PROSPECTUS SUPPLEMENT NO. 1               File No. 33-54733
(To Prospectus dated July 26, 1994)       Filed pursuant to
                                          Rule 424(b)(3) and
                                          Rule 424(c)


                         4,410,655 Shares

                        --------------------

                           PepsiCo, Inc.

                           CAPITAL STOCK
                  (Par Value 1-2/3 Cents per Share)
                       Available to be Resold

                     --------------------------

     The following information updates and supplements the
prospectus dated July 26, 1994 (the "Prospectus") covering
affiliates reoffers and resales of PepsiCo, Inc. Capital
Stock, par value 1-2/3 cents per share, which were acquired
under PepsiCo's 1969 or 1975 Stock Option Plans or 1972
Performance Share Plan, as amended, or which were or are
expected to be acquired under PepsiCo's 1979, 1987 or 1994
Incentive Plans.  Such Prospectus was filed with the
Securities and Exchange Commission as part of Registration
No. 33-54733.

     The "Selling Stockholders" information is updated and
restated in its entirety as follows:

                    STOCKHOLDERS ELIGIBLE TO RESELL


                           Shares of                          
                           Capital Stock                      
                           Available to be                    Shares of Capital
                           Resold (whether   Shares of        Stock Subject to
Name and Material          or not  there is  Capital Stock    Right to Acquire
Relationships with         a present intent  Beneficially     Prior to April
PepsiCo Since March, 1992  to do so)         Owned            30, 1996
- ------------------------   ----------------  ---------------  ------------------
                                                              
Brenda Barnes                 73,965             430             73,965
  Chief Operating
  Officer, Pepsi-Cola
  North America; Chief
  Operating Officer,
  Pepsi-Cola Company
  South/West; President,
  Pepsi-Cola Company
  South


April 28, 1995


 2

                           Shares of                          
                           Capital Stock                      
                           Available to be                    Shares of Capital
                           Resold (whether   Shares of        Stock Subject to
Name and Material          or not there is   Capital Stock    Right to Acquire
Relationships with         a present intent  Beneficially     Prior to April
PepsiCo Since March, 1992  to do so)         Owned            30, 1996
- ------------------------   ----------------  ---------------  ------------------
                                                              
Randall C. Barnes            229,265               9            229,256
  Senior Vice President
  and Treasurer
                                                              
D. Wayne Calloway          2,365,448         189,936          2,175,528
  Director; Chairman of
  the Board and Chief
  Executive Officer
                                                              
Robert L. Carleton            98,471          34,029             64,458
  Senior Vice President
  and Controller
                                                              
Robert G. Dettmer            537,145          14,484            522,677
  Executive Vice
  President and Chief
  Financial Officer
                                                              
Roger A. Enrico              575,703          28,100            547,619
  Director; Vice Chairman
  of the Board; Chairman
  and Chief Executive
  Officer, PepsiCo
  Worldwide Restaurants;
  Chairman and Chief
  Executive Officer,
  PepsiCo Worldwide
  Foods; Chairman, Frito-
  Lay, Inc.
                                                              
Edward V. Lahey, Jr.         369,709          14,625            360,953
  Senior Vice President,
  General Counsel and
  Secretary
                                                              
Andrall E. Pearson           134,577         134,577              -0-
  Director
                                                              
Indra K. Nooyi                26,372            -0-             26,372
  Senior Vice President,
  Strategic Planning


- ----------------
The address for each Selling Stockholder is c/o PepsiCo,
Inc., Anderson Hill Road, Purchase, New York  10577