PEP PepsiCo, Inc.
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PepsiCo Missed Expectations, Reaffirms

Thursday, July 9, 2026 · 6:00 AM ET

PepsiCo (PEP) reported earnings of $2.20 per share on revenue of $24.18 billion for the second quarter ended June 2026. The consensus earnings estimate was $2.19 per share on revenue of $23.85 billion. The Earnings Whisper number was $2.22 per share. The company missed expectations by 0.90% while revenue grew 6.40% on a year-over-year basis.

The company said it continues to expect 2026 earnings of $8.55 to $8.71 per share on revenue of $97.68 billion to $99.56 billion. The current consensus earnings estimate is $8.62 per share on revenue of $98.72 billion for the year ending December 31, 2026.

"Our second quarter results featured strong organic volume and net revenue growth for the global convenient foods and global beverages businesses. Year-to-date, PepsiCo's global organic volume has increased at the highest rate since 2022 - aided by the strength of the international business and the continued evolution of the portfolio to offer more choices through portion control varieties, diverse ingredients, functional benefits such as hydration, protein and fiber, energy and zero sugar beverage varieties," said Chairman and CEO, Ramon Laguarta.

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world.

Earnings Whisper Grade
Power Rating
Reported Earnings
$2.20
Earnings Whisper®
$2.22
Consensus Estimate
$2.19
Earnings Surprise
Earnings Growth3.8 %
Reported Revenue
$24.18B
Revenue Estimate
$23.85B
Revenue Surprise
Revenue Growth6.4 %

Earnings Conference Call Summary

PepsiCo Reports Second-Quarter 2026 Results

Second-Quarter and Year-to-Date Results

1
  • Net revenue increased 6.4% and 7.3%, respectively
  • Organic revenue2 increased 2.4% and 2.5%, respectively
  • Earnings per share (EPS) increased 137% and 72%, respectively
  • Core2 EPS increased 4% and 6%, respectively
  • Core constant currency2 EPS increased 1% and 3%, respectively

Guidance

  • Company affirms fiscal 2026 financial guidance2
PURCHASE, N.Y. - July 9, 2026 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for second-quarter 2026.

"Our second quarter results featured strong organic volume and net revenue growth for the global convenient foods and global beverages businesses. Year-to-date, PepsiCo's global organic volume has increased at the highest rate since 2022 - aided by the strength of the international business and the continued evolution of the portfolio to offer more choices through portion control varieties, diverse ingredients, functional benefits such as hydration, protein and fiber, energy and zero sugar beverage varieties," said Chairman and CEO, Ramon Laguarta.

Laguarta continued, "Looking ahead, we will continue to execute on our strategic priorities with a focus on accelerating top line growth – including the restaging of certain global brands, innovating with emerging, functional and permissible offerings and investing in certain affordability initiatives. We are also elevating productivity across the organization to improve operating leverage."

For the full earnings release, please go here.