PRICING SUPPLEMENT NUMBER 9                         Filed Under Rule
(To Prospectus dated January 11, 1995)              424(b)(2) and 424(c)
CUSIP 71345L CU-0                                   File No. 33-57181


                                $25,000,000

                                PEPSICO, INC.

               7.50% Callable Debt Securities Due April 26, 2002
                          Interest Payable Monthly
                           _______________________


     Underwriter:  Lehman Brothers Inc.

     Initial Offering Price:  100.00%

     Underwriter's Discount:  0.00%

     Currency:  U. S. dollars

     Date of Issue:  April 26, 1995

     Issuance form:  Book entry.

     Scheduled Maturity Date:  April 26, 2002

     Coupon:   7.50% per annum

     Day count basis:    30/360

     Interest Accrual Date:  April 26, 1995, or the most recent date
     for which interest has been paid or provided for, as the case may be.
     Interest will accrue from each Interest Accrual Date to but excluding
     the next succeeding Interest Payment Date.


     Interest Payment Dates:  Monthly on the 26th of each month,
     commencing May 26, 1995 and ending on the Scheduled Maturity Date or an
     earlier Optional Redemption Date.  If any Interest Payment Date falls
     on a date that is not a Business Day, such Interest Payment Date will
     be the next succeeding Business Day with no additional interest
     accruing.

     Principal Payment Dates:  Scheduled Maturity Date, or an earlier
     Optional Redemption Date

     Business Days:  New York

     Calculation Agent:  PepsiCo, Inc.

     Optional Redemption Dates:  The 7.50% Callable Debt Securities Due
     April 26, 2002 may be redeemed, in whole but not in part, at the option
     of PepsiCo, at 100% of the principal amount thereof, plus accrued
     interest to the date of such redemption, on April 26, 1996, or on any
     subsequent Interest Payment Date prior to the Scheduled Maturity Date,
     upon 15 days' written notice by PepsiCo to the holders of such Notes.

     Option to elect prepayment:  None

     Sinking fund:  Not applicable

     Settlement Date:  April 26, 1995

The 7.50% Callable Debt Securities Due April 26, 2002 will be purchased
by the Underwriter at 100.00% of their principal amount (the "Initial
Offering Price").  The Underwriter has advised PepsiCo that it intends
to offer all or part of the 7.50% Callable Debt Securities Due April
26, 2002 directly to the public initially at the Initial Offering Price
of such Debt Securities.  After the 7.50% Callable Debt Securities Due
April 26, 2002 are released for sale to the public, the offering price
and other selling terms may from time to time be varied by the
Underwriter.

For U.S. federal income tax purposes, the 7.50% Callable Debt
Securities Due April 26, 2002  will be treated as Fixed Rate Debt
Securities, issued without OID.  This treatment is consistent with the
applicable provisions of the Internal Revenue Code of 1986, as amended,
and the final OID regulations, which are generally effective for debt
instruments issued on or after April 4, 1994.


               ____________________________

                    Lehman Brothers Inc.
               ____________________________

April 7, 1995