Coca-Cola and PepsiCo are the best-known rivals in soft drinks, and both have raised their dividends every year for more than five decades. They look alike from the outside, but the businesses are built differently.

Coca-Cola is almost entirely a beverage company, and mostly sells concentrates and syrups to bottlers. PepsiCo sells drinks too, but a large part of its business is snacks, through Frito-Lay.