PEP Pepsico Inc

What the last report said

Thu, Jul 9, 2026

PepsiCo Q2: Slight miss on revenue/EPS, international business & acquisitions drive 6.4% revenue growth, affirms FY guidance

• Net revenue increased 6.4% to $24.181B, driven by 2.4% organic revenue growth, a 2.2-percentage-point FX translation benefit, and a 1.8-percentage-point net benefit from acquisitions/divestitures
• International businesses performed well with strong net revenue growth across all segments, aided by organic volume growth in Asia Pacific Foods, International Beverages Franchise, and EMEA, plus sequential improvement in Latin America Foods volume trends
• North America beverages delivered strong net revenue growth, primarily reflecting 2025 acquisitions and organic growth; convenient foods gained volume market share but net revenue declined due to lower effective net pricing
• Core operating profit increased 4%, driven by productivity savings and effective net pricing, partially offset by certain operating cost increases; core operating margin contracted 40 bps

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