PepsiCo is posting stronger-than-expected third-quarter results as international growth offsets weaker momentum in North America. With one quarter left in 2026, the food and beverage group is still trimming its full-year earnings forecast while keeping revenue growth expectations near the top of its prior range.
Highlights
- PepsiCo reports Q3 adjusted earnings per share of $2.34 and revenue of $25.27 billion, topping analyst expectations of $2.29 and $24.96 billion respectively.
- PepsiCo lowers its 2024 core earnings per share growth forecast to 2.5%-3.5%, down from prior guidance at the low end of a 5%-7% range.
- International growth drives a 5.6% net sales increase to $25.27 billion in Q3, offsetting continued North American market weakness.
Quarterly results and revised guidance
As reported by CNBC, PepsiCo on Thursday says quarterly earnings and revenue exceed Wall Street expectations, supported by its international business even as North American performance continues to trail other markets.Based on an LSEG survey of analysts, adjusted earnings per share come in at $2.34, ahead of the $2.29 expected. Revenue reaches $25.27 billion, topping the $24.96 billion consensus estimate.
PepsiCo also lowers its full-year core earnings per share outlook. The company now expects core earnings per share growth of 2.5% to 3.5%, down from its previous forecast for growth at the low end of a 5% to 7% range.
At the same time, PepsiCo projects net revenue growth of about 6%, which is at the high end of its earlier 4% to 6% outlook.
International growth offsets North America weakness
For the third quarter, net income attributable to the company totals $3.05 billion, or $2.23 per share, compared with $2.6 billion, or $1.90 per share, a year earlier. Excluding items, PepsiCo earns $2.34 per share.Net sales rise 5.6% to $25.27 billion, while organic revenue, which excludes acquisitions, divestitures and foreign exchange, increases 3.1% during the quarter. The results indicate PepsiCo is still relying on international expansion to counter slower performance in its North American business, a key issue for investors as 2026 nears its final quarter.
In our earlier article on emerging market outflows in September, we covered how higher U.S. Treasury yields and a stronger dollar cooled risk appetite and pushed foreign investors to pull money from emerging market stocks and bonds. We also noted that the Fed’s first rate hike since 2023 and broader tightening across major economies raised the bar for carry trades, with heavy selling in South Korean equities amplifying the broader retreat from risk assets.
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