PepsiCo
What matters nowUpdated 6 h ago
- On Oct 7 PepsiCo reported fiscal Q3 2026 revenue of $25.27B, up 6% from a year earlier, and cut its fiscal 2026 core constant-currency EPS growth outlook to +1% to +2% from the low end of +4% to +6%, while raising organic revenue growth to about +3% 1 2.
- PepsiCo booked a $192 million restructuring and impairment charge in Q3 and said further structural cost reduction actions are being identified and will be implemented in the coming months 3.
- PEP shares rose 2.99% on Oct 8, the day the results and guidance cut were published, and last traded at $126.95 (pooled 24/7 venue price), down 0.37% from the previous close of $127.42 1.
- JPMorgan downgraded PepsiCo to Neutral with a $138 target, down from $170, on Sep 29 4, and Deutsche Bank cut it to Hold with a $138 target, down from $155, on Sep 28 5.
- At $173.0B market cap the stock trades on 15.9x trailing P/E, 9.2x EV/EBITDA and a 6.1% FCF yield, with trailing revenue of $98.2B, an 11.1% net margin and trailing EPS of $7.96 (up 51.3% year on year) as of the Sep 5 quarter end; insiders sold 2,900 shares ($404,674) in the last 180 days and bought none. Next up are the September CPI on Oct 14 and PPI and retail sales on Oct 15 (both 12:30 UTC), with Polymarket odds of 81.5% for no Fed rate change after the October 2026 meeting, and the fiscal Q4 and full-year 2026 results are estimated for Feb 2, 2027 but not yet confirmed.
SEC EDGAR · Oct 7
RTTNews · Oct 8
SEC EDGAR (Form 8-K Exhibit 99.1) · Oct 8
Goldesel · Sep 29
Goldesel · Sep 28
PepsiCo is a global beverage and convenient food company. Its portfolio runs from Pepsi-Cola, Gatorade and Mountain Dew to Lay's, Doritos, Cheetos and Quaker, and it sells in more than 200 countries and territories. The company was incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. In October 2026 it cut its fiscal 2026 core constant-currency EPS growth outlook to +1% to +2% from the low end of +4% to +6%, while raising organic revenue growth to about +3%.
How it makes money
PepsiCo makes, markets and sells snacks and beverages through its own plants, authorized bottlers, contract manufacturers and distributors. North America is run through direct-store-delivery and warehouse selling, and international businesses mix owned operations with franchise and bottler arrangements. Revenue comes from the sale of finished products at wholesale prices, and profit depends on pricing, mix and volume across the snack and beverage lines. Walmart and its affiliates were about 14% of 2025 consolidated net revenue.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-09-05 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
PepsiCo Foods North America (Frito-Lay, Quaker)
North American snack and oats business; Q3 2026 net revenue was flat year on year.
PepsiCo Beverages North America (Pepsi, Gatorade, Mountain Dew)
Largest revenue line in Q3 2026 at $7.7B, up 5% reported.
International Beverages Franchise
Q3 2026 net revenue of $1.4B, up 8% reported and 7% organic.
Europe, Middle East and Africa (EMEA)
Q3 2026 net revenue of $5.4B, up 8% reported and 9% organic.
Latest newsAll news →
PepsiCo shares trade higher before the open despite guidance cut
PepsiCo shares traded about 2.2% higher in pre-market Nasdaq trading on October 8, at $126.40, after closing 1.6% lower on the prior session.
PepsiCo books $192M restructuring charge and plans more structural cost cuts
PepsiCo recorded $192 million of restructuring and impairment charges in the third quarter under its multi-year productivity plan, which runs through 2030.
PepsiCo reports fiscal Q3 2026 results: revenue $25.27B, up 6% from a year earlier
PepsiCo filed a Form 8-K with the SEC on Oct 7, 2026, 5:57 PM ET, reporting an event dated Oct 8, 2026.
JPMorgan downgrades PepsiCo to Neutral, target cut to $138 from $170
JPMorgan cut PepsiCo to Neutral from Overweight and lowered its price target to $138 from $170, in a note reported on September 29.
Deutsche Bank downgrades PepsiCo to Hold and cuts target to $138
Deutsche Bank lowered PepsiCo to Hold from Buy and cut its price target to $138 from $155, reported on September 28.
PepsiCo recalls about 122,000 cases of 28 oz Gatorade over undeclared dyes
PepsiCo voluntarily started a recall on September 25 of about 122,021 cases of 28-ounce Gatorade Lemon Lime, Lemon Lime Zero, Orange and Orange Zero.
Products & businesses
PepsiCo Foods North America (Frito-Lay, Quaker)
North American snack and oats business; Q3 2026 net revenue was flat year on year.
PepsiCo Beverages North America (Pepsi, Gatorade, Mountain Dew)
Largest revenue line in Q3 2026 at $7.7B, up 5% reported.
International Beverages Franchise
Q3 2026 net revenue of $1.4B, up 8% reported and 7% organic.
Europe, Middle East and Africa (EMEA)
Q3 2026 net revenue of $5.4B, up 8% reported and 9% organic.
Latin America Foods
Q3 2026 net revenue of $3.0B, up 14% reported and 6% organic.
Asia Pacific Foods
Q3 2026 net revenue of $1.2B, up 10% reported and 9% organic.
poppi (prebiotic soda)
Acquired in May 2025 as part of the shift toward functional beverages.
Celsius partnership (Alani Nu, Rockstar)
Expanded in August 2025: Alani Nu moved into PepsiCo's U.S. and Canadian distribution system.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| PepsiCo Foods North America (PFNA) North American snacks and convenient foods, including Frito-Lay and Quaker brands such as Lay's, Doritos, Cheetos and Quaker oats. Fiscal 2025 net revenue was broadly flat year on year, helped by acquisitions and net pricing and offset by lower organic volume. | — | — | |
| PepsiCo Beverages North America (PBNA) North American beverage business covering Pepsi-Cola, Gatorade, Mountain Dew and other brands. Fiscal 2025 net revenue rose about 1.5%, driven mainly by net pricing, partly offset by an organic volume decline. | — | — | |
| International Beverages Franchise Beverage sales outside North America made through franchise and bottler relationships, including Pepsi-Cola and other brands sold through partner bottlers. Fiscal 2025 net revenue rose about 2% year on year. | — | — | |
| Europe, Middle East and Africa (EMEA) Snacks and beverages sold across Europe, the Middle East and Africa. Fiscal 2025 net revenue rose about 8% year on year. | — | — | |
| Latin America Foods (LatAm Foods) Snack and convenient food business in Latin America, selling into a mix of mature and fast-growing markets. | — | — | |
| Asia Pacific Foods Snack and convenient food business in Asia Pacific. Fiscal 2025 net revenue rose about 2%, mainly on organic volume growth, partly offset by unfavorable net pricing. | — | — |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-09-05 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q3 FY2026 2026-09-05 | Q2 FY2026 2026-06-13 | Q1 FY2026 2026-03-21 | Q4 FY2025 2025-12-27 | Q3 FY2025 2025-09-06 | Q2 FY2025 2025-06-14 | Q1 FY2025 2025-03-22 | Q4 FY2024 2024-12-28 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $98.24B | $25.27B +6% | $24.18B +6% | $19.44B +9% | $29.34Bd +6% | $23.94B +3% | $22.73B +1% | $17.92B -2% | $27.78Bd -0% |
| Gross profit | $53.22B | $13.75B +7% | $13.11B +6% | $10.73B +7% | $15.62Bd +7% | $12.82B -1% | $12.42B -1% | $9.99B -0% | $14.60Bd -1% |
| Operating income | $15.05B | $4.26B +19% | $4.02B +125% | $3.21B +24% | $3.56Bd +58% | $3.57B -8% | $1.79B -56% | $2.58B -5% | $2.25Bd +34% |
| Net income | $10.90B | $3.05B +17% | $2.98B +136% | $2.33B +27% | $2.54Bd +67% | $2.60B -11% | $1.26B -59% | $1.83B -10% | $1.52Bd +17% |
| EPS (diluted) | $7.96 | $2.23 +17% | $2.18 +137% | $1.70 +28% | $1.85d +67% | $1.90 -11% | $0.92 -59% | $1.33 -10% | $1.11d +18% |
| Operating cash flow | $14.57B | $5.58Bd +25% | $2.32Bd +18% | $41.0M | $6.62Bd +5% | $4.47Bd -9% | $1.97Bd -16% | −$973.0M | $6.29Bd +8% |
| Capital expenditure | $4.10B | $916.0Md -8% | $819.0Md -9% | $447.0M -26% | $1.92Bd -22% | $992.0M -14% | $904.0M -17% | $603.0M -2% | $2.47Bd -17% |
| Share buybacks | $987.0M | $260.0Md +1% | $297.0Md -5% | $182.0M -1% | $248.0Md +3% | $258.0Md -14% | $311.0Md -1% | $183.0M +25% | $240.0Md -4% |
| Cash & equivalents | $10.68B | $10.68B | $10.25B | $10.47B | $9.16B | $8.13B | $7.63B | $8.27B | $8.51B |
| Total debt | — | — | — | — | $53.21Bd | — | — | — | $48.31Bd |
| Shares outstanding | 1.36B | 1.36B | 1.36B | 1.37B | 1.37B | 1.37B | 1.37B | 1.37B | 1.37B |
| Metric | FY2025 2025-12-27 | FY2024 2024-12-28 | FY2023 2023-12-30 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $93.92B +2% | $91.85B +0% | $91.47B +6% | $86.39B |
| Cost of revenue | $43.07B +3% | $41.74B -0% | $41.88B +3% | $40.58B |
| Gross profit | $50.86B +1% | $50.11B +1% | $49.59B +8% | $45.82B |
| Research & development | $839.0M +3% | $813.0M +1% | $804.0M +4% | $771.0M |
| Operating income | $11.50B -11% | $12.89B +8% | $11.99B +4% | $11.51B |
| EBIT | $11.50B -11% | $12.89B +8% | $11.99B +4% | $11.51B |
| Depreciation & amortization | $3.45B +9% | $3.16B +7% | $2.95B +7% | $2.76B |
| Interest expense | $1.12B +22% | $919.0M +12% | $819.0M -13% | $939.0M |
| Income tax | $1.95B -16% | $2.32B +3% | $2.26B +31% | $1.73B |
| Net income | $8.24B -14% | $9.58B +6% | $9.07B +2% | $8.91B |
| EPS (diluted) | $6.00 -14% | $6.95 +6% | $6.56 +2% | $6.42 |
| Dividends per share | $5.62 +5% | $5.33 +8% | $4.95 +9% | $4.53 |
| Diluted shares (weighted) | 1.37B | 1.38B | 1.38B | 1.39B |
| Operating cash flow | $12.09B -3% | $12.51B -7% | $13.44B +24% | $10.81B |
| Capital expenditure | $4.42B -17% | $5.32B -4% | $5.52B +6% | $5.21B |
| Share buybacks | $1.00B +0% | $1.00B +0% | $1.00B -33% | $1.50B |
| Dividends paid | $7.64B +6% | $7.23B +8% | $6.68B +8% | $6.17B |
| Cash & equivalents | $9.16B | $8.51B | $9.71B | $4.95B |
| Long-term debt (incl. current portion) | $46.35B | $41.23B | $41.52B | $38.75B |
| Total debt | $53.21Bd | $48.31Bd | $48.03Bd | $42.17Bd |
| Total assets | $107.40B | $99.47B | $100.50B | $92.19B |
| Total liabilities | $86.85B | $81.30B | $81.86B | $74.91B |
| Shareholders' equity | $20.41B | $18.04B | $18.50B | $17.15B |
| Shares outstanding | 1.37B | 1.37B | 1.37B | 1.38B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
PepsiCo shares trade higher before the open despite guidance cut
PepsiCo shares traded about 2.2% higher in pre-market Nasdaq trading on October 8, at $126.40, after closing 1.6% lower on the prior session.
PepsiCo books $192M restructuring charge and plans more structural cost cuts
PepsiCo recorded $192 million of restructuring and impairment charges in the third quarter under its multi-year productivity plan, which runs through 2030.
PepsiCo reports fiscal Q3 2026 results: revenue $25.27B, up 6% from a year earlier
PepsiCo filed a Form 8-K with the SEC on Oct 7, 2026, 5:57 PM ET, reporting an event dated Oct 8, 2026.
JPMorgan downgrades PepsiCo to Neutral, target cut to $138 from $170
JPMorgan cut PepsiCo to Neutral from Overweight and lowered its price target to $138 from $170, in a note reported on September 29.
Deutsche Bank downgrades PepsiCo to Hold and cuts target to $138
Deutsche Bank lowered PepsiCo to Hold from Buy and cut its price target to $138 from $155, reported on September 28.
PepsiCo recalls about 122,000 cases of 28 oz Gatorade over undeclared dyes
PepsiCo voluntarily started a recall on September 25 of about 122,021 cases of 28-ounce Gatorade Lemon Lime, Lemon Lime Zero, Orange and Orange Zero.
PepsiCo elects J&J CEO Joaquin Duato to its board
PepsiCo's board elected Joaquin Duato, Chairman and CEO of Johnson & Johnson, as an independent director, announced September 17, 2026.
PepsiCo ends manufacturing at Cheverly, Maryland bottling site; 143 jobs cut
PepsiCo stopped manufacturing and warehouse operations at its bottling facility in Cheverly, Maryland, eliminating 143 positions, with the layoffs effective September 14.
PepsiCo bought back $267M of stock in the quarter to Sept 5
PepsiCo's 10-Q shows it repurchased 2 million shares for $267 million in the 12 weeks ended September 5, 2026.
PepsiCo sets October 8 date for Q3 2026 results
PepsiCo announced on August 25 that it will publish third-quarter 2026 results on Thursday, October 8, 2026.
PepsiCo declares $1.48 quarterly dividend, up 4%
PepsiCo's board declared a quarterly dividend of $1.48 per share on July 17, 4% above the year-earlier payment.
Citi cuts PepsiCo to Neutral from Buy and lowers target to $145
Citi analyst Filippo Falorni downgraded PepsiCo to Neutral from Buy on July 10 and cut the price target to $145 from $170.
PepsiCo reaffirms FY2026 outlook after Q2 as North America lags
PepsiCo kept its full-year 2026 guidance unchanged when it reported second-quarter results on July 9.
PepsiCo reports fiscal Q2 2026 results: revenue $24.18B, up 6% from a year earlier
PepsiCo filed a Form 8-K with the SEC on Jul 8, 2026, 5:55 PM ET, reporting an event dated Jul 9, 2026.
Court ends ultra-processed foods lawsuit that named PepsiCo and Kraft Heinz
A federal judge in the Eastern District of Pennsylvania refused to let the plaintiff amend his complaint again and ended the case on June 30, 2026.
Pepsi launches House of Treats away-from-home drinks platform, starting in the UK
Pepsi Global launched Pepsi House of Treats, an experiential drinks platform for away-from-home venues, with the first experience in the UK in June 2026.
MUG Root Beer Floats Vanilla Howler launches in U.S. stores on June 14
MUG Root Beer announced a limited Vanilla Howler root beer float flavor on June 8, 2026, in a dirty-soda style, with U.S.
PepsiCo shareholders re-elect all 13 directors and reject independent-chair proposal
At its May 6, 2026 annual meeting, PepsiCo shareholders re-elected all 13 director nominees, including Chairman and CEO Ramon Laguarta, and approved the advisory say-on-pay vote.
PepsiCo Q1 2026 net revenue up 8.5% and core EPS $1.61; full-year guidance affirmed
PepsiCo reported first-quarter 2026 net revenue of $19.4 billion, up 8.5% reported and 2.6% organic, with core EPS of $1.61, up 9%.
poppi launches in the UK, its first market outside the United States
poppi, the prebiotic soda PepsiCo bought in 2025, launched in the UK on March 5, 2026, its first market outside the United States.
Doritos Protein launches with 10 grams of protein per ounce
PepsiCo Foods U.S.
PepsiCo launches Alvalle ready-to-heat vegetable soups in Spain
PepsiCo's Alvalle brand entered ready-to-heat vegetable soups on February 19, 2026, a new category for the brand, launching first in Spain.
Pepsi Prebiotic Cola goes nationwide after sold-out online debut
PepsiCo expanded Pepsi Prebiotic Cola to retailers nationwide on February 17, 2026, after a limited online launch that sold out.
PepsiCo sells €2.5 billion of euro notes in four tranches due 2028 to 2047
PepsiCo sold €2.5 billion of euro-denominated notes in four tranches maturing between 2028 and 2047, with issuance on February 11, 2026.
PepsiCo declares $1.4225 quarterly dividend, payable March 31, 2026
PepsiCo declared a quarterly dividend of $1.4225 per share on February 4, 2026, with a record date of March 6 and payment on March 31.
PepsiCo Q4 2025 core EPS $2.26 and 2026 outlook affirmed with 4% dividend raise
PepsiCo reported fourth-quarter 2025 net revenue of $29.3 billion, up 5.6% reported and 2.1% organic, with core EPS of $2.26, up 11% on a core constant-currency basis.
PepsiCo cuts suggested retail prices on Lay's, Doritos, Cheetos and Tostitos
PepsiCo lowered suggested retail prices on Lay's, Doritos, Cheetos and Tostitos in the U.S.
PepsiCo signs multi-year AI and digital twin collaboration with Siemens and NVIDIA
At CES 2026 PepsiCo announced a multi-year collaboration with Siemens and NVIDIA that applies digital twins and AI agents to its plants and warehouses.
PepsiCo reports fiscal Q3 2025 results: revenue $23.94B, up 3% from a year earlier
PepsiCo filed a Form 8-K with the SEC on Oct 8, 2025, 7:16 PM ET, reporting an event dated Oct 3, 2025.
SEC filings
| Oct 9, 26 | FWP | FWP: Free writing prospectus | sec.gov ↗ |
| Oct 9, 26 | 424B2 | 424B2: Prospectus supplement | sec.gov ↗ |
| Oct 7, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Oct 7, 26 | 10-Q | 10-Q: Quarterly report for the period ended Sep 5, 2026 | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Weisser Alberto (Director) — award 2,928 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: VASELLA DANIEL (Director) — award 3,363 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Diamond Susan M (Director) — award 1,758 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: COOK IAN M (Director) — award 3,480 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: COOPER EDITH W (Director) — award 1,912 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: DUBLON DINA (Director) — award 3,543 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Bailey Jennifer (Director) — award 1,751 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Conde Cesar (Director) — award 2,329 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: POHLAD ROBERT C (Director) — award 1,827 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Gass Michelle (Director) — award 2,060 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Lewis Dave J (Director) — award 2,008 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Gibbs David W (Director) — award 1,606 sh | sec.gov ↗ |
| Sep 17, 26 | 8-K | 8-K: Director/Officer Change (Item 5.02) | sec.gov ↗ |
| Aug 7, 26 | 4 | Form 4: POHLAD ROBERT C (Director) — award 398 sh, other 979,731 sh | sec.gov ↗ |
| Aug 5, 26 | 4 | Form 4: Krishnan Ramkumar (CEO, North America) — other 14,016 sh | sec.gov ↗ |
| Jul 29, 26 | 4 | Form 4: Flavell David (EVP, Gen Counsel & Corp Sec) — open-market sale 2,900 sh | sec.gov ↗ |
| Jul 27, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 8, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 8, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 13, 2026 | sec.gov ↗ |
| Jul 2, 26 | 4 | Form 4: Willemsen Eugene (CEO, International Beverages) — award 1,349 sh | sec.gov ↗ |
| Jun 18, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |