PepsiCo reported Q2 revenue of $24.18 billion and EPS of $2.20, narrowly missing consensus on both lines, with the shortfall driven by flat North American foods volumes despite price investments. International delivered 7% organic growth and now exceeds $40 billion annualized, offsetting weakness at home while permissible foods reached $3 billion at double-digit growth. Management reaffirmed full-year guidance toward the low end, citing productivity, tariff refunds adding one EPS point, and a shift to targeted affordability and portfolio moves, though analysts cut forecasts after the stock fell nearly 6% post-print.

Company: PepsiCo, Inc. (PEP) — Q2 FY2026

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