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Analyst
Lauren Lieberman
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 87on tracked calls
- Challenge rate
- 26%23 of 87 questions
- Companies
- 14questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 87 of 87 questions from 14 companies
PEPPepsiCo9 questions · 8 reporting periods · 4 of 9 challenging
Calendar 2026 Q3
how much of the margin pressure is incremental investment versus incremental and unexpected inflation
Show response
Schmitt would not split the drivers, citing hedges rolling off, sustained A&M investment and a non-recurring Q3 tariff benefit in NA beverages.
is it time to step back and have bigger thoughts about how you do things rather than it being so tactical in nature?
Show response
Laguarta pointed to shifting overhead into more A&M and a Publicis partnership for data-driven marketing, without signaling a broader strategic reset.
Calendar 2026 Q2
I just want to talk a little bit about the margin pressure that we saw in PBNA this quarter
Show response
Schmitt attributed PBNA's ~90bps operating margin decline to gross profit rate: about half from the Alani commercial arrangement, plus soft convenience & gas and product mix.
Calendar 2026 Q1
that business well is improving, it still looks pretty weak in aggregate, volumes bumpy, but still generally down
Show response
Ramon reframed from Lays-specific scanner data to broader PFNA metrics: 2% volume, household penetration gains across core brands, and gaining value share in recent IRI data.
Calendar 2025 Q4
advertising was down like it was double digits, like $500 million in 2025
Show response
Steve acknowledged the decline from working and non-working ad efficiency; confirmed advertising expected to increase in 2026 to support value and innovation messaging.
Calendar 2025 Q3
talk a little bit about margin structure or how to think about the cost implications of taking the portfolio and your big core brands
Show response
Ramon confirmed total company margin improvement expected next year driven by international accretion, PBNA expansion, and Frito-Lay bending the cost curve. Innovation portfolio described as accretive due to higher price points offsetting higher COGS.
Calendar 2025 Q2
I'm curious on what kind of uptake you're seeing on that front
Show response
Ramon detailed $2B+ permissible portfolio (SunChips, PopCorners, Siete, Simply); noted increased Simply trial from better availability/affordability. Positively surprised by consumer receptivity to brands extending into functional spaces.
Calendar 2025 Q1
how the business can deal with some of the new legislation around, ingredients and colors
Show response
Ramon explained 60%+ of US food portfolio already free of artificial colors, with Lays and Tostitos transitioning by year-end. SNAP impact assessed as very limited pending legislation.
Calendar 2024 Q4
volumes decelerated sequentially. So, just curious if you can talk a little bit more about spending and reinvestment in the fourth quarter
Show response
Jamie and Ramon both addressed directly, noting investments are intended to improve Q4 performance and set up 2025, funded by productivity and one-time non-operating gains.
CLXClorox8 questions · 6 reporting periods · 3 of 8 challenging
Calendar 2026 Q2
how should we think about like comparable level of SG&A going forward?
Show response
Luc unpacked the 16% SG&A ratio (GOJO one-time costs and structurally higher SG&A) and said ERP/GBS savings mostly begin next fiscal year.
Calendar 2026 Q1
what we have seen is that the velocities have actually been pretty weak.
Show response
Linda: Expect velocity ramp as shelf resets complete and advertising activates. Litter specifically: hard UPC conversion creates transition out-of-stocks between old and new items. Size mix changes (larger/smaller trading) also distorting velocity data. Where data cleaner, see strong performance. Will watch closely and make additional adjustments as needed.
sort of anything that you could add on where you stand? You said, I don't know where -- when during the quarter you felt you reached stabilization
Show response
Luc: ERP stabilization costs mostly in logistics/fulfillment (expediting, suboptimal transportation, inventory moves, incremental labor). Lingered in Q3 more than expected but came down significantly by quarter end and April. Q4 expects very minimal. Also delayed cost savings, some move to Q4, some to FY27. Already had strong FY27 pipeline which only strengthens.
Calendar 2025 Q4
So first half came in at 11 and a half. So I think the implication is second half dollars are gonna be down, maybe, like, mid singles.
Show response
Luc said rounding effect, don't over-read back-half level. Investment planned bottom-up by business unit with integrated demand and trade plans. Level behind innovations adequate and strong. Some shift between advertising and trade promotion to drive trial on innovation.
there's packaging, but also some mentions on value and competitiveness, which did suggest potentially some price changes.
Show response
Linda confirmed PPA work in Litter relaunch, adjusting sizing lineup for consumer trend changes. Supports innovation tiering between Fresh Step and Scoop Away and vs competitors. Will see PPA component play through in back half results.
Calendar 2025 Q2
the advertising spend this quarter was down dramatically in dollars, the lowest level of spend since the fourth quarter of 2019.
Show response
Linda said 11% full-year/H1/H2 ad spend, Q4 noise from lapping heavy post-cyber spend plus revenue denominator inflated by ERP. Luc on Glad JV: P&G buyout in January, eliminates 20% cash flow payment charged to COGS. ~50bps annual GM benefit, ~20-25bps FY26 impact (half year).
Calendar 2024 Q4
household volumes were down quite a bit in the quarter, but you did call out Kingsford being so strong. So I just wanted to just check in on kind of what's going on in some of those other businesses.
Show response
Kevin said household volumes (-11%) driven by lapping retailer restock, in line with other segments. Q4 gross margin will be down YoY because lapping unusually high 47% in prior Q4 (favorable mix when Glad/Litter underperformed). ERP logistics costs and absorption roughly offset.
Calendar 2024 Q3
I'm curious if you could just elaborate a little bit on kind of what went better than expected on International
Show response
Linda attributed to innovation working, consumer plans executing, FX stability post-Argentina divestiture. Good fundamentals across regions.
ELEstée Lauder Companies (The)8 questions · 8 reporting periods · 3 of 8 challenging
Calendar 2026 Q2
organic sales guide for '27 of 3% to 5% growth versus the comment that expectation to accelerate organic sales growth
Show response
CEO framed FY27 as diversified acceleration (100-200bps above FY26 at mid/high end) and said travel retail inventory is healthy, shipping to demand, positive in June/July.
Calendar 2026 Q1
perspective on exposure to department stores, willingness to kind of continue to make kind of bold moves in that sense to exit channels outright
Show response
Stephane confirmed ongoing department store rightsizing across Anglo markets (U.S., U.K., Australia). 70% of PRGP expansion in beauty adviser positions from exiting dilutive department store and freestanding store doors. Bobbi Brown being refocused on high-growth channels where it is performing well (Asia, Amazon, specialty-multi). Akhil added online is nearly 1/3 of business globally, approaching 40% in U.S., DTC over 30%.
Calendar 2025 Q4
what you're doing to drive stronger, let's call it, like, everyday performance and to generate excitement outside of those key historically key holiday periods
Show response
Stephane detailed strategy beyond 11/11: VVIP events, retailtainment, freestanding store expansion, year-round shopping festivals. Lauder was #1 prestige brand on Tmall and Douyin for 11/11, La Mer #1 luxury on Tmall. Discount levels declining while outperforming. Chinese New Year period less promotional, focused on gifting. Akhil added China discounts are reducing while outgrowth continues.
Calendar 2025 Q3
I was hoping you could talk a little bit about volume trends versus price mix
Show response
Stephane highlighted significant unit share gains in U.S. driven by innovation at right price points, including Studio Fix repricing for MAC and Clinique DDML repositioning in U.K. Akhil confirmed pricing sub-2% implying unit growth. Company returned to unit growth this quarter. Fragrance seeing biggest unit gains from innovation and smaller sizing.
Calendar 2025 Q2
how are you thinking about the balance of channels in North America?
Show response
Stephane detailed diversified North America channel mix: 11 brands on Amazon, strong Ulta presence, growing DTC. Department stores now less than one-third of North America business. Amazon acting as both commerce and beauty search platform, driving halo effect to other retailers. July share gains across Lauder, Clinique, MAC and The Ordinary. Akhil added Amazon is now significantly larger part of business mix.
Calendar 2025 Q1
when you think you can be below 10% of products sourced from China in the U.S.? I know you -- of course, you've got planned many plants around the world
Show response
Stéphane confirmed sub-10% China sourcing for U.S. by fiscal year-end using Japan factory and European plants. 25% of U.S. products mostly from Europe, minimal from China. Pricing power from gross margin work provides additional tariff mitigation.
Calendar 2024 Q4
I just need a little help in understanding that change in approach, on spending ahead of sales growth versus spending to drive sales growth
Show response
Stéphane clarified distinction: past investments were in capabilities/fixed costs ahead of growth; future investments will be consumer-facing with faster learning loops. Akhil emphasized variability and quick pivoting.
Calendar 2024 Q3
I wanted to talk a bit about the dividend cut, both in terms of timing and kind of the message
Show response
Tracey explained the dividend cut was about rightsizing payout ratio given earnings pressure, not a statement about long-term growth. Protects cash for PRGP actions and growth investments.
PGThe Procter & Gamble Company8 questions · 8 reporting periods · 3 of 8 challenging
Calendar 2026 Q2
what are maybe some of the bigger category-country combinations that still need more attention, more change
Show response
Schulten named Europe Fabric Care, U.S. baby care and family care as the gaps but never disclosed the grew-versus-held split inside the 23 that was asked for.
Calendar 2026 Q1
China of 3% this quarter. Just if you could give us a sense for how the market performed in your categories?
Show response
Andre noted the China market remains difficult with negative growth in most channels. SK-II was up 18% total, China up 13%, with consumers responding to true superiority in premium categories.
Calendar 2025 Q4
what gives you confidence in the near-term acceleration that you mentioned a couple of times
Show response
Andre cited LatAm 8%, Europe 3%, China 3%, AMEA 2%; said US interventions (Tide boosted, Olay, baby care) plus absence of base period headwinds drive H2 acceleration.
Calendar 2025 Q3
I'm asking for you to walk through the 26 that are troubled. Maybe just where might you call out
Show response
Andre pointed to U.S. promotional pressure in Baby, Fabric and Oral Care; Europe competitor resurgence; cited sequential absolute share gains in the U.S.
Calendar 2025 Q2
what do you think maybe needs to change, and maybe we can focus just on North America, to widen that gap back out
Show response
Jon conceded superiority gaps in select categories driven by lower category growth, inventory destock and competitive shifts; restructuring addresses this.
Calendar 2025 Q1
would love to get your latest readout since your behavior in these regions and, you know, kind of what are you planning
Show response
Andre cited weakening US/Europe consumption to ~1% but emphasized PG still growing/holding share.
Calendar 2024 Q4
I was hoping you could also comment on what you're seeing in terms of consumer behavior and dynamics
Show response
Andre characterized US and Europe consumers as stable; Jon added private label shares flat to declining.
Calendar 2024 Q3
there are a number of multinational companies that are calling out worsening trends.
Show response
Andre argued daily-use categories keep consumers trading in and up, citing consistent US and Europe share gains.
KMBKimberly-Clark7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
how much of that is less promotional activity versus real list price increases as you manage through cost inflation
Show response
Russ explained first-half pricing was down 50 bps on channel mix and targeted actions, with low-single-digit list price increases coming in the back half to cover inflation.
Calendar 2026 Q1
talk a little bit about the shipment timing that you mentioned in the prepared remarks on North America
Show response
Urdaneta attributed gap to strong January activations with December pre-shipping. Q2 to have strongest comp at ~4% organic. $50M Q2 headwind from oil/fire manageable with 80% cost coverage.
Calendar 2025 Q4
pricing took another step back this quarter being up in 3Q and mix persistently negative
Show response
Torres unpacked three factors: promotional trial activity shifted from Q3, club channel mix (larger packs at lower price per unit), and strategic price pack investments. End market promo below category and 2019 levels.
Calendar 2025 Q3
I wanted to know if you could talk a little bit about the shape of the P&L in '26 and '27
Show response
Urdaneta outlined continuing ops EPS step-up ~30% from equity income plus buybacks, offset by discontinued ops phase-out. Full outlook promised at Q4 report. Hsu noted IFP transaction details pending close.
Calendar 2025 Q2
performance was so strong there this quarter and really was quite different than what we saw in scanner
Show response
Urdaneta unpacked: retailer inventory tailwind of 170bps for NA offset by 60bps private label headwind. Year-to-date shipments lagged consumption by 60bps. Detailed Q3/Q4 comp dynamics.
Calendar 2025 Q1
results in North America significantly trailed what we've seen in scanner, which was pretty strong actually
Show response
Urdaneta provided four-factor bridge: category deceleration, one fewer shipping day (100bps), lower private label (40bps), strategic pricing investments. Q2 expected to accelerate.
Calendar 2024 Q4
when we can expect to start to see volume growth coming through from other markets because we're very US and China weighted at the moment
Show response
Hsu detailed broad share gains beyond US/China including UK Andrex +100bps, Kleenex UK +400bps, South Korea diapers +400bps. New operating model accelerating global playbook.
KOThe Coca-Cola Company7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
So I was just thinking as you look forward into the second half, how you're weighing the consumer environment
Show response
Braun addressed the comp and calendar headwinds directly and framed the RGM toolkit as the second-half lever.
Calendar 2026 Q1
I just have a question about trademark Coke. So Henrique, you mentioned the relaunch of Zero-Zero in Europe
Show response
Henrique attributed Zero-Zero success to consumer insights on evening caffeine reduction, explained portfolio discipline and innovation success rate improvement.
Calendar 2025 Q4
North America operating margin expansion, another strong year and now at 30% margins for the first time in this operating unit
Show response
John said expansion is not a fluke with levers in supply chain, marketing investment, and business operations. North America leading the way. Expects continued modest expansion per long-term algorithm.
Calendar 2025 Q3
I wanted to ask you guys a little bit about local competition in various markets
Show response
James noted a broader pendulum swing toward regionality beyond just affordability. Driving more resources to frontlines for differentiated local responses.
Calendar 2025 Q2
I was struck by the use of the phrase word pivot
Show response
James explained pivot reflects faster-than-normal twists requiring rapid adaptation. Q1 developed markets weakened then recovered; Q2 emerging markets hit by weather and geopolitics.
Calendar 2025 Q1
I want to talk a little bit more perhaps about the actions you're taking in the U.S. you called out, consumer softness
Show response
James acknowledged false viral video impact, severe weather, and calendar shifts. Bright spots include Coke Zero, fairlife, and Topo Chico still growing.
Calendar 2024 Q4
perspective about the consumer environment globally, particularly in developed markets where U.S. sentiment has been so mixed
Show response
Management gave thorough regional breakdown noting lower-income pressure in US/Europe but robust demand overall. Confident in continued momentum.
Show 8 more companies
STZConstellation Brands7 questions · 7 reporting periods · 3 of 7 challenging
Calendar 2026 Q3
where there are opportunities for efficiencies and cost discipline to allow you to keep investing for growth
Show response
Fink cited about $600 million of efficiencies since Investor Day and plans a more programmatic multi-year savings program, but named no new target or specific areas.
Calendar 2026 Q2
I was struck by the fixed cost leverage it looks like you enjoyed this quarter with the gross margins for beer at 39%.
Show response
Hankinson walked through the margin building blocks: fixed overabsorption, cost savings, pricing net of mix, and currency headwinds.
Calendar 2026 Q1
1 that was absent was Corona Extra. And so just I'd love to hear a little bit about like kind of what's next for that brand
Show response
Bill acknowledged Corona Extra is no longer a growth driver but will continue investment to maintain brand strength. Corona family (Familiar, Sunbrew, Premier) is healthy. All Hispanic ZIP code quintiles showed sequential improvement, California gained 1+ share points in dollars and volume over last 4 weeks.
Calendar 2025 Q4
how you're thinking about the modular capacity build-out over the next couple of years, managing that against growth projections
Show response
Garth acknowledged FY26 CapEx reflects committed long-lead items, will defer where possible beyond FY26 but key commitments already made. Will bring assets online when warranted by volume.
Calendar 2025 Q2
it feels like not so much from a pricing standpoint, but from a marketing standpoint, the competitive landscape has picked up
Show response
Bill noted Q1 marketing is always seasonally higher, confirmed Modelo and Corona are #1/#2 share of voice, investing in high-impact live sports (football, soccer, MLB). Focus on maintaining brand health metrics.
Calendar 2025 Q1
Is the Beer Business currently USMCA certified so we can get some visibility on what is baked in terms of tariffs with regard to Mexico
Show response
Bill confirmed USMCA compliance. Garth confirmed guidance includes all April 2 US tariffs and March 4 Canadian tariffs, including aluminum can impact for beer and New Zealand/Italy wine import impact.
Calendar 2024 Q4
I think it's fair to say we're kind of in negative -- this ongoing negative revision cycle for that business
Show response
Bill pointed to positive signals in premium brands (Meiomi, Kim Crawford up 7%, craft spirits up 9%) but acknowledged lower-end business remains unhealthy.
BF-BBrown–Forman6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q3
Just thoughts on pricing environment specific tequila, if it is signs of improvement or stabilization
Show response
Lawson: tequila category pricing down 1-2% with trade-down; el Jimador improved to #4 in its price band from #9; distributor-margin changes distort the reported tequila organics.
Calendar 2026 Q2
it’s the implication of something less than 2% of sales. That’s a level we haven’t seen since sort of the depths of COVID
Show response
Peters said capex steps down because the company is completing several years of significant investments, so fiscal 2027 reflects a more normalized ongoing level that will vary as portfolio needs evolve.
Calendar 2025 Q4
we'd just love a little perspective on how you might compare the plans that are in place for this year's holiday season versus last
Show response
Lawson detailed transition progress: California recovery strong in Q2 after slower start, 13 other markets live since August with teams in place. Gap to TDS closed considerably; excluding RTDs, now above TDS. Consumer environment hasn't changed significantly, emerging markets strong, U.S. and Europe soft. Leanne added that strategic initiatives including Blackberry, distributor changes, and workforce restructuring are now delivering benefits.
Calendar 2025 Q2
what about the what if? Like what if it is more structural? What if the category, let's say, TDS rather than being down 4% to 5%, we reach a new level
Show response
Lawson outlined structural scenario playbook: lean more on pricing (like beer and CSD companies), reallocate resources toward faster-growing emerging markets, and leverage premium-skewed portfolio. Leanne added U.S. distributor RFP was about ensuring brands have capable partners, plus international distribution expansion in UAE, Turkiye, Italy, and Japan.
Calendar 2025 Q1
how you think about the relative health of the Jack Daniel's and Woodford Reserve brands, frankly, I guess, in the Forester today versus where you were back in kind of 2015 to 2017
Show response
Lawson argued craft share stayed at 3-4%, more closings than openings. Industry supply issue is more among big players who are cutting back rationally. Jack Daniel's trends improving sequentially.
Calendar 2024 Q4
if you could just give us an update maybe on absolute inventory levels, particularly in the U.S.
Show response
Leanne confirmed distributors at low end of normal range, some pre-holiday restocking for key brands. Lawson added they are relatively cautious on Christmas outlook.
CLColgate-Palmolive6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
the balance between volume and price mix, particularly as we look into the second half
Show response
Noel guided to a more volume-driven second half after a pricing-led first half, assuming no category inflection.
Calendar 2025 Q4
Hoping you guys could talk a little bit about India, just with the GST change and just some volatility there
Show response
Wallace reported India returned to growth sequentially and better than expected. Urban low-income demand still soft. Premium innovation launching (Total, PerioGard, Optic White). GST changes mostly worked through.
Calendar 2025 Q3
just curious about kind of the longer-term outlook and ability to keep driving positive price in Europe
Show response
Wallace expressed confidence in continued positive pricing through science-based premium innovation. Acknowledged it will be more challenging given prolonged inflation. RGM muscle strengthened with SGPP investment.
Calendar 2025 Q2
I was just curious, any particular markets where you would call out the need to do that
Show response
Wallace described balanced approach: price pack architecture at entry points (INR 10 in India, LatAm) while driving premiumization through Total relaunch and whitening. Portfolio breadth enables both strategies.
Calendar 2025 Q1
Turkey and South Africa. And when I look at the dynamics for the APAC region in Africa, Eurasia, sequentially
Show response
Wallace attributed weakness to China (Hawley and Hazel), Turkey, and South Africa specifically. Other Asian markets (Philippines, Thailand) and rest of Africa performing well. India urban still soft.
Calendar 2024 Q4
thoughts on the next leg? Will you be announcing a kind of 2030 strategy?
Show response
Wallace confirmed 2030 strategy imminent, emphasizing consistency with current pillars. Innovation, data/AI, and premiumization through professional endorsements will be key focus areas.
CHDChurch & Dwight5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
So just curious on the slight shortfall in gross margins this quarter.
Show response
Lee attributed the gross margin softness to slightly higher Q2 transportation costs, with the full-year $30 million impact unchanged.
Calendar 2026 Q1
your perspective on the consumer’s ability to absorb pricing—not necessarily how you will mitigate cost inflation, you have been clear there—but broadly, the ability to absorb pricing should the in...
Show response
CEO clear that consumer more pressed than 3/6/12 months ago. No plans to price through the $25-30M headwind. Will offset with productivity. Companies that avoid pricing will be more successful. Worst thing to do in this environment is push price.
Calendar 2025 Q3
how much couponing is currently part of your strategy, how much activity there's been?
Show response
CEO confirmed flat YoY couponing, competitors rely more heavily on coupons. Price per EQ decline driven by larger size trade-up and channel mix toward club, plus some retailer rollbacks.
Calendar 2025 Q2
We've seen some kind of more elevated activity from Church & Dwight from ARM & HAMMER in certain retailers more recently
Show response
CEO provided historical data showing 31-33% sold-on-deal is normal for ARM & HAMMER. Q1 was 31%, Q2 was 33% - within historical norms. Depth unchanged.
Calendar 2025 Q1
in the release, you talked about that as of April 1, you'll exclude the businesses that you're going to be divesting or exiting or excluded from results
Show response
CEO clarified: organic outlook and adjusted EPS exclude divested businesses from April 1; other reported P&L lines will still include them.
IFFInternational Flavors & Fragrances5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
the plans to offset stranded overheads. We had originally thought that all of it would be addressed in the first year. So kind of curious what's changed there.
Show response
Erik said the ~$100M stranded costs will be tackled two-thirds in year one and the remainder by year two, moving as fast as possible without harming Remainco growth, framing it as a margin-expansion opportunity.
Calendar 2025 Q4
Wanted to talk a little bit about reformulation opportunities in particular and just what you are seeing in the marketplace in terms of customer demand specifically around reformulation
Show response
Erik noted reformulation is continuing but hasn't accelerated as much as expected from ultra-processed food concerns. Views any acceleration as upside. Working with customers on healthier, better-tasting, more sustainable products across food and non-food categories.
Calendar 2025 Q3
In the slides, you mentioned you had favorable net pricing. I was just curious if that's comparable to what peers are doing
Show response
DeVeau explained Taste net pricing reflects tariff-related inflation pass-through combined with productivity-driven cost reductions. Erik confirmed regionals/locals growing faster with more emphasis being placed there, while global key account pipelines remain strong and robust.
Calendar 2025 Q2
I want to talk a little bit about what you're seeing at a market level from kind of global multinational customers versus local and regional, any sort of difference in performance
Show response
Erik noted global MNCs emphasizing innovation but challenged in developing markets by local players. IFF well-distributed across customer sizes but putting more emphasis on mid/small players in high-growth developing markets where some competitors are better positioned.
Calendar 2025 Q1
I'm just a little bit concerned frankly that you haven't seen that slowdown yet on your side because I feel like it's inevitable
Show response
Erik acknowledged there may have been some tariff-related pre-buying. Emphasized geographic and customer diversity as buffers while expressing genuine concern about second-half risks.
TAPMolson Coors Beverage Company5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q1
Are you starting to move into implementation mode, any kind of key thoughts as you move forward on that front?
Show response
Rahul said value is a big leaky bucket requiring localized approach. High Life on-premise share growing per Nielsen CGA. High Life Light now in ~20 states. Keystone getting innovation (Apple, Ice). Execution must be local as brands have regional loyalty. Acknowledged this will take more time given historical trends but distributors and teams are energized.
Calendar 2025 Q3
I just was curious like what were you doing before? Because that sounds like I would think that's what's already happening
Show response
Rahul acknowledged they were doing some of this already but need to lean in harder given category changes. Key difference is accountability and decision-making pushed closer to markets, shifting people and dollar resources regionally. Economy brands' regional nature requires different focus from national brand approach.
Calendar 2025 Q2
is there a point where you'd consider addressing pricing? Is it a matter of more marketing?
Show response
Gavin highlighted momentum in Banquet, Peroni, non-alc portfolio and Madri but did not directly address pricing adjustments. Emphasized continuing to invest behind brands so they're positioned well when the cycle turns, with careful evaluation of every marketing and sales dollar.
Calendar 2025 Q1
Is there anything you can share with us on what you won't be doing this year that you had originally planned
Show response
Tracey said deferred projects don't impact significant cost savings or critical growth. Continuing health and safety investments and high-return projects.
Calendar 2024 Q4
a step up in promotional activity, both with Premium Life, but also in the above premium space
Show response
Management dismissed concerns about unusual promotional intensity, noting most promotional activity occurs in Q2/Q3 and they will respond strategically as needed.
KDPKeurig Dr Pepper4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
where do you believe you are in the pricing recovery cycle? Just wondering how we should think about the balance
Show response
Anthony explained the lag between green coffee prices and the P&L; Tim said carryover pricing will anniversary and H2 pricing will be less of a contributor.
Calendar 2025 Q4
Implies a very, very big ramp on EPS growth for underlying KVP in the back half. So just wanted to kind of confirm that
Show response
Anthony confirmed accelerating EPS growth driven by easing coffee cost headwinds. Free cash flow guided to $2B in 2026 vs $1.519B in 2025. Tim confirmed Global Coffee Co CEO search in final stages with announcement expected by deal close, led by incoming board chair Pamela Patsley.
Calendar 2025 Q3
I sensed a change potentially on time line to separation is sort of like at or before by year-end '26 or we'll be ready to go
Show response
Tim confirmed milestone-based approach rather than hard date. Acquisition close still expected mid-2026. Separation readiness by year-end 2026. BevCo benefits from focus, culture, strategic optionality.
Calendar 2025 Q1
where you stand on some of that messaging to really promote the idea of at home coffee being an affordable solution
Show response
Tim acknowledged competitor pricing layered in at different rates creating volume pressure in Q1. Price gaps expected to normalize by H2. Highlighted affordability strategy with price pack adjustments.
KVUEKenvue2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q2
is it reasonable to think about the biggest brands, the biggest countries, the biggest innovations, focus the dollars there now, do that immediately
Show response
Interim CEO confirmed focus on biggest brands, countries, and innovations immediately. Highlighted underdevelopment in e-commerce, media effectiveness gaps, and need to strengthen core alongside innovation.
Calendar 2024 Q4
I was curious what the route to market is for the other categories there
Show response
CEO provided detailed China distribution structure: dedicated hospital/pharmacy distributors for self-care, tiered provincial and sub-distributors for other segments. Fixing by replacing underperformers and reclaiming activation responsibility.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| PEP PepsiCo | 9 | 44%4 of 9 questions |
| CLX Clorox | 8 | 38%3 of 8 questions |
| EL Estée Lauder Companies (The) | 8 | 38%3 of 8 questions |
| PG The Procter & Gamble Company | 8 | 38%3 of 8 questions |
| KMB Kimberly-Clark | 7 | 29%2 of 7 questions |
| KO The Coca-Cola Company | 7 | 0%none of 7 questions |
| STZ Constellation Brands | 7 | 43%3 of 7 questions |
| BF-B Brown–Forman | 6 | 17%1 of 6 questions |
| CL Colgate-Palmolive | 6 | 0%none of 6 questions |
| CHD Church & Dwight | 5 | 20%1 of 5 questions |
- PEPPepsiCo · 9 questions44%4 of 9 questions
- CLXClorox · 8 questions38%3 of 8 questions
- ELEstée Lauder Companies (The) · 8 questions38%3 of 8 questions
- PGThe Procter & Gamble Company · 8 questions38%3 of 8 questions
- KMBKimberly-Clark · 7 questions29%2 of 7 questions
- KOThe Coca-Cola Company · 7 questions0%none of 7 questions
- STZConstellation Brands · 7 questions43%3 of 7 questions
- BF-BBrown–Forman · 6 questions17%1 of 6 questions
- CLColgate-Palmolive · 6 questions0%none of 6 questions
- CHDChurch & Dwight · 5 questions20%1 of 5 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 3 | 67%2 of 3 questions | 3 |
| 2024 Q4 | 11 | 27%3 of 11 questions | 11 |
| 2025 Q1 | 12 | 17%2 of 12 questions | 12 |
| 2025 Q2 | 13 | 31%4 of 13 questions | 13 |
| 2025 Q3 | 10 | 20%2 of 10 questions | 10 |
| 2025 Q4 | 12 | 33%4 of 12 questions | 11 |
| 2026 Q1 | 10 | 30%3 of 10 questions | 9 |
| 2026 Q2 | 12 | 17%2 of 12 questions | 12 |
| 2026 Q3 | 4 | 25%1 of 4 questions | 3 |
- 2024 Q33 questions · challenge rate 67% (2 of 3 questions) · 3 companies
- 2024 Q411 questions · challenge rate 27% (3 of 11 questions) · 11 companies
- 2025 Q112 questions · challenge rate 17% (2 of 12 questions) · 12 companies
- 2025 Q213 questions · challenge rate 31% (4 of 13 questions) · 13 companies
- 2025 Q310 questions · challenge rate 20% (2 of 10 questions) · 10 companies
- 2025 Q412 questions · challenge rate 33% (4 of 12 questions) · 11 companies
- 2026 Q110 questions · challenge rate 30% (3 of 10 questions) · 9 companies
- 2026 Q212 questions · challenge rate 17% (2 of 12 questions) · 12 companies
- 2026 Q34 questions · challenge rate 25% (1 of 4 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Demand36
- Competitive Dynamics34
- Pricing20
- Margin13
- Capital Allocation11
- Cost Pressure10
- Geographic Expansion10
- Macroeconomic8
- Capex Investment6
- Revenue Growth6
Show all 19 topics
- Product Launch6
- Guidance Reliability4
- Inventory3
- Innovation & R&D3
- Regulation Policy3
- Supply Chain2
- M&A2
- Trade Tariffs1
- Cloud & AI1