PepsiCo vs Toyota: Revenue, Profit and Business Model
PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
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 |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | 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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about PepsiCo vs Toyota
Which company has higher revenue — PepsiCo, Inc. or Toyota Motor Corporation?
PepsiCo, Inc. reported $93.9B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with PepsiCo, 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 PepsiCo, Inc. vs Toyota Motor Corporation?
PepsiCo, Inc.'s market capitalisation stands at $175.0B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation 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 Toyota Motor Corporation?
PepsiCo, Inc. generates $307k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor 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 PepsiCo, Inc. and Toyota Motor Corporation make money?
PepsiCo, Inc. and Toyota Motor Corporation 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. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — PepsiCo, Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, PepsiCo, Inc. trades at 1.9x P/S and Toyota Motor Corporation at 0.8x P/S. PepsiCo, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is PepsiCo, Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) 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 Toyota overview