PepsiCo

Balance sheet quality is solid, with large, recurring operating cash flow and investment-grade credit. S&P maintains an A+ rating with stable outlook.

Through Q3 2025, operating cash flow for the 36 weeks was 5.47 billion dollars despite tax and restructuring outflows; TTM FCF is about 7.2 billion dollars after capex and asset sale proceeds, comfortably covering the dividend and modest buybacks. Liquidity is supported by multi-year credit facilities renewed in May 2025.