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百事公司（PEP）与宝洁（PG）财务数据对比。点击上方公司名可切换其他公司
百事公司的季度营收约是宝洁的1.3倍（$29.3B vs $22.2B），宝洁净利率更高（19.4% vs 8.7%，领先10.8%），百事公司同比增速更快（5.6% vs 1.5%），百事公司自由现金流更多（$4.7B vs $3.8B），过去两年百事公司的营收复合增速更高（26.8% vs 4.9%）
百事公司是总部位于美国纽约州珀彻斯的跨国食品饮料巨头，1965年由百事可乐公司与菲多利公司合并组建。其业务覆盖食品饮料全品类，负责旗下产品的生产、分销及营销推广，产品线已从最初的百事可乐拓展为丰富多元的品牌矩阵。
宝洁是总部位于美国俄亥俄州辛辛那提的跨国消费品巨头，业务覆盖美容护理、家居清洁、个人护理、母婴护理等多个品类，旗下拥有大量知名消费品牌，产品行销全球绝大多数国家和地区，广受各地消费者的信赖与喜爱。
PEP vs PG — 直观对比
营收规模更大
PEP
是对方的1.3倍
$22.2B
营收增速更快
PEP
高出4.1%
1.5%
净利率更高
PG
高出10.8%
8.7%
自由现金流更多
PEP
多$898.0M
$3.8B
两年增速更快
PEP
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $29.3B | $22.2B |
| 净利润 | $2.5B | $4.3B |
| 毛利率 | 53.2% | 51.2% |
| 营业利润率 | 12.1% | 24.2% |
| 净利率 | 8.7% | 19.4% |
| 营收同比 | 5.6% | 1.5% |
| 净利润同比 | 66.8% | -6.7% |
| 每股收益（稀释后） | $1.85 | $1.78 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PEPPG
| Q4 25 | $29.3B | $22.2B | ||
| Q3 25 | $23.9B | $22.4B | ||
| Q2 25 | $22.7B | $20.9B | ||
| Q1 25 | $17.9B | $19.8B | ||
| Q4 24 | $27.8B | $21.9B | ||
| Q3 24 | $23.3B | $21.7B | ||
| Q2 24 | $22.5B | $20.5B | ||
| Q1 24 | $18.3B | $20.2B |
净利润PEPPG
| Q4 25 | $2.5B | $4.3B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $1.3B | $3.6B | ||
| Q1 25 | $1.8B | $3.8B | ||
| Q4 24 | $1.5B | $4.6B | ||
| Q3 24 | $2.9B | $4.0B | ||
| Q2 24 | $3.1B | $3.1B | ||
| Q1 24 | $2.0B | $3.8B |
毛利率PEPPG
| Q4 25 | 53.2% | 51.2% | ||
| Q3 25 | 53.6% | 51.4% | ||
| Q2 25 | 54.7% | 49.1% | ||
| Q1 25 | 55.8% | 51.0% | ||
| Q4 24 | 52.6% | 52.4% | ||
| Q3 24 | 55.4% | 52.1% | ||
| Q2 24 | 55.9% | 49.6% | ||
| Q1 24 | 54.8% | 51.2% |
营业利润率PEPPG
| Q4 25 | 12.1% | 24.2% | ||
| Q3 25 | 14.9% | 26.2% | ||
| Q2 25 | 7.9% | 20.8% | ||
| Q1 25 | 14.4% | 23.0% | ||
| Q4 24 | 8.1% | 26.2% | ||
| Q3 24 | 16.6% | 26.7% | ||
| Q2 24 | 18.0% | 18.9% | ||
| Q1 24 | 14.9% | 22.1% |
净利率PEPPG
| Q4 25 | 8.7% | 19.4% | ||
| Q3 25 | 10.9% | 21.2% | ||
| Q2 25 | 5.6% | 17.3% | ||
| Q1 25 | 10.2% | 19.1% | ||
| Q4 24 | 5.5% | 21.2% | ||
| Q3 24 | 12.6% | 18.2% | ||
| Q2 24 | 13.7% | 15.3% | ||
| Q1 24 | 11.2% | 18.6% |
每股收益（稀释后）PEPPG
| Q4 25 | $1.85 | $1.78 | ||
| Q3 25 | $1.90 | $1.95 | ||
| Q2 25 | $0.92 | $1.48 | ||
| Q1 25 | $1.33 | $1.54 | ||
| Q4 24 | $1.11 | $1.88 | ||
| Q3 24 | $2.13 | $1.61 | ||
| Q2 24 | $2.23 | $1.27 | ||
| Q1 24 | $1.48 | $1.52 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $9.5B | — |
| 总债务越低越好 | $42.3B | — |
| 股东权益账面价值 | $20.4B | $53.3B |
| 总资产 | $107.4B | $127.3B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资PEPPG
| Q4 25 | $9.5B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.0B | — | ||
| Q1 25 | $8.6B | — | ||
| Q4 24 | $9.3B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $6.7B | — | ||
| Q1 24 | $8.3B | — |
总债务PEPPG
| Q4 25 | $42.3B | — | ||
| Q3 25 | $44.1B | — | ||
| Q2 25 | $39.3B | — | ||
| Q1 25 | $39.4B | — | ||
| Q4 24 | $37.2B | — | ||
| Q3 24 | $38.5B | — | ||
| Q2 24 | $36.6B | — | ||
| Q1 24 | $37.7B | — |
股东权益PEPPG
| Q4 25 | $20.4B | $53.3B | ||
| Q3 25 | $19.4B | $53.6B | ||
| Q2 25 | $18.4B | $52.3B | ||
| Q1 25 | $18.4B | $52.5B | ||
| Q4 24 | $18.0B | $51.4B | ||
| Q3 24 | $19.5B | $52.1B | ||
| Q2 24 | $19.4B | $50.6B | ||
| Q1 24 | $19.0B | $50.3B |
总资产PEPPG
| Q4 25 | $107.4B | $127.3B | ||
| Q3 25 | $106.6B | $127.6B | ||
| Q2 25 | $105.3B | $125.2B | ||
| Q1 25 | $101.7B | $123.0B | ||
| Q4 24 | $99.5B | $122.6B | ||
| Q3 24 | $100.5B | $126.5B | ||
| Q2 24 | $99.5B | $122.4B | ||
| Q1 24 | $100.0B | $119.6B |
负债/权益比PEPPG
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.14× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | 1.98× | — | ||
| Q2 24 | 1.88× | — | ||
| Q1 24 | 1.98× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $6.6B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $4.7B | $3.8B |
| 自由现金流率自由现金流/营收 | 16.0% | 17.1% |
| 资本支出强度资本支出/营收 | 6.5% | 5.3% |
| 现金转化率经营现金流/净利润 | 2.61× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $14.8B |
8季度趋势，按日历期对齐
经营现金流PEPPG
| Q4 25 | $6.6B | $5.0B | ||
| Q3 25 | $4.5B | $5.4B | ||
| Q2 25 | $2.0B | $5.0B | ||
| Q1 25 | $-973.0M | $3.7B | ||
| Q4 24 | $6.3B | $4.8B | ||
| Q3 24 | $4.9B | $4.3B | ||
| Q2 24 | $2.4B | $5.8B | ||
| Q1 24 | $-1.0B | $4.1B |
自由现金流PEPPG
| Q4 25 | $4.7B | $3.8B | ||
| Q3 25 | $3.5B | $4.2B | ||
| Q2 25 | $1.1B | $4.0B | ||
| Q1 25 | $-1.6B | $2.8B | ||
| Q4 24 | $3.8B | $3.9B | ||
| Q3 24 | $3.8B | $3.3B | ||
| Q2 24 | $1.3B | $5.0B | ||
| Q1 24 | $-1.7B | $3.3B |
自由现金流率PEPPG
| Q4 25 | 16.0% | 17.1% | ||
| Q3 25 | 14.5% | 18.8% | ||
| Q2 25 | 4.7% | 19.1% | ||
| Q1 25 | -8.8% | 14.4% | ||
| Q4 24 | 13.7% | 17.8% | ||
| Q3 24 | 16.1% | 15.2% | ||
| Q2 24 | 5.6% | 24.2% | ||
| Q1 24 | -9.1% | 16.3% |
资本支出强度PEPPG
| Q4 25 | 6.5% | 5.3% | ||
| Q3 25 | 4.1% | 5.4% | ||
| Q2 25 | 4.0% | 4.8% | ||
| Q1 25 | 3.4% | 4.3% | ||
| Q4 24 | 8.9% | 4.2% | ||
| Q3 24 | 4.9% | 4.6% | ||
| Q2 24 | 4.8% | 3.8% | ||
| Q1 24 | 3.4% | 3.9% |
现金转化率PEPPG
| Q4 25 | 2.61× | 1.15× | ||
| Q3 25 | 1.72× | 1.14× | ||
| Q2 25 | 1.56× | 1.38× | ||
| Q1 25 | -0.53× | 0.98× | ||
| Q4 24 | 4.13× | 1.04× | ||
| Q3 24 | 1.67× | 1.09× | ||
| Q2 24 | 0.76× | 1.83× | ||
| Q1 24 | -0.51× | 1.09× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PEP
| Pepsi Co Foods North America | $8.3B | 28% |
| Pepsi Co Beverages North America | $8.2B | 28% |
| Europe Middle East Africa Segment | $6.1B | 21% |
| Latin America Foods Segment | $3.7B | 13% |
| International Beverage Franchise | $1.6B | 5% |
| Asia Pacific Foods Segment | $1.5B | 5% |
PG
| Fabric Home Care Segment | $7.7B | 35% |
| Baby Feminine Family Care Segment | $5.1B | 23% |
| Beauty Segment | $4.0B | 18% |
| Health Care Segment | $3.4B | 15% |
| Grooming Segment | $1.8B | 8% |
