Coca-Cola's 2025 net income exceeded PepsiCo's even as PepsiCo reported nearly twice the revenue, while Coca-Cola's market capitalization was more than double PepsiCo's at the Oct. 23 close.
Coca-Cola's 2025 Form 10-K lists $13.107 billion in net income attributable to shareowners of The Coca-Cola Company. PepsiCo's annual filing reported net income attributable to PepsiCo of $8.240 billion.
PepsiCo closed its fiscal year on Dec. 27, 2025, with net revenue of $93.925 billion; Coca-Cola reported $47.941 billion in net operating revenue for its fiscal year through Dec. 31. PepsiCo's figure was about 1.96 times Coca-Cola's.
At the Oct. 23 close, Coca-Cola's market capitalization was $398.89 billion and PepsiCo's was $185.02 billion, according to Stock Analysis data. Coca-Cola's figure was about 2.16 times PepsiCo's.
The companies' filings describe different business mixes. PepsiCo's 2025 Form 10-K identifies six reportable segments across its food and beverage businesses. Concentrate operations made up 59% of Coca-Cola's 2025 net operating revenue, while finished-product operations accounted for 41%, its filing shows. The reported revenue totals cover each company's broader business, not only its flagship cola brand.
Coca-Cola announced that it will release its third-quarter 2026 results before the New York Stock Exchange opens Tuesday, Oct. 27. The company also scheduled an investor call for 8:30 a.m. ET that day.
