Consolidated Statement of Income PepsiCo, Inc. and Subsidiaries Fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in millions except per share amounts) 2021 2020 2019 Net Revenue Cost of sales $ 79,474 $ 70,372 $ 67,161 37,075 31,797 30,132 Gross profit 42,399 38,575 37,029 Selling, general and administrative expenses 31,237 28,495 26,738 Operating Profit 11,162 10,080 10,291 Other pension and retiree medical benefits income/(expense) 522 117 (44) Net interest expense and other (1,863) (1,128) (935) Income before income taxes 9,821 9,069 9,312 Provision for income taxes 2,142 1,894 1,959 Net income 7,679 7,175 7,353 Less: Net income attributable to noncontrolling interests 61 55 39 Net Income Attributable to PepsiCo $ 7,618 $ 7,120 $ 7,314 Net Income Attributable to PepsiCo per Common Share Basic $ 5.51 $ 5.14 $ 5.23 Diluted $ 5.49 $ 5.12 $ 5.20 Weighted-average common shares outstanding Basic 1,382 1,385 1,399 Diluted 1,389 1,392 1,407 See accompanying notes to the consolidated financial statements.