PepsiCo, Inc. (PEP) Announced Q2 2026 Earnings on July 9, 2026, Reporting "net revenue of the company grew 7% in the first half of the year".

For the first half of the year, management reported that "net revenue of the company grew 7% in the first half of the year" and "Reported EPS grew 6% in the first half". Globally, the company stated, "we've grown global volumes, 3% in foods and 2% in beverages". In the international segment, the "second quarter operating margin grew by a full point". However, in the PBNA segment, "operating margin was down about 90 basis points in the quarter", which management attributed in part to the convenience and gas channel, product mix, and commercial arrangements.

Management highlighted a United States strategy focused on three pillars, including "affordability investments to make sure that our brands are in consumers' lives in the portions and prices that consumers can afford today". The company also noted progress in portfolio transformation, sharing that the permissible portfolio in Foods is "already $3 billion". Internationally, the business continues to scale rapidly, with management noting it is "going to cross $40 billion in this year" and that international beverage volume is now two thirds of total company volume.

Regarding forward guidance, the company "reaffirmed our guidance for the year". Management anticipates the "North America business to gradually improve, but at a more moderate pace" while expecting the international business to remain strong. To offset some expected commodity inflation, the company anticipates "approximately 1 point of EPS benefit from tariff refund claims" in the third quarter.

Overall, management cautioned that full year results "might be towards the low end of the EPS range that we've given".The company also provided updates on recent acquisitions and partnerships that are expanding its portfolio.

Management stated that "both Siete and poppi are doing well" and expanding these brands within the system represents a "great return". Additionally, the company highlighted its partnerships with "CELSIUS and Alani Nu" as an effective way to leverage its go-to-market capabilities and offer consumers options in spaces where scaling proprietary innovation would be difficult.