Mike Lavery

I was wondering if you could unpack that consumer a little bit and just maybe what, if any, risk from higher gas prices

maybe can you give a sense at a high level what your expectations are in 2026

Cats are gaining share of the U.S. pet population. You pointed out some innovation in the EU

you said that some of the marketing spending will shift to promo spend

You also touched on at least considering some list price adjustments. Can you give a sense of phasing and where you are in that process?

You mentioned the margin benefit. But I suppose at 49%, would that still come through in operations? Or would that only occur after if if and when you have full consolidation

I just want to follow up on some of the tariff mitigation, and I guess you just touched on the inventory management. How sustainable is that

can you give a sense of what you see for fiscal 2027, maybe both with and without potentially elevated oil or diesel or oil derivative costs

Can you touch on what categories or brands drove the household penetration gains?

Can you maybe elaborate on kind of how that worked and what some of the benefits are?

Can you give a sense of how you evaluate and balance organic innovation versus acquiring a Fresh Pet business?

Where does salty snacks fit into that? It didn't really get much mentioned

have you completed that across the company or is there still some brands or categories that maybe under review

how do you -- how did you or do you understand or figure out what the right price adjustments are?

I just wanted to unpack food service a little bit. Traffic is obviously down pretty broadly, but you had volumes up.

It sounds like is that more of a starting point and that you would be doing a bit more review there?

could you maybe just unpack guidance a little bit further and give us some of the key puts and takes to keep in mind

how should we think about just your latest thinking on the P and M savings and the net EBIT growth that you've put a bit of a stake in the ground for?

you had mentioned some noncore pressure in foodservice. Maybe if sorry if I missed it, could you specify some of what that was?

the mid-single-digit growth expectations are certainly ahead of what would seem to be the industry backdrop, just given tough traffic and a stretched consumer. Can you just tell us how you're think...

I think initially you felt like you didn't have distribution at risk. It sounds like obviously, you're regaining it now

can you just maybe help us understand if you do have most of the T&M savings in hand by the end of fiscal '25

what's some of your thinking on holding it then? Is it just that it's a little bit early still

could you help contextualize how to think about some of the risks from higher oil-related costs

can you give us a sense of how much we should expect a near-term impact versus longer-term

curious not to get too greedy if there's expectations where you can point to potential upside and maybe also specifically how to think about buybacks

how does that look after this latest pricing? And then is that sort of the key threshold

could you just give a sense of how wide a range is still ahead of you

Can you give a sense of what assumptions that reflects for cocoa and maybe how much you're already covered for 2026

Is that just pricing? Or do you have other levers? What do those plans look like

Can you just maybe give a sense of what some of the demand shaping and sourcing strategy changes might look like

Do you have sort of any scale ambitions, maybe almost for their own stake in salty

you're seeing coco end-users adapting through reformulation. Could you maybe touch on what exactly you're seeing there

How far on the horizon, how far off is that? Is that something to kind of consider as a potential substitute

could you walk us through the JDE Peet's piece of that and just considerations on what's left for the rest of the year

Would that include both businesses running on the algo targets?

there are shifts in the input cost environment. Does that do anything to change how you think about your plans

How much opportunity is there to simplify the operating model? And part of the question is, through the lens of history, knowing that cost cutting can obviously go too far

Just wondering if you could give us any sense of where you land long term. Do you think the long term algo changes

maybe how bumpy does it get? And we know of the synergy pacing and how that plays out

bridge the changes for us and put the spread trends together and it feels like there's a good number of moving parts

see if there's any new learnings in the first few weeks, just seeing the company through the CEO lens

I wanted to ask a margin question

Just wanted to switch maybe a little bit longer-term question on coffee

what outcomes do you focus on to know where the right level is and to make sure that the productivity is just efficiency

you had price mix down there partially offset by some pricing. But in the full year market share commentary

Could you just maybe elaborate a little bit on your innovation strategy?

It's down now a couple years. What can you do to grow volumes there?

You touched on the advertising spend as a tailwind in 4Q, but you've talked about stepping up investments next year

Just was wondering if you could give us a little sense of the category outlook outside the U.S.

maybe elaborate on the timing of some of the price adjustments. Obviously, we see the segment price down

help us unpack some of what you're hoping to work on your largest brands

Just wanna come back to brand Pepsi, you know, seeing its better improvement, mean, its better momentum

you gave some color in the prepared remarks, obviously, but hoping you could maybe call out a couple of the key drivers

I just wanted to unpack the guidance change a little bit further

you were saying you reinvested most of the one-time gains in infrastructure. And I just want to maybe understand a little bit better what that is

Does that suggest potentially for businesses without as much momentum that maybe you would postpone interventions?

how do you balance thinking about pricing responses versus just the volatility in something like oil prices?

how do we reconcile all of it? And maybe is it as simple as just a waiting game for the consumer health to improve

have you -- can you give a sense of maybe what you've seen in the past in terms of maybe a positive lift

what's the thinking to add at all your locations as opposed to just push there

can you just help us understand what's new or what's changed and how we should we should

The Midwest Premium has gotten a lot of attention, but as you've called out the math, it's maybe 1 to 2 points of the 10 or 13-point to cut the EPS growth outlook

it was a little bit below the lift in the last few quarters and a little bit behind where we would expect or had expected

Do you have a sense of just what, if any, impact that has on category volumes and if some of that is, if that direction of innovation is helping drive weakness

is there a pricing offset with it? Or how do we think about just kind of where your head is on the top line

I know it's just a couple weeks in, but is it progressing like you expected? And when what are you seeing there

Can you just maybe talk to how much is mix driven? And what's behind it? Is it really just the protein demand

Is there a sense for what your exposure is to SNAP recipient households and if there's some cut back or dial back in what those benefits look like, have you been able to quantify what, if any risk ...

one thing that's proven to be better than we'd expected or feared is the consumer demand even as pricing has been sticky and going up, the revenues continue -- been growing nicely. So maybe any sen...

how a process that's changed or while something kind of structural? And could that translate to any other segments

Can you just maybe elaborate a little bit on some of what that is and how sustainable we should expect that to be

Can you just help us remember how to quantify that

Do you expect that to come in? I guess, how do you think about just reconciling those two data points