PepsiCo Q2 FY2026: revenue up 6.4%, but organic growth only 2.4%
PepsiCo's headline Q2 FY2026 growth looks strong, but nearly all of it comes from currency and 2025 acquisitions, not from the business itself. Net revenue rose 6.4% to $24.18 billion, while organic revenue grew just 2.4%. Core EPS of $2.20 rose 4.0% but fell short of the $2.2293 consensus estimate, and the 137% GAAP EPS jump is a prior-year impairment artifact. Verdict: growth by accounting and currency, not by demand.
1 · Expected vs. Actual
Free preview belowGAAP EPS jumped 137% to $2.18, but the prior-year quarter carried $1.86 billion of impairment charges on the Rockstar and Be & Cheery brands, which is why the comparison looks so dramatic. Core EPS, the number management treats as the real trend, rose 4.0% to $2.20, and core constant currency EPS rose only 1%. Against the $2.2293 consensus estimate, the core result came in slightly short.
Net revenue was $24.18 billion, up 6.4% from $22.73 billion a year earlier, but only 2.4 percentage points of that was organic. Foreign exchange translation added 2.2 points and acquisitions net of divestitures added 1.8 points, so the reported number flatters the underlying business. The mix confirms it: PepsiCo Beverages North America reported 7% growth but only 1% organically, while PepsiCo Foods North America revenue fell 2%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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