Coca-Cola Co.

Consolidated Income Statement

US$ in millions
12 months ended: Dec 31, 2022 Dec 25, 2021 Dec 26, 2020

Net operating revenues 43,004 38,655 33,014

Cost of goods sold (18,000) (15,357) (13,433)

Gross profit 25,004 23,298 19,581

Selling, general and administrative expenses (12,880) (12,144) (9,731)

Other operating charges (1,215) (846) (853)

Operating income 10,909 10,308 8,997

Interest income 449 276 370

Interest expense (882) (1,597) (1,437)

Equity income, net 1,472 1,438 978

Other income (loss), net (262) 2,000 841

 Income from continuing operations before
income taxes 11,686 12,425 9,749

Income taxes from continuing operations (2,115) (2,621) (1,981)

Net income from continuing operations 9,571 9,804 7,768

Loss from discontinued operations, net of

income taxes — — —

Consolidated net income 9,571 9,804 7,768

Net income attributable to noncontrolling
interests (29) (33) (21)

Net income attributable to shareowners of The

Coca-Cola Company 9,542 9,771 7,747

PepsiCo Inc.

Consolidated Income Statement

US$ in millions
12 months ended: Dec 31, 2022 Dec 25, 2021 Dec 26, 2020

Net revenue 86,392 79,474 70,372

Cost of sales -40,576 -37,075 -31,797
Gross profit 45,816 42,399 38,575
Selling, general and administrative expenses -34,459 -31,237 -28,495

Gain associated with the Juice Transaction 3,321 — —

Impairment of intangible assets -3,166 — —
Operating profit 11,512 11,162 10,080
Other pension and retiree medical benefits
income (expense) 132 522 117
Interest expense -1,119 -1,988 -1,252

Interest income and other 180 125 124

Net interest expense and other -939 -1,863 -1,128

Income before income taxes 10,705 9,821 9,069

(Provision for) benefit from income taxes -1,727 -2,142 -1,894

Net income 8,978 7,679 7,175

Net income attributable to noncontrolling

interests -68 -61 -55
 Net income attributable to PepsiCo 8,910 7,618 7,120

Preferred shares, redemption premium — — —

Net income available for PepsiCo common
shareholders 8,910 7,618 7,120
Dec 28, 2019 Dec 29, 2018

37,266 31,856

(14,619) (11,770)

22,647 20,086

(12,103) (10,307)

(458) (1,079)

10,086 8,700

563 682

(946) (919)

1,049 1,008

34 (1,121)
10,786 8,350

(1,801) (1,623)

8,985 6,727

— (251)

8,985 6,476

(65) (42)

8,920 6,434
Dec 28, 2019 Dec 29, 2018

67,161 64,661
-30,132 -29,381
37,029 35,280
-26,738 -25,170

— —
— —
10,291 10,110

-44 298
-1,135 -1,525

200 306

-935 -1,219

9,312 9,189

-1,959 3,370

7,353 12,559

-39 -44
7,314 12,515

— -2

7,314 12,513
Coca-Cola Co.
Consolidated Balance Sheet: Assets

US$ in millions
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020

Cash and cash equivalents 9,519 9,684 6,795

Short-term investments 1,043 1,242 1,771

Cash, cash equivalents and

short-term investments 10,562 10,926 8,566

Marketable securities 1,069 1,699 2,348

Trade accounts receivable, less
allowances 3,487 3,512 3,144

Inventories 4,233 3,414 3,266

Prepaid expenses and other
current assets 3,240 2,994 1,916

Assets held for sale, discontinued

operations — — —

Current assets 22,591 22,545 19,240

Equity method investments 18,264 17,598 19,273

Other investments 501 818 812

Other noncurrent assets 6,189 6,731 6,184

Deferred income tax assets 1,746 2,129 2,460

Property, plant and equipment, net 9,841 9,920 10,777

Trademarks with indefinite lives 14,214 14,465 10,395

Goodwill 18,782 19,363 17,506

Other intangible assets 635 785 649

Intangible assets 33,631 34,613 28,550

Noncurrent assets 70,172 71,809 68,056

Total assets 92,763 94,354 87,296

PepsiCo Inc.
Consolidated Balance Sheet: Assets

US$ in millions
Dec 31, 2022 Dec 25, 2021 Dec 26, 2020

Cash and cash equivalents 4,954 5,596 8,185

Short-term investments 394 392 1,366
Restricted cash — — —

Accounts and notes receivable, net 10,163 8,680 8,404

Inventories 5,222 4,347 4,172

Prepaid expenses and other

current assets 806 980 874

Assets held for sale — 1,788 —

Current assets 21,539 21,783 23,001

Property, plant and equipment, net 24,291 22,407 21,369

Amortizable intangible assets, net 1,277 1,538 1,703

Goodwill 18,202 18,381 18,757

 Other indefinite-lived intangible
assets 14,309 17,127 17,612

Intangible assets 33,788 37,046 38,072

Investments in noncontrolled
affiliates 3,073 2,350 2,792

Deferred income taxes 4,204 4,310 4,372

Noncurrent notes and accounts

receivable 202 111 109

Deferred marketplace spending 123 119 130

Pension plans 948 1,260 910

Operating lease right-of-use

assets 2,373 2,020 1,670

Other investments 813 277 —

 Other 833 694 493

Other assets 5,292 4,481 3,312

Noncurrent assets 70,648 70,594 69,917

Total assets 92,187 92,377 92,918

Dec 31, 2019 Dec 31, 2018

6,480 8,926

1,467 2,025

7,947 10,951

3,228 5,013

3,971 3,396

3,379 2,766

1,886 1,962

— 6,546

20,411 30,634

19,025 19,407
 854 867

6,075 4,139

2,412 2,667

10,838 8,232

9,266 6,682

16,764 10,263

736 325

26,766 17,270

65,970 52,582

86,381 83,216
Dec 28, 2019 Dec 29, 2018

5,509 8,721
229 272
— 1,997

7,822 7,142
3,338 3,128

747 633

— —

17,645 21,893

19,305 17,589

1,433 1,644

15,501 14,808
14,610 14,181

31,544 30,633

2,683 2,409

4,359 4,364

85 86

147 112

846 269

1,548 —

— —
 385 293

3,011 760

60,902 55,755

78,547 77,648
Coca-Cola Co.
Consolidated Balance Sheet: Liabilities and Stockholders’ Equity

US$ in millions
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

Accounts payable 5,307 4,602 3,517 3,804

Accrued marketing expenses 2,778 2,830 1,930 2,059

Accrued compensation 1,087 1,051 609 1,021

Variable consideration
payable 934 1,118 1,137 979

Other accrued expenses 5,643 5,018 3,952 3,449

Accounts payable and

accrued expenses 15,749 14,619 11,145 11,312

Loans and notes payable 2,373 3,307 2,183 10,994

Current maturities of long-

term debt 399 1,338 485 4,253

Accrued income taxes 1,203 686 788 414

Liabilities held for sale,

discontinued operations — — — —
 Current liabilities 19,724 19,950 14,601 26,973

Long-term debt, excluding

current maturities 36,377 38,116 40,125 27,516

Other noncurrent liabilities 7,922 8,607 9,453 8,510

Deferred income tax liabilities 2,914 2,821 1,833 2,284

Noncurrent liabilities 47,213 49,544 51,411 38,310

Total liabilities 66,937 69,494 66,012 65,283

Common stock, $0.25 par

value 1,760 1,760 1,760 1,760

Capital surplus 18,822 18,116 17,601 17,154

Reinvested earnings 71,019 69,094 66,555 65,855

Accumulated other
comprehensive loss -14,895 -14,330 -14,601 -13,544

Treasury stock, at cost -52,601 -51,641 -52,016 -52,244

Equity attributable to
shareowners of The Coca-
Cola Company 24,105 22,999 19,299 18,981
 Equity attributable to
noncontrolling interests 1,721 1,861 1,985 2,117

Total equity 25,826 24,860 21,284 21,098

Total liabilities and equity 92,763 94,354 87,296 86,381

PepsiCo Inc.
Consolidated Balance Sheet: Liabilities and Stockholders’ Equity

US$ in millions
Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019

Short-term debt obligations 3,414 4,308 3,780 2,920

Accounts payable 10,732 9,834 8,853 8,013

Accrued marketplace
spending 3,637 3,087 2,935 2,765

Accrued compensation and

benefits 2,519 2,324 2,059 1,835

Dividends payable 1,610 1,508 1,430 1,351

Current operating lease

liabilities 483 446 460 442
 Other current liabilities 4,390 3,960 3,855 3,135

Accounts payable and

other current liabilities 23,371 21,159 19,592 17,541

Liabilities held for sale — 753 — —

Current liabilities 26,785 26,220 23,372 20,461

Long-term debt obligations,

excluding current maturities 35,657 36,026 40,370 29,148

Deferred income taxes 4,133 4,826 4,284 4,091

Other liabilities 8,339 9,154 11,340 9,979

Noncurrent liabilities 48,129 50,006 55,994 43,218

Total liabilities 74,914 76,226 79,366 63,679

Common stock, par value 1⅔¢
per share 23 23 23 23

Capital in excess of par value 4,134 4,001 3,910 3,886

Retained earnings 67,800 65,165 63,443 61,946

Accumulated other
comprehensive loss -15,302 -14,898 -15,476 -14,300

Repurchased common stock,

in excess of par value -39,506 -38,248 -38,446 -36,769

Total PepsiCo
shareholders’ equity 17,149 16,043 13,454 14,786

Noncontrolling interests 124 108 98 82

Total equity 17,273 16,151 13,552 14,868

Total liabilities and equity 92,187 92,377 92,918 78,547

 RATİOS
Dec 31, 2018
Dec 31, 2022
ROE(return on
2,498 equity) 39.59%

ROA(return on
1,787 assets) 10.29%

894 Profit margin 58.14%

— Current ratio 1.15

3,753 Quick ratio 0.77

8,932 Cash ratio 0.59

Debt-to-Equity
13,194 ratio 1.62

4,997

378

1,722
29,223

25,364

7,638

1,933

34,935

64,158

1,760

16,520

63,234

-12,814

-51,719

16,981
 2,077

19,058

83,216

RATİOS
Dec 29, 2018 Dec 31, 2022

ROE(return on
4,026 equity) 51.96%
ROA(return on
7,213 assets) 9.67%

2,541 Profit margin 53.03%

1,755 Current ratio 0.8

1,329 Quick ratio 0.58

— Cash ratio 0.2

 Debt-to-Equity
5,274 ratio 2.28

18,112

22,138

28,295

3,499 ROA Dec 31, 2022

9,114 Coca-Cola Co. 10.29%

40,908 PepsiCo Inc. 9.67%

63,046
 23 Current ratio Dec 31, 2022

3,953 Coca-Cola Co. 1.15

59,947 PepsiCo Inc. 0.8

-15,119

-34,286 D/E Dec 31, 2022

14,518 Coca-Cola Co. 1.62

84 PepsiCo Inc. 2.28

14,602

77,648 Gross PROFIT MARGIDec 31, 2022

Coca-Cola Co. 58.14%
PepsiCo Inc. 53.03%
 RATİOS
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

42.48% 40.14% 46.99%

10.36% 8.87% 10.33%

60.27% 59.31% 60.77%

1.13 1.32 0.76

0.81 0.96 0.56

0.63 0.75 0.41

1.86 2.22 2.25

 RATİOS
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

47.48% 52.92% 49.47%

8.25% 7.66% 9.31%

53.35% 54.82% 55.13%

0.83 0.98 0.86

0.56 0.77 0.66

0.23 0.41 0.28

 2.51 3.28 2.17

COMPARİSİON

Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 ROE

10.36% 8.87% 10.33% Coca-Cola Co.

8.25% 7.66% 9.31% PepsiCo Inc.

Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

1.13 1.32 0.76

0.83 0.98 0.86

Quick ratio

Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Coca-Cola Co.

1.86 2.22 2.25 PepsiCo Inc.

2.51 3.28 2.17

Cash ratio

Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Coca-Cola Co.
60.27% 59.31% 60.77% PepsiCo Inc.
53.35% 54.82% 55.13%
İSİON

Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

17.39% 5.78% 7.69% 11.37%

51.96% 47.48% 52.92% 49.47%

Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

0.77 0.81 0.96 0.56

0.58 0.56 0.77 0.66

Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019

0.59 0.63 0.75 0.41

0.2 0.23 0.41 0.28