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百事公司（PEP）与Progressive Corporation（PGR）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Progressive Corporation的1.3倍（$29.3B vs $22.7B），Progressive Corporation净利率更高（13.0% vs 8.7%，领先4.3%），Progressive Corporation同比增速更快（12.2% vs 5.6%），百事公司自由现金流更多（$4.7B vs $3.0B），过去两年百事公司的营收复合增速更高（26.8% vs 14.9%）
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。
美国Progressive Corporation是1937年由杰克·格林与约瑟夫·M·刘易斯联合创立的保险公司，总部位于俄亥俄州梅菲尔德，是美国第二大汽车保险服务商，仅次于州立农业保险。其业务覆盖乘用车、摩托车、房车、船只、商用车等险种，同时通过合作机构提供家财险、寿险、宠物险等多元保险产品。
PEP vs PGR — 直观对比
营收规模更大
PEP
是对方的1.3倍
$22.7B
营收增速更快
PGR
高出6.6%
5.6%
净利率更高
PGR
高出4.3%
8.7%
自由现金流更多
PEP
多$1.7B
$3.0B
两年增速更快
PEP
近两年复合增速
14.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $29.3B | $22.7B |
| 净利润 | $2.5B | $3.0B |
| 毛利率 | 53.2% | — |
| 营业利润率 | 12.1% | 16.2% |
| 净利率 | 8.7% | 13.0% |
| 营收同比 | 5.6% | 12.2% |
| 净利润同比 | 66.8% | 25.3% |
| 每股收益（稀释后） | $1.85 | $5.01 |
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PEPPGR
| Q4 25 | $29.3B | $22.7B | ||
| Q3 25 | $23.9B | $22.5B | ||
| Q2 25 | $22.7B | $22.0B | ||
| Q1 25 | $17.9B | $20.4B | ||
| Q4 24 | $27.8B | $20.3B | ||
| Q3 24 | $23.3B | $19.7B | ||
| Q2 24 | $22.5B | $18.1B | ||
| Q1 24 | $18.3B | $17.2B |
净利润PEPPGR
| Q4 25 | $2.5B | $3.0B | ||
| Q3 25 | $2.6B | $2.6B | ||
| Q2 25 | $1.3B | $3.2B | ||
| Q1 25 | $1.8B | $2.6B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $3.1B | $1.5B | ||
| Q1 24 | $2.0B | $2.3B |
毛利率PEPPGR
| Q4 25 | 53.2% | — | ||
| Q3 25 | 53.6% | — | ||
| Q2 25 | 54.7% | — | ||
| Q1 25 | 55.8% | — | ||
| Q4 24 | 52.6% | — | ||
| Q3 24 | 55.4% | — | ||
| Q2 24 | 55.9% | — | ||
| Q1 24 | 54.8% | — |
营业利润率PEPPGR
| Q4 25 | 12.1% | 16.2% | ||
| Q3 25 | 14.9% | 14.8% | ||
| Q2 25 | 7.9% | 18.1% | ||
| Q1 25 | 14.4% | 15.9% | ||
| Q4 24 | 8.1% | 14.6% | ||
| Q3 24 | 16.6% | 14.9% | ||
| Q2 24 | 18.0% | 10.3% | ||
| Q1 24 | 14.9% | 17.1% |
净利率PEPPGR
| Q4 25 | 8.7% | 13.0% | ||
| Q3 25 | 10.9% | 11.6% | ||
| Q2 25 | 5.6% | 14.4% | ||
| Q1 25 | 10.2% | 12.6% | ||
| Q4 24 | 5.5% | 11.6% | ||
| Q3 24 | 12.6% | 11.8% | ||
| Q2 24 | 13.7% | 8.0% | ||
| Q1 24 | 11.2% | 13.5% |
每股收益（稀释后）PEPPGR
| Q4 25 | $1.85 | $5.01 | ||
| Q3 25 | $1.90 | $4.45 | ||
| Q2 25 | $0.92 | $5.40 | ||
| Q1 25 | $1.33 | $4.37 | ||
| Q4 24 | $1.11 | $4.01 | ||
| Q3 24 | $2.13 | $3.97 | ||
| Q2 24 | $2.23 | $2.48 | ||
| Q1 24 | $1.48 | $3.94 |
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 | $10.0B |
| 总债务越低越好 | $42.3B | — |
| 股东权益账面价值 | $20.4B | $30.3B |
| 总资产 | $107.4B | $123.0B |
| 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PEPPGR
| Q4 25 | $9.5B | $10.0B | ||
| Q3 25 | $8.7B | $1.5B | ||
| Q2 25 | $8.0B | $2.1B | ||
| Q1 25 | $8.6B | $2.6B | ||
| Q4 24 | $9.3B | $615.0M | ||
| Q3 24 | $8.1B | $757.0M | ||
| Q2 24 | $6.7B | $733.0M | ||
| Q1 24 | $8.3B | $1.3B |
总债务PEPPGR
| 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PEPPGR
| Q4 25 | $20.4B | $30.3B | ||
| Q3 25 | $19.4B | $35.4B | ||
| Q2 25 | $18.4B | $32.6B | ||
| Q1 25 | $18.4B | $29.0B | ||
| Q4 24 | $18.0B | $25.6B | ||
| Q3 24 | $19.5B | $27.2B | ||
| Q2 24 | $19.4B | $23.3B | ||
| Q1 24 | $19.0B | $21.8B |
总资产PEPPGR
| Q4 25 | $107.4B | $123.0B | ||
| Q3 25 | $106.6B | $121.5B | ||
| Q2 25 | $105.3B | $115.5B | ||
| Q1 25 | $101.7B | $111.4B | ||
| Q4 24 | $99.5B | $105.7B | ||
| Q3 24 | $100.5B | $105.2B | ||
| Q2 24 | $99.5B | $97.9B | ||
| Q1 24 | $100.0B | $94.1B |
负债/权益比PEPPGR
| 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 | $3.2B |
| 自由现金流经营现金流 - 资本支出 | $4.7B | $3.0B |
| 自由现金流率自由现金流/营收 | 16.0% | 13.4% |
| 资本支出强度资本支出/营收 | 6.5% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.61× | 1.07× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $17.2B |
8季度趋势，按日历期对齐
经营现金流PEPPGR
| Q4 25 | $6.6B | $3.2B | ||
| Q3 25 | $4.5B | $5.2B | ||
| Q2 25 | $2.0B | $4.0B | ||
| Q1 25 | $-973.0M | $5.1B | ||
| Q4 24 | $6.3B | $3.0B | ||
| Q3 24 | $4.9B | $4.6B | ||
| Q2 24 | $2.4B | $3.3B | ||
| Q1 24 | $-1.0B | $4.2B |
自由现金流PEPPGR
| Q4 25 | $4.7B | $3.0B | ||
| Q3 25 | $3.5B | $5.1B | ||
| Q2 25 | $1.1B | $3.9B | ||
| Q1 25 | $-1.6B | $5.1B | ||
| Q4 24 | $3.8B | $2.9B | ||
| Q3 24 | $3.8B | $4.6B | ||
| Q2 24 | $1.3B | $3.2B | ||
| Q1 24 | $-1.7B | $4.2B |
自由现金流率PEPPGR
| Q4 25 | 16.0% | 13.4% | ||
| Q3 25 | 14.5% | 22.8% | ||
| Q2 25 | 4.7% | 17.9% | ||
| Q1 25 | -8.8% | 24.9% | ||
| Q4 24 | 13.7% | 14.3% | ||
| Q3 24 | 16.1% | 23.1% | ||
| Q2 24 | 5.6% | 17.6% | ||
| Q1 24 | -9.1% | 24.3% |
资本支出强度PEPPGR
| Q4 25 | 6.5% | 0.5% | ||
| Q3 25 | 4.1% | 0.3% | ||
| Q2 25 | 4.0% | 0.5% | ||
| Q1 25 | 3.4% | 0.3% | ||
| Q4 24 | 8.9% | 0.5% | ||
| Q3 24 | 4.9% | 0.3% | ||
| Q2 24 | 4.8% | 0.4% | ||
| Q1 24 | 3.4% | 0.3% |
现金转化率PEPPGR
| Q4 25 | 2.61× | 1.07× | ||
| Q3 25 | 1.72× | 1.99× | ||
| Q2 25 | 1.56× | 1.27× | ||
| Q1 25 | -0.53× | 2.00× | ||
| Q4 24 | 4.13× | 1.28× | ||
| Q3 24 | 1.67× | 1.97× | ||
| Q2 24 | 0.76× | 2.24× | ||
| Q1 24 | -0.51× | 1.82× |
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% |
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
