PepsiCo vs TotalEnergies: Revenue, Profit and Business Model
PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income. TotalEnergies reported $201.2B of revenue in FY2025 and $13.1B of net income.
Latest financial snapshot
PepsiCo
- Latest revenue
- $93.9B (FY2025)
- Net income
- $8.2B
- Net margin
- 8.8%
- Revenue growth
- +4.6% a year, FY2016–FY2025
TotalEnergies
- Latest revenue
- $201.2B (FY2025)
- Net income
- $13.1B
- Net margin
- 6.5%
- Revenue growth
- +5.2% a year, FY2016–FY2025
Financial summary
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.
TotalEnergies
TotalEnergies' 2025 results showed how much its earnings still track oil prices. Revenues from sales fell to $182.344 billion (total revenues including excise taxes of $201.2 billion), adjusted net income dropped 15% to $15.6 billion and IFRS net income attributable to shareholders was $13.1 billion. Cash flow slipped only 7% to nearly $28 billion because upstream production grew about 4%. Gearing ended 2025 at 15%, ROACE was 12.6% and the 2025 dividend rose 5.6% to €3.40 per share. In 2026, higher crude prices linked to the Middle East conflict reversed the trend: second-quarter adjusted net income reached $6.0 billion, cash flow $9.8 billion and first-half adjusted net income about $11.4 billion.
Revenue and profit by year
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 |
TotalEnergies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201.2B | $13.1B | 6.5% | -6.2% | Source |
| FY2024 | $214.6B | $15.8B | 7.3% | -9.5% | Source |
| FY2023 | $237.1B | $21.4B | 9.0% | -15.6% | Source |
| FY2022 | $281B | $20.5B | 7.3% | +36.5% | Source |
| FY2021 | $205.9B | $16B | 7.8% | +46.3% | Source |
| FY2020 | $140.7B | -$7.2B | -5.1% | -29.8% | Source |
| FY2019 | $200.3B | $11.3B | 5.6% | -4.3% | Source |
| FY2018 | $209.4B | $11.4B | 5.5% | +40.4% | Source |
| FY2017 | $149.1B | $8.6B | 5.8% | +16.6% | Source |
| FY2016 | $127.9B | $6.2B | 4.8% | — | Source |
Where the revenue comes from
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.
TotalEnergies
- Exploration & Production
Not disclosed here
Sales of crude oil and gas from about 2.5 million boe per day of 2025 production.
- Integrated LNG
Not disclosed here
Liquefaction, shipping, trading and sale of LNG and gas under long-term and spot contracts.
- Integrated Power
Not disclosed here
Wholesale and retail electricity from renewables, gas-fired plants and storage, plus retail gas supply.
- Refining & Chemicals
Not disclosed here
Refined fuels, polymers and petrochemicals from integrated industrial platforms.
- Marketing & Services
Not disclosed here
Retail and B2B sales of fuels, lubricants, aviation fuel and EV charging.
Business model and strategy
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.
TotalEnergies
How it makes money
TotalEnergies makes money across five reporting segments. Exploration & Production sells crude oil and gas from about 2.5 million barrels of oil equivalent per day of output. Integrated LNG liquefies, ships, trades and sells gas from projects in Qatar, the U.S., Nigeria, Australia, Papua New Guinea and elsewhere.
Growth strategy
TotalEnergies' strategy centers on low-cost oil and gas production, LNG integration, disciplined downstream operations, renewable power capacity, electricity customers, and cash returns to shareholders.
Competitive advantage
TotalEnergies has an integrated LNG platform, upstream assets across multiple basins, downstream and marketing positions, and a growing power portfolio. Its advantage is breadth across molecules, refined products, and electrons.
Questions about PepsiCo vs TotalEnergies
Which company has higher revenue — PepsiCo, Inc. or TotalEnergies SE?
PepsiCo, Inc. reported $93.9B (FY2025), while TotalEnergies SE reported $201.2B (FY2025). By last reported revenue, TotalEnergies SE is the larger business, with PepsiCo, Inc. reporting a smaller revenue base.
What is the market cap of PepsiCo, Inc. vs TotalEnergies SE?
PepsiCo, Inc.'s market capitalisation stands at $175.0B, while TotalEnergies SE's is $205.0B. TotalEnergies SE carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to PepsiCo, Inc..
Which is more financially efficient — PepsiCo, Inc. or TotalEnergies SE?
PepsiCo, Inc. generates $307k / employee in revenue per employee, while TotalEnergies SE generates $2.01M / employee. TotalEnergies SE 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 PepsiCo, Inc. and TotalEnergies SE make money?
PepsiCo, Inc. and TotalEnergies SE generate revenue in fundamentally different ways. PepsiCo, Inc.: PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers. TotalEnergies SE: TotalEnergies makes money across five reporting segments.
Which company is valued higher relative to revenue — PepsiCo, Inc. or TotalEnergies SE?
On a price-to-sales (P/S) basis, PepsiCo, Inc. trades at 1.9x P/S and TotalEnergies SE at 1.0x P/S. PepsiCo, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TotalEnergies SE. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is PepsiCo, Inc. bigger than TotalEnergies SE?
By last reported revenue, TotalEnergies SE ($201.2B (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 PepsiCo vs TotalEnergies overview