<p>尽管财报季刚刚开始，但 <strong>百事可乐</strong>(PEP -0.70%) 和其主要竞争对手 <strong>可口可乐</strong>(KO 0.11%) 已经公布了 2025 年第二季度的财报。碳酸饮料的受欢迎程度下降，以及百事可乐在零食需求下降的情况下，导致这两家公司都出现了疲软的增长。</p>
<p>需要记住的一点是，这两只股票在股息投资者中变得非常受欢迎，各自保持着超过半个世纪的年度股息增长记录。在这样的情况下，一只饮料股票可能最终会成为大多数投资者更合适的选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzMTQvZnJpZW5kcy1jZWxlYnJhdGUtd2l0aC1jb2xhLWJldmVyYWdlcy1hdC1hLXJlc3RhdXJhbnQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzMTQvZnJpZW5kcy1jZWxlYnJhdGUtd2l0aC1jb2xhLWJldmVyYWdlcy1hdC1hLXJlc3RhdXJhbnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>比较这两家企业</h2>
<p>尽管每只股票都有其旗舰可乐产品，但这两家公司都是多元化的饮料控股公司。它们各自控制着众多品牌，产品涵盖果汁、咖啡、茶和水。</p>
<p>此外，这两家公司现在也进入了酒精饮料市场。可口可乐通过推出 Topo Chico 硬气泡水进入这一领域，而百事可乐则与其他公司合作，销售如 Hard Mountain Dew 和 Lipton Hard Iced Tea 等品牌饮料。此外，正如之前提到的，百事可乐还涉足零食业务，拥有 Frito-Lay 和 Quaker 等包装食品品牌。</p>
<p>不幸的是，这两家公司都受到营养导向转变的影响，尤其是百事可乐，其客户越来越倾向于寻找更健康的零食选择。</p>
<p>为此，这两家公司已与特朗普政府达成协议，生产甘蔗糖版本的旗舰可乐，因为越来越多的消费者开始远离高果糖玉米糖浆。</p>
<h2>数据比较</h2>
<p>然而，这些举措尚未转化为更高的销售额。此外，更健康的成分通常成本更高，这不可避免地会导致更高的投入成本。因此，这两家公司在第二季度的收入增长均为 1%，价格上涨抵消了销售额的轻微下降。</p>
<p>从这里开始，结果至少在初期有所不同。可口可乐第二季度的净收入为 38 亿美元，较去年同期的 24 亿美元有所上升。其他运营费用从 2024 年第二季度的近 14 亿美元降至一年后的 7100 万美元，几乎占据了所有的改善。</p>
<p>相比之下，百事可乐第二季度的净收入为 13 亿美元，低于 12 个月前的 31 亿美元。不过，如果不是 19 亿美元的无形资产减值费用，净收入本可以略有增加。因此，去除一次性费用后，结果似乎非常接近。</p>
<p>尽管它们有许多相似之处，但可口可乐的股票在过去一年中表现优于百事可乐。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4b93d17aa270f88b667a443f8e841ff3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4b93d17aa270f88b667a443f8e841ff3.png"/></p>
<p>PEP 数据来源于 YCharts</p>
<p>然而，这种超越并不一定使可口可乐成为明确的选择，尽管可口可乐的市盈率为 28，略高于百事可乐的 27 倍盈利倍数。在比较前瞻市盈率（不包括一次性费用）时，百事可乐的 18 倍前瞻市盈率明显低于可口可乐的 23 倍。</p>
<p>此外，百事可乐可能在股息投资者中更具吸引力。这两只股票都是股息之王，因其长期以来的年度派息增长记录而闻名。不过，百事可乐近 3.8% 的股息收益率远高于可口可乐约 2.9% 的收益率，可以说百事可乐更适合收入投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e043ad91bb0e57c50ad9f150578ea4da.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e043ad91bb0e57c50ad9f150578ea4da.png"/></p>
<p>PEP 股息收益率数据来源于 YCharts</p>
<h2>可口可乐还是百事可乐？</h2>
<p>至于选择哪只股票，投资者在标志性品牌将可能推动这两家公司未来几年的销售增长的意义上并没有坏选择。然而，如果你今天购买，百事可乐似乎为股东提供了些许优势。</p>
<p>诚然，这两只股票都为其长期投资者提供了增长和收入，这种情况不太可能改变。此外，可口可乐最近的超越可能会诱使投资者选择它。</p>
<p>尽管如此，这两家公司都是成熟的、增长缓慢的公司，这使得百事可乐的优势更加突出。</p>
<p>首先，由于百事可乐同时在饮料和零食行业运营，它提供了更大的收入多样化。此外，尽管财务结果在大多数方面看起来相似，但百事可乐的前瞻市盈率表明，在考虑一次性费用后，它是成本更低的股票。</p>
<p>最后，部分由于估值较低，百事可乐为投资者提供了更高的股息回报。由于投资者往往购买这些股票以获取收入，因此在大多数情况下，百事可乐可能是更合适的选择。</p>

可口可乐

百事

<p>百事和可口可乐在碳酸饮料受欢迎程度下降的背景下发布了 2025 年第二季度财报。两家公司均实现了 1% 的收入增长，但可口可乐的净收入上升至 38 亿美元，而百事的净收入因 19 亿美元的减值损失下降至 13 亿美元。尽管可口可乐近期股票表现优于百事，但百事的前瞻市盈率为 18，低于可口可乐的 23，同时其股息收益率为 3.8%，高于可口可乐的 2.9%。总体而言，考虑到收入多样化和吸引人的估值，百事可能是更适合以收入为重点的投资者的选择</p>

<p>Although earnings season has barely started, both <strong>PepsiCo</strong>(PEP -0.70%) and its archrival, <strong>Coca-Cola</strong>(KO 0.11%), have already reported earnings for the second quarter of 2025. The waning popularity of soda beverages and, in PepsiCo's case, the falling demand for snack foods, have translated into anemic growth for both companies.</p>
<div class="lb-trans"><p>尽管财报季刚刚开始，但 <strong>百事可乐</strong>(PEP -0.70%) 和其主要竞争对手 <strong>可口可乐</strong>(KO 0.11%) 已经公布了 2025 年第二季度的财报。碳酸饮料的受欢迎程度下降，以及百事可乐在零食需求下降的情况下，导致这两家公司都出现了疲软的增长。</p>
</div><p>One thing to remember about both stocks is that they have become popular among dividend investors, each maintaining a record of annual dividend hikes for more than half a century. Amid such conditions, one beverage stock may ultimately stand out as a more suitable choice for most investors.</p>
<div class="lb-trans"><p>需要记住的一点是，这两只股票在股息投资者中变得非常受欢迎，各自保持着超过半个世纪的年度股息增长记录。在这样的情况下，一只饮料股票可能最终会成为大多数投资者更合适的选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzMTQvZnJpZW5kcy1jZWxlYnJhdGUtd2l0aC1jb2xhLWJldmVyYWdlcy1hdC1hLXJlc3RhdXJhbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826314%2Ffriends-celebrate-with-cola-beverages-at-a-restaurant.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Comparing the two businesses</h2>
<div class="lb-trans"><h2>比较这两家企业</h2>
</div><p>Although a flagship cola product defines each stock, both companies are diversified beverage holdings. Each controls numerous brands under their umbrellas, and their selections encompass juices, coffees, teas, and waters.</p>
<div class="lb-trans"><p>尽管每只股票都有其旗舰可乐产品，但这两家公司都是多元化的饮料控股公司。它们各自控制着众多品牌，产品涵盖果汁、咖啡、茶和水。</p>
</div><p>Additionally, both companies are now in the alcohol business. Coca-Cola entered this arena by offering Topo Chico hard seltzers, and PepsiCo has partnered with other companies to sell branded beverages like Hard Mountain Dew and Lipton Hard Iced Tea. Additionally, as previously mentioned, PepsiCo is in the snack business, owning such packaged food brands as Frito-Lay and Quaker.</p>
<div class="lb-trans"><p>此外，这两家公司现在也进入了酒精饮料市场。可口可乐通过推出 Topo Chico 硬气泡水进入这一领域，而百事可乐则与其他公司合作，销售如 Hard Mountain Dew 和 Lipton Hard Iced Tea 等品牌饮料。此外，正如之前提到的，百事可乐还涉足零食业务，拥有 Frito-Lay 和 Quaker 等包装食品品牌。</p>
</div><p>Unfortunately for both companies, a nutrition-inspired pivot has impacted sales, and this is particularly true of PepsiCo, whose customers are increasingly seeking healthier snack options.</p>
<div class="lb-trans"><p>不幸的是，这两家公司都受到营养导向转变的影响，尤其是百事可乐，其客户越来越倾向于寻找更健康的零食选择。</p>
</div><p>To that end, both companies have agreed with the Trump administration to produce cane sugar versions of their flagship colas, as more consumers turn away from high-fructose corn syrup.</p>
<div class="lb-trans"><p>为此，这两家公司已与特朗普政府达成协议，生产甘蔗糖版本的旗舰可乐，因为越来越多的消费者开始远离高果糖玉米糖浆。</p>
</div><h2>How the numbers compare</h2>
<div class="lb-trans"><h2>数据比较</h2>
</div><p>However, such initiatives have not yet translated into higher sales. Furthermore, healthier ingredients often cost more, which will inevitably lead to higher input costs. As a result, both companies reported Q2 revenue increases of 1%, with price increases offsetting a slight drop in sales.</p>
<div class="lb-trans"><p>然而，这些举措尚未转化为更高的销售额。此外，更健康的成分通常成本更高，这不可避免地会导致更高的投入成本。因此，这两家公司在第二季度的收入增长均为 1%，价格上涨抵消了销售额的轻微下降。</p>
</div><p>From there, the results diverge, at least initially. Coca-Cola's Q2 net income was $3.8 billion, up from $2.4 billion in the year-ago quarter. Other operating charges fell from almost $1.4 billion in Q2 2024 to just $71 million one year later, accounting for nearly all of the improvement.</p>
<div class="lb-trans"><p>从这里开始，结果至少在初期有所不同。可口可乐第二季度的净收入为 38 亿美元，较去年同期的 24 亿美元有所上升。其他运营费用从 2024 年第二季度的近 14 亿美元降至一年后的 7100 万美元，几乎占据了所有的改善。</p>
</div><p>In contrast, PepsiCo's $1.3 billion in Q2 net income was down from $3.1 billion 12 months ago. Still, if not for the $1.9 billion impairment charge on intangibles, net income would have narrowly increased. Thus, without one-time charges, the results seem to closely approximate each other.</p>
<div class="lb-trans"><p>相比之下，百事可乐第二季度的净收入为 13 亿美元，低于 12 个月前的 31 亿美元。不过，如果不是 19 亿美元的无形资产减值费用，净收入本可以略有增加。因此，去除一次性费用后，结果似乎非常接近。</p>
</div><p>Even with their numerous similarities, Coca-Cola's stock has outperformed PepsiCo's over the previous year.</p>
<div class="lb-trans"><p>尽管它们有许多相似之处，但可口可乐的股票在过去一年中表现优于百事可乐。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4b93d17aa270f88b667a443f8e841ff3.png" alt="" original-src="https://media.ycharts.com/charts/4b93d17aa270f88b667a443f8e841ff3.png"/></p>
<p>PEP data by YCharts</p>
<div class="lb-trans"><p>PEP 数据来源于 YCharts</p>
</div><p>However, that outperformance does not necessarily make Coca-Cola the clear choice, even though Coca-Cola's P/E ratio of 28 is not significantly higher than PepsiCo's 27 earnings multiple. When comparing forward P/E ratios (which exclude one-time charges), PepsiCo's 18 forward price-to-earnings ratio is considerably lower than Coca-Cola's, a stock which trades at a forward P/E ratio of 23.</p>
<div class="lb-trans"><p>然而，这种超越并不一定使可口可乐成为明确的选择，尽管可口可乐的市盈率为 28，略高于百事可乐的 27 倍盈利倍数。在比较前瞻市盈率（不包括一次性费用）时，百事可乐的 18 倍前瞻市盈率明显低于可口可乐的 23 倍。</p>
</div><p>Furthermore, PepsiCo may stand out with dividend investors. Both stocks are Dividend Kings by virtue of their long-established track records of annual payout hikes. Still, PepsiCo's dividend yield of almost 3.8% far outpaces Coca-Cola's at around 2.9%, arguably making PepsiCo a better fit for income investors.</p>
<div class="lb-trans"><p>此外，百事可乐可能在股息投资者中更具吸引力。这两只股票都是股息之王，因其长期以来的年度派息增长记录而闻名。不过，百事可乐近 3.8% 的股息收益率远高于可口可乐约 2.9% 的收益率，可以说百事可乐更适合收入投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e043ad91bb0e57c50ad9f150578ea4da.png" alt="" original-src="https://media.ycharts.com/charts/e043ad91bb0e57c50ad9f150578ea4da.png"/></p>
<p>PEP Dividend Yield data by YCharts</p>
<div class="lb-trans"><p>PEP 股息收益率数据来源于 YCharts</p>
</div><h2>Coca-Cola or PepsiCo?</h2>
<div class="lb-trans"><h2>可口可乐还是百事可乐？</h2>
</div><p>As for which stock to choose, investors do not have a bad choice in the sense iconic brands will likely drive rising sales for both companies for years to come. However, if you're buying today, PepsiCo appears to offer a slight edge to shareholders.</p>
<div class="lb-trans"><p>至于选择哪只股票，投资者在标志性品牌将可能推动这两家公司未来几年的销售增长的意义上并没有坏选择。然而，如果你今天购买，百事可乐似乎为股东提供了些许优势。</p>
</div><p>Admittedly, both stocks have offered growth and income to their long-term investors, and that is unlikely to change. Also, Coca-Cola's more recent outperformance may tempt investors to choose it.</p>
<div class="lb-trans"><p>诚然，这两只股票都为其长期投资者提供了增长和收入，这种情况不太可能改变。此外，可口可乐最近的超越可能会诱使投资者选择它。</p>
</div><p>Nonetheless, both are mature, slower-growth companies, and that makes PepsiCo's attributes stand out.</p>
<div class="lb-trans"><p>尽管如此，这两家公司都是成熟的、增长缓慢的公司，这使得百事可乐的优势更加突出。</p>
</div><p>For one, since PepsiCo operates in both the beverage and snack industries, it offers a greater degree of revenue diversification. Also, while financial results appear similar in most respects, PepsiCo's forward P/E ratio suggests it is the lower-cost stock after factoring in one-time charges.</p>
<div class="lb-trans"><p>首先，由于百事可乐同时在饮料和零食行业运营，它提供了更大的收入多样化。此外，尽管财务结果在大多数方面看起来相似，但百事可乐的前瞻市盈率表明，在考虑一次性费用后，它是成本更低的股票。</p>
</div><p>Finally, thanks in part to a lower valuation, PepsiCo offers investors higher dividend returns. Since investors tend to buy these stocks for income, PepsiCo is probably the more suitable choice in most cases.</p>
<div class="lb-trans"><p>最后，部分由于估值较低，百事可乐为投资者提供了更高的股息回报。由于投资者往往购买这些股票以获取收入，因此在大多数情况下，百事可乐可能是更合适的选择。</p>
</div>

Better Beverage Stock: Coca-Cola vs. PepsiCo

- 可口可乐和百事可乐 2025 年第二季度财报显示增长乏力。  
- 可口可乐净收入为 38 亿美元，百事可乐为 13 亿美元，后者因减值损失下滑。  
- 百事可乐的股息收益率为 3.8%，高于可口可乐的 2.9%。

更优质的饮料股票：可口可乐与百事的对比