AutoZone vs PepsiCo: Revenue, Profit and Business Model
AutoZone reported $20.3B of revenue in FY2026 and $2.6B of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
Financial summary
AutoZone
AutoZone converts steady repair demand into cash and returns almost all of it to shareholders. Fiscal 2026 operating cash flow was US$3.30 billion on net sales of US$20.34 billion, and the company pays no dividend. Since fiscal 1998 it has repurchased 156.2 million shares for US$40.5 billion, including US$2.0 billion in fiscal 2026 at an average price of US$3,496 a share, leaving 16.2 million shares outstanding at August 29, 2026. That is why per-share earnings grow faster than profit: fiscal 2026 net income rose 3.0 percent to US$2.57 billion while diluted earnings per share rose 5.3 percent to US$152.55. The buybacks are partly debt funded, so the balance sheet carries US$9.08 billion of debt and a US$2.50 billion stockholders' deficit, with adjusted debt to EBITDAR of 2.5 times and adjusted after-tax return on invested capital of 35.8 percent.
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
AutoZone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $20.3B | $2.6B | 12.6% | +7.4% | Source |
| FY2025 | $18.9B | $2.5B | 13.2% | +2.4% | Source |
| FY2024 | $18.5B | $2.7B | 14.4% | +5.9% | Source |
| FY2023 | $17.5B | $2.5B | 14.5% | +7.4% | Source |
| FY2022 | $16.3B | $2.4B | 14.9% | +11.1% | Source |
| FY2021 | $14.6B | $2.2B | 14.8% | +15.8% | Source |
| FY2020 | $12.6B | $1.7B | 13.7% | +6.5% | Source |
| FY2019 | $11.9B | $1.6B | 13.6% | +5.7% | Source |
| FY2018 | $11.2B | $1.3B | 11.9% | +3.1% | Source |
| FY2017 | $10.9B | $1.3B | 11.8% | +2.4% | Source |
| FY2016 | $10.6B | $1.2B | 11.7% | — | 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
AutoZone
- Do-It-For-Me (DIFM) Commercial~28%
Domestic commercial sales to independent repair shops and local service garages were US$5.76 billion in fiscal 2026 (up 10.6%), about 28% of total net sales of US$20.34 billion.
- Do-It-Yourself (DIY) Retail
~72% (with international and other)
All other sales, about US$14.58 billion in fiscal 2026: domestic DIY retail plus stores in Mexico and Brazil, e-commerce and ALLDATA. The earnings release does not split DIY from these other sales.
- ALLDATA Software Subscriptions
Not separately disclosed
Recurring revenue from diagnostic software subscriptions for independent repair shops, providing OEM diagnostic data and repair procedures; included in the non-commercial sales figure above.
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
AutoZone
How it makes money
AutoZone runs two connected businesses: DIY retail, where customers buy parts for their own vehicles, and DIFM (Do-It-For-Me) commercial sales to professional repair shops. Domestic commercial sales reached US$5.76 billion in fiscal 2026, up 10.6 percent, about 28 percent of total net sales of US$20.34 billion.
Growth strategy
With the U.S. store base mature, most domestic growth has to come from the professional market and from putting more inventory closer to customers. Domestic commercial sales grew 10.6 percent to US$5.76 billion in fiscal 2026, and the company added 345 commercial programs and 39 mega hubs during the year.
Competitive advantage
AutoZone's advantage is local parts availability. A customer whose car will not start cannot wait two days for delivery, so the value sits in having the part nearby: 6,863 U.S. stores backed by 172 mega hub stores that each carry 80,000 to 110,000 unique SKUs and supply the stores and commercial customers around them.
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 AutoZone vs PepsiCo
Which company has higher revenue — AutoZone, Inc. or PepsiCo, Inc.?
AutoZone, Inc. reported $20.3B (FY2026), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with AutoZone, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of AutoZone, Inc. vs PepsiCo, Inc.?
AutoZone, Inc.'s market capitalisation stands at $45.8B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AutoZone, Inc..
Which is more financially efficient — AutoZone, Inc. or PepsiCo, Inc.?
AutoZone, Inc. generates $156k / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. PepsiCo, Inc. 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 AutoZone, Inc. and PepsiCo, Inc. make money?
AutoZone, Inc. and PepsiCo, Inc. generate revenue in fundamentally different ways. AutoZone, Inc.: AutoZone runs two connected businesses: DIY retail, where customers buy parts for their own vehicles, and DIFM (Do-It-For-Me) commercial sales to professional repair shops. 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 — AutoZone, Inc. or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, AutoZone, Inc. trades at 2.3x P/S and PepsiCo, Inc. at 1.9x P/S. AutoZone, Inc. 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 AutoZone, Inc. bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to AutoZone, Inc. ($20.3B (FY2026)). 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 AutoZone vs PepsiCo overview