EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges ^(a)

Years Ended December 25, 2004, December 27, 2003, December 28, 2002,

December 29, 2001, and December 30, 2000

(in millions except ratio amounts)

	2004			2003			2002			2001			2000(c)
Earnings:
Income before income taxes – continuing operations	$	5,546		$	4,992		$	4,433		$	3,644		$	3,761
Unconsolidated affiliates interests, net		(289	)		(275	)		(251	)		(100	)		(140	)
Amortization of capitalized interest		7			9			8			10			9
Interest expense		167			163			178			219			272
Interest portion of net rent expense (b)		82			77			64			55			57
Earnings available for fixed charges	$	5,513		$	4,966		$	4,432		$	3,828		$	3,959
Fixed Charges:
Interest expense	$	167		$	163		$	178		$	219		$	272
Capitalized interest		2			4			3			3			7
Interest portion of net rent expense (b)		82			77			64			55			57
Total fixed charges	$	251		$	244		$	245		$	277		$	336
Ratio of Earnings to Fixed Charges		22.00			20.37			18.08			13.83			11.77

(a) Based on unrounded amounts.

(b) One-third of net rent expense is the portion deemed representative of the interest factor.

(c) Amounts have not been restated for the adoption of the fair value method of accounting for stock options.