Sep 2026 (Q3 FY26) — Oct 8, 2026
PepsiCo Q3 FY26 — Fastest organic growth since Q4 FY23, but margin-driven EPS guide cut and North America beverage weakness
Read the full callPepsiCo (PEP) earnings
- Sep 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
PepsiCo earnings: last reported Thu, 8 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 25,274 | +5.6% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | 16.9 | +1.9 pts YoY | Operating profit / revenue | Quarter to Sep 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3,048 | +17.1% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year core constant-currency EPS growth | the full-year core EPS guidance range, phased evenly between first half and second half; the range itself was not quantified on the call | Dec 2025 | we're in a position to reaffirm our full year guidance. And as Ramon said, it might be towards the low end of the EPS range that we've given. | At Risk |
| Advertising and marketing expense increase | advertising and marketing spend to go up versus 2025 | Dec 2025 | the North America advertising and marketing expense is projected to increase in the second half versus prior year | On Track |
| Protein beverage platform launches | big launches in the liquid protein space in Q4 and Q1 | Jun 2025 | if you think about the majority of our innovation is, let's say, 40%, 50% ACV at this point | Achieved* |
1 of PEPSICO INC's 29 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Organic revenue accelerated to 3.1%, the fastest rate since Q4 FY23; reported revenue growth was north of 5%, and growth was volume-led
- Global beverage volume +3% and global food volume +1% (+4% excluding the South Africa grains business)
- International organic revenue +8% with operating margin expanded 105 bps; International is already 45% of profit year-to-date
- North America snacks volume turned to low-single-digit positive from low-single-digit negative last year after the price reset; volume share gains for multiple quarters, now starting to convert to value share
- Core operating profit +3% and EPS +2%; double-digit A&M growth in both US businesses
Qualified
- Full-year EPS guidance was lowered for Q4, driven by margin: input costs trending higher and mix a headwind; no EPS figures were given on this call
- Hedges (typically 6-12 months) are rolling off and commodities are ramping, pressuring Q4 and likely early 2027
- Q3 North America Beverages benefited from a tariff-related item that will not recur, adding underlying margin pressure
- North America beverage business decelerated; management says it is 'not competing well in soft drinks' while competitors increase investment
- North America snacks volume recovery is below initial expectations due to a challenged consumer and commercial execution
- No 2027 outlook given; full view deferred to February Q4 report
Price
$133.57 +1.58% · +$2.08
Performance −13.1% 1Y
1Y: $153.71 on 17 Oct 2025 → $133.57. High $170.49 (6 Feb 2026), low $123.73 (7 Oct 2026).
- Previous close
- $131.49
- 52-week range
- $123.73 – $170.49
- One year
- −13.06%
Overview
- Symbol
- PEP
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year core constant-currency EPS growth | the full-year core EPS guidance range, phased evenly between first half and second half; the range itself was not quantified on the call | Dec 2025 | we're in a position to reaffirm our full year guidance. And as Ramon said, it might be towards the low end of the EPS range that we've given. | At Risk |
| Advertising and marketing expense increase | advertising and marketing spend to go up versus 2025 | Dec 2025 | the North America advertising and marketing expense is projected to increase in the second half versus prior year | On Track |
| Protein beverage platform launches | big launches in the liquid protein space in Q4 and Q1 | Jun 2025 | if you think about the majority of our innovation is, let's say, 40%, 50% ACV at this point | Achieved* |
Claimed
- Organic revenue accelerated to 3.1%, the fastest rate since Q4 FY23; reported revenue growth was north of 5%, and growth was volume-led
- Global beverage volume +3% and global food volume +1% (+4% excluding the South Africa grains business)
- International organic revenue +8% with operating margin expanded 105 bps; International is already 45% of profit year-to-date
- North America snacks volume turned to low-single-digit positive from low-single-digit negative last year after the price reset; volume share gains for multiple quarters, now starting to convert to value share
- Core operating profit +3% and EPS +2%; double-digit A&M growth in both US businesses
Qualified
- Full-year EPS guidance was lowered for Q4, driven by margin: input costs trending higher and mix a headwind; no EPS figures were given on this call
- Hedges (typically 6-12 months) are rolling off and commodities are ramping, pressuring Q4 and likely early 2027
- Q3 North America Beverages benefited from a tariff-related item that will not recur, adding underlying margin pressure
- North America beverage business decelerated; management says it is 'not competing well in soft drinks' while competitors increase investment
- North America snacks volume recovery is below initial expectations due to a challenged consumer and commercial execution
- No 2027 outlook given; full view deferred to February Q4 report
The full ledger
Open PEPSICO INC’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 9, 2026
PepsiCo Q2 FY26 — Strong International Growth Offsets North America Softness
Read the full callMar 2026 (Q1 FY26) — Apr 16, 2026
PepsiCo Q1 FY26 — Strong PFNA Turnaround & International Acceleration
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
PepsiCo earnings calls (PEP)
Financials
What the filings say
Net profit, year on year: +17% (quarter to sep 2026 against sep 2025).
| Line item | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 22,501 | 23,319 | 17,919 | 22,726 | 23,937 | 19,443 | 24,181 | 25,274 |
| Operating profit | 4,048 | 3,872 | 2,583 | 1,789 | 3,569 | 3,213 | 4,023 | 4,260 |
| Operating margin | 18.0% | 16.6% | 14.4% | 7.9% | 14.9% | 16.5% | 16.6% | 16.9% |
| Interest | 234 | 219 | 264 | 260 | 264 | 301 | 230 | 242 |
| Profit before tax | 3,870 | 3,694 | 2,342 | 1,571 | 3,331 | 2,970 | 3,852 | 3,904 |
| Tax rate | 20.1% | 20.3% | 21.3% | 18.6% | 21.4% | 21.3% | 22.0% | 21.4% |
| Net profit | 3,083 | 2,930 | 1,834 | 1,263 | 2,603 | 2,327 | 2,981 | 3,048 |
| EPS ($ per share) | 2.24 | 2.13 | 1.34 | 0.92 | 1.90 | 1.70 | 2.18 | 2.23 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 59,947 | 61,946 | 63,443 | 65,165 | 67,800 | 70,035 | 72,266 | 72,788 |
| Total liabilities | 63,046 | 63,679 | 79,366 | 76,226 | 74,914 | 81,858 | 81,296 | 86,852 |
| Fixed assets | 17,589 | 19,305 | 21,369 | 22,407 | 24,291 | 27,039 | 28,008 | 29,905 |
| Investments | 272 | 229 | 1,366 | 392 | 394 | 292 | 761 | 371 |
| Total assets | 77,648 | 78,547 | 92,918 | 92,377 | 92,187 | 100,495 | 99,467 | 107,399 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 9,415 | 9,649 | 10,613 | 11,616 | 10,811 | 13,442 | 12,507 | 12,087 |
| Cash from investing | 4,564 | -6,437 | -11,619 | -3,269 | -2,430 | -5,495 | -5,472 | -6,879 |
| Cash from financing | -13,769 | -8,489 | 3,819 | -10,780 | -8,523 | -3,009 | -7,556 | -4,979 |
| Net cash flow | 112 | -5,199 | 2,684 | -2,547 | -607 | 4,661 | -1,208 | 651 |
| Capital expenditure | -3,282 | -4,232 | -4,240 | -4,625 | -5,207 | -5,518 | -5,318 | -4,415 |
| Free cash flow | 6,133 | 5,417 | 6,373 | 6,991 | 5,604 | 7,924 | 7,189 | 7,672 |
PEP revenue by segment
| Segment | FY2024 | FY2024 | FY2025 | FY2025 | FY2025 | FY2026 | FY2026 | FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Pepsi Co Beverages North America | 30% | 31% | — | 30% | 31% | 33% | 30% | 30% | +5.2% |
| Pepsi Co Foods North America | — | — | 35% | 29% | 27% | 33% | 26% | 26% | -0.3% |
| Europe Middle East Africa | — | — | 13% | 20% | 21% | 15% | 21% | 21% | +7.8% |
| Latin America Foods | — | — | 9% | 11% | 11% | 10% | 12% | 12% | +13.7% |
| International Beverage Franchise | — | — | 4% | 6% | 5% | 4% | 6% | 6% | +8.5% |
| Asia Pacific Foods | — | — | 6% | 4% | 5% | 6% | 5% | 5% | +10.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
91 filings between Nov 10, 2025 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
$23.69M
4 purchases by 1 insider
Sales
$6.15M
4 sales by 3 insiders
Compensation
not trading decisions- 60
- Award — granted as compensation
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 other filings, 7 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| POHLAD ROBERT C | $23.69M | — | Oct 14, 2026 |
| Laguarta Ramon | — | $4.68M | Mar 2, 2026 |
| Willemsen Eugene | — | $1.07M | Mar 4, 2026 |
| Flavell David | — | $404.7K | Jul 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | POHLAD ROBERT C Director | Purchase | 45,075 | $5.78M |
| Oct 14, 2026 | POHLAD ROBERT C Director | Purchase | 9,989 | $1.28M |
| Oct 14, 2026 | POHLAD ROBERT C Director | Purchase | 84,507 | $10.84M |
| Oct 14, 2026 | POHLAD ROBERT C Director | Purchase | 45,075 | $5.78M |
| Oct 1, 2026 | Diamond Susan M Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | POHLAD ROBERT C Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | Gass Michelle Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | Gibbs David W Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | COOPER EDITH W Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | Conde Cesar Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | Lewis Dave J Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | Bailey Jennifer Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | VASELLA DANIEL Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | Weisser Alberto Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | DUBLON DINA Director | Award | 1,592 | $200.0K |
| Oct 1, 2026 | COOK IAN M Director | Award | 1,592 | $200.0K |
| Sep 30, 2026 | Diamond Susan M Director | Award | 165 | — |
| Sep 30, 2026 | VASELLA DANIEL Director | Award | 1,771 | — |
| Sep 30, 2026 | POHLAD ROBERT C Director | Award | 235 | $29.8K |
| Sep 30, 2026 | COOK IAN M Director | Award | 1,888 | — |
| Sep 30, 2026 | Bailey Jennifer Director | Award | 158 | — |
| Sep 30, 2026 | COOPER EDITH W Director | Award | 320 | — |
| Sep 30, 2026 | Gass Michelle Director | Award | 468 | — |
| Sep 30, 2026 | DUBLON DINA Director | Award | 1,951 | — |
| Sep 30, 2026 | Gibbs David W Director | Award | 14 | — |
| Sep 30, 2026 | Lewis Dave J Director | Award | 416 | — |
| Sep 30, 2026 | Conde Cesar Director | Award | 737 | — |
| Sep 30, 2026 | Weisser Alberto Director | Award | 1,336 | — |
| Aug 6, 2026 | POHLAD ROBERT C Director | Other | 79,731 | $0 |
| Aug 6, 2026 | POHLAD ROBERT C Director | Other | 900,000 | $0 |
| Aug 5, 2026 | POHLAD ROBERT C Director | Award | 398 | — |
| Aug 3, 2026 | Krishnan Ramkumar CEO, North America | Other | 1,320 | — |
| Aug 3, 2026 | Krishnan Ramkumar CEO, North America | Other | 1,320 | — |
| Aug 3, 2026 | Krishnan Ramkumar CEO, North America | Other | 5,688 | — |
| Aug 3, 2026 | Krishnan Ramkumar CEO, North America | Other | 5,688 | — |
| Jul 27, 2026 | Flavell David EVP, Gen Counsel & Corp Sec | Sale | 2,900 | $404.7K |
| Jul 1, 2026 | Willemsen Eugene CEO, International Beverages | Award | 540 | $0 |
| Jul 1, 2026 | Willemsen Eugene CEO, International Beverages | Award | 809 | $0 |
| Jun 1, 2026 | VASELLA DANIEL Director | Award | 424 | $60.0K |
| Jun 1, 2026 | Gibbs David W Director | Award | 71 | $10.0K |
| Jun 1, 2026 | Bailey Jennifer Director | Award | 424 | $60.0K |
| Jun 1, 2026 | Diamond Susan M Director | Award | 565 | $80.0K |
| May 31, 2026 | VASELLA DANIEL Director | Award | 1,481 | — |
| May 31, 2026 | Diamond Susan M Director | Award | 128 | — |
| May 31, 2026 | Bailey Jennifer Director | Award | 125 | — |
| May 6, 2026 | Gibbs David W Director | Award | 1,000 | $0 |
| May 6, 2026 | Gibbs David W Director | Award | 534 | $0 |
| Mar 4, 2026 | Willemsen Eugene CEO, International Beverages | Sale | 2,702 | $444.3K |
| Mar 4, 2026 | Willemsen Eugene CEO, International Beverages | Sale | 3,798 | $624.6K |
| Mar 2, 2026 | POHLAD ROBERT C Director | Other | 900,000 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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