PepsiCo’s 2025 Revenue Nearly Doubled Coca-Cola’s, but Its Market Cap Was Smaller

PepsiCo’s fiscal 2025 revenue was nearly twice The Coca-Cola Company’s, while its market capitalization was less than half of Coca-Cola’s at the Oct. 23 close, showing a gap between reported sales and market value.

PepsiCo’s net revenue was $93.925 billion for the fiscal year ended Dec. 27, 2025. Coca-Cola’s net operating revenue was $47.941 billion for the year ended Dec. 31. PepsiCo’s total was about 1.96 times Coca-Cola’s.

At 4 p.m. ET (20:00 UTC) on Oct. 23, PepsiCo’s market capitalization was $185.02 billion. Coca-Cola’s was $398.89 billion.

The revenue totals cover the companies’ overall businesses, not sales of the Pepsi-Cola and Coca-Cola brands alone. PepsiCo reports six segments spanning food and beverages. Coca-Cola’s revenue includes concentrate operations and finished-product operations, which accounted for 59% and 41% of its 2025 net operating revenue, respectively.

Market capitalizations reflect the Oct. 23 close; the revenue totals span each company’s fiscal year. The companies’ fiscal year-end dates were four days apart.