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PepsiCo vs Diageo: PEP and DEO compared
PepsiCo is the larger company: $25.3B of revenue in its latest quarter (Q3 2026) against $12.8B for Diageo (H2 FY25). PepsiCo is more profitable, with an operating margin of 16.9% against 9.2%.
Where the money goes: PEP and DEO
PepsiCo (PEP) · Q3 2026
PepsiCo, Q3 2026: revenue $25.3B (+6% year over year), operating margin 16.9%, net earnings $3.1B, operating cash flow $5.6B. The chart follows the revenue to costs, profit and cash.
Diageo (DEO) · H2 FY25
Diageo, H2 FY25: revenue $12.8B, operating margin 9.2%, net earnings $419M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| PepsiCo (PEP) | Diageo (DEO) | |
|---|---|---|
| Latest quarter | Q3 2026 | H2 FY25 |
| Revenue | $25.3B | $12.8B |
| Revenue growth, Y/Y | +6% | — |
| Gross margin | 54.4% | 42.5% |
| Operating margin | 16.9% | 9.2% |
| Net earnings | $3.1B | $419M |
| Net margin | 12.1% | 3.3% |
| Operating cash flow | $5.6B | $1.1B |
| Free cash flow | $4.7B | — |
| Market value | $195.8B | — |
| P/E | 17.9× | — |
| Analysts’ mean target | $141.59 | — |
Questions
Which is bigger, PepsiCo or Diageo?
PepsiCo is the larger company: $25.3B of revenue in its latest quarter (Q3 2026) against $12.8B for Diageo (H2 FY25).
Is PepsiCo or Diageo growing faster?
PepsiCo is more profitable, with an operating margin of 16.9% against 9.2%.
More: PepsiCo earnings · how PepsiCo makes money · Diageo earnings · how Diageo makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 8, 2026; 20-F filed Aug 14, 2025). Fiscal quarters can end on different dates. Not investment advice.