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百事公司（PEP）与泰森食品（TSN）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泰森食品的2.1倍（$29.3B vs $14.3B），百事公司净利率更高（8.7% vs 0.6%，领先8.1%），百事公司同比增速更快（5.6% vs 5.1%），百事公司自由现金流更多（$4.7B vs $690.0M），过去两年百事公司的营收复合增速更高（26.8% vs 4.6%）
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。
泰森食品是总部位于美国阿肯色州斯普林代尔的跨国食品企业，是仅次于JBS的全球第二大鸡肉、牛肉、猪肉加工销售商，同时是美国规模最大的肉类企业，常年位居美国牛肉出口占比首位，旗下运营泰森、Jimmy Dean、Hillshire Farm等多个知名食品品牌。
PEP vs TSN — 直观对比
营收规模更大
PEP
是对方的2.1倍
$14.3B
营收增速更快
PEP
高出0.5%
5.1%
净利率更高
PEP
高出8.1%
0.6%
自由现金流更多
PEP
多$4.0B
$690.0M
两年增速更快
PEP
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $29.3B | $14.3B |
| 净利润 | $2.5B | $85.0M |
| 毛利率 | 53.2% | 5.6% |
| 营业利润率 | 12.1% | 2.1% |
| 净利率 | 8.7% | 0.6% |
| 营收同比 | 5.6% | 5.1% |
| 净利润同比 | 66.8% | -76.3% |
| 每股收益（稀释后） | $1.85 | $0.24 |
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PEPTSN
| Q4 25 | $29.3B | $14.3B | ||
| Q3 25 | $23.9B | $13.9B | ||
| Q2 25 | $22.7B | $13.9B | ||
| Q1 25 | $17.9B | $13.1B | ||
| Q4 24 | $27.8B | $13.6B | ||
| Q3 24 | $23.3B | $13.6B | ||
| Q2 24 | $22.5B | $13.4B | ||
| Q1 24 | $18.3B | $13.1B |
净利润PEPTSN
| Q4 25 | $2.5B | $85.0M | ||
| Q3 25 | $2.6B | $47.0M | ||
| Q2 25 | $1.3B | $61.0M | ||
| Q1 25 | $1.8B | $7.0M | ||
| Q4 24 | $1.5B | $359.0M | ||
| Q3 24 | $2.9B | $357.0M | ||
| Q2 24 | $3.1B | $191.0M | ||
| Q1 24 | $2.0B | $145.0M |
毛利率PEPTSN
| Q4 25 | 53.2% | 5.6% | ||
| Q3 25 | 53.6% | 5.2% | ||
| Q2 25 | 54.7% | 8.2% | ||
| Q1 25 | 55.8% | 4.6% | ||
| Q4 24 | 52.6% | 8.0% | ||
| Q3 24 | 55.4% | 7.8% | ||
| Q2 24 | 55.9% | 6.6% | ||
| Q1 24 | 54.8% | 6.6% |
营业利润率PEPTSN
| Q4 25 | 12.1% | 2.1% | ||
| Q3 25 | 14.9% | 1.1% | ||
| Q2 25 | 7.9% | 1.9% | ||
| Q1 25 | 14.4% | 0.8% | ||
| Q4 24 | 8.1% | 4.3% | ||
| Q3 24 | 16.6% | 3.9% | ||
| Q2 24 | 18.0% | 2.6% | ||
| Q1 24 | 14.9% | 2.4% |
净利率PEPTSN
| Q4 25 | 8.7% | 0.6% | ||
| Q3 25 | 10.9% | 0.3% | ||
| Q2 25 | 5.6% | 0.4% | ||
| Q1 25 | 10.2% | 0.1% | ||
| Q4 24 | 5.5% | 2.6% | ||
| Q3 24 | 12.6% | 2.6% | ||
| Q2 24 | 13.7% | 1.4% | ||
| Q1 24 | 11.2% | 1.1% |
每股收益（稀释后）PEPTSN
| Q4 25 | $1.85 | $0.24 | ||
| Q3 25 | $1.90 | $0.13 | ||
| Q2 25 | $0.92 | $0.17 | ||
| Q1 25 | $1.33 | $0.02 | ||
| Q4 24 | $1.11 | $1.01 | ||
| Q3 24 | $2.13 | $1.00 | ||
| Q2 24 | $2.23 | $0.54 | ||
| Q1 24 | $1.48 | $0.41 |
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 | $1.3B |
| 总债务越低越好 | $42.3B | $7.5B |
| 股东权益账面价值 | $20.4B | $18.0B |
| 总资产 | $107.4B | $36.0B |
| 负债/权益比越低杠杆越低 | 2.07× | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资PEPTSN
| Q4 25 | $9.5B | $1.3B | ||
| Q3 25 | $8.7B | $1.2B | ||
| Q2 25 | $8.0B | $1.5B | ||
| Q1 25 | $8.6B | $992.0M | ||
| Q4 24 | $9.3B | $2.3B | ||
| Q3 24 | $8.1B | $1.7B | ||
| Q2 24 | $6.7B | $2.6B | ||
| Q1 24 | $8.3B | $2.2B |
总债务PEPTSN
| Q4 25 | $42.3B | $7.5B | ||
| Q3 25 | $44.1B | $7.9B | ||
| Q2 25 | $39.3B | $8.2B | ||
| Q1 25 | $39.4B | $8.2B | ||
| Q4 24 | $37.2B | $9.7B | ||
| Q3 24 | $38.5B | $9.7B | ||
| Q2 24 | $36.6B | $9.7B | ||
| Q1 24 | $37.7B | $9.6B |
股东权益PEPTSN
| Q4 25 | $20.4B | $18.0B | ||
| Q3 25 | $19.4B | $18.1B | ||
| Q2 25 | $18.4B | $18.3B | ||
| Q1 25 | $18.4B | $18.4B | ||
| Q4 24 | $18.0B | $18.5B | ||
| Q3 24 | $19.5B | $18.4B | ||
| Q2 24 | $19.4B | $18.1B | ||
| Q1 24 | $19.0B | $18.1B |
总资产PEPTSN
| Q4 25 | $107.4B | $36.0B | ||
| Q3 25 | $106.6B | $36.7B | ||
| Q2 25 | $105.3B | $36.5B | ||
| Q1 25 | $101.7B | $36.3B | ||
| Q4 24 | $99.5B | $37.3B | ||
| Q3 24 | $100.5B | $37.1B | ||
| Q2 24 | $99.5B | $37.7B | ||
| Q1 24 | $100.0B | $37.5B |
负债/权益比PEPTSN
| Q4 25 | 2.07× | 0.41× | ||
| Q3 25 | 2.28× | 0.44× | ||
| Q2 25 | 2.14× | 0.45× | ||
| Q1 25 | 2.14× | 0.44× | ||
| Q4 24 | 2.06× | 0.52× | ||
| Q3 24 | 1.98× | 0.53× | ||
| Q2 24 | 1.88× | 0.54× | ||
| Q1 24 | 1.98× | 0.53× |
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 | $942.0M |
| 自由现金流经营现金流 - 资本支出 | $4.7B | $690.0M |
| 自由现金流率自由现金流/营收 | 16.0% | 4.8% |
| 资本支出强度资本支出/营收 | 6.5% | 1.8% |
| 现金转化率经营现金流/净利润 | 2.61× | 11.08× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $1.1B |
8季度趋势，按日历期对齐
经营现金流PEPTSN
| Q4 25 | $6.6B | $942.0M | ||
| Q3 25 | $4.5B | $535.0M | ||
| Q2 25 | $2.0B | $774.0M | ||
| Q1 25 | $-973.0M | $-185.0M | ||
| Q4 24 | $6.3B | $1.0B | ||
| Q3 24 | $4.9B | $617.0M | ||
| Q2 24 | $2.4B | $796.0M | ||
| Q1 24 | $-1.0B | $-123.0M |
自由现金流PEPTSN
| Q4 25 | $4.7B | $690.0M | ||
| Q3 25 | $3.5B | $248.0M | ||
| Q2 25 | $1.1B | $547.0M | ||
| Q1 25 | $-1.6B | $-378.0M | ||
| Q4 24 | $3.8B | $760.0M | ||
| Q3 24 | $3.8B | $369.0M | ||
| Q2 24 | $1.3B | $533.0M | ||
| Q1 24 | $-1.7B | $-390.0M |
自由现金流率PEPTSN
| Q4 25 | 16.0% | 4.8% | ||
| Q3 25 | 14.5% | 1.8% | ||
| Q2 25 | 4.7% | 3.9% | ||
| Q1 25 | -8.8% | -2.9% | ||
| Q4 24 | 13.7% | 5.6% | ||
| Q3 24 | 16.1% | 2.7% | ||
| Q2 24 | 5.6% | 4.0% | ||
| Q1 24 | -9.1% | -3.0% |
资本支出强度PEPTSN
| Q4 25 | 6.5% | 1.8% | ||
| Q3 25 | 4.1% | 2.1% | ||
| Q2 25 | 4.0% | 1.6% | ||
| Q1 25 | 3.4% | 1.5% | ||
| Q4 24 | 8.9% | 2.0% | ||
| Q3 24 | 4.9% | 1.8% | ||
| Q2 24 | 4.8% | 2.0% | ||
| Q1 24 | 3.4% | 2.0% |
现金转化率PEPTSN
| Q4 25 | 2.61× | 11.08× | ||
| Q3 25 | 1.72× | 11.38× | ||
| Q2 25 | 1.56× | 12.69× | ||
| Q1 25 | -0.53× | -26.43× | ||
| Q4 24 | 4.13× | 2.87× | ||
| Q3 24 | 1.67× | 1.73× | ||
| Q2 24 | 0.76× | 4.17× | ||
| Q1 24 | -0.51× | -0.85× |
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% |
TSN
| Beef | $5.8B | 40% |
| Retail Sales Channel | $2.9B | 20% |
| Pork | $1.6B | 11% |
| Foodservice Sales Channel | $1.6B | 11% |
| Other | $776.0M | 5% |
| Industrialand Other Sales Channel | $575.0M | 4% |
| International Sales Channel | $542.0M | 4% |
| Intersegment Revenues | $534.0M | 4% |
