
Pearl Milling Company is owned by PepsiCo, Inc. (NASDAQ: PEP) through its Quaker Oats subsidiary. PepsiCo acquired Quaker Oats in 2001 for $13.9 billion. The brand was renamed from Aunt Jemima to Pearl Milling Company in June 2021 following criticism of the Aunt Jemima character's racial stereotypes. The original Pearl Milling Company was founded in 1888 in St. Joseph, Missouri, by Chris L. Rutt and Charles G. Underwood, who created the first ready-mix pancake batter. PepsiCo is headquartered in Purchase, New York.
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Pearl Milling Company | PepsiCo, Inc. | Wholly owned |
The Pearl Milling Company was founded in 1888 in St. Joseph, Missouri, by Chris L. Rutt, a newspaper editor, and Charles G. Underwood, a mill operator. Rutt and Underwood created the first self-rising pancake mix by combining pre-measured amounts of flour, corn meal, lime phosphate, and salt in a single package. This eliminated the need for home cooks to measure and mix individual dry ingredients. The product was called Aunt Jemima pancake mix.
In 1889, Rutt and Underwood sold the Aunt Jemima brand and formula to the R.T. Davis Mill Company, which began promoting the product using the Aunt Jemima character at the 1893 World's Columbian Exposition in Chicago. Nancy Green, a former enslaved person, was hired to portray Aunt Jemima at the exposition. The character was based on the "Mammy" stereotype, a racist caricature of Black women in domestic service roles.
The R.T. Davis Mill Company changed its name to Aunt Jemima Mills in 1914. Quaker Oats acquired the Aunt Jemima brand in 1926 and continued to use the Aunt Jemima character and imagery for the next 95 years. Over decades, Quaker Oats modernized the brand's imagery, removing the kerchief and updating the character's appearance, but the name and character remained.
In June 2020, following the murder of George Floyd and widespread social justice protests, PepsiCo announced that it would retire the Aunt Jemima brand name and imagery. The announcement came amid a broader reckoning with racial stereotypes in American brands, including similar decisions by Mars (Uncle Ben's, later Ben's Original) and Conagra (Mrs. Butterworth's).
PepsiCo completed the rebranding to Pearl Milling Company in June 2021. The name was chosen to honor the original 1888 company founded by Rutt and Underwood. The rebranding involved a complete packaging redesign, updated marketing materials, and the launch of the P.E.A.R.L. Pledge community investment program. The P.E.A.R.L. Pledge commits $1 million annually to nonprofit organizations supporting Black American women and girls.
The rebranding was met with mixed reactions. Some consumers welcomed the change as a necessary step away from racial stereotypes. Others criticized the new name as generic or difficult to remember. Market research indicated that Pearl Milling Company experienced some market share loss following the rebranding, as consumers adjusted to the new name and packaging. Competitors including Krusteaz and Bisquick gained some market share during the transition period.
As of 2026, Pearl Milling Company remains a major brand in the U.S. pancake mix market. The brand's product line includes Original, Buttermilk, and Complete pancake and waffle mixes, as well as Pearl Milling Company syrup. Products are sold at major grocery retailers across the United States.
What does PepsiCo own?
PepsiCo owns a portfolio of more than 23 billion-dollar brands across beverages, snack foods, and cereals. Key brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Aquafina, SodaStream, Lay's, Doritos, Cheetos, Fritos, Tostitos, Ruffles, Quaker Oats, Cap'n Crunch, and Poppi. The company also owns international snack brands including Walkers (UK), Sabritas and Gamesa (Mexico), and Smith's (Australia).
Is PepsiCo publicly traded?
Yes, PepsiCo is publicly traded on NASDAQ under ticker PEP. The company has been listed since 1965 and is one of the largest companies in the S&P 500. Major institutional shareholders include Vanguard Group, BlackRock, and State Street. PepsiCo is a Dividend Aristocrat, having increased its annual dividend for 54 consecutive years.
Who founded PepsiCo?
PepsiCo was formed in 1965 through the merger of Pepsi-Cola Company, founded by Caleb Bradham in 1898, and Frito-Lay, Inc., formed by Herman Lay in 1932. Bradham was a pharmacist in New Bern, North Carolina, who created Pepsi-Cola. Lay was a potato chip distributor in Nashville, Tennessee, who built a national snack food company.
Where is PepsiCo headquartered?
PepsiCo is headquartered in Purchase, New York, USA. The company's corporate campus in Westchester County, north of New York City, houses its executive offices and many of its North American business units. PepsiCo operates manufacturing facilities and offices across more than 200 countries and territories worldwide.
How many brands does PepsiCo own?
PepsiCo owns more than 23 brands that each generate over $1 billion in annual retail sales. The total brand count is significantly higher when including regional and smaller brands. The portfolio spans beverages (Pepsi, Mountain Dew, Gatorade, Tropicana), snack foods (Lay's, Doritos, Cheetos, Fritos), and cereals (Quaker, Cap'n Crunch, Life).
Who owns PepsiCo?
PepsiCo is a publicly traded company with a dispersed shareholder base. No single shareholder holds a controlling stake. The largest institutional shareholders are Vanguard Group, BlackRock, and State Street. Ramon Laguarta serves as Chairman and CEO, having succeeded Indra Nooyi in 2018.
What is PepsiCo's financial performance?
For FY2025 (ended December 27, 2025), PepsiCo reported net revenue of $93.9 billion, up 2% from $91.9 billion in FY2024. Net income was $8.3 billion, and core EPS was $8.14. Free cash flow was $8.2 billion. The company announced its 54th consecutive annual dividend increase. For FY2026, PepsiCo projects organic revenue growth of 2% to 4% and core constant currency EPS growth of 4% to 6%.
Pearl Milling Company does not hold independent third-party sustainability certifications. As a brand within PepsiCo's Quaker Oats division, its sustainability profile is tied to PepsiCo's corporate sustainability framework.
PepsiCo has committed to sourcing ingredients from 10 million acres of regenerative agriculture by 2030. This commitment covers the wheat and corn used in Pearl Milling Company pancake mixes. PepsiCo's 2024 sustainability report disclosed that approximately 2 million acres were enrolled in regenerative agriculture programs as of the end of 2024.
PepsiCo has set a goal to achieve net zero emissions by 2040. The company's 2024 report disclosed a 21% reduction in Scope 1 and Scope 2 emissions from a 2015 baseline. These targets cover the manufacturing facilities that produce Pearl Milling Company products.
Pearl Milling Company's packaging has been updated to include more recyclable materials. PepsiCo has committed to making 100% of its packaging recyclable, compostable, biodegradable, or reusable by 2025. As of 2024, PepsiCo reported that approximately 90% of its packaging met this goal. Pearl Milling Company boxes are made from recyclable cardboard, and the brand has reduced plastic in its packaging.
These sustainability claims are self-reported by PepsiCo and have not been independently verified by third-party certifying bodies specific to the Pearl Milling Company brand. Consumers seeking verified sustainability information should consult PepsiCo's annual ESG reports.
The P.E.A.R.L. Pledge community investment program is Pearl Milling Company's primary ethical initiative. The program commits $1 million annually to organizations supporting Black American women and girls. This program was established as part of the 2021 rebranding to address the historical harm associated with the Aunt Jemima character's racial stereotypes.
Pearl Milling Company has not received major industry awards as a standalone brand. The brand's recognition has primarily been related to its 2021 rebranding from Aunt Jemima.
The rebranding was covered extensively in major media outlets including The New York Times, CNN, and NPR. The transition was noted as one of the most significant brand name changes in American food industry history, alongside Mars' rebranding of Uncle Ben's to Ben's Original and Conagra's review of Mrs. Butterworth's.
The P.E.A.R.L. Pledge program has been recognized by community organizations and nonprofit partners for its commitment to supporting Black American women and girls. The program has awarded over $3 million in grants since 2021.
Pearl Milling Company's historical contribution to food innovation is recognized through the original 1888 Pearl Milling Company's creation of the first ready-mix pancake batter. This innovation is considered a milestone in the development of convenience foods in the United States.
Pearl Milling Company has faced one significant product recall and one major historical controversy.
In January 2025, Pearl Milling Company issued a Class I recall for its Original Pancake and Waffle Mix due to undeclared milk allergen. The FDA classified this as a Class I recall, the highest risk level, indicating that consumption could cause serious or life-threatening allergic reactions in individuals with milk allergies. The recall affected 32-ounce boxes distributed to retailers in 11 states: Arkansas, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Mississippi, Nebraska, Utah, and Wisconsin. The recalled products had "Best By" dates of September 13, 2025. No allergic reactions were reported.
The most significant controversy in the brand's history involves the Aunt Jemima character and its racial stereotypes. The Aunt Jemima character was created in 1889 and was based on the "Mammy" stereotype, a racist caricature of Black women in domestic service. The character was used in marketing and packaging for over 130 years. Civil rights organizations including the NAACP had called for the brand to change its imagery for decades.
In June 2020, following the murder of George Floyd and widespread social justice protests, PepsiCo announced the retirement of the Aunt Jemima brand. The decision was part of a broader corporate response to racial justice concerns. Several other brands with racially problematic imagery also announced changes around the same time, including Mars (Uncle Ben's), Conagra (Mrs. Butterworth's), and Cream of Wheat (B&G Foods).
The rebranding to Pearl Milling Company was completed in June 2021. Some consumers and commentators criticized the name change as unnecessary or as erasing brand history. Others argued the rebranding was long overdue. The debate reflected broader cultural tensions about race, corporate responsibility, and historical imagery in American branding.
Market research following the rebranding indicated that Pearl Milling Company experienced some market share loss. Some consumers had difficulty finding the product on shelves due to the name and packaging change. Competitors including Krusteaz and Bisquick gained market share during the transition period. PepsiCo invested in marketing campaigns to rebuild brand awareness under the new name.
No direct competitors found in the same category. This could be because Pearl Milling Companyoperates in a unique market segment or we're still building our competitor database.
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