0000077476-26-000030 | 11-K | XBRL Viewer

Risks and Uncertainties	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Risk and Uncertainty [Line Items]
Risks and Uncertainties	Risks and Uncertainties The Plan provides for investment options in various securities and funds that invest in equity and debt securities and other investments. Such investments are exposed to risks and uncertainties, such as interest rate risk, credit risk, economic changes, political unrest, geopolitical instability, regulatory changes, foreign currency risk and overall market volatility. The Plan's exposure to a concentration of credit risk is dependent upon the investments selected by participants. These risks and uncertainties could impact the participants' account balances and the amounts reported in the financial statements. Approximately 7% and 9% of the Plan's net assets available for benefits were invested in common stock of the Company through the PepsiCo Master Trust at December 31, 2025 and 2024, respectively. The underlying value of the Company's stock is impacted by the performance of the Company, the market's evaluation of such performance and other factors.

Administrative Expenses	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Description of Plan [Line Items]
Administrative Expenses	Administrative Expenses In general, the Company pays most of the usual and reasonable direct expenses of the Plan and the Plan Administrator. Any direct expenses not borne by the Company are paid by the Trustee out of the PepsiCo Master Trust. If applicable, expenses related to short-term trading fees, monthly investment service fees and loan fees are charged to participants' investment balances and are reflected in the value of the participants' accounts. Any other indirect expenses, such as investment management fees, are reflected in the change in net asset value of the various funds.

PepsiCo Master Trust (Tables)

12 Months Ended

Dec. 31, 2025

The PepsiCo Master Trust net assets are detailed below by asset category.


	December 31, 2025		December 31, 2024
	(in thousands)
Investments, at fair value:
Cash and cash equivalents	$	35,269	$	29,226
PepsiCo common stock	1,140,476		1,356,452

Money market fund	13,047		14,427
Fixed income securities	273,188		254,101

Commingled trust funds	13,329,006		11,422,930



Self-directed brokerage	931,026		815,394
	15,722,012		13,892,530
Investments at contract value: fully benefit-responsive synthetic investment contracts	637,540		696,050
Interest and dividends receivable	11,415		12,221
Other receivables	50,907		35,332
Other liabilities	(50,172)		(36,261)
Net assets	$	16,371,702	$	14,599,872

	Year ended December 31, 2025
	(in thousands)
Investment gain:
Net appreciation in value of investments*	$	2,064,772







Interest and dividends	71,625
Net investment gain	$	2,136,397
* Includes net appreciation of investments at contract value

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Tabular disclosure of master trust arrangement in which employee stock purchase, saving, or similar plan (employee benefit plan (EBP)) participates.

+ References + Details

Supplemental Schedule H, line 4i – Schedule of Assets (Held at End of Year) (Details) - EBP 001 $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 loan
EBP, Schedule of Reportable Transaction [Line Items]
Number of loans outstanding \| loan	46,417	44,446
Notes Receivable from Participants \| $	$ 328,171
Minimum
EBP, Schedule of Reportable Transaction [Line Items]
Interest rates	3.30%
Maximum
EBP, Schedule of Reportable Transaction [Line Items]
Interest rates	10.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Employee Retirement Income Security Act of 1974
-Number 2520
-Section 103
-Subsection 6
-Paragraph d
-Subparagraph (1)(ii)
-Publisher DOL-EBSA

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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Tax Status	12 Months Ended
Dec. 31, 2025 USD ($)
EBP, Tax Status [Line Items]
Late participant contribution [Abstract]	$ 9.5
EBP 001
EBP, Tax Status [Line Items]
Tax Status	Tax Status The Plan's latest favorable determination letter, received from the Internal Revenue Service, is dated March 11, 2015. Although the Plan has been amended since receiving this determination letter, the Plan Administrator believes the Plan is designed and currently being operated in compliance with the applicable requirements of the Code and, therefore, the Plan is qualified and the related master trust is tax exempt. During the plan year ended December 31, 2025, participant contributions, including loan repayments, of $9.5 million were remitted late to the Plan. These contributions, listed on Schedule H, line 4a - Schedule of Delinquent Participant Contributions, are pending correction under the U.S. Department of Labor's Voluntary Fiduciary Correction Program (VFCP) as of December 31, 2025. The Plan is subject to routine audits by taxing jurisdictions. There are currently no audits in progress for any tax periods. U.S. generally accepted accounting principles require the Plan's management to evaluate uncertain tax positions taken by the Plan. The Plan Administrator has concluded that as of December 31, 2025 and 2024, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements.

Subsequent Events (Details) - USD ($)		12 Months Ended
Jan. 01, 2026	Dec. 31, 2025
EBP, Subsequent Event [Line Items]
plan transfer [Abstract]	$ 10.5	$ 35.5

Description of the Plan (Details)		12 Months Ended
Description of the Plan (Details)	Jan. 01, 2026 USD ($)	Dec. 31, 2025 USD ($) h period loan	Dec. 31, 2024 USD ($) loan
EBP, Description of Plan [Line Items]
plan transfer [Abstract]	$ 10.5	$ 35.5
catch up contribution [Abstract]		7,500
maximum contribution limit		$ 23,500
EBP 001
EBP, Description of Plan [Line Items]
Number of hours of service required to be completed by part-time employees in 12-month period to participate in plan \| h		1,000
Number of consecutive 12-month periods required for part-Time employees to participate in the plan \| period		2
Number of hours of service required to be completed by part-time employees in two consecutive 12-month periods to participate in plan \| h		500
Maximum percentage of earnings participants are allowed to contribute to plan		50.00%
Additional catch-up percentage		0.25
Waiting period for transfers from stable value fund to self-directed brokerage account		90 days
Minimum transfer amount from other investment options to self-directed brokerage account		$ 1,000
Employer matching percentage		50.00%
Employer contribution, vesting period		3 years
Forfeited non-vested amounts reducing Company contributions		$ 50,600,000
Forfeited non-vested accounts		700,000	$ 4,200,000
Minimum vested balance required to borrow		2,000
Minimum borrowing amount		1,000
Maximum borrowing amount		$ 50,000
Loans to participants, maximum percentage of vested balance allowed for borrowings		50.00%
Maximum number of loans allowed at one time given one is a principal residence loan \| loan		2
Borrowing term for purchase of primary residence		15 years
Prime lending plus rate on participant loans		0.02	0.01
Number of loans outstanding \| loan		46,417	44,446
Maximum threshold amount for lump sum distributions		$ 5,000
Maximum threshold amount for automatic distribution		$ 1,000
EBP 001 \| Minimum
EBP, Description of Plan [Line Items]
Percentage of employee's pay eligible for matching contributions		4.00%
Percentage of employer non-matching contributions for eligible hourly employees		0.06
Automatic pre-tax contribution percentage		4.00%
Loan term		1 year
Interest rates		3.30%
Threshold for automatic rollover with no action		$ 1,000
EBP 001 \| Maximum
EBP, Description of Plan [Line Items]
Percentage of employee's pay eligible for matching contributions		8.00%
Maximum percentage of non-matching employer contributions, percentage of employee pay		0.09
Percentage of employer non-matching contributions for eligible hourly employees		0.08
Automatic pre-tax contribution percentage		10.00%
Loan term		5 years
Interest rates		10.50%
Threshold for automatic rollover with no action		$ 5,000

PepsiCo Master Trust - Schedule of Master Trust Net Assets (Details) - EBP 001 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
EBP, Master Trust [Line Items]
Net Assets Available for Benefits	$ 16,707,315	$ 14,936,882
EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	15,722,012	13,892,530
Investments at contract value: fully benefit-responsive synthetic investment contracts	637,540	696,050
Interest and dividends receivable	11,415	12,221
Other receivables	50,907	35,332
Other liabilities	(50,172)	(36,261)
Net Assets Available for Benefits	16,371,702	14,599,872
EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	15,722,012	13,892,530
Investments at contract value: fully benefit-responsive synthetic investment contracts	637,540	696,050
Interest and dividends receivable	11,415	12,221
Other receivables	50,907	35,332
Other liabilities	(50,172)	(36,261)
Net Assets Available for Benefits	16,371,702	14,599,872
Cash and cash equivalents \| EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	35,269	29,226
Cash and cash equivalents \| EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	35,269	29,226
PepsiCo common stock \| EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	1,140,476	1,356,452
PepsiCo common stock \| EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	1,140,476	1,356,452
Money market fund \| EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	13,047	14,427
Money market fund \| EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	13,047	14,427
Fixed income securities \| EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	273,188	254,101
Fixed income securities \| EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	273,188	254,101
Commingled trust funds \| EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	13,329,006	11,422,930
Commingled trust funds \| EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	13,329,006	11,422,930
Self-directed brokerage \| EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	931,026	815,394
Self-directed brokerage \| EBP, Nonconsolidated, Plan Interest in Master Trust
EBP, Master Trust [Line Items]
Investments, at fair value	$ 931,026	$ 815,394

PepsiCo Master Trust - Schedule of Net Investment Gain (Details) - EBP 001 $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Master Trust [Line Items]
Net investment gain	$ 2,136,397
EBP, Nonconsolidated, Master Trust
EBP, Master Trust [Line Items]
Net appreciation in value of investments	2,064,772
Interest and dividends	71,625
Net investment gain	$ 2,136,397

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Statements of Net Assets Available for Benefits - EBP 001 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments:
Plan interest in the PepsiCo, Inc. Defined Contribution Plans Master Trust	$ 16,371,702	$ 14,599,872
Receivables:
Participant contributions	902	14
Employer contributions	6,726	27,169
Notes receivable from participants	328,171	309,896
Total receivables	335,799	337,079
Liabilities
Participant contribution payable	186	69
Net Assets Available for Benefits	$ 16,707,315	$ 14,936,882

Description of the Plan	12 Months Ended
Description of the Plan	Dec. 31, 2025
EBP 001
EBP, Description of Plan [Line Items]
Description of the Plan	Description of the Plan The following brief description of The PepsiCo Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. General In general, the Plan provides a program under which eligible salaried and hourly employees (eligible employees) of PepsiCo, Inc. and certain of its subsidiaries (the Company) may accumulate funds for long-term retirement savings. All eligible employees who are paid in U.S. dollars from a U.S. payroll and classified as full time, and certain other employees as defined in the Plan document, are immediately eligible on their first day of service. Part-time eligible employees who are paid in U.S. dollars from a U.S. payroll who have completed 1,000 hours of service during a 12-month period are eligible to participate in the Plan. Part-time eligible employees who have completed two consecutive 12-month periods of at least 500 hours of service are eligible to participate in the Plan. Certain employees who are part of a collective bargaining unit and certain other employees, as defined in the Plan document, are not eligible to participate in the Plan. The Plan is a defined contribution plan with a cash or deferred arrangement and is intended to satisfy the qualification requirements under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the Code). The Plan has an employee stock ownership plan component within its PepsiCo Common Stock Fund. The Plan also has a Roth 401(k) feature and an after-tax contribution feature. The participant-directed accounts under the Plan are intended to meet the requirements of Section 404(c) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). In addition, the Plan is subject to the provisions of ERISA. In December 2024, the Company acquired the Strauss Group's 50% ownership interest in Sabra Dipping Company, LLC (Sabra), and Sabra became a wholly-owned subsidiary. Sabra makes, markets, distributes and sells Sabra refrigerated dips and spreads. In connection with the acquisition, the Sabra 401(k) Plan was merged into the Plan effective June 2, 2025. Total assets of $35.5 million were transferred into the Plan. On January 17, 2025, the Company acquired all of the outstanding equity interest in Garza Food Ventures LLC (Siete), a Mexican-American foods business. In connection with the acquisition, Siete employees were eligible to participate in the Plan effective January 17, 2025. On May 19, 2025, the Company acquired all of the outstanding equity interest in VNGR Beverage, LLC (poppi), a prebiotic soda business. In connection with the acquisition, poppi employees were eligible to participate in the Plan effective May 19, 2025. Administration The Company maintains sponsorship of the Plan and has established the PepsiCo Investment Committee to oversee the Plan's investment structure. Overall responsibility for administering the Plan rests with the PepsiCo Administration Committee (the Plan Administrator). The trustee for the Plan is Fidelity Management Trust Company (the Trustee), and the recordkeeper for the Plan is Fidelity Workplace Services LLC. Contributions Each year, participants are allowed to contribute up to 50% of their earnings, in whole percentage increments, up to a maximum pre-tax and Roth amount under the Code ($23,500 for 2025). Participants may contribute to the Plan any portion of lump-sum distributions received from other qualified plans when the contributions qualify as a tax-free rollover. Participants who are expected to reach or are over age 50 during a Plan year and are making the maximum contribution are eligible to make additional catch-up contributions (up to an additional 25% of their annual compensation for such Plan year). Under the Code, the maximum allowable catch-up contribution was $7,500 for 2025. Participants may elect to have their contributions invested in one or more investment options. In general, participants may change their investment elections and transfer their investment amounts between funds on a daily basis, except for transfers from the stable value fund to the self-directed brokerage account; such transfers must be invested into another investment option for a 90-day waiting period. Initial transfers from other investment options to the self-directed brokerage account must be at least $1,000. Salaried employees who are actively accruing benefits, or in a waiting period to actively accrue benefits, under a Company-sponsored defined benefit pension plan are currently not eligible for Company matching or non-matching contributions in the Plan. Benefits were frozen for salaried employees who were actively accruing benefits under a Company-sponsored defined benefit pension plan effective December 31, 2025, and they became eligible for Company matching and non-matching contributions as of January 1, 2026. In general, for eligible employees, the Company matches 50% of employee contributions up to a limit ranging from 4% to 8% of eligible pay based on years of service, which is invested in accordance with employee elections. Company non-matching contributions are based on age and years of service regardless of employee contribution, up to a maximum of 9% of eligible employee pay. Company non-matching contributions are invested in accordance with the employee's investment elections; however, they may not be invested in the self-directed brokerage option or the PepsiCo Common Stock Fund. Certain eligible hourly employees who are participants in a Company-sponsored defined benefit plan will receive Company non-matching contributions ranging from 6% to 8% of eligible pay above a certain threshold depending on years of service. Eligible union employees may receive different Company matching and other Company contribution amounts. The Plan has an automatic enrollment program for full-time and part-time hires. Under the program, eligible employees automatically make pre-tax contributions in the amount of 4% to 10% of earnings. Employees that are automatically enrolled have their contribution invested in a target date fund, based on a target date closest to the employee's 65th birthday. An employee may elect out of the automatic enrollment program at any time, as well as make changes to (or maintain) the level of contributions and may re-direct how those contributions are invested. Participant Accounts Each participant account is credited with participant contributions, Company contributions, if applicable, and allocations of investment earnings/losses and expenses. Investment earnings/losses and expenses are allocated based on average daily balances. Certain participant investment accounts are also charged with short-term trading and/or monthly investment service fees, depending on the participant's investment elections. Vesting Participants are immediately vested in their own contributions and associated investment earnings/losses. In general, participants are fully vested in the Company contributions and associated investment earnings/losses after three years of service. Forfeited non-vested amounts are used to reduce future Company contributions or pay plan administrative expenses. The forfeited non-vested amounts used to reduce Company contributions were $50.6 million in 2025. As of December 31, 2025 and 2024, remaining unused forfeited non-vested accounts totaled $0.7 million and $4.2 million, respectively. Notes Receivable from Participants In general, participants who have a vested balance of $2,000 or more in the Plan may borrow from the total of their investment accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 (subject to certain offsets for prior loans) or 50% of their vested balance. A participant may have two outstanding loans at a time only if one of them is a principal residence loan. Loan terms range from one to five years for personal loans and up to 15 years for loans related to the purchase of a primary residence. The loans are secured by the balance in the participant's account. Loans issued before January 1, 2013 bear a fixed rate of interest at the prime lending rate plus 1% at the time the loans were issued. Loans issued on or after January 1, 2013 bear a fixed rate of interest at the prime lending rate plus 2% at the time the loans are issued. Loan repayments are made directly through payroll deductions and are applied first to interest and then to principal according to a payment schedule. There were 46,417 and 44,446 loans outstanding at December 31, 2025 and 2024, respectively, with interest rates ranging from 3.3% to 10.5% with maturities through 2041 and 2040, respectively. Benefits Paid to Participants In general, participants may elect to receive a distribution upon hardship, termination, disability, retirement or after the age of 591/2; however, loans and hardship withdrawals may not be taken from Company contribution balances. Hardship distributions are allowed for purchasing a primary residence or financing the higher education of the participant, the participant's spouse or dependent, as well as paying unreimbursed medical bills or alleviating certain other financial hardships. Upon termination, disability or retirement, participants may elect to receive benefits in a lump sum or rollover their account balances into other qualified plans. If a participant dies, the total account balance will be paid to the designated or default beneficiary or to his or her estate. Under certain circumstances, participants may also elect to take in-service distributions of any after-tax contributions, rollover contributions and vested Company matching contributions. If only a portion of the account is distributed, the remaining balance will continue to be adjusted for any contributions and investment earnings/losses. Participants can elect to receive benefit payments in a lump sum or annual installments for a period no longer than the participant's life expectancy. However, vested account balances of $5,000 or less must be distributed in a lump sum. If the account balance is greater than $1,000 and less than or equal to $5,000, and if a distribution election is not made within the required time frame, that account will be rolled over into a Fidelity Rollover IRA and invested in the Fidelity Government Cash Reserves Fund. If a distribution election is not made within the required time frame for an account balance of $1,000 or less, the account will be distributed automatically. Termination Although it has not expressed any intent to do so, the Company may terminate the Plan in accordance with ERISA and the Code. In the event the Plan is terminated, participants would become 100% vested in any Company contributions and the Plan Administrator can direct that all accounts be distributed to the participants or continued in trust for his or her benefit.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

Schedule of Master Trust Assets Measured at Fair Value

PepsiCo Master Trust assets measured at fair value as of December 31, 2025 and 2024 are categorized consistently by Level 1 (Quoted and Published Prices in Active Markets for Identical Assets) and Level 2 (Significant Other Observable Inputs) in both years, with no assets categorized as Level 3 (Significant Unobservable Inputs), and are as follows:


	Fair Value Hierarchy Level	2025		2024

		(in thousands)
Assets

Cash and cash equivalents(a)	1	$	35,269	$	29,226
PepsiCo common stock(b)	1	1,140,476		1,356,452




Money market fund(b)	1	13,047		14,427
Fixed income securities(c)	2	273,188		254,101


Commingled trust funds(d)	1	13,329,006		11,422,930





Self-directed brokerage(b,d,e)	1	931,026		815,394
Total assets at fair value		$	15,722,012	$	13,892,530

(a)Restricted in use.

(b)Based on quoted market prices in active markets.

(c)Based primarily on yields currently available on comparable securities with similar credit ratings and a compilation of primary observable market information.

(d)Based on the published price of the fund.

(e)Includes cash and cash equivalents held in self-directed brokerage accounts.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

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+ Details

Summary of Significant Accounting Policies (Policies) - EBP 001	12 Months Ended
	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Basis of Presentation	Basis of Presentation The financial statements are prepared under the accrual basis of accounting. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires the Plan's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, additions to net assets, deductions from net assets and disclosure of contingent assets and liabilities. Actual results could differ from those estimates and assumptions.
Investment Valuation and Income Recognition	Investment Valuation and Income Recognition The Plan retains a 100% interest in the PepsiCo, Inc. Defined Contribution Plans Master Trust (PepsiCo Master Trust), which holds investments in various securities, commingled trust funds and a stable value fund. These investments are recorded at fair value, except for the fully benefit-responsive investment contracts within the stable value fund. Within the stable value fund, the collective investment trust is recorded at fair value, while the synthetic investment contracts are recorded at contract value. Contract value is the relevant measure for the portion of the net assets available for benefits of fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Purchases and sales of securities are recognized on the trade date. Interest income is recorded as earned and dividend income is recorded as of the ex-dividend date.
Notes Receivable from Participants	Notes Receivable from Participants Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Notes receivable from participants are deemed delinquent as of the end of the calendar quarter following the calendar quarter in which the loan repayment is due and unpaid. Delinquent notes receivable from participants are recorded as benefits paid to participants.
Payment of Benefits	Payment of Benefits The Plan accounts for benefits when paid.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

Fair Value Measurements

The guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and identifies required disclosures related to fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to value the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant judgment.


	Fair Value Hierarchy Level	2025		2024

		(in thousands)
Assets

Cash and cash equivalents(a)	1	$	35,269	$	29,226
PepsiCo common stock(b)	1	1,140,476		1,356,452




Money market fund(b)	1	13,047		14,427
Fixed income securities(c)	2	273,188		254,101


Commingled trust funds(d)	1	13,329,006		11,422,930





Self-directed brokerage(b,d,e)	1	931,026		815,394
Total assets at fair value		$	15,722,012	$	13,892,530

(a)Restricted in use.

(b)Based on quoted market prices in active markets.

(c)Based primarily on yields currently available on comparable securities with similar credit ratings and a compilation of primary observable market information.

(d)Based on the published price of the fund.

(e)Includes cash and cash equivalents held in self-directed brokerage accounts.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The entire disclosure for fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

+ References

+ Details

PepsiCo Master Trust

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Master Trust [Line Items]

PepsiCo Master Trust

Plan Interest

The Plan is the only investor in the PepsiCo Master Trust. The Plan's interest in the net assets of the PepsiCo Master Trust was 100% at December 31, 2025 and 2024.

The PepsiCo Master Trust net assets are detailed below by asset category.


	December 31, 2025		December 31, 2024
	(in thousands)
Investments, at fair value:
Cash and cash equivalents	$	35,269	$	29,226
PepsiCo common stock	1,140,476		1,356,452

Money market fund	13,047		14,427
Fixed income securities	273,188		254,101

Commingled trust funds	13,329,006		11,422,930



Self-directed brokerage	931,026		815,394
	15,722,012		13,892,530
Investments at contract value: fully benefit-responsive synthetic investment contracts	637,540		696,050
Interest and dividends receivable	11,415		12,221
Other receivables	50,907		35,332
Other liabilities	(50,172)		(36,261)
Net assets	$	16,371,702	$	14,599,872

	Year ended December 31, 2025
	(in thousands)
Investment gain:
Net appreciation in value of investments*	$	2,064,772







Interest and dividends	71,625
Net investment gain	$	2,136,397
* Includes net appreciation of investments at contract value

Stable Value Fund

The PepsiCo Master Trust holds investments in a stable value fund, which consists of bond portfolios wrapped in fully benefit-responsive synthetic investment contracts. The majority of the portfolios are made up of government, corporate, mortgage-backed and asset-backed securities. The fully benefit-responsive investment contracts enable the fund to realize a specific known value for the assets if it needs to liquidate them for benefit payments.

The synthetic investment contracts are issued by five investment grade financial institutions and intend to preserve the value of the fund's investments by mitigating fluctuations in the market value of the associated bond portfolios. These synthetic investment contracts are benefit-responsive in that they allow for participant withdrawals at contract value. Contract value represents contributions made under the contract plus earnings, less participant withdrawals and administrative expenses. The contract value of these investments was $637.5 million and $696.1 million as of December 31, 2025 and 2024, respectively.

The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than zero. Such interest rates are reviewed on a quarterly basis.

Certain events, such as layoffs or early retirement incentives, may limit the ability of participants to access their investments at contract value. The likelihood of such events limiting the ability of the Plan to transact at contract value is not probable. Consistent with industry practice, a contract provider can terminate its contract with, on average, 30 days' notice, provided a for-cause termination event has not occurred. The Plan's contractual right for a wind-down period allows the contract to remain in force, including maintaining benefit-responsive payments to participants, for a period required to converge the market and book values of the contract, which is expected to be, on average, two to three years.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for master trust arrangement in which employee stock purchase, saving, or similar plan (employee benefit plan (EBP)) participates.

+ References

+ Details

Statement of Changes in Net Assets Available for Benefits - EBP 001 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2026	Dec. 31, 2025
Gain:
Investment gain from the PepsiCo, Inc. Defined Contribution Plans Master Trust		$ 2,136,397
Interest income on notes receivable from participants		31,016
Total gain	$ 2,167,413
Contributions:
Participants		793,692
Rollovers		65,178
Employer		418,755
Total additions		3,445,038
Deductions from net assets attributed to:
Benefits paid to participants		1,704,964
Dividends paid to participants		3,180
Administrative expenses		1,931
Total deductions		1,710,075
EBP. Net Increase in net assets before transfers [Abstract]		1,734,963
EBP, Change in Net Asset Available for Benefit, Transfer to (from) Plan		35,470
Net Increase in Net Assets		1,770,433
Net Assets Available for Benefits at Beginning of Year	$ 16,707,315	14,936,882
Net Assets Available for Benefits at End of Year		$ 16,707,315

PepsiCo Master Trust - Narrative (Details) - EBP 001 $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) financialInstitution	Dec. 31, 2024 USD ($)
EBP, Master Trust [Line Items]
Interest in PepsiCo Master Trust	100.00%	100.00%
Number of investment grade financial institutions \| financialInstitution	5
Investments at contract value: fully benefit-responsive synthetic investment contracts \| $	$ 637.5	$ 696.1
Minimum crediting interest rate	0
Minimum
EBP, Master Trust [Line Items]
Plan wind-down period	2 years
Maximum
EBP, Master Trust [Line Items]
Plan wind-down period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements (Details) - EBP 001 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	$ 15,722,012	$ 13,892,530
Cash and cash equivalents \| Fair Value, Inputs, Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	35,269	29,226
PepsiCo common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	1,100,000	1,400,000
PepsiCo common stock \| Fair Value, Inputs, Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	1,140,476	1,356,452
Money market fund \| Fair Value, Inputs, Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	13,047	14,427
Fixed income securities \| Fair Value, Inputs, Level 2
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	273,188	254,101
Commingled trust funds \| Fair Value, Inputs, Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	13,329,006	11,422,930
Self-directed brokerage \| Fair Value, Inputs, Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total assets at fair value	$ 931,026	$ 815,394

Cover	12 Months Ended
Cover	Dec. 31, 2025
Document Information [Line Items]
Document Type	11-K
Entity Registrant Name	PepsiCo, Inc.
Amendment Flag	false
Entity Central Index Key	0000077476
EBP 001
Document Information [Line Items]
Document Type	11-K
Entity Registrant Name	PepsiCo, Inc.
Amendment Flag	false
Entity Central Index Key	0000077476

Risks and Uncertainties (Details)	Dec. 31, 2025	Dec. 31, 2024
EBP 001 \| PepsiCo common stock
EBP, Risk and Uncertainty [Line Items]
Percentage of net assets available for benefits invested in common stock	7.00%	9.00%

Employee Benefit Plan, Schedule, Delinquent Participant Contribution (Details) - EBP 001 $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Schedule of Delinquent Participant Contribution [Line Items]
EBP, Schedule of Delinquent Participant Contribution, Pending Correction in VFCP	$ 9,520
EBP, Schedule of Delinquent Participant Contribution, Transferred Late to Plan	$ 9,520

Related Party Transactions (Details) - EBP 001 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments, at fair value	$ 15,722,012	$ 13,892,530
PepsiCo common stock
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments, at fair value	$ 1,100,000	$ 1,400,000

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
EBP 001
EBP, Subsequent Event [Line Items]
Subsequent Events	Subsequent Events The SodaStream USA, Inc. 401(k) Profit Sharing Plan and Trust was merged into the Plan effective April 1, 2026. The financial impact of this event (approximately $10.5 million of assets) will be reflected in the 2026 financial statements. The Plan Administrator has evaluated subsequent events through the date the financial statements were issued and no additional disclosures, other than disclosed above, were required.