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Sentiment · FY2026 Q2
| 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 Q2 | $24.18B | +6.4% | $2.18 | +137.0% | 54.2% | 16.6% | 12.4% | $1.50B |
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).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dara Mohsenian | Morgan Stanley | 8 (13%) |
| Bonnie Herzog | Goldman Sachs | 8 (38%) |
| Steve Powers | Deutsche Bank | 7 (29%) |
| Filippo Falorni | Citigroup | 7 (0%) |
| Michael Lavery | Piper Sandler | 7 (0%) |
| Lauren Lieberman | Barclays | 7 (43%) |
| Kaumil Gajrawala | Jefferies | 7 (14%) |
| Chris Carey | Wells Fargo | 7 (0%) |
| Peter Grom | UBS | 7 (0%) |
| Rob Moskow | TD Cowen | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 8 (13%) |
| Goldman Sachs | 1 | 8 (38%) |
| Citigroup | 1 | 7 (0%) |
| Deutsche Bank | 1 |
| 7 (29%) |
| Evercore ISI | 2 | 7 (14%) |
| Jefferies | 1 | 7 (14%) |
| JPMorgan | 2 | 7 (14%) |
| Wells Fargo | 1 | 7 (0%) |
PepsiCo delivered Q1 organic revenue growth of 2.6% with core EPS increasing 9% year-over-year. PFNA volume recovery was underway with shelf reset execution driving results. PBNA showed platform growth and portfolio expansion, and international business accelerated. Productivity and cost transformation programs continued. Management affirmed FY2026 guidance of 2-4% organic revenue growth with no change. Innovation pipeline and permissible portfolio expansion advanced. The Iran conflict tested supply chain resilience.
Demand | Competitive Dynamics | Revenue Growth | Pricing | Margin | Product Launch | Guidance Reliability | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 2 | 4 | 3 | 3 | 2 | 1 |
| 2025Q1 | 5 | 4 | 4 | 3 | 2 | 1 | 2 | 1 |
| 2025Q2 | 3 | 2 | 3 | 1 | 3 | 4 | 3 | 2 |
| 2025Q3 | 5 | 1 | 2 | 2 | 3 | 2 | 2 | 4 |
| 2025Q4 | 8 | 5 | 3 | 3 | 2 | 3 | 3 | 1 |
| 2026Q1 | 9 | 6 | 7 | 3 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 5 | 3 | 5 | 8 | 9 |
| Competitive Dynamics | 4 | 4 | 2 | 1 | 5 | 6 |
| Revenue Growth | 2 | 4 | 3 | 2 | 3 | 7 |
| Pricing | 4 | 3 | 1 | 2 | 3 | 3 |
| Margin | 3 | 2 | 3 | 3 | 2 | 2 |
| Product Launch | 3 | 1 | 4 | 2 | 3 | 2 |
| Guidance Reliability | 2 | 2 | 3 | 2 | 3 | 1 |
| Capital Allocation | 1 | 1 | 2 | 4 | 1 | 2 |
What PEP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“coupled with our proprietary QSR Baja Blast platform through our partnership with Pepsi Care.”
Taco Bell's beverage growth (including the proprietary Baja Blast platform) runs through its long-standing beverage partnership with Pepsi, a read-through for PepsiCo's foodservice relationship.
“As industrial companies look to improve their scope emissions—Pepsi is a good example, as is POET—we are seeing a positive reset and desire to align with CF Industries Holdings, Inc.”
CF cites PepsiCo as an example of an industrial/CPG customer aligning with CF on low-carbon ammonia to improve its scope emissions.
“Some of the innovation that we have in the Starbucks portfolio is intended to do that.”
PepsiCo references innovation in its Starbucks ready-to-drink partnership portfolio as a lever to reaccelerate its coffee business.
“Some of that is business that we acquired like poppi”
PepsiCo cites its acquired prebiotic-soda brand poppi as a contributor to PBNA's inorganic growth, and separately notes poppi is starting to accelerate.
“we see ourselves participating in the energy portfolio through our CELSIUS investment and our distribution of CELSIUS, that's gaining share”
PepsiCo credits its equity stake in and distribution of Celsius for energy-drink share gains, a positive read-through for Celsius's momentum in the energy category.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PEP PepsiCo | 8 | +8.5% | |
| KDP Keurig Dr Pepper | 6 | +9.4% | |
| KO The Coca-Cola Company | 9 | +12.1% | |
| MNST Monster Beverage | 8 | +26.9% |