百事 2024年度报告

2024 FINANCIAL HIGHLIGHTS Mix of Net Revenue Net Revenue PepsiCo, Inc. & Consolidated Subsidiaries (in millions, except per share data — all per share amounts assume dilution) 1. Excludes the mark-to-market net impact of our commodity derivatives, restructuring and impairment charges, acquisition and divestiture-relatedcharges, impairment and other charges, as well as product returns, inventory write-offs, and customer and consumer-related costs associated withthe voluntary recall of certain bars and cereals in our Quaker Foods North America division (Quaker Recall). In 2024, also excludes additional expensesrelated to an indirect tax reserve in our Latin America division. See page 135 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliationto the most directly comparable financial measure in accordance with U.S. Generally Accepted Accounting Principles (GAAP). On a reported basis,the division operating profit percentages in 2024 were: Frito-Lay North America 43%, Quaker Foods North America 2%, PepsiCo Beverages NorthAmerica 15%, Latin America 15%, Europe 14%, Africa, Middle East and South Asia 5%, and Asia Pacific, Australia and New Zealand and China Region6%. 2024 and 2023 reported operating profit was $12,887 and $11,986, respectively, reflecting an increase of 8% in 2024. 2. Percentage changes are based on unrounded amounts. 3. Excludes the mark-to-market net impact of our commodity derivatives, restructuring and impairment charges, acquisition and divestiture-relatedcharges, impairment and other charges, as well as product returns, inventory write-offs, and customer and consumer-related costs associated withthe Quaker Recall. In addition, excludes pension and retiree medical-related impact. In 2024, also excludes additional expenses related to an indirecttax reserve in our Latin America division. See page 135 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directlycomparable financial measure in accordance with GAAP. 4. Includes the impact of net capital spending. See page 135 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the mostdirectly comparable financial measure in accordance with GAAP. 2024 and 2023 net cash provided by operating activities was $12,507 and $13,442,respectively, reflecting a decrease of 7% in 2024. PEP+ (PEPSICO POSITIVE) HIGHLIGHTS Regenerative Agriculture PepsiCo, in collaboration with the Alliance of Bioversity International, theInternational Center for Tropical Agriculture, and the Foundation for Foodand Agriculture Research, launched the Climate Resilience Platform (CRP),an open-access tool providing actionable insights on climate change impactsand mitigation strategies for farming communities. Recognized by FastCompany in 2024 as a “Next Big Thing in Tech” for its contributions to food andagriculture, the CRP tool helps boost yields and reduce environmental impact. Water We reached our 2025 global goal inoperational water-use efficiency in highwater-risk areas1and exceeded ouragricultural water-use efficiency target inhigh water-risk watersheds2two years ahead of schedule. Packaging We’re focused on scale and efficiency in incorporating recycled plastic (rPET)into our packaging across brands and geographies, withrPET now incorporatedinto the packaging of at least one PepsiCo product in approximately60countriesin 2024. Expanded Portfolio Offerings + Acquisitions We’ve recently launched products that have not only been centered on meetingessential consumer needs, but also on delivering on our pep+ agenda. Forexample, our Gatorade Hydration Booster, an electrolyte drink mix, providesall-day hydrationwithout the use of artificial flavors, sweeteners, or colors.InBrazil, our oat “rice” offershigher fiber and plant-based proteincomparedto standard brown rice, and all profits from oat “rice” sales are donated to anongovernmental organization in the northeast of Brazil to help address foodinsecurity in the region. We’veexpanded our better-for-you portfoliothroughour recent acquisition of the remaining interest in Sabra and our recentacquisition of Siete Foods. DEAR FELLOW PEPSICO SHAREHOLDERS: As I reflect on PepsiCo’s performance over the past year, one wordcomes to mind:resilient. Despite facing a series of headwinds in 2024, we delivered 2%organic revenue growth for the full year.1We also delivered 9% growthin core constant currency earnings per share (EPS), beating ourguidance of at least 8% and giving us four straight years of meetingor exceeding our EPS objectives.1 Over the past five years, our net revenue has increased 37% to nearly$92 billion, while core EPS increased 48%.1We’ve made tremendousprogress in our journey to invest in our businesses and accelerategrowth — while also having to navigate through a global pandemicand periods of abnormally high levels of inflation. This is a testamentto the long-term resilience of our categories, our product andgeographic diversification