PepsiCo, Inc. (PEP) Earnings Call Transcripts
PepsiCo, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of fiscal 2026, PepsiCo reported a 7% revenue growth, driven by a 3% increase in global food volumes and a 2% rise in beverage volumes, marking the fastest growth since 2022. Earnings per share (EPS) grew by 6%, with management reaffirming guidance for the year, suggesting a potential EPS growth towards the lower end of their previously stated range. The company highlighted ongoing challenges in North America, particularly due to inflationary pressures impacting consumer behavior, but remains optimistic about international growth and strategic investments in affordability and innovation.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $12.4B (beat) |
| EPS | $2.15 (beat) |
| Global Volume Growth (Foods) | 3% (positive) |
| Global Volume Growth (Beverages) | 2% (positive) |
| International Revenue Growth | 7% (positive) |
| North America Volume Growth | flat (negative) |
Guidance from management
Management reaffirmed their full-year guidance, indicating that EPS growth might be towards the lower end of their previously stated range, with expectations for gradual improvement in North America in the second half of the year.
What management said
Sure. Thanks for your question. Look, if I had to take North America and dissect it a little bit, I would expect more profit improvement faster from the PBNA business than in Foods as we make the value investments and the tweaks that Ramon talked about on how that ripples through the system. So that would be the additional color I would provide. And then in Q4, obviously, I would expect more better profit performance...
I mean, that channel is critical for us. And the way we're trying to increase the incident of purchasing that channel is through bundles and some other incentives for purchase that we're actually partnering with our customers across the country. And that we see the benefit when we have good offers and bundles, beverages and foods of food and food or snacks and foods, we see that being a great accelerator of the perfo...
What analysts pressed on
Analysts expressed concerns about the flat volume performance in North America and the impact of inflation on consumer behavior. There were questions regarding the effectiveness of affordability initiatives and the need for potential resets in spending to revitalize growth.
Main topics on the call
- Revenue Growth — PepsiCo achieved a 7% revenue growth in the first half of 2026, with management stating, "We feel good about how the business is performing." This growth is attributed to a turnaround in volume growth in the U.S. foods b...
- Volume Performance — Global volumes grew 3% in foods and 2% in beverages, with management noting, "That is the fastest growth in volume since 2022." Despite this, North America faced challenges with flat volumes due to inflationary pressures...
- Guidance Reaffirmation — Management reaffirmed their full-year guidance, indicating that EPS growth might be towards the low end of the range. CFO Stephen Schmitt stated, "We expect the North America business to gradually improve, but at a more ...
- International Business Strength — PepsiCo's international business continues to perform strongly, with a 7% growth reported. Management emphasized, "Our international business continues very strong," indicating a positive outlook for this segment.
Read the full PepsiCo, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About PepsiCo, Inc.
PepsiCo, Inc. (PEP) is a publicly listed company in the Beverages industry, within the Consumer Staples sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 42 calls on record spanning February 13, 2020 to July 9, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 42 PepsiCo, Inc. earnings call transcripts on record, spanning February 13, 2020 to July 9, 2026. Based on this history, PepsiCo, Inc. reports quarterly. The most recent call on file is dated July 9, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- PEP
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Consumer Staples
- Industry
- Beverages
- Calls on record
- 42
- First call
- February 13, 2020
- Most recent
- July 9, 2026
- Reporting cadence
- quarterly