PepsiCo, Inc. (PEP)
PepsiCo combines a global beverage business with the Frito-Lay and Quaker snack and food franchises. The snack portfolio gives it a diversification advantage over pure-play drink companies.
PEP vs STZ: how the two businesses compare
- Bigger business: PEP, with $93.9B of yearly revenue, about 10× STZ's $9.1B.
- More profitable: STZ keeps 18 cents of each sales dollar as profit, against 9 cents at PEP.
- More cash from each sale: STZ turns 29 cents of each sales dollar into operating cash flow, against 13 cents at PEP.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
PepsiCo (PEP) is the larger business by reported revenue: $93.9B in its fiscal year ended Dec 2025, about 10× STZ's $9.1B (fiscal year ended Feb 2026). PEP's net margin was 8.8% and STZ's 18.5%. Both file with the SEC under the same industry code, SIC 2080 (Beverages).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Staples
- Beverages
- Same classification
- Different
- PEP December 26 · STZ February 28
- Apr 22, 2026
PEP vs STZ: quick comparison
| Company fact | PEP | STZ |
|---|---|---|
| Company | PepsiCo, Inc. | Constellation Brands, Inc. |
| Exchange | NASDAQ | NYSE |
| Headquarters | Purchase, New York | — |
| Founded | 1898 | — |
| SEC industry | Beverages | Beverages |
| Fiscal year-end | December 26 | February 28 |
| Latest annual filing | 10-K · 2026-02-03 | 10-K · 2026-04-22 |
PEP vs STZ: audited financials
- Scale: PEP's $93.9B of revenue is about 10× STZ's $9.1B.
- Net margin: STZ kept 18.5% of revenue as net income versus 8.8% at PEP.
- Cash conversion: operating cash flow equalled PEP 12.9% of revenue, or 1.47× net income; STZ 29.2% of revenue, or 1.58× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-12-27 for PEP, 2026-02-28 for STZ), so each figure reflects somewhat different demand and cost conditions.
| Metric | PEP | STZ |
|---|---|---|
| Revenue | $93.9B2024-12-29 to 2025-12-27 · SEC filing | $9.1B2025-03-01 to 2026-02-28 · SEC filing |
| Net income | $8.2B2024-12-29 to 2025-12-27 · SEC filing | $1.7B2025-03-01 to 2026-02-28 · SEC filing |
| Operating cash flow | $12.1B2024-12-29 to 2025-12-27 · SEC filing | $2.7B2025-03-01 to 2026-02-28 · SEC filing |
| Diluted EPS | $6.002024-12-29 to 2025-12-27 · SEC filing | — |
| Net margin | 8.8%2024-12-29 to 2025-12-27 · SEC filing | 18.5%2025-03-01 to 2026-02-28 · SEC filing |
PEP: FY ending 2025-12-27 · STZ: FY ending 2026-02-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where PEP and STZ overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 2080, Beverages.
Differences
- Offset fiscal calendars: PEP's year ends December 26 and STZ's February 28, about 2 months apart.
- Only PEP maps to International markets.
- Only STZ maps to Tariffs & trade.
- Scale: PEP reported about 10× the annual revenue of STZ.
- Profitability: net margin of 8.8% for PEP versus 18.5% for STZ.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Constellation Brands, Inc. (STZ)
Constellation Brands produces and imports beer, wine, and spirits including Corona and Modelo in the US.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves PEP
We have not yet published a company-specific driver list for PEP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-03.
What moves STZ
We have not yet published a company-specific driver list for STZ. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-04-22.
The investment question
You now know PEP reports about 10× STZ's revenue, and STZ keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the beverages cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. PEP's fiscal year ends December 26, while STZ's ends February 28. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 50 matched transaction rows for PEP and 13 matched transaction rows for STZ. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
PEP primary filings
STZ primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
PEP vs STZ FAQs
Are PEP and STZ direct competitors?
PepsiCo and Constellation Brands share the SEC industry classification “Beverages.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is PEP or STZ the bigger company by revenue?
PepsiCo (PEP) is the larger business by reported revenue: $93.9B in its fiscal year ended Dec 2025, about 10× STZ's $9.1B (fiscal year ended Feb 2026). PEP's net margin was 8.8% and STZ's 18.5%. Both file with the SEC under the same industry code, SIC 2080 (Beverages). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, PEP or STZ?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this PEP vs STZ comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers PepsiCo, Inc. and Constellation Brands, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
PEP vs STZ compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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