(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $205 billion (based on ~$146/share and 1.40 billion shares outstanding)
Introduction
PepsiCo, Inc. (NASDAQ: PEP), founded in 1965 through the merger of Pepsi-Cola and Frito-Lay and headquartered in Purchase, New York, is a global food and beverage giant with iconic brands like Pepsi, Lay's, Gatorade, Quaker, and Tropicana, operating in 200+ countries. As a public company since 1919 (via legacy entities), it emphasizes diversified snacks (~50% revenue) and beverages (~50%), with a focus on healthier options and sustainability. Ownership is highly diffuse and institutionally dominated (~80%), with insiders ~0.19% (executives/directors) and retail ~20%. No single entity holds majority control, reflecting broad market participation. The table below details the top 10 economic shareholders from Q3 2025 13F filings (Sep 30, 2025) and SEC data, with values at current market cap. Recent activity includes 1 insider award transaction totaling $7M on Nov 10, 2025, and $5B quarterly buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($205B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.75% | $20.0 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~136.87M shares. Passive with ~$9.3T AUM; added ~0.3% in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on snacks/beverages stability. |
| 2 | BlackRock Inc. | 8.29% | $17.0 billion | Holds ~116.43M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.5% in Q3 2025; board observer on governance/ESG. Key in consumer staples funds; PEP ~0.3% of portfolio. |
| 3 | JPMorgan Chase & Co. | 4.50% | $9.2 billion | ~63.26M shares across asset management; index/active blend. Up ~1% in Q3 2025; provides banking/debt for PEP's $10B+ cash reserves. |
| 4 | State Street Corporation | 4.24% | $8.7 billion | Owns ~59.50M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and sustainability. ~4% of staples holdings; supports $20B annual buybacks. |
| 5 | Geode Capital Management, LLC | 2.37% | $4.9 billion | Fidelity affiliate with ~33.26M shares in index trackers; passive. Grew ~0.3% in Q3; tracks Nasdaq 100; minimal voting power. |
| 6 | Charles Schwab Investment Management Inc. | 1.98% | $4.1 billion | ~27.79M shares; passive via ETFs. Increased ~0.5% in Q3; focuses on dividend yield (3.2%). |
| 7 | Morgan Stanley | 1.78% | $3.7 billion | ~24.93M shares via wealth/ETFs; active in advisory. Stable QoQ; engages on shareholder proposals re: health trends. |
| 8 | Bank of America Corporation | 1.51% | $3.1 billion | ~21.25M shares; strategic peer holding. Increased ~0.5% QoQ; synergies in consumer finance. |
| 9 | Norges Bank (Norway Sovereign Wealth Fund) | 1.26% | $2.6 billion | ~17.65M shares as of Jun 30, 2025; ethical investing focus. Added ~0.2% in Q3; no operational control. |
| 10 | Northern Trust Corporation | 1.09% | $2.3 billion | ~15.27M shares; passive custodian. Minor Q3 adjustments; holds for dividend yield (3.2%). |
Total Top 10 = ~44.77% | Remaining: Other Institutions (~35%), Other Insiders (~0%, e.g., Ramon Laguarta CEO at ~0.005%), Retail (~20%) | Grand Total = 100%
Conclusion
As of December 2025, PepsiCo's ownership is institutionally concentrated (~80% total) by passive giants like Vanguard and BlackRock, ensuring stability for its $23.94B Q3 2025 revenue (up 2.6% YoY, organic +1.3%) and $2.6B net income (down from $2.93B YoY, adj. EPS $2.29 up 1.33% beat), with FY2025 guidance at low-single-digit organic revenue growth and core constant currency EPS even to prior year amid international strength offsetting North America volumes. Insiders (~0.19% combined) like Laguarta reflect routine awards ($7M Nov 10) amid expansions (e.g., Poppi/Siete acquisitions), while retail's ~20% stake reflects consumer loyalty. With $205B market cap (up 10.6% YoY) and $20B buybacks authorized, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and Q4 revenue ~$24B. This structure balances portfolio reshaping with returns via $5.42 annual dividends (3.6% yield, 52nd consecutive increase). For filings, visit SEC EDGAR or PepsiCo's investor relations.