Who owns the aisle
PepsiCo's name says drinks. In North America its snacks and its drinks sell the same — and the snacks earn double.
Doritos, Lay's, Cheetos, Quaker and Gatorade are all PepsiCo. So are Ruffles, Tostitos, Mountain Dew and, outside the US, Walkers.
Full-year 2025, from the company's own results:
• Foods North America — $27.5B of sales, $6.5B of core operating profit • Beverages North America — $28.2B of sales, $3.3B
Same sales. Double the profit on the food side.
One caveat, because the reported figures look wilder: $6,173M against $1,089M. That gap is a $1,589M writedown of drinks brands, not a year of trading. Core is the honest read — two times, not six.
And in the category it is named after, PepsiCo is second: about 16% of the US liquid refreshment beverage category against Coca-Cola's 20%.
Source: PepsiCo FY2025 results and Form 10-K, year ended 27 December 2025.
