PepsiCo is one of the largest food and beverage companies in the world, operating across two core categories: convenient foods (snacks) and beverages. The foods business is anchored by the Frito-Lay portfolio — including Lay's, Doritos, Cheetos, Tostitos, and Fritos — the dominant salty snack family in the U.S., complemented by the Quaker brand across oatmeal, cereals, and granola bars. The beverages business centers on Pepsi, Mountain Dew, Gatorade, and a range of functional hydration brands, with energy drink exposure through distribution partnerships and ownership stakes in Celsius and Alani Nu. PepsiCo sells to grocery, mass, convenience, club, and foodservice channels, with Walmart representing approximately 14% of consolidated net revenue. The company operates through six segments: PepsiCo Foods North America, PepsiCo Beverages North America, and four international segments spanning EMEA, Latin America, Asia Pacific, and an international beverage franchise business. In North America, PepsiCo manufactures and delivers both snacks and beverages using a direct-store-delivery system. Internationally, beverages largely operate on a capital-light franchise model, where PepsiCo sells concentrate to independent bottlers. Key profitability drivers include volume, pricing and product mix, commodity costs (corn, potatoes, oils, aluminum), and ongoing productivity savings. PepsiCo's current strategy focuses on affordability initiatives, brand restaging, portfolio expansion into "better for you" products via acquisitions like Siete and poppi, and integrating its North American food and beverage distribution networks.