Companies · PEP
PepsiCo, Inc.
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Jul 9, 2026
PepsiCo Q2 2026: International acceleration masks North American softness as gas-price shock hits impulse channels and tariff refunds cushion full-year EPS guidance.
PepsiCo's international segment delivered approximately 7% net revenue growth in Q2 2026, accelerating through the summer, while North America underperformed expectations as elevated gas prices suppressed impulse-channel conversion and delayed the payback on affordability investments made in Q1. Management reaffirmed full-year guidance but signaled the EPS outcome is likely toward the low end of the range, with approximately 1 full EPS point of benefit expected from tariff refund claims on prior-year payments used to offset commodity inflation and fund continued A&M spending. The strategic pivot — volume recovery in U.S. foods through price rollbacks, permissible portfolio expansion ($3 billion and growing nearly double-digit), and away-from-home channel build — is tracking on direction, but execution delays in impulse channels and Siete/poppi integration transitions introduced short-term drag.
Tone: mixedRevenue
$93.9B
PEP 10-K · FY 2025
Employees
306,000
Revenue FY2024
$91.9B
Founded
1919
Profile
PEP 10-K Item 1 · Feb 3, 2026PepsiCo is a leading global beverage and convenient food company operating across six reportable segments spanning North America, Europe, the Middle East and Africa, Latin America and Asia Pacific. The company makes, markets, distributes and sells a wide variety of beverages and convenient foods through its own operations, authorized bottlers, contract manufacturers and other third parties. Its brand portfolio includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream, reaching customers and consumers in more than 200 countries and territories.
Read filing description ↓ Collapse description ↑
PepsiCo is a leading global beverage and convenient food company with a complementary portfolio of brands, including Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other third parties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers in more than 200 countries and territories. We are organized into six reportable segments: PepsiCo Foods North America (PFNA), PepsiCo Beverages North America (PBNA), International Beverages Franchise (IB Franchise), Europe, Middle East and Africa (EMEA), Latin America Foods (LatAm Foods), and Asia Pacific Foods. Products are primarily brought to market through direct-store-delivery (DSD), customer warehouse and distributor networks and are also sold directly to consumers through e-commerce platforms and retailers. The company owns numerous valuable trademarks and either owns or has licenses to use a number of patents relating to certain products, their packaging, processes for their production and design and operation of various equipment. PepsiCo employed approximately 306,000 people worldwide as of December 27, 2025. The company's strategy is underpinned by its pep+ (PepsiCo Positive) transformation, now in its fifth year, with priorities including reigniting its North America business, increasing the size and scale of its International business and growing its away-from-home business.
Primary products
- Lay's
- Doritos
- Cheetos
- Gatorade
- Pepsi-Cola
- Mountain Dew
Business segments
End markets
Geographies
Named customers
In 2025, sales to Walmart Inc. (Walmart) and its affiliates, including Sam's Club (Sam's), represented approximately 14% of our consolidated net revenue, with sales reported across all of our segments, including concentrate sales to our independent bottlers, which were used in finished goods sold by them to Walmart.
Named competitors
“Many of our convenient food products hold significant leadership positions in the convenient food industry in the United States and worldwide. In 2025, we and The Coca-Cola Company represented approximately 16% and 20%, respectively, of the U.S. liquid refreshment beverage category by estimated retail sales in measured channels, according to Information Resources, Inc.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenue increased from $91,854 million in 2024 to $93,925 million in 2025, driven by growth across the PBNA, IB Franchise, EMEA and Asia Pacific Foods segments.
The rest of PEP is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.