Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-17

PepsiCo (PEP)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$23,903,545
Ramon Laguarta total, FY2025
41st
CEO pay percentile vs peers
449:1
CEO-to-median pay ratio
89.02%
Say-on-pay support, latest vote
Companies that benchmark against PEP
32 companies name PEP as a compensation peer

Each company listed discloses PEP in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PEP in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ramon Laguarta$1,804,615$0$11,550,008$0$5,771,000$4,125,567$652,355$23,903,545
Chairman of the Board and Chief Executive Officer
Steven Williams999,23103,795,01101,505,0001,339,374130,3027,768,918
CEO, North America
Silviu Popovici841,66702,425,56001,589,350389,9691,182,5536,429,099
CEO, Europe, Middle East and Africa
Rebecca Schmitt746,1541,800,0001,781,96301,219,7600128,7405,676,617
Executive Vice President and Chief People Officer
Stephen Schmitt121,1542,000,0006,999,98001,066,50008,9555,676,617
Executive Vice President and Chief Financial Officer
James Caulfield742,30802,144,9660790,990946,89625,3504,650,510
Former Executive Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Ramon Laguarta$23,903,545$28,814,759$33,906,212−4,911,214
Steven Williams7,768,9188,068,4509,986,729−299,532
Silviu Popovici6,429,0996,272,3387,647,441+156,761
Rebecca Schmitt5,676,617
Stephen Schmitt5,676,617
James Caulfield4,650,510

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
David W. GibbsDirector2026-05-06A1,000$0$0CommonForm 4 ↗
David W. GibbsDirector2026-05-06A534.3300CommonForm 4 ↗
Jennifer BaileyDirector2026-06-01A125CommonForm 4 ↗
Jennifer BaileyDirector2026-06-01A423.9714260,000CommonForm 4 ↗
David W. GibbsDirector2026-06-01A70.6614210,000CommonForm 4 ↗
Daniel Vasella, MDDirector2026-06-01A1,480.91CommonForm 4 ↗
Susan M. DiamondDirector2026-06-01A128.12CommonForm 4 ↗
Susan M. DiamondDirector2026-06-01A565.2914280,000CommonForm 4 ↗
Daniel Vasella, MDDirector2026-06-01A423.9714260,000CommonForm 4 ↗
Eugene WillemsenCEO, International Beverages2026-07-01A54000RSUForm 4 ↗
Eugene WillemsenCEO, International Beverages2026-07-01A80900CommonForm 4 ↗
David FlavellEVP, Gen Counsel & Corp Sec2026-07-27D2,900140404,674CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Rebecca SchmittPSU2025-03-0111,59023,180$1,781,963
Silviu PopoviciPSU2025-03-0115,77631,5522,425,560
Steven WilliamsPSU2025-03-0124,68349,3663,795,011
Ramon LaguartaPSU2025-03-0175,122150,24411,550,008
Stephen SchmittRSU2025-11-1049,2096,999,980
James CaulfieldPSU2025-03-0113,95127,9022,144,966
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Rebecca Schmitt$0$1,781,963$0100.0%
Silviu Popovici02,425,5600100.0%
Steven Williams03,795,0110100.0%
Ramon Laguarta011,550,0080100.0%
Stephen Schmitt6,999,980000.0%
James Caulfield02,144,9660100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Silviu PopoviciPSU13,260$1,906,523
Silviu PopoviciPSU12,3511,775,827
Silviu PopoviciPSU15,7762,268,273
Steven WilliamsPSU18,0822,599,830
Ramon LaguartaPSU67,0059,633,979
SchmittPSU9,4421,357,571
Ramon LaguartaPSU59,8258,601,639
Steven WilliamsPSU24,6833,548,922
James CaulfieldPSU13,0591,877,623
James CaulfieldPSU13,9512,005,875
SchmittPSU11,5901,666,410
SchmittPSU10,4471,502,070
Ramon LaguartaPSU75,12210,801,041
SchmittRSU24,6053,537,707
SchmittRSU24,6043,537,563
Steven WilliamsPSU15,4392,219,819
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation programs are designed to align the interests of our executive officers with our shareholders, underpinned by the following core principles. Pay for Performance: Put the majority of executive officer pay at-risk, where both short-term and long-term incentives depend on performance relative to predetermined goals. Payout at target when PepsiCo achieves its internal performance targets. Tie a significant portion of pay to the long-term performance of our stock.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-06889,386,771109,646,8834,419,70089.02%Passed
20252025-05-07866,270,459131,062,5099,251,41986.86%Passed
20242024-05-01889,447,400102,710,5319,563,85689.65%Passed
20232023-05-03901,248,622110,102,3708,796,89789.11%Passed
20222022-05-04934,142,96575,564,04411,047,38892.52%Passed
20212021-05-05911,663,06281,493,93711,120,54591.79%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0689.02%a
20252025-05-0786.86%b
20242024-05-0189.65%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not treated as cast either for or against a matter, and therefore will not affect the outcome of the vote on any matter.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not treated as cast either for or against a matter, and therefore will not affect the outcome of the vote on any matter.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not treated as cast either for or against a matter, and therefore will not affect the outcome of the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)449 : 1
CEO total compensation$23,903,545
Median employee compensation$53,296
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Daniel Vasella, MDIndependent · Compensation · Nominating and Corporate Governance$120,000$200,000$0$72,764$392,764
Ian CookIndependent · Lead Independent Director · Nominating and Corporate Governance170,000200,000020,000390,000
Darren WalkerIndependent · Departed during FY150,000200,000021,277371,277
Susan M. DiamondIndependent · Audit (Chair)143,333200,000020,000363,333
Cesar CondeIndependent · Compensation (Chair) · Nominating and Corporate Governance160,000200,0000360,000
Robert C. PohladIndependent · Compensation · Nominating and Corporate Governance (Chair)150,000200,0000350,000
Dina DublonIndependent · Compensation · Sustainability and Public Policy120,000200,000020,000340,000
Alberto WeisserIndependent · Audit136,667200,0000336,667
David C. PageIndependent · Compensation · Sustainability and Public Policy · Not standing for re-election120,000200,000016,000336,000
Sir Dave J. LewisIndependent · Sustainability and Public Policy120,000200,000013,437333,437
Edith W. CooperIndependent · Audit120,000200,000010,000330,000
Michelle GassIndependent · Sustainability and Public Policy (Chair)120,000200,0000320,000
Jennifer BaileyIndependent · Audit120,000200,0000320,000
Segun AgbajeIndependent · Audit · Not standing for re-election120,000200,0000320,000
Ramon L. LaguartaEmployee director · Board Chair00000
David W. GibbsIndependent · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$120,000
Annual equity retainer$200,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)40,000 / 40,000 / 30,000
Stock ownership guideline5x annual cash retainer ($600,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,870,000
Equity awards (grant-date value)$2,800,000
All other compensation$193,478
Total cost of the board$4,863,478

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies PepsiCo names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including PepsiCo.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1The Walt Disney Company2025Robert Iger$1,000,000$21,000,057$14,000,006$7,250,000$45,842,574
2NIKE, Inc.2026Elliott Hill1,500,00028,137,7983,967,1132,220,00036,340,876
3Verizon Communications Inc.2025Daniel Schulman375,00032,774,7950937,50034,311,016
4Johnson & Johnson2025Joaquin Duato1,600,00015,028,9485,927,9954,298,70032,758,111
5The Coca-Cola Company2025James Quincey1,675,00012,516,10910,352,2555,025,00031,208,165
6Starbucks Corporation2025Brian Niccol1,599,99819,881,58501,971,00030,992,773
7Walmart Inc.2026Doug McMillon1,500,00021,051,60504,032,00029,240,930
8Pfizer Inc.2025Albert Bourla1,800,0009,442,7058,998,1415,400,00027,585,301
9FedEx Corporation2026Rajesh Subramaniam1,550,0006,731,3643,715,06210,593,50027,554,018
10Mondelez International, Inc.2025Dirk Van de Put1,624,61514,530,3594,401,5553,234,00024,516,114
11PepsiCo2025Ramon Laguarta1,804,61511,550,00805,771,00023,903,545
12United Parcel Service, Inc.2025Carol Tomé1,509,71317,550,5461,358,7542,264,56922,878,788
13The Procter & Gamble Company2025Jon Moeller1,637,50011,519,6456,562,515021,909,816
143M Company2025William Brown1,800,0007,753,8527,001,2423,745,32221,005,009
15McDonald's Corporation2025Christopher Kempczinski1,550,0008,000,2158,000,0662,367,16020,574,525
16Colgate-Palmolive Company2025Noel Wallace1,500,0008,005,1523,570,0162,455,95016,478,196
17General Mills, Inc.2026Jeffrey Harmening1,350,0007,326,4052,279,9731,404,54014,018,052
18The Kraft Heinz Company2025Carlos Abrams-Rivera1,100,0008,102,60901,520,31010,748,810
Unilever PLCnot in coverage universe
Anheuser-Busch InBev SA/NVnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
PepsiConot disclosednot disclosedYes — Relative TSR PerformanceFW Cook
3M Company118.9%PSU 50 · Options 50NoFW Cook
Anheuser-Busch InBev SA/NVnot disclosednot disclosednot disclosednot disclosed
Colgate-Palmolive Company93.6%PSU 50 · Options 30 · RSU 20NoFW Cook
FedEx Corporation112.5%not disclosedYes — Relative TSR (FY24-FY26 LTI Cash Plan)Meridian Compensation Partners, LLC
General Mills, Inc.58%PSU 50 · RSU 25 · Options 25Yes — Relative TSR ModifierFW Cook
Johnson & Johnsonnot disclosednot disclosednot disclosedSemler Brossy Consulting Group
McDonald's Corporationnot disclosedPRSU 50 · Option 50not disclosedSemler Brossy Consulting Group LLC
Mondelez International, Inc.91%PSU 75 · Options 25Nonot disclosed
NIKE, Inc.74%PSU 50 · Options 25 · RSU 25Yes — Relative TSRNone retained in fiscal 2026 (market data supplemented via Aon, Willis Towers Watson, and Mercer)
Pfizer Inc.150%PSU 50 · MSU 50Yes — relative TSR as compared to the NYSE Arca Pharmaceutical Index (DRG Index or DRG)Meridian Compensation Partners, LLC
Starbucks Corporation54.8%PSU 60 · RSU 40NoPay Governance
The Coca-Cola Company150%PSU 50 · Options 50Yes — Relative TSR modifierMeridian Compensation Partners, LLC
The Kraft Heinz Company46.07%PSU 70 · RSU 30Yes — 3-year average annual Company Total Shareholder Return (TSR) performance relative to the performance peer groupMeridian Compensation Partners LLC
The Procter & Gamble Company57%PSU 50Yes — Relative TSR MultiplierMeridian Compensation Partners, LLC
The Walt Disney Company144.4%PSU 60 · Options 40Yes — TSR performance relative to the S&P 500 Media & Entertainment IndexPay Governance LLC
Unilever PLCnot disclosednot disclosednot disclosednot disclosed
United Parcel Service, Inc.75%PSU 93 · Options 7Yes — Relative Total Shareowner Return (RTSR)FW Cook
Verizon Communications Inc.100%PSU 60 · RSU 40Yes — relative total shareholder return (TSR) position compared with the companies in the S&P 100Meridian Compensation Partners, LLC
Walmart Inc.112%not disclosedNoFarient Advisors LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Ramon LaguartaDEF 14A2026-03-270001308179-26-000169Section “2025 Summary Compensation Table” · page 69. As printed: 23,903,545. Filing ↗machine: r2 · c20 · span 826280–826290
2Section 01, Steven WilliamsDEF 14A2026-03-270001308179-26-000169Section “2025 Summary Compensation Table” · page 69. As printed: 7,768,918. Filing ↗machine: r7 · c20 · span 835585–835594
3Section 01, Silviu PopoviciDEF 14A2026-03-270001308179-26-000169Section “2025 Summary Compensation Table” · page 69. As printed: 6,429,099. Filing ↗machine: r10 · c20 · span 840977–840986
4Section 01, Rebecca SchmittDEF 14A2026-03-270001308179-26-000169Section “2025 Summary Compensation Table” · page 69. As printed: 5,676,617. Filing ↗machine: r13 · c20 · span 846346–846355
5Section 01, Stephen SchmittDEF 14A2026-03-270001308179-26-000169Section “2025 Summary Compensation Table” · page 69. As printed: 5,676,617. Filing ↗machine: r13 · c20 · span 833916–833926
6Section 01, James CaulfieldDEF 14A2026-03-270001308179-26-000169Section “2025 Summary Compensation Table” · page 69. As printed: 4,650,510. Filing ↗machine: r15 · c20 · span 850293–850302
7Section 03, Rebecca Schmitt PSUDEF 14A2026-03-270001308179-26-000169Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t281 · r6 · c8 · span 866578–866587
8Section 03, Silviu Popovici PSUDEF 14A2026-03-270001308179-26-000169Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t297 · r10 · c22 · span 976313–976319
9Section 03, Steven Williams PSUDEF 14A2026-03-270001308179-26-000169Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t297 · r7 · c22 · span 969935–969941
10Section 03, Ramon Laguarta PSUDEF 14A2026-03-270001308179-26-000169Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t281 · r2 · c8 · span 860230–860240
11Section 03, Stephen Schmitt RSUDEF 14A2026-03-270001308179-26-000169Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t290 · r6 · c19 · span 915665–915671
12Section 03, James Caulfield PSUDEF 14A2026-03-270001308179-26-000169Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t281 · r7 · c8 · span 868131–868140
13Section 07, pay ratioDEF 14A2026-03-27000130817926000169Section “CEO Pay Ratio”. As printed: 449 : 1. Filing ↗machine: span 1161332–1161335
14Section 08, Daniel Vasella, MDDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 392,764. Filing ↗machine: t180 · r12 · c8 · span 523754–523761
15Section 08, Ian CookDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 390,000. Filing ↗machine: t180 · r4 · c8 · span 514203–514210
16Section 08, Darren WalkerDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 371,277. Filing ↗machine: t180 · r13 · c8 · span 524958–524965
17Section 08, Susan M. DiamondDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 363,333. Filing ↗machine: t180 · r6 · c8 · span 516588–516595
18Section 08, Cesar CondeDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 360,000. Filing ↗machine: t180 · r3 · c8 · span 513018–513025
19Section 08, Robert C. PohladDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 350,000. Filing ↗machine: t180 · r11 · c8 · span 522545–522552
20Section 08, Dina DublonDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t180 · r7 · c8 · span 517776–517783
21Section 08, Alberto WeisserDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 336,667. Filing ↗machine: t180 · r14 · c8 · span 526115–526122
22Section 08, David C. PageDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 336,000. Filing ↗machine: t180 · r10 · c8 · span 521351–521358
23Section 08, Sir Dave J. LewisDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 333,437. Filing ↗machine: t180 · r9 · c8 · span 520161–520168
24Section 08, Edith W. CooperDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 330,000. Filing ↗machine: t180 · r5 · c8 · span 515395–515402
25Section 08, Michelle GassDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t180 · r8 · c8 · span 518967–518974
26Section 08, Jennifer BaileyDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t180 · r2 · c8 · span 511829–511836
27Section 08, Segun AgbajeDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t180 · r1 · c8 · span 510636–510643
28Section 08, Ramon L. LaguartaDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 0. Filing ↗
29Section 08, David W. GibbsDEF 14A2026-03-270001308179-26-000169Section “Director Compensation”. As printed: 0. Filing ↗
30Section 02, David W. Gibbs 2026-05-06Form 42026-05-080001628280-26-032951Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, David W. Gibbs 2026-05-06Form 42026-05-080001628280-26-032951Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Jennifer Bailey 2026-06-01Form 42026-06-030001628280-26-040413Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Jennifer Bailey 2026-06-01Form 42026-06-030001628280-26-040413Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, David W. Gibbs 2026-06-01Form 42026-06-030001628280-26-040412Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Daniel Vasella, MD 2026-06-01Form 42026-06-030001628280-26-040415Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Susan M. Diamond 2026-06-01Form 42026-06-030001628280-26-040416Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Susan M. Diamond 2026-06-01Form 42026-06-030001628280-26-040416Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Daniel Vasella, MD 2026-06-01Form 42026-06-030001628280-26-040415Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Eugene Willemsen 2026-07-01Form 42026-07-020001792421-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Eugene Willemsen 2026-07-01Form 42026-07-020001792421-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, David Flavell 2026-07-27Form 42026-07-290001846812-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
42Section 06, 2026 voteForm 8-K2026-05-080000077476-26-000024Item 5.07 · say-on-pay result. As reported: 89.02% (votes for as printed: 889,386,771). Filing ↗
43Section 06, 2025 voteForm 8-K2025-05-090000077476-25-000025Item 5.07 · say-on-pay result. As reported: 86.86% (votes for as printed: 866,270,459). Filing ↗
44Section 06, 2024 voteForm 8-K2024-05-030000077476-24-000026Item 5.07 · say-on-pay result. As reported: 89.65% (votes for as printed: 889,447,400). Filing ↗
45Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
46Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
47Section 09b board cost (computed)ComputedcomputedCash 1,870,000 + equity 2,800,000 + all other 193,478 = 4,863,478, summed across the director compensation table rows.machine: formula: Σ = 4,863,478
48The Walt Disney Company, Section 10b CEO totalDEF 14A2026-01-220001744489-26-000013CEO total compensation as printed in The Walt Disney Company's own proxy. As printed: 45,842,574. Filing ↗machine: r3 · c27 · span 1324221–1324231
49NIKE, Inc., Section 10b CEO totalDEF 14A2026-07-150000320187-26-000089CEO total compensation as printed in NIKE, Inc.'s own proxy. As printed: 36,340,876. Filing ↗machine: t55 · r2 · c10 · span 647557–647567
50Verizon Communications Inc., Section 10b CEO totalDEF 14A2026-04-060001308179-26-000210CEO total compensation as printed in Verizon Communications Inc.'s own proxy. As printed: 34,311,016. Filing ↗machine: t26 · r1 · c16 · span 239072–239082
51Johnson & Johnson, Section 10b CEO totalDEF 14A2026-03-110000200406-26-000063CEO total compensation as printed in Johnson & Johnson's own proxy. As printed: 32,758,111. Filing ↗machine: r3 · c27 · span 1621235–1621246
52The Coca-Cola Company, Section 10b CEO totalDEF 14A2026-03-160001104659-26-028215CEO total compensation as printed in The Coca-Cola Company's own proxy. As printed: 31,208,165. Filing ↗machine: t286 · r11 · c26 · span 3291227–3291237
53Starbucks Corporation, Section 10b CEO totalDEF 14A2026-01-260001213900-26-007780CEO total compensation as printed in Starbucks Corporation's own proxy. As printed: 30,992,773. Filing ↗machine: span 2373800–2373810
54Walmart Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173673CEO total compensation as printed in Walmart Inc.'s own proxy. As printed: 29,240,930. Filing ↗machine: r4 · c16 · span 3840466–3840476
55Pfizer Inc., Section 10b CEO totalDEF 14A2026-03-120000078003-26-000033CEO total compensation as printed in Pfizer Inc.'s own proxy. As printed: 27,585,301. Filing ↗machine: t242 · r3 · c12 · span 1506825–1506835
56FedEx Corporation, Section 10b CEO totalDEF 14A2026-08-170001104659-26-097836CEO total compensation as printed in FedEx Corporation's own proxy. As printed: 27,554,018. Filing ↗machine: r1 · c54 · span 1409491–1409501
57Mondelez International, Inc., Section 10b CEO totalDEF 14A2026-04-030001628280-26-023640CEO total compensation as printed in Mondelez International, Inc.'s own proxy. As printed: 24,516,114. Filing ↗machine: r2 · c9 · span 2504218–2504228
58PepsiCo (subject), Section 10b CEO totalDEF 14A2026-03-270001308179-26-000169CEO total compensation as printed in PepsiCo's own proxy. As printed: 23,903,545. Filing ↗machine: r2 · c20 · span 826280–826290
59United Parcel Service, Inc., Section 10b CEO totalDEF 14A2026-03-190001628280-26-019856CEO total compensation as printed in United Parcel Service, Inc.'s own proxy. As printed: 22,878,788. Filing ↗machine: r2 · c27 · span 899122–899132
60The Procter & Gamble Company, Section 10b CEO totalDEF 14A2025-08-290001193125-25-191749CEO total compensation as printed in The Procter & Gamble Company's own proxy. As printed: 21,909,816. Filing ↗machine: t160 · r6 · c44 · span 892224–892234
613M Company, Section 10b CEO totalDEF 14A2026-03-250000066740-26-000151CEO total compensation as printed in 3M Company's own proxy. As printed: 21,005,009. Filing ↗machine: r2 · c9 · span 2797692–2797702
62McDonald's Corporation, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145548CEO total compensation as printed in McDonald's Corporation's own proxy. As printed: 20,574,525. Filing ↗machine: r4 · c25 · span 2683025–2683035
63Colgate-Palmolive Company, Section 10b CEO totalDEF 14A2026-03-250001308179-26-000136CEO total compensation as printed in Colgate-Palmolive Company's own proxy. As printed: 16,478,196. Filing ↗machine: t137 · r1 · c18 · span 723853–723863
64General Mills, Inc., Section 10b CEO totalDEF 14A2026-08-130001628280-26-056619CEO total compensation as printed in General Mills, Inc.'s own proxy. As printed: 14,018,052. Filing ↗machine: t159 · r2 · c8 · span 1890686–1890696
65The Kraft Heinz Company, Section 10b CEO totalDEF 14A2026-04-030001193125-26-141397CEO total compensation as printed in The Kraft Heinz Company's own proxy. As printed: 10,748,810. Filing ↗machine: r3 · c18 · span 3154939–3154949
66Section 10a, The Coca-Cola Company reciprocityDEF 14A0001104659-26-028215The Coca-Cola Company names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
67Section 10a, The Kraft Heinz Company reciprocityDEF 14A0001193125-26-141397The Kraft Heinz Company names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
68Section 10a, Pfizer Inc. reciprocityDEF 14A0000078003-26-000033Pfizer Inc. names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
69Section 10a, Starbucks Corporation reciprocityDEF 14A0001213900-26-007780Starbucks Corporation's most recent proxy was read; its disclosed peer group does not include PepsiCo. Filing ↗
70Section 10a, Walmart Inc. reciprocityDEF 14A0001193125-26-173673Walmart Inc. names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
71Section 10a, General Mills, Inc. reciprocityDEF 14A0001628280-26-056619General Mills, Inc. names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
72Section 10a, 3M Company reciprocityDEF 14A0000066740-26-0001513M Company's most recent proxy was read; its disclosed peer group does not include PepsiCo. Filing ↗
73Section 10a, Johnson & Johnson reciprocityDEF 14A0000200406-26-000063Johnson & Johnson's most recent proxy was read; its disclosed peer group does not include PepsiCo. Filing ↗
74Section 10a, The Procter & Gamble Company reciprocityDEF 14A0001193125-25-191749The Procter & Gamble Company names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
75Section 10a, United Parcel Service, Inc. reciprocityDEF 14A0001628280-26-019856United Parcel Service, Inc. names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
76Section 10a, Verizon Communications Inc. reciprocityDEF 14A0001308179-26-000210Verizon Communications Inc.'s most recent proxy was read; its disclosed peer group does not include PepsiCo. Filing ↗
77Section 10a, Mondelez International, Inc. reciprocityDEF 14A0001628280-26-023640Mondelez International, Inc. names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
78Section 10a, NIKE, Inc. reciprocityDEF 14A0000320187-26-000089NIKE, Inc. names PepsiCo in its own disclosed peer group (read from its most recent proxy). Filing ↗
79Section 10a, The Walt Disney Company reciprocityDEF 14A0001744489-26-000013The Walt Disney Company's most recent proxy was read; its disclosed peer group does not include PepsiCo. Filing ↗