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PepsiCo saw a boost in sales of snacks and breakfast foods like oatmeal and pancakes as more consumers ate at home more often during the pandemic—a shift that helped push revenue over the $70 billion mark, a nearly 5% increase over the prior year. But soda sales were soft as venues like restaurants and arenas closed, and profits declined 2.7%, with the beverage and snacking giant spending some $800 million on COVID-19–related costs. The company has made big investments in e-commerce, launching two direct-to-consumer websites and acquiring Chinese online snack company Be & Cheery. CEO Ramon Laguarta, now in his third year on the job, has continued PepsiCo’s sustainability push, including the company’s recent commitments to regenerative agriculture.
Luke Sharrett—Bloomberg/Getty Images
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