PepsiCo management check
PEP · Consumer Staples · Soft Drinks & Non-alcoholic Beverages · CEO Ramon L. Laguarta
Filings as of
6 good · 1 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $113, against $111 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.86 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$23.9m of reported pay in fiscal 2025, against $8.3bn of net income.
- Good
Do they own the stock?
Insiders are buying1 insider bought $23.7m on the open market in the last six months, with their own money, near the lows. Sales: $405k.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.4% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Ramon L. Laguarta. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Staples.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 52 | 31 | |
| Pay for performance | 93 | 84 | |
| CEO cost | 95 | 40 | |
| Skin in the game | 80 | 65 | |
| Dilution | 55 | 60 | |
| Stable leadership | 75 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Soft Drinks & Non-alcoholic Beverages, by management score. PepsiCo is 6th of 33 in its sector.
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Ramon L. Laguarta | $23.9m | $1.4m | $6.9m | $113 | $111 | $8.3bn |
| 2024 | Ramon L. Laguarta | $28.8m | $12.9m | $6.0m | $115 | $114 | $9.6bn |
| 2023 | Ramon L. Laguarta | $33.9m | $36.5m | $8.9m | $124 | $118 | $9.2bn |
| 2022 | Ramon L. Laguarta | $28.4m | $39.5m | $9.4m | $129 | $124 | $9.0bn |
| 2021 | Ramon L. Laguarta | $25.5m | $42.9m | $9.1m | $121 | $114 | $7.7bn |
The board says pay is tied most to Core Constant Currency EPS Change. Its other key measures: Organic Revenue Performance, Core Constant Currency Net Income Change, Relative Competitive Performance, Core Constant Currency Operating Profit Change, Relative Total Shareholder Return, Free Cash Flow Excluding Certain Items.
Insiders and the CEO's stake
1 insider bought $23.7m on the open market in the last six months, with their own money, near the lows. Sales: $405k.
- BoughtRobert C PohladDirector$23.7mOct 14, 2026
- SoldDavid FlavellEVP, Gen Counsel & Corp Sec$405kJul 27, 2026
Leadership and governance on file
- Sep 17, 2026Leadership change8-K 5.02
- Dec 15, 2025Leadership change8-K 5.02
- Oct 9, 2025Leadership change8-K 5.02
- Feb 7, 2025Leadership change8-K/A 5.02
- Dec 11, 2024Leadership change8-K 5.02
- Oct 8, 2024Leadership change8-K 5.02
- May 3, 2024Leadership change8-K 5.02
- Jan 18, 2024Leadership change8-K 5.02
- Nov 17, 2023Leadership change8-K/A 5.02
- Nov 6, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 8, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $38.1bn returned to owners in buybacks and dividends, 88% of net income, and $1.7bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $79.5bn | $86.4bn | $91.5bn | $91.9bn | $93.9bn |
| Net income | $7.6bn | $8.9bn | $9.1bn | $9.6bn | $8.2bn |
| Stock-based pay | $301.0m | $343.0m | $380.0m | $362.0m | $288.0m |
| Buybacks | $106.0m | $1.5bn | $1.0bn | $1.0bn | $1.0bn |
| Dividends | $5.8bn | $6.2bn | $6.7bn | $7.2bn | $7.6bn |
| Diluted shares | 1389m | 1387m | 1383m | 1378m | 1373m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.