PEP · CIK 77476
What PepsiCo, Inc. told the SEC could break it.
Much of what PepsiCo flagged points at its cost base and supply chain: U.S. tariffs imposed or threatened on China, the EU, Canada and Mexico have raised input costs for certain raw materials and packaging, and some of those supplies — packaging materials included — are available only from a limited number of suppliers or a single one. It also leans on one customer, Walmart and its affiliates, which made up about 14% of consolidated net revenue in 2025. And nearly half its revenue — 44% — comes from outside the U.S., with Mexico, Russia, Canada, China, the UK, Brazil and South Africa together making up 25%, concentrating its currency and geopolitical exposure.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Walmart (incl. Sam's Club) = ~14% of consolidated net revenuemedium
Sales to Walmart and its affiliates (including Sam's Club) represented ~14% of PepsiCo's consolidated net revenue in 2025 across all segments; loss of this customer would have a material adverse effect on the PFNA and PBNA segments.
“In 2025, sales to Walmart and its affiliates (including Sam's) represented approximately 14 % of our consolidated net revenue, including concentrate sales to our independent bottlers, which were used in finished goods sold by them to Walmart.”
SEC filing →As of 2026
Regulatory & policy
- U.S. tariffs on China/EU/Canada/Mexico raising input and packaging costsmedium
U.S. tariffs imposed or threatened on China, the EU, Canada and Mexico (and retaliatory tariffs) have impacted and could continue to impact PepsiCo's supply chain, raising input costs including certain raw materials and packaging, varying by where inputs are sourced and shipped.
“the imposition of tariffs (including U.S. tariffs imposed or threatened to be imposed on China, the European Union, Canada and Mexico and other countries and any tariffs imposed by such countries) have impacted and could continue to impact our supply chain resulting in increased input costs, including the cost of certain raw materials and packaging.”
Sole-source dependency
- limited-/sole-source packaging materials and raw materialsmedium
Some raw materials and supplies, including packaging materials, are available only from a limited number of suppliers or a sole supplier, or are in short supply at peak seasonal demand, with no assurance favorable supplier arrangements or contingency plans will mitigate disruptions.
“Some raw materials and supplies, including packaging materials, are available only from a limited number of suppliers or from a sole supplier or are in short supply when seasonal demand is at its peak.”
SEC filing →As of 2026
Geographic concentration
- 44% of net revenue outside U.S.; Mexico/Russia/Canada/China/UK/Brazil/SA = 25%low
Operations outside the U.S. generated 44% of PepsiCo's consolidated net revenue in 2025, with Mexico, Russia, Canada, China, the UK, Brazil and South Africa together comprising 25% — concentrating FX and geopolitical exposure (including continued Russia operations).
“Our operations outside of the United States generated 44% of our consolidated net revenue in 2025, with Mexico, Russia, Canada, China, the United Kingdom, Brazil and South Africa, collectively, comprising 25% of our consolidated net revenue in 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In 2025, sales to Walmart Inc. (Walmart) and its affiliates, including Sam's Club (Sam's), represented approximately 14% of our consolidated net revenue, with sales reported across all of our segments... The loss of this customer would have a material adverse effect on our PFNA and PBNA segments.”
Cited →“In the U.S. and Canada, we generally grant manufacturing and distribution licenses for our CSDs to bottlers for specific geographic areas that are typically exclusive and long-term. These bottlers may be affiliated with Coca-Cola or with PepsiCo, or they may be independent.”
Cited →
Its suppliers
McCormick & Company, Incorporated
“Sales to one of our Flavor Solutions segment customers, PepsiCo, Inc., accounted for consolidated sales of approximately 12% in 2025, and 13% in both 2024 and 2023.”
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