PepsiCo Inc

Latest Results (23.04.2026):

PepsiCo, Inc. — First-quarter 2026: PepsiCo reported solid Q1 2026 results with net revenue of $19,443 million (up 8.5%), organic revenue growth of 2.6%, operating profit of $3,213 million (up 24%) and diluted EPS of $1.70 (up 27%). The company also reported core EPS of $1.61 (up 9%) and core constant currency EPS growth of 5%, and affirmed its fiscal 2026 guidance.

Revenue

Net revenue: $19,443m, +8.5% year-over-year (includes a 3.4 ppt benefit from FX and a 2.5 ppt benefit from acquisitions/divestitures). Organic revenue performance was +2.6%, driven by effective net pricing and modest organic volume growth.

Profitability & EPS

Operating profit rose to $3,213m (+24%) and operating margin expanded to 16.5% (+210 bps). GAAP diluted EPS was $1.70 (+27%); core EPS was $1.61 (+9%) and core constant currency EPS grew 5%.

Margin Drivers

Core operating profit (+9%) reflected productivity savings, net revenue growth and a ~4 ppt FX translation benefit, partly offset by higher operating costs; mark-to-market gains on commodity derivatives and acquisition/divestiture impacts also helped reported margins.

Volume & Regional Trends

Convenient foods showed improving organic volume, North America (foods and beverages) sequentially accelerated, and International businesses delivered resilience and sequential net revenue acceleration (notably Asia Pacific Foods, EMEA and International Beverages Franchise).

Cash Flow & Balance Sheet

Net income attributable to PepsiCo was $2,327m vs $1,834m a year earlier. Net cash provided by operating activities was $41m (vs -$973m prior year), ending cash and restricted cash totaled $10,551m. Capital spending was $447m in the quarter.

Shareholder Returns

PepsiCo affirmed total cash returns of approximately $8.9bn for 2026 (dividends ~$7.9bn, share repurchases ~$1.0bn) and announced a 4% increase in annualized dividend per share starting June 2026 — the 54th consecutive annual increase.

Guidance & Outlook

The company reaffirmed 2026 targets: organic revenue +2–4%, core constant currency EPS +4–6%, core annual tax rate ~22%, capex below 5% of net revenue, free cash flow conversion ≥80%, and an expected ~1 ppt FX tailwind to reported net revenue and core EPS.

Non-GAAP / Cautions

Results and guidance include non-GAAP “core” and “organic” measures that exclude items (mark-to-market commodity impacts, restructuring, acquisition/divestiture items); see PepsiCo’s Form 10-Q for reconciliations and additional detail.