| Stage | PEP | % of rev | KDP | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $25.3B | 100.00% | $7.3B | 100.00% | PEP ×3.46 |
| Gross profit | $13.8B | 54.42% | $3.1B | 41.95% | PEP +12.5pp |
| Operating income | $4.3B | 16.86% | $628M | 8.59% | PEP +8.3pp |
| Pre-tax income | $3.9B | 15.45% | $305M | 4.17% | PEP +11.3pp |
| Net income | $3.1B | 12.15% | $210M | 2.87% | PEP +9.3pp |
| Stage | PEP | KDP | Gap · A − B |
|---|---|---|---|
| Revenue | $25.3B100.00% | $7.3B100.00% | PEP ×3.46 |
| Gross profit | 54.42%$13.8B | 41.95%$3.1B | PEP +12.5pp |
| Operating income | 16.86%$4.3B | 8.59%$628M | PEP +8.3pp |
| Pre-tax income | 15.45%$3.9B | 4.17%$305M | PEP +11.3pp |
| Net income |
| 12.15%$3.1B |
| 2.87%$210M |
| PEP +9.3pp |
PEP 10-KFeb 3 '26
“In 2025, sales to Walmart Inc. (Walmart) and its affiliates, including Sam's Club (Sam's), represented approximately 14% of our consolidated net revenue, with sales reported across all of our segments, including concentrate sales to our independent bottlers, which were used in finished goods sold by them to Walmart.”
KDP 10-KFeb 25 '25
“Our largest retailer, Walmart, represented approximately 16% of our consolidated net sales in 2024.”
PEP 10-KFeb 3 '26
“PBNA, IB Franchise and EMEA, either independently or in conjunction with third parties, make, market, distribute and sell ready-to-drink tea products through a joint venture with Unilever (under the Lipton brand name), and PBNA, either independently or in conjunction with third parties, makes, markets, distributes and sells ready-to-drink coffee products through a joint venture with Starbucks.”
KDP 10-KFeb 24 '26
“Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others.”
PEP · JJSF 10-KNov 26 '25
“Syrup for frozen beverages is purchased primarily from The Coca-Cola Company, Keurig Dr. Pepper, Inc., the Pepsi Cola Company, and Jogue, Inc.”
KDP · JJSF 10-KNov 26 '25
“Syrup for frozen beverages is purchased primarily from The Coca-Cola Company, Keurig Dr. Pepper, Inc., the Pepsi Cola Company, and Jogue, Inc.”