Acquisitions & Divestitures

3 Months Ended

Mar. 21, 2026

Acquisitions & Divestitures [Abstract]

Acquisition of poppi

On May 19, 2025, we acquired all of the outstanding equity interest in poppi, a prebiotic soda business, for cash consideration of $1.95 billion and contingent consideration with an acquisition date fair value of $0.2 billion. See Note 8 for further information on the contingent consideration. In connection with this acquisition, other payments may be incurred, subject to the achievement of certain conditions.

We accounted for the transaction as a business combination in the second quarter of 2025 in our PBNA segment. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition. The preliminary estimates of the fair value of the identifiable assets acquired and liabilities assumed in this transaction as of the acquisition date primarily include goodwill and other intangible assets of approximately $2.0 billion. These preliminary estimates include management’s assumptions and are subject to revision as additional information is obtained about the facts and circumstances that existed as of the acquisition date, primarily related to intangible assets, which may result in adjustments to the preliminary values discussed above as valuations are finalized. We will finalize these amounts in the second quarter of 2026.

Acquisition of Garza Food Ventures LLC (Siete)

On January 17, 2025, we acquired all of the outstanding equity interest in Siete, a Mexican-American foods business, for total consideration of $1.2 billion in cash.

We accounted for the transaction as a business combination in the first quarter of 2025 in our PFNA segment. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition. The purchase price allocation was finalized in the first quarter of 2026.

The fair value of identifiable assets acquired and liabilities assumed in the acquisition of Siete and the resulting goodwill as of the acquisition date is summarized as follows:


Inventories	$	28
Property, plant and equipment	7
Amortizable intangible asset	65
Other indefinite-lived intangible asset (brand)	470
Other assets and liabilities	46
Total identifiable net assets	616
Goodwill	630
Total purchase price	$	1,246

Goodwill is calculated as the excess of the aggregate fair value of the consideration transferred over the fair value of the net assets recognized. The goodwill recorded as part of the acquisition of Siete primarily reflects our expectation of future economic benefits arising from growth opportunities, expanded consumer reach and the strengthening of our overall product offerings. All of the goodwill is recorded in our PFNA segment and deductible for tax purposes.

Acquisition and Divestiture-Related Charges/Credits

Acquisition and divestiture-related charges/credits include merger and integration charges, transaction expenses, such as consulting, advisory and other professional fees, as well as fair value adjustments to contingent consideration. Merger and integration charges include employee-related costs, closing costs and other integration costs.

A summary of charges/credits is as follows:


	12 Weeks Ended
		3/21/2026		3/22/2025
PFNA		$	1	$	15
PBNA (a)		(114)		10





Total (b)		$	(113)	$	25
After-tax amount		$	(86)	$	19
Impact on net income attributable to PepsiCo per common share		$	0.06	$	(0.01)

(a)Income amount primarily relates to the change in the fair value of contingent consideration associated with our acquisition of poppi. See Note 8 for further information.

(b)Recorded in selling, general and administrative expenses.