PepsiCo, Inc. · PEP · FY2024 Q3 · Calendar Q4 2024

PepsiCo Maintains EPS Target as Frito-Lay Volumes Normalize

PepsiCo's longer-term growth case rests on resilient snacking demand, productivity gains and investment in permissible and multicultural brands, but the near-term evidence is mixed: Frito-Lay volumes are normalizing, international performance is uneven and value-led promotions may pressure margins.

Reported Before market openNASDAQConsumer Defensive $174.95B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.31 Consensus $2.29
EPS surprise +0.9% Reported versus consensus
Reported revenue $23.32B Consensus $23.86B
Revenue surprise -2.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.9% Event window
SPY move +0.9% Same window
Abnormal move +1.0% Stock minus SPY
Volume 1.5× Versus trailing sessions
Subsequent drift -1.5% Up to 20 sessions
PEPSPY benchmark

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Transcript intelligence

What changed

Compared with the prior analysis, the current quarter places more emphasis on normalized Frito-Lay volumes, value-pack execution, automation and digitalization, and mixed regional performance. Management's guidance sentiment remains maintained.

Guidance delta

Maintained: the supplied analysis says management reiterated its EPS target despite low single-digit organic revenue growth.

Key takeaways

  • Frito-Lay volume growth is normalizing, with value packs, bonus offers and multi-tier brand strategies central to the response.
  • Automation, digitalization and Global Capability Centers are intended to support productivity and margins.
  • Growth pockets in Southeast Asia, India and Brazil contrast with challenges in China, Mexico and the Middle East.
  • Permissible and multicultural snack brands remain important investment areas, including the pending Siete acquisition.

Management priorities

  • Scale automation and digitalization across supply chain and manufacturing.
  • Invest in seasonal Frito-Lay brands and value-oriented pack formats.
  • Expand permissible and multicultural snack brands.
  • Complete the pending Siete acquisition and integrate it into the snack portfolio.

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Earnings History

Estimate Beat Miss Match
PEP REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $18B Q1 '24 actual $18B, beat Q2 '24 estimate $23B Q2 '24 actual $23B, miss Q3 '24 estimate $24B Q3 '24 actual $23B, miss Q2 '25 estimate $22B Q2 '25 actual $23B, beat Q3 '25 estimate $24B Q3 '25 actual $24B, beat Q4 '25 estimate $29B Q4 '25 actual $29B, beat Q1 '26 estimate $19B Q1 '26 actual $19B, beat Q2 '26 estimate $24B Q2 '26 actual $24B, beat Q4 '26 estimate $30B Q1 '27 estimate $20B Q2 '27 estimate $25B Q3 '27 estimate $26B
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Analyst Consensus ?

ConsensusHold46 ratings
Bullish1430.4%
Neutral3167.4%
Bearish12.2%

Analyst 52W Price Targets

$128.38Previous close
$132Low
$161.62Average
$212High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 16, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Barclays Equal Weight Equal WeightMaintainOct 12, 2026
RBC Capital Sector Perform Sector PerformMaintainOct 9, 2026
Piper Sandler Overweight OverweightMaintainOct 9, 2026
JP Morgan Neutral NeutralMaintainOct 9, 2026
Citigroup Neutral NeutralMaintainOct 9, 2026
Show 41 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $128.38. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Morgan StanleyAnalyst unavailable$145$125.85 +12.9%Oct 9, 2026
Deutsche BankSteve Powers$132$126 +2.8%Oct 9, 2026
Piper SandlerAnalyst unavailable$140$128.34 +9.1%Oct 9, 2026
Goldman SachsBonnie Herzog$165$128.34 +28.5%Oct 8, 2026
RBC CapitalAnalyst unavailable$150$126.38 +16.8%Oct 6, 2026
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Company context

Snapshot as of publication

PepsiCo, Inc. is a global enterprise that creates, promotes, and supplies a diverse array of drinks and easy-to-prepare food items across the globe. Its operations are structured into seven primary divisions: Frito-Lay North America, Quaker Foods North America, PepsiCo Beverages North America, Latin America, Europe, Africa/Middle East/South Asia, and the Asia Pacific, Australia, New Zealand, and China Region. The company's extensive product catalog encompasses popular snack foods like various dips, cheese snacks, spreads, and a range of chips (including corn, potato, and tortilla varieties). Its pantry staples feature cereals, rice, pasta, baking mixes, beverage syrups, granola bars, grits, oatmeal, rice cakes, and ready-made side dishes.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
  3. Polygon adjusted daily market bars · 2026-10-16T08:00:43.127108+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T08:00:43.124313+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-16. For educational purposes only; not investment advice.