PepsiCo

Management typically prioritizes high-return reinvestment in brands, capacity, and digital supply chain, followed by a rising dividend and opportunistic buybacks.

In 2025, PepsiCo lifted the dividend to an annualized 5.69 dollars and plans around 1 billion dollars in repurchases, within the 2022 authorization expiring February 2026. Portfolio actions have been sensible: sale of Tropicana stake previously, targeted acquisitions (Siete, Poppi), and a more focused energy strategy with Celsius to improve category economics.

SBC-driven dilution is modest and generally offset by repurchases.