# How PepsiCo makes money

CXProWealth Business Lens · PepsiCo (PEP) · Q3 FY2026

Read from the 10-Q for the period 2026-06-14 to 2026-09-05, filed 2026-10-08 with the SEC (accession 0000077476-26-000048): https://www.sec.gov/Archives/edgar/data/77476/000007747626000048/

Business Lens explains how a company earns, spends and keeps its money, from its own filings. It is insight and context, never a view on the shares, a target, or advice. Figures are raw units as filed; percentages are percentage points.

## Headline figures

- Revenue: $25.3B (+5.6% on the year)
- Operating income: $4.3B (operating margin 16.9%)
- Net income: $3.0B (net margin 12.1%)
- Gross margin: 54.4%
- Free cash flow: $4.7B (18.5% of revenue)
- Cash conversion (operating cash flow / net income): 1.83x
- Capital expenditure: 3.6% of revenue

## Where the money goes (Q3 FY2026)

- PepsiCo Foods North America → Net Revenue: $6.5B
- PepsiCo Beverages North America → Net Revenue: $7.7B
- International Beverage Franchise → Net Revenue: $1.4B
- Europe, Middle East & Africa (Segment) → Net Revenue: $5.4B
- Latin America Foods (Segment) → Net Revenue: $3.0B
- Asia Pacific Foods (Segment) → Net Revenue: $1.2B
- Net Revenue → Cost of sales: $11.5B
- Net Revenue → Gross profit: $13.8B
- Gross profit → Selling, general and administrative expenses: $9.5B
- Gross profit → Operating Profit: $4.3B
- Operating Profit → Other pension and retiree medical benefits (expense)/income: $114.0M
- Operating Profit → Net interest expense and other: $242.0M
- Operating Profit → Income before income taxes: $3.9B
- Income before income taxes → Provision for income taxes: $834.0M
- Income before income taxes → Net income: $3.1B
- Net income → Less: Net income attributable to noncontrolling interests: $22.0M
- Net income → Net Income Attributable to PepsiCo: $3.0B

## Where the revenue comes from

### Segments (Basis of Presentation and Our Divisions - Net Revenue, Significant Expenses and Operating Profit by Segment (Details))

| Member | Value | Share |
|---|---:|---:|
| PepsiCo Beverages North America | $7.7B | 30.5% |
| PepsiCo Foods North America | $6.5B | 25.7% |
| Europe, Middle East & Africa (Segment) | $5.4B | 21.4% |
| Latin America Foods (Segment) | $3.0B | 12.0% |
| International Beverage Franchise | $1.4B | 5.5% |
| Asia Pacific Foods (Segment) | $1.2B | 4.9% |

The members sum to total revenue.

## Income statement, as filed

| Line | Q3 FY2026 | Of revenue |
|---|---:|---:|
| Net Revenue | $25.3B | 100% |
| Cost of sales | $11.5B | 45.6% |
| **Gross profit** | $13.8B | 54.4% |
| Selling, general and administrative expenses | $9.5B | 37.6% |
| Intangible Asset, Excluding Goodwill, Indefinite-Lived, Impairment Loss | $0 | 0.0% |
| **Operating Profit** | $4.3B | 16.9% |
| Other pension and retiree medical benefits (expense)/income | ($114.0M) | 0.5% |
| Net interest expense and other | ($242.0M) | 1.0% |
| **Income before income taxes** | $3.9B | 15.4% |
| Provision for income taxes | $834.0M | 3.3% |
| **Net income** | $3.1B | 12.1% |
| Less: Net income attributable to noncontrolling interests | $22.0M | 0.1% |
| **Net Income Attributable to PepsiCo** | $3.0B | 12.1% |
| Basic | $2 | 0.0% |
| Diluted | $2 | 0.0% |
| Basic | 1,364,000,000 |  |
| Diluted | 1,367,000,000 |  |

## History

| Period | Revenue | Operating income | Net income | Operating cash flow | Capital expenditure | Free cash flow |
|---|---:|---:|---:|---:|---:|---:|
| FY2007 | $39.5B | $7.2B | $5.7B | $6.9B | $2.4B | $4.5B |
| FY2008 | $43.3B | $7.0B | $5.1B | $7.0B | $2.4B | $4.6B |
| FY2009 | $43.2B | $8.0B | $5.9B | $6.8B | $2.1B | $4.7B |
| FY2010 | $57.8B | $8.3B | $6.3B | $8.4B | $3.3B | $5.2B |
| FY2011 | $66.5B | $9.6B | $6.4B | $8.9B | $3.3B | $5.6B |
| FY2012 | $65.5B | $9.1B | $6.2B | $8.5B | $2.7B | $5.8B |
| FY2013 | $66.4B | $9.7B | $6.7B | $9.7B | $2.8B | $6.9B |
| FY2014 | $66.7B | $9.6B | $6.5B | $10.5B | $2.9B | $7.6B |
| FY2015 | $63.1B | $8.4B | $5.5B | $10.9B | $2.8B | $8.1B |
| FY2016 | $62.8B | $9.8B | $6.3B | $10.7B | $3.0B | $7.6B |
| FY2017 | $63.5B | $10.3B | $4.9B | $10.0B | $3.0B | $7.1B |
| FY2018 | $64.7B | $10.1B | $12.5B | $9.4B | $3.3B | $6.1B |
| FY2019 | $67.2B | $10.3B | $7.3B | $9.6B | $4.2B | $5.4B |
| FY2020 | $70.4B | $10.1B | $7.1B | $10.6B | $4.2B | $6.4B |
| FY2021 | $79.5B | $11.2B | $7.6B | $11.6B | $4.6B | $7.0B |
| FY2022 | $86.4B | $11.5B | $8.9B | $10.8B | $5.2B | $5.6B |
| FY2023 | $91.5B | $12.0B | $9.1B | $13.4B | $5.5B | $7.9B |
| FY2024 | $91.9B | $12.9B | $9.6B | $12.5B | $5.3B | $7.2B |
| FY2025 | $93.9B | $11.5B | $8.2B | $12.1B | $4.4B | $7.7B |

Latest trend (the newest full year against the year before; a reading, not a forecast):

- Revenue: +2.3% (year before +0.4%): steady
- Operating income: -10.8% (year before +7.5%): slowing
- Net income: -14.0% (year before +5.6%): slowing
- Free cash flow: +6.7% (year before -9.3%): accelerating

## Operating figures stated in the filing

- Countries and territories served (more than): 200 countries (as of 2026-09-05). "We sell a wide variety of beverages and convenient foods in more than 200 countries and territories and the profile of the products we sell, the amount of revenue attributable to such products and the type of packaging used vary by jurisdiction." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- PFNA savory snacks volume growth, 12 weeks: 1.0% (as of 2026-09-05). "Unit volume grew slightly, driven by a 1% increase in savory snacks volume, partially offset by a 4% decrease in other foods volume." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- PFNA other foods volume decline, 12 weeks: 4.0% (as of 2026-09-05). "Unit volume grew slightly, driven by a 1% increase in savory snacks volume, partially offset by a 4% decrease in other foods volume." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- PFNA unit volume growth, 36 weeks: 1.0% (as of 2026-09-05). "Unit volume grew 1%, driven primarily by a 1% increase in savory snacks volume." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- PBNA unit volume decline, 12 weeks: 2.0% (as of 2026-09-05). "Unit volume declined 2%, primarily driven by a 3% decline in noncarbonated beverage (NCB) volume and a 2% decline in carbonated soft drink (CSD) volume." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- PBNA noncarbonated beverage volume decline, 12 weeks: 3.0% (as of 2026-09-05). "Unit volume declined 2%, primarily driven by a 3% decline in noncarbonated beverage (NCB) volume and a 2% decline in carbonated soft drink (CSD) volume." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- PBNA carbonated soft drink volume decline, 12 weeks: 2.0% (as of 2026-09-05). "Unit volume declined 2%, primarily driven by a 3% decline in noncarbonated beverage (NCB) volume and a 2% decline in carbonated soft drink (CSD) volume." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- IB Franchise unit volume growth, 12 weeks: 5.0% (as of 2026-09-05). "Unit volume grew 5%, primarily reflecting broad-based increases, led by India, partially offset by declines in China and Mexico." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- EMEA convenient foods unit volume decline, 12 weeks: 1.0% (as of 2026-09-05). "Convenient foods unit volume declined 1%, primarily reflecting a decline in South Africa, partially offset by growth in the Middle East and Russia." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- EMEA beverage unit volume growth, 12 weeks: 4.0% (as of 2026-09-05). "Beverage unit volume grew 4%, primarily reflecting growth in the Middle East, Turkey and Russia." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- LatAm Foods unit volume growth, 12 weeks: 3.0% (as of 2026-09-05). "Unit volume grew 3%, primarily reflecting broad-based increases, led by Mexico and Brazil." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)
- Asia Pacific Foods unit volume growth, 12 weeks: 11.0% (as of 2026-09-05). "Unit volume grew 11%, primarily reflecting broad-based increases, led by India." (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.)

## Key insights

### A 19.4% profit jump rests partly on one-off items

Operating profit rose 19.4% on 5.6% revenue growth, but the filing credits tariff refunds, an earn-out markdown and hedge gains alongside productivity.

Revenue rose 5.59% to $25.27B from $23.94B while cost of sales rose 3.66%, so gross margin widened 0.85 points to 54.42%. Selling, general and administrative expenses grew 4.08% and fell 0.54 points to 37.56% of revenue. The prior-year quarter also carried a $133M intangible impairment that did not recur. Operating profit rose 19.36% to $4.26B from $3.57B, and operating margin reached 16.86% against 14.91% a year earlier. _(from the filing)_
The filing attributes the increase primarily to productivity savings, a favorable net impact of acquisition and divestiture-related charges and credits, effective net pricing, tariff refunds received after the Supreme Court found many IEEPA tariffs invalid, and net mark-to-market gains on commodity derivatives, partly offset by operating cost increases and higher advertising and marketing. The acquisition credit comes mainly from a lower fair value for the contingent payment owed if poppi reaches its performance milestones. _(from the filing)_
The company's core measure removes the hedge gains, restructuring charges and acquisition credits, and on that basis operating profit grew far more slowly than the reported 19.36%. Below operating profit the quarter moved the other way: pension and retiree medical costs swung to a $114M expense from $26M of income, which the filing attributes to a settlement charge on lump sum distributions. Net income attributable to PepsiCo rose 17.1% to $3.05B. _(from the filing)_
Tariff refunds recover past payments and an earn-out markdown adds profit once, so neither is a recurring source of margin. Hedge gains held in corporate costs flow back into segment costs when the underlying commodity is used, as the filing itself describes. For the wider margin to hold, productivity savings and pricing would need to carry it. _(analysis)_

### The largest profit pool is giving up price for volume

North American foods earn 31.3% of operating profit on 25.7% of revenue, yet revenue slipped 0.34% as the filing cites unfavorable net pricing.

PepsiCo Foods North America earned $1.33B of operating profit on $6.50B of revenue, a 20.5% margin against 16.86% for the company as a whole, and 31.3% of total operating profit from 25.7% of revenue. This quarter its revenue fell 0.34% and its share of company revenue dropped 1.53 points. Savory snacks volume grew 1% while other foods volume fell 4%. _(from the filing)_
The filing says segment revenue decreased slightly, "primarily driven by unfavorable net pricing", and that operating profit decreased on operating cost increases, gains from asset sales in the prior year, the unfavorable pricing and higher commodity costs, partly offset by productivity savings. It defines effective net pricing to include "mix resulting from selling varying products in different package sizes", so weaker pricing can reflect pack and mix choices as well as lower prices. _(from the filing)_
In its risk discussion the filing describes retailers and buying groups "removing our products or otherwise reducing shelf space allocated to our products and focusing on introducing and developing private-label brands", alongside the growth of e-commerce and hard discounters. _(from the filing)_
Giving up price in the segment that earns the most profit is a trade: it pays only if savory volume keeps building faster than the margin it costs. One quarter of slight volume growth does not yet show that response, and the other foods line is still shrinking. _(analysis)_

### North American drinks revenue grows while volume shrinks

PBNA revenue rose 5.17% as unit volume fell 2%; the filing credits acquisitions and pricing, not more cases sold.

PepsiCo Beverages North America is the largest segment by revenue, $7.71B or 30.5% of the total. Unit volume declined 2%, with noncarbonated beverages down 3% and carbonated soft drinks down 2%, yet revenue rose 5.17%. The filing says the gain was "primarily driven by a favorable net impact of acquisitions and divestitures and effective net pricing, partially offset by an organic volume decline". _(from the filing)_
PBNA earned $1.06B of operating profit, a 13.7% margin and 24.8% of the company total. The filing credits part of the segment's increase to acquisition-related credits tied to poppi and to a favorable net impact of global tariffs, which includes tariff refunds. The poppi contingent payment is valued from forecasts of the brand's net revenue and margin, and its fair value fell during the year, a decrease that reduced selling, general and administrative expenses. _(from the filing)_
The earn-out markdown helps reported profit, yet it also records a lower expectation for the brand PepsiCo paid for. Revenue growth built on acquisitions, distribution rights such as Alani Nu and pricing can offset shrinking core lines for a time; sustaining it without volume requires the added brands to keep growing faster than the core declines. _(analysis)_

### Seven years of sales growth, far less operating profit growth

Annual revenue rose from $64.66B to $93.93B over seven years while operating income moved from $10.11B to $11.50B, so operating margin fell from 15.6% to 12.2%.

Operating margin, operating income divided by revenue, was 15.6% in FY2018, 15.3% in FY2019, 14.3% in FY2020, 14.0% in FY2021, 13.3% in FY2022, 13.1% in FY2023, 14.0% in FY2024 and 12.2% in FY2025, while revenue grew from $64.66B to $93.93B. _(from the filing)_
Gross margin barely moved, 54.6% in FY2018 and 54.1% in FY2025, so the squeeze came below gross profit: in selling, general and administrative expenses, which the filing says carry the costs of moving, storing and delivering finished product, and in charges such as the Rockstar and Be & Cheery brand impairments booked in FY2025. _(from the filing)_
FY2025 operating income includes those impairments, so it overstates the underlying decline; FY2024, at 14.0%, still sits below FY2018. Quarterly and full-year margins are not directly comparable: the same quarter a year earlier had a 14.91% operating margin, against 16.86% now. _(from the filing)_
This is the backdrop for the productivity plan and for this quarter's wider margin. Revenue growth outran operating income for years, so a quarter of wider margins matters mainly as a test of whether savings can recover what selling, delivery and other costs absorbed. One quarter helped by items outside the ongoing business does not yet reverse the annual trend. _(analysis)_

### Competitive edge

- **Concentrate earns a 40.1% margin against 13.7%** International Beverages Franchise produced 13.2% of operating profit on 5.5% of revenue, a gap the filing ties to selling concentrate rather than finished drinks.
- **A standing productivity plan keeps costs behind sales** Cost of sales grew 3.66% and selling costs 4.08% against 5.59% revenue growth, and the filing names productivity savings in every segment.
- **Volume growth is coming from India and emerging markets** Asia Pacific Foods volume rose 11% and franchise beverage volume 5%, both led by India, while North American beverage volume fell 2%.

### What to watch

- **Currency lifts reported growth and can reverse it** Latin America Foods revenue rose 13.74%, but the filing attributes much of it to favorable currency translation, an exposure that runs both ways.
- **Tariffs and input costs cut both ways** Tariff refunds helped this quarter's profit, but the filing says new tariffs have begun and higher input costs may not pass through to customers.
- **Taxes and rules target the products themselves** Sugar, sodium and packaging taxes vary across more than 200 countries and territories, and the filing says it cannot predict their impact.

## Operating income by segment

- PepsiCo Foods North America: $1.3B (31.3% of operating income)
- PepsiCo Beverages North America: $1.1B (24.8% of operating income)
- Europe, Middle East & Africa (Segment): $897.0M (21.1% of operating income)
- Latin America Foods (Segment): $624.0M (14.6% of operating income)
- International Beverage Franchise: $562.0M (13.2% of operating income)
- Asia Pacific Foods (Segment): $174.0M (4.1% of operating income)

## Investor view

**Operating profit rose 19.4% as North American snack revenue slipped and beverage volume fell**

### How it makes money

PepsiCo sells convenient foods and beverages in "more than 200 countries and territories" through six segments. North American beverages (PBNA) brought in the most revenue this quarter, $7.71B or 30.5% of the $25.27B total. North American foods (PFNA) brought in less, $6.50B or 25.7%, but earned the most operating profit, $1.33B, which is 31.3% of the company's $4.26B. That is a 20.5% operating margin in PFNA against 13.7% in PBNA. _(from the filing)_
Where PepsiCo owns the bottlers it books the full price of a finished drink; elsewhere it sells concentrate to independent bottlers. The filing states the trade-off: "our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages". International Beverages Franchise shows it: $562M of operating profit on $1.40B of revenue, a 40.1% margin, so 5.5% of revenue produced 13.2% of operating profit. _(from the filing)_
Of each revenue dollar this quarter, cost of sales took 45.6% and selling, general and administrative expenses 37.6%, leaving an operating margin of 16.9%. The selling line is heavy because it carries the delivery system: the filing books "the costs of moving, storing and delivering finished product, including merchandising activities" there, not in cost of sales. For a company that runs its own trucks to store shelves, distribution is an operating expense rather than a production cost. _(from the filing)_
The quarter turned $5.59B of operating cash flow, 1.83 times net income attributable to PepsiCo, into $4.67B of free cash flow after $916M of capital spending, which was 3.6% of revenue. Cash arrives unevenly through the year: free cash flow was negative $406M in the first quarter and $1.5B in the second. The filing says it uses free cash flow "primarily for acquisitions and financing activities, including debt repayments, dividends and share repurchases". _(from the filing)_

### What shifted

Revenue rose 5.6% to $25.27B from $23.94B, but cost of sales rose only 3.7%, so gross profit grew 7.3% to $13.75B and gross margin widened 0.85 points to 54.4%. Selling, general and administrative expenses grew 4.1% and fell 0.54 points to 37.6% of revenue. With no intangible impairment this year against $133M a year earlier, operating profit rose 19.4% to $4.26B from $3.57B, and operating margin widened 1.95 points to 16.9%. _(from the filing)_
The filing attributes the operating profit increase "primarily" to productivity savings, a favorable net impact of acquisition and divestiture-related charges and credits, effective net pricing, tariff refunds and net mark-to-market gains on commodity derivatives, partly offset by operating cost increases and higher advertising and marketing. The acquisition credit sits in PBNA and comes mainly from a lower fair value for the contingent payment tied to the poppi acquisition. _(from the filing)_
North American foods lost ground: PFNA revenue fell 0.34% to $6.50B and its share of company revenue dropped 1.53 points to 25.7%. The filing cites "unfavorable net pricing"; savory snacks volume grew 1% while other foods volume fell 4%. PBNA revenue rose 5.17% to $7.71B even as unit volume declined 2%, with noncarbonated drinks down 3% and carbonated soft drinks down 2%. The filing credits acquisitions and divestitures and effective net pricing for that revenue gain. _(from the filing)_
Outside North America growth was broad. Latin America Foods revenue rose 13.7% to $3.02B, lifting its share 0.86 points to 11.95% of the total, though the filing attributes much of the gain to favorable foreign exchange translation, alongside pricing and 3% unit volume growth. Asia Pacific Foods grew 10.2% on 11% unit volume growth led by India, despite lower net pricing. EMEA grew 7.8%, "primarily reflecting effective net pricing", and International Beverages Franchise grew 8.5% on 5% volume growth. _(from the filing)_
Below operating profit, pension and retiree medical costs swung to a $114M expense from $26M of income, which the filing attributes to a settlement charge on lump sum distributions. Net interest expense and other fell 8.3% to $242M. Income before taxes rose 17.2% to $3.90B, the tax rate held at 21.4% of pretax income, and net income attributable to PepsiCo rose 17.1% to $3.05B from $2.60B. Diluted shares fell to 1,367M from 1,372M. _(from the filing)_

### Risks in the filing

Commodity, packaging, transport and labor costs move with geopolitics, weather, tariffs and supply chain disruption, and the filing names continuing conflict in the Middle East. PepsiCo hedges with fixed-price contracts and derivatives, but warns that when prices rise it "may or may not pass on such increases to our customers, which may result in reduced volume, revenue, margins and operating results". Tariff refunds have been received, yet new tariffs have started and "significant uncertainty" remains about their duration and scope. _(from the filing)_
PepsiCo reports in US dollars but sells in more than 200 countries and territories, and says currency declines that are not offset could hurt future results. It lists Argentina, Brazil, China, Mexico, the Middle East including Egypt, Russia, Turkey and Ukraine as challenging operating environments, with risks of expropriation, currency controls, sanctions and limits on moving funds. Russia is singled out for its share of revenue, assets and cash, and of the accumulated currency translation loss. _(from the filing)_
Governments tax and regulate the products themselves: beverage taxes, some only on sugar-sweetened drinks, snack taxes tied to sugar, sodium or saturated fat, and rules on plastic and packaging recyclability. The company says it "cannot predict the impact of such taxes, regulations or limitations" and expects "continued scrutiny of certain ingredients and substances" in its products. Separately, the global minimum tax that took effect across the European Union and other countries this year raised its income tax provision. _(from the filing)_
Retail is shifting toward e-commerce, subscription services and hard discounters. The filing says retailers and buying groups are "removing our products or otherwise reducing shelf space allocated to our products and focusing on introducing and developing private-label brands", and that it expects them to keep affecting its ability to compete in some markets. _(from the filing)_
Several of the named risks already show in this quarter. Pressure from retailers and value-seeking shoppers fits the unfavorable net pricing in North American snacks. Tariffs cut both ways: refunds helped the quarter while new tariffs keep input costs uncertain. Currency lifted reported growth in Latin America, the same exposure the filing warns can reverse. The settlement charge on pension lump sums is a reminder that below-the-line items can move profit as much as the operating businesses do in a single quarter. _(analysis)_

## Founder view: mechanisms

### Sell the concentrate, let partners bottle

In much of the world PepsiCo does not make or deliver the finished drink. It sells concentrate to independent bottlers, who own the plants, the trucks and the store relationships, and it keeps the brand, the formula and the marketing. Revenue per case is small, but the capital-heavy and labor-heavy work sits on the partner's balance sheet, so each dollar of revenue carries far more profit than a dollar from a company-owned bottler. _(analysis)_

### A standing productivity plan pays for price and marketing

PepsiCo runs a multi-year productivity plan, extended to the end of the decade, that automates processes, re-engineers its route to market and closes or consolidates plants. Savings are treated as a planned yearly flow rather than a one-off cleanup, restructuring charges are accepted as their cost, and the savings are spent on pricing, advertising and margin. It lets the company invest in price in one segment without giving up the group margin. _(analysis)_

### Small packs and low price points buy volume

In markets where incomes are low and shopping happens in small stores, PepsiCo sells snacks at low absolute price points, often in small packs. Each pack earns little, but the low entry price reaches buyers a standard pack would miss, and the volume fills high-speed lines and dense delivery routes. The filing counts pack-size mix inside effective net pricing, so this strategy can show up as weaker pricing alongside strong volume. _(analysis)_

### Buy growing brands, then push them through the system

PepsiCo buys young, fast-growing brands such as poppi and Siete, and takes distribution rights to others such as Alani Nu, then runs them through a delivery system that already reaches nearly every store. The extra cost of carrying one more brand on an existing truck is low, so a brand with strong demand per store can grow faster inside the system than alone. Earn-outs tie part of the purchase price to later performance. _(analysis)_

## Member research

Signed-in members read, on the page: what PepsiCo's numbers depend on from here, and the playbook behind each mechanism (what needs scale, what transfers, how to test it, the metric that would show it).

## Sources

- PepsiCo 10-Q for the period to 2026-09-05: https://www.sec.gov/Archives/edgar/data/77476/000007747626000048/ (2026-10-08)

Methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02 · as of 2026-11-02