EarningsQ2 2026 Earnings Report
MX:PEP Q2 2026 EPS Results
Actual EPS$39.95
Consensus EPS$39.70
Beat/MissBeat by +$0.25
One Year Ago EPS$38.50
MX:PEP Q2 2026 Revenue Results
Actual Revenue$439.14B
Expected Revenue$434.89B
Beat/MissBeat by +$4.25B
YoY Revenue Growth+6.41%
Earnings Announcement Details
QuarterQ2 2026
Date07/09/2026
TimeBefore Open
Conference CallThursday, July 9, 2026
MX:PEP Upcoming Earnings
PepsiCo's next earnings date is estimated for October 8, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PEP Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights solid top-line momentum driven by international strength, recovering global volumes, EPS growth, strong productivity and continued portfolio transformation. However, meaningful near-term headwinds remain in North America (PFNA flat volumes, PBNA margin pressure) and in impulse channels affected by higher gasoline prices and commodity inflation. Management reaffirmed full-year guidance, expects tariff refunds and additional productivity to help offset pressures, and outlined clear tactical optimizations for the second half.Company Guidance
Top-line and Volume Growth
Company reported nearly 7% net revenue growth in the first half of FY2026; global volume growth of +3% in foods and +2% in beverages (fastest volume growth since 2022). U.S. foods returned to volume growth and gained share in the category.
International Strength and Scale
International business accelerating (~7% growth called out), on track to cross $40 billion in revenue this year; international beverage volumes represent ~2/3 of total company volumes and international foods >50%. International operating margin grew by ~1 full percentage point in Q2, indicating top-line and margin resilience.
Earnings and Guidance Reaffirmation
Reported EPS grew ~6% in the first half, constant currency EPS +3%. Management reaffirmed full-year guidance (though possibly toward the low end) and expects tariff refund claims to contribute roughly 1.0 percentage point of EPS growth for the year.
Productivity and Cost Transformation
Record productivity delivered in H1 with additional productivity planned to fund growth investments. Ongoing supply-chain pilots (e.g., combined mixing centers in Texoma) showing positive early results to lower cost basis and improve distribution efficiency.
Portfolio Transformation and Innovation
Permissible and portion-control portfolio growing (permissible portfolio ~$3 billion and growing at nearly double-digit rates); momentum in no-sugar beverages, functional hydration, energy and new food platforms (e.g., Doritos Protein, Naked). Recent acquisitions (Siete, poppi) are performing well after initial integration issues were resolved.
Operational Execution Plans
Affordability investments, trade tactics and away-from-home initiatives remain key pillars; management expects additional shelf/space gains and scaling of successful innovations through the second half of the year.
MX:PEP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed