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PepsiCo's fiscal second quarter delivered GAAP revenue of $24.18 billion, up 6.4%, with first-half net revenue up about 7% and first-half constant-currency EPS up 3%. Growth was carried by a resilient international business that grew 7% and lifted operating margin a full point, while North America came in softer than expected as higher gas prices pressured impulse and convenience & gas channels and PBNA operating margin fell about 90 basis points. GAAP EPS of $2.18 rose sharply against a weak year-ago comparison, though the underlying trend is low-single-digit growth. Management reaffirmed full-year guidance but signaled results may land toward the low end of the EPS range, aided by about 1 point of full-year EPS growth from prior-year tariff refund claims and record first-half productivity funding continued affordability and portfolio investments.
Demand | Revenue Growth | Competitive Dynamics | Margin | Pricing | Product Launch | Guidance Reliability | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 2 | 4 | 3 | 4 | 3 | 2 | 1 |
| 2025Q1 | 5 | 4 | 4 | 2 | 3 | 1 | 2 | 1 |
| 2025Q2 | 3 | 3 | 2 | 3 | 1 | 4 | 3 | 2 |
| 2025Q3 | 5 | 2 | 1 | 3 | 2 | 2 | 2 | 4 |
| 2025Q4 | 8 | 3 | 5 | 2 | 3 | 3 | 3 | 1 |
| 2026Q1 | 9 | 7 | 6 | 2 | 3 | 2 | 1 | 2 |
| 2026Q2 | 11 | 4 | 2 | 6 | 5 | 2 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 6 | 5 | 3 | 5 | 8 | 9 | 11 |
| Revenue Growth | 2 | 4 | 3 | 2 | 3 | 7 | 4 |
| Competitive Dynamics | 4 | 4 | 2 | 1 | 5 | 6 | 2 |
| Margin | 3 | 2 | 3 | 3 | 2 | 2 | 6 |
| Pricing | 4 | 3 | 1 | 2 | 3 | 3 | 5 |
| Product Launch | 3 | 1 | 4 | 2 | 3 | 2 | 2 |
| Guidance Reliability | 2 | 2 | 3 | 2 | 3 | 1 | 2 |
| Capital Allocation | 1 | 1 | 2 | 4 | 1 | 2 | 3 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $27.78B | -0.2% | $1.11 | +18.1% | 52.6% | 8.1% | 5.5% | $3.82B |
| FY2025 Q1 | $17.92B | -1.8% | $1.33 | -10.1% | 55.8% | 14.4% | 10.2% | $-1.58B |
| FY2025 Q2 | $22.73B | +1.0% | $0.92 | -58.7% | 54.7% | 16.1% | 5.6% | $1.06B |
| FY2025 Q3 | $23.94B | +2.7% | $1.90 | -10.8% | 53.6% | 15.5% | 10.9% | $3.48B |
| FY2025 Q4 | $29.34B | +5.6% | $1.85 | +66.7% | 53.2% | 12.1% | 8.7% | $4.70B |
| FY2026 Q1 | $19.44B | +8.5% | $1.70 | +27.8% | 55.2% | 16.5% | 12.0% | $-406M |
| FY2026 Q2Selected | $24.18B | +6.4% | $2.18 | +137.0% | 54.2% | 16.6% | 12.4% | $1.50B |
| FY2026 Q3 | $25.27B | +5.6% | $2.23 | +17.4% | 54.4% | 16.9% | 12.1% | $6.85B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dara Mohsenian | Morgan Stanley | 10 questions · 10% challenging |
| Bonnie Herzog | Goldman Sachs | 9 questions · 33% challenging |
| Lauren Lieberman | Barclays | 9 questions · 44% challenging |
| Peter Grom | UBS | 9 questions · 0% challenging |
| Kaumil Gajrawala | Jefferies | 9 questions · 22% challenging |
| Michael Lavery | Piper Sandler | 8 questions · 0% challenging |
| Filippo Falorni |
Calendar quarter Q2 2026Earnings call Jul 9, 2026
FY2026 Q2 in brief
PepsiCo's fiscal second quarter delivered GAAP revenue of $24.18 billion, up 6.4%, with first-half net revenue up about 7% and first-half constant-currency EPS up 3%.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY +6.40% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for PepsiCo (PEP), FY2026 Q2: 6/10. Scores: PepsiCo’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: PEP daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
| Citigroup |
| 7 questions · 0% challenging |
| Steve Powers | Deutsche Bank | 7 questions · 29% challenging |
| Rob Ottenstein | Evercore ISI | 7 questions · 14% challenging |
| Chris Carey | Wells Fargo | 7 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 analyst | 10 questions · 10% challenging |
| Jefferies | 1 analyst | 9 questions · 22% challenging |
| Evercore ISI | 2 analysts | 9 questions · 11% challenging |
| Goldman Sachs | 1 analyst | 9 questions · 33% challenging |
| UBS | 1 analyst | 9 questions · 0% challenging |
| Barclays | 1 analyst | 9 questions · 44% challenging |
| Piper Sandler | 1 analyst | 8 questions · 0% challenging |
| JPMorgan | 2 analysts | 8 questions · 13% challenging |
What PEP and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Rice-A-Roni is a great example. SPAM, you can see in the stores. Frank's hot sauce, and then we put that on everything.”
Dollar Tree cited Rice-A-Roni (a PepsiCo/Quaker brand) as a brand it brought back at $1.50, a signal for restored Dollar Tree distribution for PepsiCo.
“We're also looking at partnerships like the Celsius and Alani Nu.”
Management cited its investment and distribution partnership with Celsius as a model for expanding PepsiCo's beverage portfolio without full ownership, alongside the Alani Nu distribution arrangement.
“About half of their rate decline was driven by the business we have through Alani and the commercial arrangement we have there.”
PepsiCo's distribution/commercial arrangement for energy-drink brand Alani Nu (owned by Celsius Holdings) accounted for roughly half of PBNA's gross-margin rate decline in the quarter, a structural drag tied to deal economics rather than weak Alani sell-through.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PEP PepsiCo | 6 | +6.4% | |
| CELH Celsius Holdings, Inc. | 6 | +10.6% | |
| KDP Keurig Dr Pepper | 6 | +75.6% | |
| KO The Coca-Cola Company | 7 | +6.7% | |
| MNST Monster Beverage | 8 | +20.2% |