PepsiCo’s FY2025 10-K: Walmart and Sam’s Club were about 14% of consolidated net revenue

**TL;DR:** The Feb 3, 2026 10-K puts Walmart, including Sam’s Club, at about 14% of 2025 consolidated net revenue (\~$13bn of $93.9bn, not disclosed). Sales are company-wide, but the filing says losing this customer would hit PFNA and PBNA. Thursday’s Q3 release will not update the share.

**The filing**
Item 1, repeated in the revenue note: in 2025, sales to Walmart and its affiliates, including Sam’s Club, were approximately 14% of consolidated net revenue. That includes concentrate sold to independent bottlers and used in finished goods that those bottlers sold to Walmart. Downstream estimate, not only direct billings, and not scanner sell-out. The rounded share was also about 14% in the 2024 and 2022 10-Ks.

**Why it matters before Thursday**
Q3 is before the open on Oct 8, after JPM and Deutsche Bank cut to Hold/Neutral (targets to **$138**) on a stalled North America turnaround.

* PFNA $27.5bn, PBNA $28.2bn, together most of the $93.9bn. PFNA segment operating profit was $6.2bn.
* Risk language is shelf space and private label: retailers “removing our products or otherwise reducing shelf space” and “focusing on introducing and developing private-label brands.”
* Placement fees, promotions and volume rebates are mostly a reduction of net revenue, so a harder negotiation shows up in reported sales, not only margin.

**What the print will not answer**
10-Qs do not repeat the 14%. I have not found management discuss Walmart trade spend or store-brand pressure specifically, versus North America volume and affordability. February’s cuts of up to 15% on Lay’s and Doritos were framed as a consumer response.

Filing: [https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm](https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm)

Has anyone seen a call comment on Walmart trade spend or private-label pressure, rather than volume in general?