PepsiCo vs Xiaomi: Revenue, Profit and Business Model
PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income. Xiaomi reported ~$63.6B of revenue in FY2025 and ~$5.8B 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.
Xiaomi
FY2025 was Xiaomi's strongest year: revenue rose 25.0% to ~$63.6B (RMB457.3B), profit attributable to owners was ~$5.78B (RMB41.6B), and adjusted net profit rose 43.8% to ~$5.45B (RMB39.2B). The Smart EV, AI and other new initiatives segment more than tripled to ~$14.7B (RMB106.1B) on 411,082 vehicle deliveries and posted its first full-year operating profit. 2026 has been weaker. Q1 revenue was ~$13.8B (RMB99.1B) (down 10.9%) with adjusted net profit of ~$848M (RMB6.1B) (down 43.1%). Q2 revenue was ~$15.1B (RMB108.9B) (down 6.1%) with adjusted net profit of ~$862M (RMB6.2B) (down 42.6%) and a 19.8% gross margin. In Q2 the EV segment had ~$3.46B (RMB24.9B) of revenue and an operating loss of about $361M (RMB2.6B).
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 |
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.
Xiaomi
- Smartphones
40.8% (FY2025)
~$25.9B (RMB186.4B) from Xiaomi, Redmi and POCO phones.
- IoT, Lifestyle Products and Internet Services
36.0% (FY2025)
Remainder of the Smartphone x AIoT segment, including appliances, TVs, wearables, advertising and games.
- Smart EV, AI and Other New Initiatives
23.2% (FY2025)
~$14.7B (RMB106.1B), mostly from SU7 and YU7 vehicle sales.
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.
Xiaomi
How it makes money
Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games. Smartphones were the largest single product line in FY2025 at ~$25.9B (RMB186.4B) of revenue. IoT products extend the ecosystem into homes, and many of them are made by ecosystem partner companies Xiaomi has invested in.
Growth strategy
Xiaomi's stated strategy is the Human x Car x Home ecosystem: sell more premium smartphones, add large appliances and other IoT categories, scale the car lineup, and invest in its own AI models and chips, such as the MiMo models and the XRING O1 processor.
Competitive advantage
Xiaomi's advantages are scale in smartphones (top three globally by shipments), a very wide range of connected products under one brand and one operating system, a large device base it can monetize through services, and a fast-growing car business that buyers can connect to the same ecosystem.
Questions about PepsiCo vs Xiaomi
Which company has higher revenue — PepsiCo, Inc. or Xiaomi Corp.?
PepsiCo, Inc. reported $93.9B (FY2025), while Xiaomi Corp. reported ~$63.6B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with Xiaomi Corp. reporting a smaller revenue base.
What is the market cap of PepsiCo, Inc. vs Xiaomi Corp.?
PepsiCo, Inc.'s market capitalisation stands at $175.0B, while Xiaomi Corp.'s is $83.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Xiaomi Corp..
Which is more financially efficient — PepsiCo, Inc. or Xiaomi Corp.?
PepsiCo, Inc. generates $307k / employee in revenue per employee, while Xiaomi Corp. generates $1.12M / employee. Xiaomi Corp. 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 Xiaomi Corp. make money?
PepsiCo, Inc. and Xiaomi Corp. 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. Xiaomi Corp.: Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games.
Which company is valued higher relative to revenue — PepsiCo, Inc. or Xiaomi Corp.?
On a price-to-sales (P/S) basis, PepsiCo, Inc. trades at 1.9x P/S and Xiaomi Corp. at 1.3x P/S. PepsiCo, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Xiaomi Corp.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is PepsiCo, Inc. bigger than Xiaomi Corp.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to Xiaomi Corp. (~$63.6B (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 PepsiCo vs Xiaomi overview