PepsiCo Inc.: 10-K Risk Factor Changes

2024 vs 2023  ·  SEC EDGAR  ·  2026-10-16
Other years: 2026 vs 2025 · 2025 vs 2024
⚠ AI Risk Brief Interpretation layer — deterministic data below

Six risk factors were substantively modified, primarily around climate, geopolitical exposure, and impairment assumptions, tightening risk language.

✓ Deterministic extraction — no AI-generated data

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

0
New Risks
0
Removed
6
Modified
23
Unchanged
🟡 Modified Disclosure change6/10

Climate change or measures to address climate change and other sustainability matters can negatively affect our business or damage our reputation.

high match confidence

Sentence-level differences:

  • Reworded sentence: "Climate change may increase the frequency or severity of natural disasters and other extreme weather conditions, including rising temperatures and drought."
  • Reworded sentence: "In addition, working toward achieving our sustainability goals will require significant effort and resources from us and other stakeholders, such as our suppliers and other third parties, governmental entities, and the development of technology that may not currently exist or exist at scale."

Current (2024):

View prior text (2023)

Climate change may increase the frequency or severity of natural disasters and other extreme weather conditions (including rising temperatures and drought), which could pose physical risks to our facilities, impair our production capabilities, disrupt our supply chain or impact demand for our products. Climate change may also have a negative effect on agricultural production resulting in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other commodities. Also, there is an increased focus in many jurisdictions in which our products are made, manufactured, distributed or sold regarding environmental policies relating to climate change, regulating greenhouse gas emissions, energy policies and sustainability, including single-use plastics. This increased focus may result in new or increased legal and regulatory requirements, such as potential carbon pricing programs or revised product labeling requirements or other regulatory measures, which could, along with initiatives to meet our sustainability goals, continue to result in significant increased costs and require additional investments in facilities and equipment. As a result, the effects of climate change can negatively affect our business and operations. In addition, any failure to achieve or properly report on our goals with respect to reducing our impact on the environment or perception of a failure to act responsibly with respect to the environment or to effectively respond to regulatory requirements concerning climate change can lead to adverse publicity, which could result in reduced demand for our products, damage to our reputation or increase the risk of litigation. Any of the foregoing can adversely affect our business.

🟡 Modified Political, social and geopolitical conditions can adversely affect our business. 🔒
🟡 Modified A deterioration in our estimates and underlying assumptions regarding the future performance of our business or investments can result in impairment charges that adversely affect our results of operations. 🔒
🟡 Modified Product recalls or other issues or concerns with respect to product quality and safety can adversely affect our business. 🔒

And 2 more changes in the full comparison.

5 changes in this historical filing

The complete historical comparison (2024 vs 2023) is available on the Pro plan.

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