This case study uses data from PepsiCo’s Net Water Positive program, focusing on investments within PepsiCo Beverages North America (PBNA). This program has a specific water efficiency target and a water replenishment target. The two programs combined support the PepsiCo Positive commitment for 2030. Data from the two programs were leveraged to compare the relative costs and benefits of inside-the-fence projects (water efficiency) with outside-the-fence projects (water replenishment) in making progress towards the PepsiCo Positive goal. The portfolio of water efficiency projects was found to comprise 16 percent of the overall water savings of the combined efficiency/replenishment portfolio and required 83% of the capital investment. Over time, the cost to benefit ratio of efficiency projects increases as the limits of technology are tested. The PepsiCo Positive program will continue to push the limits of water efficiency while also leveraging outside-the-fence replenishment projects for continual advancement toward the PepsiCo Positive goal.