Overview Key strengths Key risks Diverse portfolio of attractive brands Potentially shifting consumer behavior. No. 1 snack food and No. 2 beverage company globally. Weak developed market growth prospects for carbonated soft drinks. Above-industry sales growth. Substantial scale. Solid and consistent free operating cash flow. PepsiCo continues to expand manufacturing capacity to win market share by reducing bottlenecks and producing products that emphasize taste and packaging innovation designed to meet consumers' evolving preferences. Digital investments should enhance PepsiCo?s ability to see inventory on a real-time basis. As such, we expect PepsiCo?s capital expenditure budget—of which it earmarked more than half for growth initiatives—to remain elevated (we assume more than 6% of sales in 2022). In contrast with its largest beverage
