EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (page 1 of 2)
(in millions except ratio amounts, unaudited)

                                      36 Weeks Ended
                                    9/9/95      9/3/94

Earnings:

Income before income taxes and
 cumulative effect of accounting
 changes                           $2,132.8    $1,940.9

Joint ventures and minority
 interests, net (a)                   (11.7)      (17.2)

Amortization of capitalized
 interest                               3.5         3.4

Interest expense                      481.5       433.9

Amortization of debt
 discount                               0.3         0.2

Interest portion of rent
 expense (b)                          111.0        99.6

Earnings available for fixed
 charges                           $2,717.4    $2,460.8


Fixed Charges:

Interest expense                   $  481.5    $  433.9

Capitalized interest                    5.8         4.0

Amortization of
 debt discount                          0.3         0.2

Interest portion of
 rent expense (b)                     111.0        99.6

   Total fixed charges             $  598.6    $  537.7

Ratio of Earnings
 to Fixed Charges                      4.54        4.58


(a)  Prior year amounts have been restated to adjust for the effects of
     joint ventures and minority interests.  The inclusion of these items
     did not have a material impact on the previously reported ratio of
     earnings to fixed charges.
(b)  One-third of net rent expense is the portion deemed representative of
     the interest factor.



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PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (page 2 of 2)
(in millions except ratio amounts, unaudited)
                           53 Weeks
                             Ended              52 Weeks Ended
                           12/31/94   12/25/93 12/26/92 12/28/91 12/29/90
Earnings:                                                 (c)       (c)

Income from continuing
 operations before income
  taxes and cumulative
   effect of accounting
    changes                $2,664.4  $2,422.5  $1,898.8 $1,659.7  $1,653.8

Joint ventures and
 minority interests,
 net (a)                      (19.6)     (5.8)     (0.6)    (6.1)    (17.9)

Amortization of
 capitalized interest           5.2       5.0       5.0      4.5       5.3

Interest expense              645.0     572.7     586.1    613.7     686.0

Amortization of
 debt discount                  0.3       0.2       0.3      0.3       0.3

Interest portion of net
 rent expense (b)             150.0     134.4     121.4    103.4      87.4

Earnings available for
 fixed charges             $3,445.3  $3,129.0  $2,611.0 $2,375.5  $2,414.9

Fixed Charges:

Interest expense           $  645.0  $  572.7  $  586.1 $  613.7  $  686.0

Capitalized interest            4.7       6.5       6.6     10.0       8.6

Amortization of
 debt discount                  0.3       0.2       0.3      0.3       0.3

Interest portion of net
 rent expense (b)             150.0     134.4     121.4    103.4      87.4

   Total fixed charges     $  800.0  $  713.8  $  714.4 $  727.4  $  782.3
Ratio of Earnings
 to Fixed Charges              4.31      4.38      3.65     3.27      3.09

(a)  Prior year amounts have been restated to adjust for the effects of
     joint ventures and minority interests.  The inclusion of these items
     did not have a material impact on the previously reported ratio of
     earnings to fixed charges.
(b)  One-third of net rent expense is the portion deemed representative of
     the interest factor.
(c)  To improve comparability, the 1991 and 1990 amounts have been
     restated to report, under the equity method of accounting, the
     the results of previously consolidated snack food businesses in
     Spain, Portugal and Greece, which were contributed to the Snack
     Ventures Europe joint venture with General Mills, Inc. in late 1992.

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