Ford vs PepsiCo: Revenue, Profit and Business Model
Ford reported $187.3B of revenue in FY2025 and a net loss of $8.2B. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
Financial summary
Ford
Ford's numbers show a profitable truck and fleet business funding an expensive EV reset. FY2025 revenue rose 1.2% to $187.267B, but Ford posted an $8.162B net loss as Model e lost $4.806B at EBIT and the company took charges tied to its December 2025 decision to cancel some EV programs. Ford Pro earned $6.843B of EBIT. In Q2 2026, revenue fell 4% to $48.3B on lower wholesale volumes and aluminum shortages linked to supplier Novelis, and the $1.3B net loss included $3.6B of charges for exiting the BlueOval SK battery joint venture. Adjusted EBIT still rose 17% to $2.5B, adjusted free cash flow was $2.1B, and liquidity exceeded $43B.
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
Ford
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $187.3B | -$8.2B | -4.4% | +1.2% | Source |
| FY2024 | $185B | $5.9B | 3.2% | +5.0% | Source |
| FY2023 | $176.2B | $4.3B | 2.5% | +11.5% | Source |
| FY2022 | $158.1B | -$2B | -1.3% | +15.9% | Source |
| FY2021 | $136.3B | $17.9B | 13.2% | +7.2% | Source |
| FY2020 | $127.1B | -$1.3B | -1.0% | -18.4% | Source |
| FY2019 | $155.9B | $84M | 0.1% | -2.8% | Source |
| FY2018 | $160.3B | $3.7B | 2.3% | +2.3% | Source |
| FY2017 | $156.8B | $7.8B | 4.9% | +3.3% | Source |
| FY2016 | $151.8B | $4.6B | 3.0% | — | 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
Ford
- Ford Blue~54%
Combustion and hybrid Ford and Lincoln retail vehicles generated $101.019B of FY2025 revenue.
- Ford Pro~35%
Commercial vehicles, fleet services, telematics, charging, and related customer relationships generated $66.286B of FY2025 revenue.
- Ford Model e~4%
Electric vehicles, EV technologies, and related software generated $6.670B of FY2025 revenue while remaining loss-making.
- Ford Credit and Other~7%
Vehicle financing, leasing, and other corporate activities complete Ford's consolidated revenue base.
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
Ford
How it makes money
Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Ford Blue sells gas and hybrid retail vehicles such as the F-150, Bronco, Explorer, and Maverick ($101.0B of FY2025 revenue).
Growth strategy
After its December 2025 EV reset, Ford is concentrating capital on trucks, hybrids, and higher-margin services rather than large first-generation battery-electric programs.
Competitive advantage
Ford's clearest moat is the F-Series truck franchise, the best-selling pickup line in the U.S. every year since 1977, combined with Ford Pro's position in commercial vans and Super Duty trucks. Fleet customers buy vehicles, service, parts, telematics, and financing from one supplier, and Ford's upfitter, dealer, and mobile-service network is hard for EV startups or importers to replicate.
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 Ford vs PepsiCo
Which company has higher revenue — Ford Motor Company or PepsiCo, Inc.?
Ford Motor Company reported $187.3B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, Ford Motor Company is the larger business, with PepsiCo, Inc. reporting a smaller revenue base.
What is the market cap of Ford Motor Company vs PepsiCo, Inc.?
Ford Motor Company's market capitalisation stands at $48.0B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ford Motor Company.
Which is more financially efficient — Ford Motor Company or PepsiCo, Inc.?
Ford Motor Company generates $1.11M / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. Ford Motor Company 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 Ford Motor Company and PepsiCo, Inc. make money?
Ford Motor Company and PepsiCo, Inc. generate revenue in fundamentally different ways. Ford Motor Company: Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. 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 — Ford Motor Company or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, Ford Motor Company trades at 0.3x 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 Ford Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Ford Motor Company bigger than PepsiCo, Inc.?
By last reported revenue, Ford Motor Company ($187.3B (FY2025)) is the larger company compared to PepsiCo, Inc. ($93.9B (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 Ford vs PepsiCo overview