OpenNashEarnings

Consumer Brands · Nasdaq: PEP

PepsiCo earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 2 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

PepsiCo reported third-quarter 2026 net revenue of $25,274 million, up 5.6%, with organic revenue up 3.1%, EPS of $2.23 up 17% and core EPS of $2.34 up 2%.

PepsiCo grew net revenue 5.6% to $25,274 million in the third quarter. Organic revenue rose 3.1%, helped by volume growth in both beverages and convenient foods. International businesses were the engine. North America convenient foods improved, while North America beverages lagged. EPS rose 17% to $2.23, helped by acquisition-related credits and commodity hedging gains. Core EPS rose only 2% to $2.34, and core operating profit included a 4-percentage-point benefit from tariff refunds.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$25.3B+5.6% y/yQ3 2026
Q4 2024: $27.8B (worked out from the annual figure)Q4 ’24$27.8BQ1 2025: $17.9BQ1 ’25$17.9BQ2 2025: $22.7BQ2 ’25$22.7BQ3 2025: $23.9BQ3 ’25$23.9BQ4 2025: $29.3B (worked out from the annual figure)Q4 ’25$29.3BQ1 2026: $19.4BQ1 ’26$19.4BQ2 2026: $24.2BQ2 ’26$24.2BQ3 2026: $25.3BQ3 ’26$25.3B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$27.8B *
Q1 2025$17.9B
Q2 2025$22.7B
Q3 2025$23.9B
Q4 2025$29.3B *
Q1 2026$19.4B
Q2 2026$24.2B
Q3 2026$25.3B
Diluted EPS (GAAP)$2.23+17.4% y/yQ3 2026
Q1 2025: $1.33Q1 ’25$1.33Q2 2025: $0.92Q2 ’25$0.92Q3 2025: $1.90Q3 ’25$1.90Q1 2026: $1.70Q1 ’26$1.70Q2 2026: $2.18Q2 ’26$2.18Q3 2026: $2.23Q3 ’26$2.23
Data
Q1 2025$1.33
Q2 2025$0.92
Q3 2025$1.90
Q1 2026$1.70
Q2 2026$2.18
Q3 2026$2.23

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin16.9%+2.0 pts y/yQ3 2026
Q4 2024: 8.1%Q4 ’248.1%Q1 2025: 14.4%Q1 ’2514.4%Q2 2025: 7.9%Q2 ’257.9%Q3 2025: 14.9%Q3 ’2514.9%Q4 2025: 12.1%Q4 ’2512.1%Q1 2026: 16.5%Q1 ’2616.5%Q2 2026: 16.6%Q2 ’2616.6%Q3 2026: 16.9%Q3 ’2616.9%
Data
Q4 20248.1%
Q1 202514.4%
Q2 20257.9%
Q3 202514.9%
Q4 202512.1%
Q1 202616.5%
Q2 202616.6%
Q3 202616.9%
Free cash flow$4.7B+34.2% y/yQ3 2026
Q4 2024: $3.8BQ4 ’24$3.8BQ1 2025: -$1.6BQ1 ’25-$1.6BQ2 2025: $1.1BQ2 ’25$1.1BQ3 2025: $3.5BQ3 ’25$3.5BQ4 2025: $4.7BQ4 ’25$4.7BQ1 2026: -$406.0MQ1 ’26-$406.0MQ2 2026: $1.5BQ2 ’26$1.5BQ3 2026: $4.7BQ3 ’26$4.7B
Data
Q4 2024$3.8B
Q1 2025-$1.6B
Q2 2025$1.1B
Q3 2025$3.5B
Q4 2025$4.7B
Q1 2026-$406.0M
Q2 2026$1.5B
Q3 2026$4.7B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$27.8Bd$17.9B$22.7B$23.9B$29.3Bd$19.4B$24.2B$25.3B
Gross margin52.6%55.8%54.7%53.6%53.2%55.2%54.2%54.4%
Operating income$2.2Bd$2.6B$1.8B$3.6B$3.6Bd$3.2B$4.0B$4.3B
Operating margin8.1%14.4%7.9%14.9%12.1%16.5%16.6%16.9%
Net income$1.5Bd$1.8B$1.3B$2.6B$2.5Bd$2.3B$3.0B$3.0B
Diluted EPS—$1.33$0.92$1.90—$1.70$2.18$2.23
Operating cash flow$6.3Bd-$973.0M$2.0Bd$4.5Bd$6.6Bd$41.0M$2.3Bd$5.6Bd
Capital expenditure$2.5Bd$603.0M$904.0M$992.0M$1.9Bd$447.0M$819.0Md$916.0Md
Free cash flow$3.8B-$1.6B$1.1B$3.5B$4.7B-$406.0M$1.5B$4.7B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings