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Elon’s Warning About Money — Ignore At Your Own Risk |
Last year, the richest man on Earth said the quiet part out loud. Elon Musk called the U.S. dollar — in a single word — “hopeless.” But he wasn’t just venting. He was offering a clue to his latest and greatest innovation yet. |
Now, with the blessing of President Trump and the U.S. Treasury, it’s finally about to go “live.” |
And investors who move early could see massive gains. |
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🥤 Check the cash behind PepsiCo's next dividend |
The Saturday Evening Memo · September 26, 2026 · Week ahead, using data through September 24 |
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🌙 TONIGHT'S NUMBERS |
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September 30 payment on 100 already-eligible PepsiCo shares, before tax and account charges. |
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PepsiCo free cash flow for 24 weeks through June 13, versus $3.914 billion cash dividends. |
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A PepsiCo dividend is due September 30, giving existing owners a useful moment to inspect what supports it. The declared payment is $1.48 per share, or $148 on 100 qualifying shares. At Thursday's $128.15 close, those shares would cost $12,815 before trading costs. Four unchanged quarterly payments would provide $592 annually, about 4.62%, before taxes and fees and without reinvestment. A purchase now does not qualify for the approaching payment. The opportunity is ownership of a large food-and-drink business whose income may grow; the test is whether customers and cash generation can keep supporting that promise. Familiar brands alone cannot answer that. |
The company collects money as shoppers buy drinks and snacks through its distribution system. Chairman and CEO Ramon Laguarta's July 9 results reported second-quarter revenue growth of 6.4%, compared with 2.4% organic growth, which adjusts for currency and portfolio changes. More useful for a dividend review is the cash statement: during the 24 weeks ended June 13, PepsiCo reported $1.170 billion of free cash flow and $3.914 billion of cash dividends. That is a question for further reading, not a full-year verdict. Seasonal cash flows, the balance sheet and the rest of the year matter; simply doubling a partial period could give a misleading answer. |
PepsiCo's indicated 4.62% yield remains below the 10-year Treasury's 5.18% September 24 observation. The share investment needs an additional case, including potential dividend growth and capital appreciation, to justify its different risks. Its dividend can change and its share price has no fixed maturity value. A Treasury's market price also moves before maturity. I would open the free-cash-flow reconciliation beside the dividend declaration and follow the cash before adding money. A 54-year record of annual raises is useful evidence of priorities. It does not spare the next dollar from the same business review as the first dollar. |
The next ex-dates distinguish a future payment opportunity from a dividend for which eligibility has already passed. |
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💵 INCOME WATCH |
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AMT's $1.79 was declared September 17; Realty Income's $0.2715 September 8. These are existing declarations for upcoming ex-dates. |
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September 30: AMT $1.79, payable October 20; O $0.2715, payable October 15. Both from the per-symbol dividend records. |
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VYM: indicated $3.6138 annual rate ÷ September 24 close $156.92 = 2.30%, versus the same-day 10-year Treasury at 5.18%. Fund distributions and principal vary. |
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PepsiCo's long record deserves the same dated price and payment checks as the nearer calendar entries. |
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🧾 THE STEADY · PEP |
81 consecutive quarterly payments verified, June 2006–June 2026; September 30 is declared. The quarterly amount rose from $1.4225 to $1.48 in 2026. At September 24's $128.15, $5.92 annualized yields 4.62%, versus the same-day Treasury 5.18%. The 52-week range is $127.98–$166.41; shares sit near the low. A consumer income holding still carries price risk. |
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The next business day offers a fresh benchmark for that comparison. |
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A $148 receipt can be welcome without settling the investment question. Keep the payment, its supporting cash generation and the price of ownership on separate lines of your review. |
What makes a dividend dependable enough for your budget? I would welcome the cash-flow measure you trust most. |
— Randy Cole, Editor |
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