INDEX / DIRECTORY / PEPSICO

PepsiCo

FMCG & Brands 66 CITED SOURCES UPDATED 2026-09-08 METHOD V6.5
Complicity Index score 561 /1000 C Tier C - High
Military ↗ 0.00 Digital ↗ 0.00 Economic ↗ 6.50 Political ↗ 3.50
OWNERSHIP TREE 50 brands and group businesses View all

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Key Findings

  • Economic: PepsiCo maintains an Israeli operating footprint through SodaStream entities, a Lehavim manufacturing plant, flavour production reported in Ashkelon, and a 50/50 Strauss Frito-Lay venture that manufactures and sells snacks in Israel.1, 2, 3, 4
  • Political: PepsiCo announced humanitarian and employee support for people affected in Israel and Gaza in October 2023, while the specific recipient organisations and allocation were not disclosed.5
  • Digital: An Israeli issuer filing documents PepsiCo’s 2020–23 smart-bottle and cloud-platform commercial relationship with Water.io/impacX; the available record does not establish renewal, deployment details, data location, or Israeli state access after 2023.6
  • Not found: No public evidence identified of PepsiCo, SodaStream, Sabra, or the reviewed Israeli entities supplying Israeli military, security, intelligence, Project Nimbus, or settlement-infrastructure contracts; SodaStream’s prior West Bank factory withdrawal was completed before PepsiCo’s acquisition.7, 8, 9

Target Profile

FieldDetail
Company NamePepsiCo, Inc.
JurisdictionNorth Carolina, United States; PepsiCo reports that it was incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986.1
HeadquartersPurchase, New York, United States.1
SectorGlobal food and beverage company.1
OwnershipPublic company. The 2026 proxy reports The Vanguard Group at 10.1% beneficial ownership and BlackRock, Inc. at 8.2%, as of the dates stated in that filing; this does not itself establish operational control by either investor.10
Key Executives / GovernanceRamón L. Laguarta is Chairman and Chief Executive Officer. Robert C. Pohlad is an independent director and Chair of the Nominating and Corporate Governance Committee.10, 11
Israeli-Nexus SummaryPepsiCo owns SodaStream-related Israeli entities and maintains documented manufacturing, licensing, joint-venture, commercial-technology, and humanitarian-support connections, but the audits found no verified military or security-sector nexus.1, 2, 4, 5, 7

Key Facts:

Executive Summary

PepsiCo’s documented Israel/Palestine nexus is principally economic and corporate-operational. Its filings identify multiple Israel-incorporated SodaStream entities and an owned manufacturing plant in Lehavim. SodaStream support material separately identifies an Ashkelon factory producing specified Pepsi-branded, bubly, and SodaStream Classic flavours, though the available material does not establish the relationship between the Ashkelon and Lehavim facilities, volumes, destinations, or ownership details for the Ashkelon site.1, 2, 13 PepsiCo also remains a 50% participant in Strauss Frito-Lay, which manufactures, markets, and sells salty snacks mainly in Israel under PepsiCo trademark licences and governance arrangements.4

The record also establishes certain commercial relationships with Israeli-origin companies. PepsiCo announced a partnership with Israeli-headquartered N-Drip in 2022 to support irrigation-technology adoption through its agricultural footprint; the retrieved materials describe technology deployment rather than commodity sourcing, equity investment, or an Israeli state partnership.14 An Israeli issuer filing documents PepsiCo orders and commercial agreements for Water.io/impacX smart-bottle technology, including app, cloud-platform, and data-use provisions through 31 December 2023. However, the available disclosure does not establish renewal after that date, the location of data processing, cloud provider or region, or Israeli governmental access to PepsiCo or consumer data.6

The political record is narrower. In October 2023, PepsiCo announced employee and humanitarian support for people affected in Israel and Gaza, including a US$1 million PepsiCo Foundation pledge to unspecified humanitarian organisations, employee-donation matching, and stated PepsiCo-system donations exceeding US$3 million. The statement did not identify recipients, allocations, military beneficiaries, state recipients, or settlement organisations.5 Foundation reporting separately records grants to Israeli organisations, but does not identify programme end beneficiaries or geographic allocation within Israel.15 The audits also distinguish grants made by the Pohlad Family Foundation to Friends of the Israel Defense Forces from PepsiCo: the filings do not establish PepsiCo funding, approval, administration, or Robert C. Pohlad’s personal direction of those grants.16

Important limiting evidence is equally material. No public evidence identified in the reviewed sources of PepsiCo defence procurement, military or security supply, IDF or Ministry of Defense contracts, military logistics, Project Nimbus participation, Israeli state-security technology services, or settlement-infrastructure activity.7, 17 The historical SodaStream Mishor Adumim factory record predates PepsiCo’s 2018 acquisition; Who Profits and AFSC report that the facility closed in 2015 and manufacturing moved inside the 1967 borders.8, 9 The document-scoped checks also found no PepsiCo mention in the specified OHCHR settlement-business updates or the cited UN Special Rapporteur report; these are not database-wide findings and do not resolve third-party distribution.18

The reviewed V6.5 score assigns Economic 6.50 for Strategic FDI through continuing integrated Israeli operations. Political is 3.50 for sustained Business-as-Usual through those operations; the humanitarian statement and giving provide context but do not establish a higher political act. Military is 0.00 because no qualifying military relationship was verified. Digital recognises the historical direct Water.io/impacX relationship with Impact 1.50 and Proximity 8.00, but assigns Magnitude 0.00 because the evidenced contract term ends on 31 December 2023 and renewal or continuing activity is unverified. Its resulting domain score is therefore 0.00. This is not proof that every possible commercial relationship terminated; verified continuing activity would require reassessment. The resulting BRS is 561, Tier C (Substantial Complicity).

Timeline of Relevant Events

DateEvent
2008PepsiCo and Strauss Group completed formation of the North American Sabra joint venture.19
2015Who Profits reported that SodaStream finalised withdrawal from its sole West Bank factory in Mishor Adumim; AFSC likewise reports closure in September 2015 and a move inside the 1967 borders.8, 9
5 December 2018PepsiCo completed its acquisition of SodaStream; transaction materials described an approximately US$3.3 billion deal and an undertaking concerning continued Lehavim operations for at least 15 years, subject to stated adjustments.3, 12
November 2020Water.io/impacX reported a PepsiCo order for 5,000 smart-cap electronic units and related services, with delivery completed during the reporting period.6
February 2022Water.io/impacX reported a two-year PepsiCo commercial agreement, scheduled through 31 December 2023, for smart beverage-bottle electronic units.6
March 2022PepsiCo announced its N-Drip irrigation-technology partnership, targeting adoption across 10,000 hectares by 2025.14
27 October 2023PepsiCo announced employee and humanitarian support for people affected in Israel and Gaza.5
21 November 2024PepsiCo granted Strauss an option to acquire up to 2.5% of Strauss Frito-Lay, exercisable through 3 December 2026 subject to competition approval.4
3 December 2024PepsiCo acquired Strauss Group’s remaining 50% interest in Sabra, making Sabra wholly owned by PepsiCo.20
Fiscal year ended 27 December 2025PepsiCo’s filings listed the Lehavim plant and the named Israeli-incorporated subsidiaries.1, 2

Corporate Overview

PepsiCo is the SEC reporting parent for PepsiCo, Inc. and its consolidated subsidiaries. It reports six operating segments: PepsiCo Foods North America, PepsiCo Beverages North America, International Beverages Franchise, Europe Middle East and Africa, Latin America Foods, and Asia Pacific Foods. Its operations involve company operations, authorised bottlers, contract manufacturers, and other third parties in more than 200 countries and territories.1

The company’s filed subsidiary schedule identifies five Israel-incorporated entities: So Spark Ltd., SodaStream Industries Ltd., SodaStream International Ltd., SodaStream Israel Ltd., and VentureCo (Israel) Ltd. The schedule supplies jurisdictional information, but does not disclose ownership percentages, reporting chains, directors, operational functions, or facility addresses for each entity.2 PepsiCo’s filings identify SodaStream as part of its portfolio and list an owned Lehavim manufacturing plant within International Beverages Franchise.1

SodaStream became a PepsiCo-controlled business after the December 2018 acquisition. The merger documentation describes the acquisition through PepsiCo’s Dutch vehicle and an Israeli merger subsidiary; it does not establish a military, intelligence, settlement, or government-customer relationship.12 Current SodaStream support material states that particular flavour lines are produced at Ashkelon, Israel, without identifying volume, export destination, distribution, or ownership details.13

Separately, Strauss Frito-Lay Ltd. remains a 50/50 venture between PepsiCo Europe and Strauss Group. Strauss’s FY2025 reporting says the venture manufactures, markets, and sells salty snacks in Israel. The relevant PepsiCo licence covers certain snack manufacture, distribution, and sale in Israel; later amendments permit specified kosher-market exports but do not establish actual export volumes or destinations. PepsiCo receives royalties based on net sales and annual technical-support payments; Strauss reported approximately NIS 10.5 million in 2025 and NIS 10 million in 2024.4

The record also describes a Pepsi-branded franchise arrangement in Gaza and the West Bank through Modern Group. The franchisee’s webpage describes a Jericho plant, but does not establish PepsiCo equity ownership, direct operation, or operational control of Modern Group or the plant. It also does not establish sales or facilities in Israeli settlements, East Jerusalem settlements, or the Golan Heights.21

Domain Summaries

Military: Military

Mechanism of Involvement

No public evidence identified of PepsiCo, SodaStream, Sabra, or Obela holding a contract, tender award, framework agreement, memorandum, or procurement relationship with the Israeli Ministry of Defense, IDF, Israel Prison Service, Border Police, intelligence services, or another Israeli security body.7, 17 The reviewed company disclosures and procurement materials likewise did not identify military-specification products, defence-configured equipment, export licences, end-user certificates, logistical services, construction or maintenance work, or supplies to Israeli defence primes.1, 7

The historical SodaStream Mishor Adumim reporting addressed settlement production and associated economic concerns, not military or security contracting. Those reports neither identify military contracts nor establish PepsiCo-era operations at that site.8, 9

Counter-Arguments and Evidence Limits

PepsiCo’s strongest defence is the civilian character of the documented activity: food, beverage, snack, sparkling-water, irrigation, and consumer-product operations rather than defence manufacture or military services.1, 4, 14 The audits found no verified PepsiCo military channel and rejected unverified assertions about former partner Strauss Group and alleged IDF support because the available leads were activist or aggregator material rather than independently verified primary evidence.7

The public Ministry of Defense tender interface requires authentication for tender detail, and the reviewed defence directory is not a complete procurement database. Accordingly, the audit’s result is “No public evidence identified,” not proof that no historical relationship could exist.7

Named Entities and Evidence Map

Digital: Digital

Mechanism of Involvement

The audited record documents a commercial relationship with Israeli issuer Water.io/impacX. Its filing reports a 2020 order for smart-cap units and a February 2022 agreement, scheduled through 31 December 2023, covering hundreds of thousands of electronic units for smart beverage bottles. The filing also describes an app, cloud-managed SaaS platform, dashboard, and agreed arrangements concerning data generated by smart bottles sold by PepsiCo.6

PepsiCo also participated in JVP Play’s 2018 corporate-startup programme. JVP stated that participating corporations could provide expertise, market knowledge, and real-world testing; the materials do not state that PepsiCo made an investment, procured a product, licensed technology, completed a proof of concept, or adopted a named startup’s product through the programme.22 PepsiCo’s AI and analytics initiatives, including its Google Cloud collaboration, are described as global commercial functions for supply chain, go-to-market, workforce, and analytics activity, not Israeli state or security work.23

Counter-Arguments and Evidence Limits

The Water.io/impacX record is a documented Israeli-origin digital-technology relationship, but it does not disclose a PepsiCo equity investment, cloud provider, cloud region, physical data location, processor or subprocessor list, cross-border routing, Israeli legal access, or renewal after 31 December 2023.6 The shared Water.io name does not establish that the later commercial relationship resulted from JVP Play.6, 22

No public evidence identified of PepsiCo involvement in Project Nimbus; digital contracts with Israeli defence, intelligence, police, or other security bodies; Israeli-origin facial recognition or biometrics; offensive cyber; surveillance systems; or military AI. The reviewed FORM and PEPIRiS materials concern retail shelf, display, and planogram analysis, not facial recognition or predictive policing.17, 24, 25

Named Entities and Evidence Map

Economic: Economic

Mechanism of Involvement

PepsiCo has a documented Israeli corporate and manufacturing footprint. Its 2025 filing lists an owned Lehavim plant, and its subsidiary schedule identifies five Israel-incorporated entities connected to the SodaStream corporate structure.1, 2 SodaStream support material identifies an Ashkelon factory for specified flavours, though the relationship of that factory to Lehavim is not established.13

PepsiCo’s 50% interest in Strauss Frito-Lay is another significant documented economic nexus. Strauss describes the venture as manufacturing, marketing, and selling salty snacks mainly in Israel under PepsiCo licensing arrangements. PepsiCo and Strauss each appoint 50% of the board; PepsiCo Europe may appoint the CEO and CFO subject to Strauss’s prior consent; and specified resolutions, including discontinuance of Israeli activity, require unanimity.4

PepsiCo acquired SodaStream in 2018 and acquired the remaining Strauss interest in North American Sabra in December 2024. The Sabra transaction made Sabra wholly owned, but the cited materials describe Sabra as a United States and Canada business and do not establish it as an Israeli operating company. The separate transaction did not dissolve Strauss Frito-Lay.3, 20, 4

Counter-Arguments and Evidence Limits

The most consequential historical settlement-related operation identified in the audits was SodaStream’s former Mishor Adumim facility. Both retained accountability sources report that it was closed in 2015, before PepsiCo acquired SodaStream in 2018. The record therefore does not establish PepsiCo-era operation at that West Bank facility.8, 9

No public evidence identified of current PepsiCo or SodaStream manufacturing operations in settlements, East Jerusalem, the West Bank, Gaza, or the Golan Heights; of Israeli sovereign-debt holdings or direct financing of defence firms or settlement-active companies; or of Israeli-specific revenue, workforce, production, tax, market-share, or profit-repatriation figures.1, 2, 18 The no-operation finding does not resolve third-party retail distribution or distributors’ sales into settlements.21, 18

Named Entities and Evidence Map

Political: Political

Mechanism of Involvement

On 27 October 2023, PepsiCo announced support for people affected in Israel and Gaza, including employee-focused assistance and a US$1 million PepsiCo Foundation pledge to unspecified humanitarian organisations. The company also said eligible employee donations would be matched 2:1 and PepsiCo-system donations exceeding US$3 million were being directed to people in need.5

The political score is governed by continuing Business-as-Usual through PepsiCo’s wholly owned, consolidated SodaStream operations and Pepsi-branded group production in Israel.1, 2, 13 Co-governance of Strauss Frito-Lay corroborates continuing engagement. Its evidence establishes co-ownership, licensing, royalties, and defined governance rights; it does not establish PepsiCo direction, approval, or participation in other Strauss Group conduct beyond those documented arrangements.4 The humanitarian statement and foundation giving below are contextual evidence, not the governing scored activity.

The PepsiCo Foundation’s 2024 report lists a US$7,500 grant to Leket Israel and a US$250,000 payment to Matan – Investing in the Community, labelled humanitarian assistance/disaster relief. The report does not identify programme end beneficiaries or geographic allocation within Israel.15

Counter-Arguments and Evidence Limits

PepsiCo characterised its October 2023 activity as humanitarian, employee, and community support for Israel and Gaza. Its statement did not name a military, Ministry of Defense, IDF, settlement organisation, military-welfare recipient, or other state recipient; it did not disclose recipient organisations or allocations between Israel and Gaza.5

No public evidence identified of PepsiCo contracts supplying the IDF or Ministry of Defense, anti-BDS lobbying, conflict-logistics deployment, PepsiCo-directed military, reservist, or settlement donations, or a relevant court, regulatory, OECD National Contact Point, or parliamentary proceeding.17 The BDS Movement’s November 2024 guide names SodaStream, not PepsiCo, as a consumer-boycott priority target. This is a campaign organisation’s stated position and is not independent verification of PepsiCo operations in occupied territory.26

The Pohlad Family Foundation’s Friends of the Israel Defense Forces grants are not attributed to PepsiCo. The filings do not establish PepsiCo funding, approval, matching, or administration, nor Robert C. Pohlad’s personal direction, attendance, voting, or grant-approval authority.16

Named Entities and Evidence Map

Complicity Index Score

Method: V6.5.

DomainIMPV-Domain Score
Military0.000.000.000.00
Digital1.500.008.000.00
Economic6.507.009.006.50
Political3.507.009.003.50

Economic is the maximum domain: the continuing Israeli manufacturing investment supports Strategic FDI at I=6.50 and sustained activity at M=7.00. The integrated-group rule attributes the directly operating entity’s P=9.00 to PepsiCo. The same continuing integrated operations support Business-as-Usual in Political at I=3.50, M=7.00 and P=9.00. Humanitarian giving does not determine that political score. Military remains zero because no qualifying military relationship was verified. Digital records historical passive commercial consumption at I=1.50 and direct-contract proximity at P=8.00; M=0.00 reflects the absence of verified renewal or continuing activity after the disclosed 2023 contract term. Military or state-security use is not a prerequisite for recognising that commercial digital relationship.

The domain formula is V = I × min(M/7, 1) × min(P/7, 1). The assessment distinguishes activity type, magnitude and proximity, and retains the evidence limits on current activity and entity attribution.

Methodology Note

Footnotes

  1. https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16

  2. https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pepsico202510-kexhibit21.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  3. https://www.pepsico.com/newsroom/press-releases/2018/pepsico-completes-acquisition-of-sodastream-international-ltd ↩ ↩2 ↩3 ↩4 ↩5

  4. https://ir.strauss-group.com/wp-content/uploads/2024/08/Reporting-Package-English-FY-2025.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13

  5. https://www.pepsico.com/en/newsroom/press-releases/2023/pepsico-supports-associates-and-communities-in-israel-and-gaza ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  6. https://mayafiles.tase.co.il/rpdf/1515001-1516000/P1515547-00.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  7. https://www.online.mod.gov.il/Online2016/pages/general/Balam/BalamList.aspx?bk=1 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  8. https://www.whoprofits.org/publications/report/120 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  9. https://investigate.afsc.org/company/sodastream-international ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  10. https://www.sec.gov/Archives/edgar/data/77476/000130817926000169/pep015012_def14a.htm ↩ ↩2

  11. https://www.pepsico.com/board-of-directors ↩

  12. https://www.sec.gov/Archives/edgar/data/1502916/000114420418049220/tv502666_ex99-1.htm ↩ ↩2 ↩3

  13. https://support-us.sodastream.com/hc/en-us/articles/15041137136539-Where-are-the-flavors-produced ↩ ↩2 ↩3 ↩4 ↩5

  14. https://www.pepsico.com/newsroom/press-releases/2022/pepsico-and-n-drip-partner-to-provide-water-saving-crop-enhancing-benefits ↩ ↩2 ↩3 ↩4 ↩5

  15. https://www.pepsico.com/docs/pepsico-5v9wci20/media/Files/esg-topics/2024-pepsico-foundation-giving-report.pdf ↩ ↩2 ↩3

  16. https://pdf.guidestar.org/PDF_Images/2024/411/768/2024-411768558-202533169349103213-F.pdf ↩ ↩2 ↩3

  17. https://docs.un.org/en/A/HRC/59/23 ↩ ↩2 ↩3 ↩4

  18. https://docs.un.org/en/A/HRC/60/19 ↩ ↩2 ↩3 ↩4

  19. https://www.pepsico.com/en/newsroom/press-releases/2008/pepsico-and-strauss-group-complete-formation-of-north-american-joint-venture ↩

  20. https://www.pepsico.com/en/newsroom/press-releases/2024/pepsico-to-acquire-full-ownership-of-sabra-and-obela ↩ ↩2

  21. https://www.pepsi.ps/mission-and-vision ↩ ↩2 ↩3

  22. https://jvpvc.com/newsroom/jerusalem-venture-partners-jvp-kicks-off-jvp-play-platform-pepsico-tesco-barclays/ ↩ ↩2 ↩3

  23. https://www.pepsico.com/newsroom/press-releases/2026/pepsico-deepens-ai-capabilties-with-google-cloud ↩ ↩2

  24. https://www.form.com/ir/product-tours/ ↩

  25. https://play.google.com/store/apps/details?hl=en_US&id=com.pepsico.pepiris_turkey_preprod ↩

  26. https://bdsmovement.net/sites/default/files/2024-12/Guide%20to%20BDS%20Boycott%20%26%20Pressure%20Corporate%20Priority%20Targeting-30%20Nov%202024-Submitted%20by%20BDS%20movement.pdf ↩ ↩2