63.5B | $4.9B | 7.6% | +1.2% | Source |
| FY2016 | $62.8B | $6.3B | 10.1% | — | Source |
Where the revenue comes from
Adidas
- Footwear
~$16.1B (EUR14.232B) in FY2025 net sales (~57%)
Footwear is Adidas' largest revenue category, led by football, running, training, basketball, Originals, Sportswear, Samba, Gazelle, Spezial, and Adizero franchises.
- Apparel
~$9.9B (EUR8.764B) in FY2025 net sales (~35%)
Apparel includes football kits, training, running, Originals, Sportswear, and locally relevant collections that grew strongly in 2025 and Q1 2026.
- Accessories
~$2.05B (EUR1.815B) in FY2025 net sales (~7%)
Accessories include balls, bags, socks, caps, and sport equipment, including Adidas' long-running FIFA World Cup match-ball platform.
- Wholesale
60% of FY2025 net sales
Wholesale remains Adidas' largest channel, relying on retail partners, branded space, key-account relationships, and disciplined sell-in.
- Direct-to-Consumer
40% of FY2025 net sales
DTC includes own retail and e-commerce, giving Adidas more control over consumer experience, pricing, launches, data, and full-price sell-through.
PepsiCo
- PepsiCo Foods North America (Frito-Lay and Quaker)~30%
Savory snacks, oats, bars and dips sold to US and Canadian retailers and foodservice; about $27.7 billion combined in 2024.
- PepsiCo Beverages North America~30%
Finished drinks, fountain syrup and concentrate, including Pepsi, Mountain Dew, Gatorade and partner brands; about $27.8 billion in 2024.
- International (Latin America, Europe, AMESA, Asia Pacific)~40%
Locally made snacks such as Sabritas, Walkers and Kurkure plus beverage concentrate sold to franchise bottlers and company-run beverage operations.
Business model and strategy
Adidas
How it makes money
Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. It sells through wholesale partners and direct-to-consumer channels; wholesale represented 60% of 2025 sales and direct-to-consumer represented 40%.
Growth strategy
Adidas is investing in football, running, training, basketball, Originals, and Sportswear while giving regional teams more authority over assortments and marketing. The company uses wholesale and direct-to-consumer channels rather than relying on one distribution model.
Competitive advantage
Adidas combines a recognized 3-Stripes identity, long-standing football relationships, performance products, and archive footwear such as Samba, Gazelle, Superstar, and Stan Smith. Its wholesale network and direct-to-consumer channels provide global distribution.
PepsiCo
How it makes money
PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers. It reports through regional segments: PepsiCo Foods North America (Frito-Lay and Quaker, combined in 2025), PepsiCo Beverages North America (PBNA), Latin America, Europe, Africa/Middle East/South Asia (AMESA) and Asia Pacific.
Growth strategy
PepsiCo's current growth strategy has four parts: affordability (price cuts of up to 15% on Lay's, Tostitos, Doritos and Cheetos in February 2026), portfolio shift toward better-for-you and functional brands through acquisitions such as Siete (2025), poppi ($1.95 billion, closed May 2025) and Sabra, cost reduction (three US plant closures, SKU rationalization and a review of North American supply chain and go-to-mark…
Competitive advantage
PepsiCo's advantage is scale in savory snacks combined with a large beverage business and a direct-store-delivery network. Frito-Lay brands such as Lay's, Doritos and Cheetos lead the US salty snack aisle, and DSD lets PepsiCo control merchandising and restocking in grocery, mass and convenience stores.
Questions about Adidas vs PepsiCo
Which company has higher revenue — Adidas AG or PepsiCo, Inc.?
Adidas AG reported ~$28B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with Adidas AG reporting a smaller revenue base.
What is the market cap of Adidas AG vs PepsiCo, Inc.?
Adidas AG's market capitalisation stands at $29.0B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Adidas AG.
Which is more financially efficient — Adidas AG or PepsiCo, Inc.?
Adidas AG generates $432k / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. Adidas AG shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adidas AG and PepsiCo, Inc. make money?
Adidas AG and PepsiCo, Inc. generate revenue in fundamentally different ways. Adidas AG: Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. PepsiCo, Inc.: PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers.
Which company is valued higher relative to revenue — Adidas AG or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, Adidas AG trades at 1.0x P/S and PepsiCo, Inc. at 1.9x P/S. PepsiCo, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Adidas AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adidas AG bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to Adidas AG (~$28B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adidas vs PepsiCo overview