PepsiCo
27 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Partners and platforms
Starbucks
depends onPBNA also, either independently or in conjunction with third parties, makes, markets, distributes and sells ready-to-drink tea and coffee products through joint ventures with Unilever (under the Lipton brand name) and Starbucks, respectively.Business (Item 1)
Keurig Dr Pepper Inc.
depends onFurther, PBNA manufactures and distributes certain brands licensed from Keurig Dr Pepper Inc., including Crush, Dr Pepper and Schweppes, and certain juice brands licensed from Dole Food Company, Inc. and Ocean Spray Cranberries, Inc.Business (Item 1)
Also named by MNST
Celsius Holdings, Inc.
depends onPBNA also distributes, in certain channels, brands owned by Celsius Holdings, Inc. (Celsius), including Celsius, Alani Nu and Rockstar.Business (Item 1)
Also named by MNST
Unilever
depends onPBNA also, either independently or in conjunction with third parties, makes, markets, distributes and sells ready-to-drink tea and coffee products through joint ventures with Unilever (under the Lipton brand name) and Starbucks, respectively.Business (Item 1)
Ocean Spray Cranberries, Inc.
depends onWe also hold long-term licenses to use valuable trademarks in connection with our products in certain markets, including Ocean Spray.Business (Item 1)
Tropicana Beverages Group
depends onIn the United States, PBNA acts as the exclusive distributor for small-format and foodservice customers with chilled direct-store-delivery (DSD) for the portfolio of brands owned by Tropicana Beverages Group (TBG).Business (Item 1)
Other companies
Sabra Dipping Company, LLC
50% ownershipIn December 2024, we acquired the Strauss Group’s 50% ownership in Sabra Dipping Company, LLC (Sabra) and Sabra became a wholly-owned subsidiary.Business (Item 1)
Competitors
The Coca-Cola Company
competes with · approximately 16% and 20%, respectively, of the U.S. liquid refreshment beverage categorynamed as a riskIn many countries in which our products are sold, including the United States, The Coca-Cola Company is our primary beverage competitor.Business (Item 1)
Places
Ukraine
operates innamed as a riskIn addition, geopolitical conflicts (such as the ongoing conflict in Ukraine) could result in temporary or permanent loss of assets, including the nationalization or expropriation of assets.Risk factors (Item 1A)
Also named by C, CL, DKNG, JLL, LKQ, LSTR, MDLZ, MSFT and 4 more
Venezuela
operates innamed as a riskThe results of elections, referendums or other political conditions (including government shutdowns), geopolitical events and tensions, wars and other military conflicts (such as the ongoing conflict in Ukraine and recent intervention in Venezuela) in these markets have in the past impacted and could continue to impact how existing laws, regulations and government programs or policies are implemented or result in uncertainty as to how such laws, regulations, programs or policies may change, including with respect to the negotiation of new trade agreements, new, expanded or retaliatory tariffs against certain countries or covering certain products or ingredients (including U.S. tariffs imposed or threatened to be imposed on China, the European Union, Canada and Mexico and other countries and any retaliatory actions taken by such countries), sanctions, environmental and climate change regulations, taxes, benefit programs (including any changes to governmental subsidies provided to our consumers such as SNAP in the United States), the movement of goods, services and people between countries, relationships between countries, customer or consumer perception of a particular country or its government and other matters.Risk factors (Item 1A)
Also named by BKR, CL, COP, CRC, CVX, EME, FLS, JNJ and 3 more
Hazards
Citrus greening disease
exposed to its pricenamed as a riskThe raw materials and other supplies, including agricultural commodities, fuel and packaging materials, such as recycled PET, transportation, labor and other supply chain inputs that we use for the manufacturing, production and distribution of our products are subject to price volatility and fluctuations in availability caused by many factors, including changes in supply and demand, supplier capacity constraints, inflation, weather conditions (including potential effects of climate change), fire, natural disasters, disease or pests (including the impact of greening disease on the citrus industry), agricultural uncertainty, health epidemics or pandemics or other contagious outbreaks, labor shortages or changes in availability of our or our business partners’ workforce, strikes or work stoppages (including by railway workers or other third parties involved in the manufacture, production and distribution of our products), governmental incentives and controls and import/export restrictions, such as new, expanded or retaliatory tariffs, sanctions, quotas or trade barriers, port congestions or delays, transport capacity constraints, cybersecurity incidents or other disruptions, loss or impairment of key manufacturing sites, political uncertainties, geopolitical events and tensions, wars and other military conflicts, acts of terrorism, governmental instability or currency exchange rates.Risk factors (Item 1A)
Also named by KO
Commodities and inputs
Aluminum
exposed to its pricenamed as a riskOur key packaging materials include plastic resin, including polyethylene terephthalate (PET), polyethylene and polypropylene used for plastic beverage bottles and film packaging for convenient foods, aluminum, glass, closures, cardboard and paperboard cartons.Business (Item 1)
Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more
Corn
exposed to its pricenamed as a riskIn addition, climate change or other weather-related disruptions to our supply chain may also have a negative effect on agricultural production resulting in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other commodities.Risk factors (Item 1A)
Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more
Water
depends onnamed as a riskWe and our business partners use water in the manufacturing of our products.Risk factors (Item 1A)
Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more
Sugar
exposed to its pricenamed as a riskIn addition, climate change or other weather-related disruptions to our supply chain may also have a negative effect on agricultural production resulting in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other commodities.Risk factors (Item 1A)
Potatoes
exposed to its pricenamed as a riskIn addition, climate change or other weather-related disruptions to our supply chain may also have a negative effect on agricultural production resulting in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other commodities.Risk factors (Item 1A)
Polyethylene terephthalate (PET)
exposed to its pricenamed as a riskThe raw materials and other supplies, including agricultural commodities, fuel and packaging materials, such as recycled PET, transportation, labor and other supply chain inputs that we use for the manufacturing, production and distribution of our products are subject to price volatility and fluctuations in availability caused by many factors, including changes in supply and demand, supplier capacity constraints, inflation, weather conditions (including potential effects of climate change), fire, natural disasters, disease or pests (including the impact of greening disease on the citrus industry), agricultural uncertainty, health epidemics or pandemics or other contagious outbreaks, labor shortages or changes in availability of our or our business partners’ workforce, strikes or work stoppages (including by railway workers or other third parties involved in the manufacture, production and distribution of our products), governmental incentives and controls and import/export restrictions, such as new, expanded or retaliatory tariffs, sanctions, quotas or trade barriers, port congestions or delays, transport capacity constraints, cybersecurity incidents or other disruptions, loss or impairment of key manufacturing sites, political uncertainties, geopolitical events and tensions, wars and other military conflicts, acts of terrorism, governmental instability or currency exchange rates.Risk factors (Item 1A)
Laws and programs
OECD global minimum tax
subject to · 15%named as a riskAs the legislation becomes effective in countries in which we do business, our taxes will increase and negatively impact our provision for income taxes.Risk factors (Item 1A)
Also named by AAPL, APP, ARW, AXP, BAC, BALL, CB, CBRE and 15 more
Mexico sweetened beverage tax
subject to · from a rate of approximately $0.09 (1.64 Mexican pesos) to a rate of approximately $0.17 (3.08 Mexican pesos) per liternamed as a riskFor example, Mexico recently enacted an increase to its existing flat tax on all sweetened beverages, effective January 1, 2026, from a rate of approximately $0.09 (1.64 Mexican pesos) to a rate of approximately $0.17 (3.08 Mexican pesos) per liter.Risk factors (Item 1A)
Supplemental Nutrition Assistance Program (SNAP)
earns fromnamed as a riskConsumer preferences continuously evolve due to a variety of factors, including: changes in consumer demographics, consumption patterns (including increased food purchased away-from-home), diet (whether due to changes in consumer behavior and eating habits, increasing use of weight-loss drugs, such as GLP-1 medications, or other factors) and channel preferences (including continued increases in the e-commerce and online-to-offline channels and use of artificial intelligence shopping agents that autonomously select products that may not be ours); pricing (including the effective impact of tariffs and taxes imposed on the manufacture, distribution or sale of certain of our products as a result of ingredients contained in such products); affordability pressures and changes in consumer spending patterns (including if consumers switch to private label or lower-priced product offerings); changes in funding for or restrictions on the inclusion of our products in benefit programs, such as the Supplemental Nutrition Assistance Program (SNAP) in the United States; product quality; product functionality (including products high in protein or fiber-enriched); concerns or perceptions regarding packaging and its environmental impact (such as single-use and other plastic packaging); concerns or perceptions regarding the processing, nutrition profile and health effects of, or location of origin of, ingredients or substances in our products or packaging, including due to public statements by government officials, increased litigation, changes in regulations, regulatory scrutiny or the results of third-party studies (whether or not scientifically valid); and concerns or perceptions regarding our workforce policies and initiatives.Risk factors (Item 1A)
Also named by BJ, CPB, DG, DLTR, KHC, MDLZ, MNST, MUSA and 1 more
Texas artificial color warning label law
subject tonamed as a riskFor example, in 2025, the state of Texas passed a law, effective January 1, 2027, requiring warning labels on products containing certain ingredients, including artificial colors.Risk factors (Item 1A)
U.S. tariffs on China, the European Union, Canada and Mexico
subject tonamed as a riskIn addition, the imposition of tariffs (including U.S. tariffs imposed or threatened to be imposed on China, the European Union, Canada and Mexico and other countries and any tariffs imposed by such countries) have impacted and could continue to impact our supply chain resulting in increased input costs, including the cost of certain raw materials and packaging.Risk factors (Item 1A)
U.S. state extended producer responsibility laws
subject tonamed as a riskFor example, multiple states in the United States have implemented, or are considering implementing, extended producer responsibility laws that will increase expenses, including through fees paid to state governments in connection with such laws.Risk factors (Item 1A)
California Proposition 65
subject toWe are also subject to various state and local statutes and regulations, including state consumer protection laws such as Proposition 65 in California, which requires that a specific warning appear on any product that contains a substance listed by the State of California as having been found to cause cancer or birth defects, unless the amount of such substance in the product is below a safe harbor level.Business (Item 1)
Also named by ARE, CELH, ECL, KDP, KO, LKQ, MKC, MNST and 3 more
Food (Promotion and Placement) (England) Regulations
subject toWe are subject to numerous similar and other laws and regulations outside the United States, including but not limited to laws and regulations governing food safety; the ingredients or substances contained in, or attributes of, our products, including the Food (Promotion and Placement) (England) Regulations; international trade, sanctions, import/export restrictions and tariffs; supply chains, including the U.K. Modern Slavery Act; occupational health and safety; the payment of taxes and the global tax environment; competition; and anti-corruption and data privacy, including the European Union General Data Protection Regulation.Business (Item 1)