PepsiCo Q3 FY2026: revenue up 5.6%, core EPS up 2%, EPS outlook cut
PepsiCo grew third-quarter revenue 5.6% to $25.27 billion, but core EPS rose only 2% to $2.34, and the company cut its full-year core EPS growth outlook to +2.5%–3.5% from the low end of +5%–7%. Top line up, profit per share down — that mix is why this reads Neutral rather than Bullish. Read it as a pricing, portfolio and currency story more than a volume story.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $2.23 is up 17% from $1.90, but that comparison leans on prior-year impairment charges rather than this year's improvement. Core EPS of $2.34 is up just 2%, and core operating margin contracted 35 basis points to 16.9%. A 4-percentage-point favorable impact from tariff refunds sits inside that core figure, so the underlying profit engine is thinner than it looks.
Revenue rose 5.6% to $25.27 billion, but only 3.1 percentage points came from organic growth. Acquisitions and divestitures added 1.7 points and foreign exchange translation 0.7 points, so a large slice of the headline gain was structural or currency rather than selling more product. Every segment grew revenue, with Latin America Foods up 14% and Asia Pacific Foods up 10%.
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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 2026-10-08
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