American Tower vs PepsiCo: Revenue, Profit and Business Model
American Tower reported $10.6B of revenue in FY2025 and $2.5B of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
American Tower
- Latest revenue
- $10.6B (FY2025)
- Net income
- $2.5B
- Net margin
- 23.8%
- Revenue growth
- +7.0% a year, FY2016–FY2025
PepsiCo
- Latest revenue
- $93.9B (FY2025)
- Net income
- $8.2B
- Net margin
- 8.8%
- Revenue growth
- +4.6% a year, FY2016–FY2025
Financial summary
American Tower
American Tower is structured as a REIT, so qualifying US real estate income is distributed to shareholders rather than taxed at the corporate level, while international operations sit in taxable REIT subsidiaries. FY2025 revenue was $10,645 million, up 5.1%, with property revenue of $10,305 million and adjusted EBITDA of $7.1 billion at a 67.0% cash margin. Net income attributable to common stockholders was $2,529.5 million, and attributable AFFO per share, as adjusted, grew about 8% for the year. Net leverage ended 2025 at 4.9 times adjusted EBITDA, and S&P Global raised the company's issuer rating to BBB+ with a stable outlook in July 2025. American Tower also repurchased about $365 million of stock during 2025, its largest annual buyback since 2017.
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
American Tower
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $10.6B | $2.5B | 23.8% | +5.1% | Source |
| FY2024 | $10.1B | $2.3B | 22.3% | +1.1% | Source |
| FY2023 | $10B | $1.5B | 14.8% | +3.8% | Source |
| FY2022 | $9.6B | $1.8B | 18.3% | +3.1% | Source |
| FY2021 | $9.4B | $2.6B | 27.4% | +16.4% | Source |
| FY2020 | $8B | $1.7B | 21.0% | +6.1% | Source |
| FY2019 | $7.6B | $1.9B | 24.9% | +1.9% | Source |
| FY2018 | $7.4B | $1.2B | 16.5% | +11.6% | Source |
| FY2017 | $6.7B | $1.2B | 17.3% | +15.2% | Source |
| FY2016 | $5.8B | $849.3M | 14.7% | — | 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
American Tower
- Site Rental~87%
Leasing space on communications sites under long-term contracts with escalators and renewal options. Property revenue excluding data centers was $9,252 million of the $10,645 million FY2025 total.
- Data Center Services~10%
CoreSite data center, power and interconnection revenue, which was $1,053 million in FY2025, up about 14% year over year.
- Services and Other~3%
Site acquisition, zoning, permitting and construction work performed for carriers, plus other revenue. This line was $340 million in FY2025.
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
American Tower
How it makes money
American Tower owns the tower structure and controls the land beneath it, then leases vertical space to mobile operators such as T-Mobile, AT&T and Verizon so they can mount antennas. The economics turn on colocation: once a tower stands, adding a second or third tenant costs comparatively little, so incremental rent converts largely into operating profit.
Growth strategy
After selling its India business in 2024, American Tower concentrates capital on developed markets and on data centers. About 85% of planned 2026 discretionary capital spending goes to developed markets, including more than $700 million for CoreSite data center development, where revenue grew about 14% in 2025.
Competitive advantage
The advantage is the site itself. Zoning approval, environmental review and land control make a new macro tower slow and costly to add in a populated area, so a carrier that needs coverage in a specific location usually has to lease space on a structure that already stands there.
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 American Tower vs PepsiCo
Which company has higher revenue — American Tower Corporation or PepsiCo, Inc.?
American Tower Corporation reported $10.6B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with American Tower Corporation reporting a smaller revenue base.
What is the market cap of American Tower Corporation vs PepsiCo, Inc.?
American Tower Corporation's market capitalisation stands at $76.6B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to American Tower Corporation.
Which is more financially efficient — American Tower Corporation or PepsiCo, Inc.?
American Tower Corporation generates $2.19M / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. American Tower Corporation 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 American Tower Corporation and PepsiCo, Inc. make money?
American Tower Corporation and PepsiCo, Inc. generate revenue in fundamentally different ways. American Tower Corporation: American Tower owns the tower structure and controls the land beneath it, then leases vertical space to mobile operators such as T-Mobile, AT&T and Verizon so they can mount antennas. 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 — American Tower Corporation or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, American Tower Corporation trades at 7.2x P/S and PepsiCo, Inc. at 1.9x P/S. American Tower Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to PepsiCo, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Tower Corporation bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to American Tower Corporation ($10.6B (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 American Tower vs PepsiCo overview