BUD vs PEP
Anheuser-Busch InBev SA/NV and PepsiCo Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | BUD | PEP |
|---|---|---|
| Revenue | $59.3B | $93.9B |
| Net income | $6.8B | $8.2B |
| Gross margin | 55.9% | 54.1% |
| Net margin | 14.3% | 8.8% |
| Return on equity | 8.3% | 42.9% |
| Diluted EPS | $3.39 | $6.00 |
| Dividend / share | · | $5.62 |
| Payout ratio | 66.4% | 92.7% |
| Free cash flow | $11.2B | $7.7B |
| Equity | $87.3B | $20.4B |
| Net debt / equity | 0.70× | 1.96× |
| Current ratio | 0.72× | 0.85× |
| Revenue CAGR 5y | 4.8% | 5.9% |
| Profit CAGR 5y | 37.2% | 3.0% |
PEP bills 1.6× the revenue of BUD, and BUD keeps more of each dollar of revenue as profit (14.3% against 8.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | BUD | PEP |
|---|---|---|
| FY2025 | $59.3B | $93.9B |
| FY2024 | $59.8B | $91.9B |
| FY2023 | $59.4B | $91.5B |
| FY2022 | $57.8B | $86.4B |
| FY2021 | $54.3B | $79.5B |
| FY2020 | $46.9B | $70.4B |
| FY2019 | $52.3B | $67.2B |
| FY2018 | $53.0B | $64.7B |
| FY2017 | $54.9B | $63.5B |
| FY2016 | $45.5B | $62.8B |
Bottom line
| Fiscal year | BUD | PEP |
|---|---|---|
| FY2025 | $6.8B | $8.2B |
| FY2024 | $5.9B | $9.6B |
| FY2023 | $5.3B | $9.1B |
| FY2022 | $6.0B | $8.9B |
| FY2021 | $4.7B | $7.6B |
| FY2020 | $1.4B | $7.1B |
| FY2019 | $9.2B | $7.3B |
| FY2018 | $4.4B | $12.5B |
| FY2017 | $8.0B | $4.9B |
| FY2016 | $1.2B | $6.3B |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$34,605,000,000 | PEP |
| FY2024 | −$32,086,000,000 | PEP |
| FY2023 | −$32,091,000,000 | PEP |
| FY2022 | −$28,606,000,000 | PEP |
| FY2021 | −$25,170,000,000 | PEP |
| FY2020 | −$23,491,000,000 | PEP |
| FY2019 | −$14,832,000,000 | PEP |
| FY2018 | −$11,620,000,000 | PEP |
| FY2017 | −$8,666,000,000 | PEP |
| FY2016 | −$17,282,000,000 | PEP |
| FY2015 | −$19,992,000,000 | PEP |
PEP has reported the higher revenue in every one of these 11 fiscal years. The gap has widened since the earliest year compared.
11 of 19 comparable fiscal years — a year missing data on either side is not counted.
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +5.5 pp | BUD |
| FY2024 | +1.9 pp | BUD |
| FY2023 | +1.6 pp | BUD |
| FY2022 | +2.8 pp | BUD |
| FY2021 | +1.6 pp | BUD |
| FY2020 | −5.5 pp | PEP |
| FY2019 | +9.0 pp | BUD |
| FY2018 | −8.7 pp | PEP |
| FY2017 | +9.0 pp | BUD |
| FY2016 | −4.1 pp | PEP |
| FY2015 | +14.2 pp | BUD |
The higher net margin has changed hands between BUD and PEP over this period.
11 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BUD's net margin has been more volatile than PEP's over the 11 comparable fiscal years — 5.1 percentage points of standard deviation against 2.9.
11 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between BUD and PEP over these 11 fiscal years — BUD led in 8 and PEP in 3.
11 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PEP's return on equity has been more volatile than BUD's over the 10 comparable fiscal years — 14.8 percentage points of standard deviation against 3.3.
10 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
PEP led in return on equity in every one of the 10 comparable fiscal years — a structural lead, not a recent swing.
10 of 19 comparable fiscal years — a year missing data on either side is not counted.