Analyst Consensus ?
ConsensusHold46 ratings
Bullish1634.8%
Neutral2963.0%
Bearish12.2%
PepsiCo, Inc. · PEP · FY2026 Q2 · Calendar Q3 2026
PepsiCo Q2 2026: 7% First-Half Revenue Growth, International Leads Despite Domestic Softness
PepsiCo's Q2 2026 results showed 7% first-half revenue growth with the fastest volume growth since 2022, driven by international markets now exceeding $40 billion in revenue. The company beat consensus on both EPS ($2.20 vs $2.19) and revenue ($24.18B vs $23.95B), yet the stock fell 3.3% on the session with an abnormal move of -4.1% against a rising benchmark, suggesting investors focused on soft U.S. volume growth and margin pressure in beverages rather than the headline beat. Management reaffirmed full-year guidance, supported by tariff refunds expected to contribute roughly one full EPS point, and continued portfolio transformation through acquisitions (Siete, Poppi) and innovation (Doritos Protein, Naked Juice, functional hydration).
Reported Before market openNASDAQConsumer Defensive
$190.95B market cap
100quality score
Company context
Snapshot as of publicationPepsiCo, 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.20
Consensus $2
EPS surprise
+0.5%
Reported versus consensus
Reported revenue
$24.18B
Consensus $23.95B
Revenue surprise
+1.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$140.13Current
$134Low
$168.11Average
$212High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Aug 19, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 10, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 10, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 10, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 10, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 10, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 10, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Jul 8, 2026 |
| UBS | Buy | Buy | Maintain | Jul 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 1, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 18, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 12, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 17, 2026 |
| Freedom Capital Markets | Hold | Buy | Downgrade | Oct 23, 2025 |
| Freedom Broker | Hold | Buy | Downgrade | Oct 23, 2025 |
| CICC | Market Perform | Outperform | Downgrade | Feb 7, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Apr 23, 2024 |
| Argus Research | Hold | Buy | Downgrade | Apr 3, 2024 |
| DZ Bank | Buy | Hold | Upgrade | Oct 19, 2023 |
| Bernstein | Market Perform | Underperform | Upgrade | Mar 20, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Feb 10, 2023 |
| Redburn Partners | Sell | Sell | Maintain | Nov 4, 2022 |
| Guggenheim | Buy | Buy | Maintain | Sep 21, 2021 |
| Wolfe Research | Perform | Peer Perform | Maintain | Apr 13, 2021 |
| Truist Securities | Hold | Hold | Maintain | Oct 2, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 29, 2020 |
| CFRA | Strong Buy | Strong Buy | Maintain | Apr 28, 2020 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 4, 2019 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jul 29, 2019 |
| Bank of America | Buy | Buy | Maintain | Jul 10, 2019 |
| Macquarie | Outperform | Outperform | Maintain | Apr 18, 2019 |
| Goldman Sachs | Neutral | Sell | Upgrade | Apr 18, 2019 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 19, 2019 |
| Susquehanna | Positive | Positive | Maintain | Sep 28, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 27, 2018 |
| Stifel | Hold | Hold | Maintain | Apr 27, 2018 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Feb 26, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Feb 26, 2016 |
| Tigress Financial | Neutral | Neutral | Maintain | Dec 4, 2015 |
| Nomura | Neutral | Reduce | Upgrade | Nov 23, 2015 |
| BTIG Research | Buy | Buy | Maintain | Apr 7, 2014 |
| FirstEnergy Capital | Perform | Market Perform | Maintain | Feb 25, 2014 |
| Societe Generale | Hold | Hold | Maintain | Jan 31, 2014 |
| Davenport | Neutral | Buy | Downgrade | Apr 12, 2013 |
| Credit Agricole | Outperform | Buy | Maintain | Apr 4, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $140.13. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $142 | $135.46 | +1.3% | Jul 21, 2026 |
| RBC Capital | Analyst unavailable | $161 | $137.09 | +14.9% | Jul 10, 2026 |
| Deutsche Bank | Analyst unavailable | $155 | $137.24 | +10.6% | Jul 10, 2026 |
| Jefferies | Kaumil Gajrawala | $152 | $137.29 | +8.5% | Jul 10, 2026 |
| Barclays | Lauren Lieberman | $138 | $137.26 | -1.5% | Jul 10, 2026 |
| Wells Fargo | Analyst unavailable | $140 | $137.86 | -0.1% | Jul 10, 2026 |
| Morgan Stanley | Dara Mohsenian | $160 | $137.86 | +14.2% | Jul 10, 2026 |
| Bernstein | Analyst unavailable | $134 | $137.86 | -4.4% | Jul 10, 2026 |
| Evercore ISI | Analyst unavailable | $150 | $137.86 | +7.0% | Jul 9, 2026 |
| Piper Sandler | Michael Lavery | $176 | $137.85 | +25.6% | Jul 9, 2026 |
| UBS | Peter Grom | $159 | $137.23 | +13.5% | Jul 9, 2026 |
| BNP Paribas | Analyst unavailable | $183 | $143.89 | +30.6% | Jul 8, 2026 |
| Bernstein | Analyst unavailable | $142 | $135.4 | +1.3% | Jul 1, 2026 |
| Jefferies | Analyst unavailable | $162 | $139.52 | +15.6% | Jun 25, 2026 |
| Deutsche Bank | Analyst unavailable | $168 | $141.59 | +19.9% | Jun 18, 2026 |
| Piper Sandler | Michael Lavery | $178 | $143.73 | +27.0% | Jun 12, 2026 |
| Bernstein | Analyst unavailable | $143 | $143.73 | +2.0% | Jun 11, 2026 |
| Wells Fargo | Analyst unavailable | $150 | $142.15 | +7.0% | Jun 5, 2026 |
| Barclays | Lauren Lieberman | $158 | $157.67 | +12.8% | Apr 20, 2026 |
| Evercore ISI | Analyst unavailable | $170 | $158.14 | +21.3% | Apr 17, 2026 |
| RBC Capital | Analyst unavailable | $163 | $157.49 | +16.3% | Apr 9, 2026 |
| Piper Sandler | Michael Lavery | $181 | $160.02 | +29.2% | Mar 12, 2026 |
| Barclays | Analyst unavailable | $160 | $166.18 | +14.2% | Feb 5, 2026 |
| UBS | Peter Grom | $190 | $165.88 | +35.6% | Feb 4, 2026 |
| RBC Capital | Nik Modi | $156 | $167.82 | +11.3% | Feb 4, 2026 |
| BNP Paribas | Analyst unavailable | $191 | $162.85 | +36.3% | Feb 4, 2026 |
| Wells Fargo | Chris Carey | $165 | $162.85 | +17.7% | Feb 4, 2026 |
| Barclays | Analyst unavailable | $148 | $146.32 | +5.6% | Jan 16, 2026 |
| BNP Paribas | Analyst unavailable | $179 | $146.57 | +27.7% | Jan 16, 2026 |
| UBS | Analyst unavailable | $170 | $145.71 | +21.3% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $144 | $149.7 | +2.8% | Dec 11, 2025 |
| UBS | Peter Grom | $172 | $144.61 | +22.7% | Dec 9, 2025 |
| Piper Sandler | Analyst unavailable | $172 | $145.63 | +22.7% | Dec 9, 2025 |
| Piper Sandler | Analyst unavailable | $161 | $146.1 | +14.9% | Nov 21, 2025 |
| Loop Capital Markets | Georgy Vashchenko | $164 | $151.32 | +17.0% | Oct 23, 2025 |
| Wells Fargo | Analyst unavailable | $154 | $144.71 | +9.9% | Oct 10, 2025 |
| Barclays | Lauren Lieberman | $140 | $142.31 | -0.1% | Oct 3, 2025 |
| BOCOM International Holdings Company | Analyst unavailable | $144 | $148.65 | +2.8% | Aug 29, 2025 |
| Morgan Stanley | Dara Mohsenian | $153 | $133.38 | +9.2% | Apr 25, 2025 |
| Evercore ISI | Robert Ottenstein | $140 | $135.31 | -0.1% | Apr 24, 2025 |
| Barclays | Analyst unavailable | $168 | $151.34 | +19.9% | Mar 17, 2025 |
| Deutsche Bank | Steve Powers | $184 | $158.9 | +31.3% | Dec 12, 2024 |
| Barclays | Lauren Lieberman | $186 | $167.21 | +32.7% | Oct 8, 2024 |
| Citigroup | Filippo Falorni | $195 | $169.69 | +39.2% | Sep 27, 2024 |
| Goldman Sachs | Bonnie Herzog | $192 | $172.11 | +37.0% | Sep 24, 2024 |
| Bernstein | Danilo Gargiulo | $180 | $171.45 | +28.5% | Sep 20, 2024 |
| Morgan Stanley | Dara Mohsenian | $185 | $174.66 | +32.0% | Sep 20, 2024 |
| BNP Paribas | Kevin Grundy | $172 | $174.66 | +22.7% | Sep 19, 2024 |
| Barclays | Lauren Lieberman | $187 | $170.37 | +33.4% | Jul 19, 2024 |
| J.P. Morgan | Andrea Teixeira | $182 | $166.38 | +29.9% | Jul 12, 2024 |
| RBC Capital | Nik Modi | $177 | $163.95 | +26.3% | Jul 12, 2024 |
| Goldman Sachs | Bonnie Herzog | $195 | $167.35 | +39.2% | Jun 25, 2024 |
| Deutsche Bank | Steve Powers | $180 | $168.1 | +28.5% | Jun 24, 2024 |
| Jefferies | Kaumil Gajrawala | $211 | $179.46 | +50.6% | May 16, 2024 |
| Barclays | Lauren Lieberman | $185 | $177.41 | +32.0% | Apr 25, 2024 |
| Wedbush | Gerald Pascarelli | $195 | $176.46 | +39.2% | Apr 22, 2024 |
| Barclays | Lauren Lieberman | $184 | $168.36 | +31.3% | Apr 12, 2024 |
| Jefferies | Kaumil Gajrawala | $209 | $169.65 | +49.1% | Apr 5, 2024 |
| Barclays | Lauren Lieberman | $179 | $173.85 | +27.7% | Feb 9, 2024 |
| Morgan Stanley | Dara Mohsenian | $190 | $165.6 | +35.6% | Jan 25, 2024 |
| Barclays | Lauren Lieberman | $154 | $166.76 | +9.9% | Nov 6, 2023 |
| RBC Capital | Nik Modi | $180 | $162.62 | +28.5% | Oct 11, 2023 |
| Wells Fargo | Chris Carey | $170 | $161.36 | +21.3% | Oct 9, 2023 |
| Argus Research | John Staszak | $212 | $160.29 | +51.3% | Oct 9, 2023 |
| Morgan Stanley | Dara Mohsenian | $210 | $186.66 | +49.9% | Jul 17, 2023 |
| RBC Capital | Nik Modi | $178 | $183.23 | +27.0% | Jul 11, 2023 |
| Wells Fargo | Chris Carey | $190 | $184.3 | +35.6% | Jul 11, 2023 |
| Deutsche Bank | Analyst unavailable | $186 | $181.46 | +32.7% | Dec 6, 2022 |
| RBC Capital | Nik Modi | $170 | $168.3 | +21.3% | Oct 13, 2022 |
| Morgan Stanley | Dara Mohsenian | $198 | $176.52 | +41.3% | Aug 1, 2022 |
| Credit Suisse | Kaumil Gajrawala | $170 | $169.92 | +21.3% | Jul 13, 2022 |
| Evercore ISI | Robert Ottenstein | $185 | $167.99 | +32.0% | May 4, 2022 |
| Credit Suisse | Kaumil Gajrawala | $168 | $171.71 | +19.9% | Apr 29, 2022 |
| Deutsche Bank | Analyst unavailable | $175 | $175.64 | +24.9% | Apr 27, 2022 |
| Deutsche Bank | Steve Powers | $173 | $171.9 | +23.5% | Apr 16, 2022 |
| Barclays | Lauren Lieberman | $180 | $166.7 | +28.5% | Feb 14, 2022 |
| Guggenheim | Laurent Grandet | $188 | $167.27 | +34.2% | Feb 10, 2022 |
| Deutsche Bank | Stephen Powers | $171 | $171.21 | +22.0% | Feb 1, 2022 |
| Jefferies | Kevin Grundy | $180 | $172.68 | +28.5% | Jan 5, 2022 |
| CFRA | Garrett Nelson | $185 | $172.1 | +32.0% | Jan 4, 2022 |
| Argus Research | John Staszak | $195 | $172.1 | +39.2% | Jan 4, 2022 |
| Bank of America Securities | Bryan Spillane | $170 | $151.46 | +21.3% | Jul 14, 2021 |
| Citigroup | Wendy Nicholson | $176 | $151.46 | +25.6% | Jul 14, 2021 |
| Cowen & Co. | Vivien Azer | $185 | $149.91 | +32.0% | Jul 13, 2021 |
| Truist Financial | Bill Chappell | $160 | $149.91 | +14.2% | Jul 13, 2021 |
Track every rating change on PEP the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-3.3%
Event window
SPY move
+0.8%
Same window
Abnormal move
-4.1%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+1.4%
Up to 20 sessions
PEPSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 2026 EPS came in at $2.20 versus a $2.19 consensus estimate (a 0.5% surprise), while revenue of $24.18 billion exceeded the $23.95 billion consensus by roughly 1.0%. First-half revenue grew 7% with the fastest volume growth since 2022. International markets drove the improvement, with the international business now exceeding $40 billion in revenue and becoming profit-accretive. U.S. volume growth was modest, with affordability pricing and impulse-channel execution cited as ongoing focus areas. The stock declined 3.3% (market-adjusted -4.1%) on 1.86x baseline volume, though it subsequently drifted up 1.4%.
Guidance delta
Management maintained full-year EPS and revenue guidance. Tariff refund claims are expected to add roughly one full point of EPS for the year, helping offset commodity inflation pressures. A higher effective tax rate flagged for Q3 was acknowledged but did not alter the full-year outlook.
Key takeaways
- First-half revenue grew 7% with the fastest volume growth since 2022, led by international markets.
- EPS of $2.20 beat consensus by 0.5%; revenue of $24.18 billion beat by 1.0%.
- International business now exceeds $40 billion in revenue and is becoming profit-accretive.
- U.S. volume growth remained modest; affordability pricing and impulse-channel execution are focus areas.
- Siete and Poppi acquisitions are integrating and contributing to growth.
Management priorities
- Scale innovations including Doritos Protein, Naked Juice, and multi-pack portion-control formats.
- Accelerate shelf-space expansion and permanent perimeter placements in H2.
- Optimize trade-investment ROI across high-low and everyday-low-price channels.
- Expand combined mixing centers and logistics integration to lower supply chain costs.
- Continue productivity initiatives and invest in away-from-home channel growth.
Related earnings events
Consumer DefensiveSources
- Earnings call transcript and parsed analysis · 2026-07-09T19:04:04.062946+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T13:41:30.037174+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T13:41:30.033778+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 . For educational purposes only; not investment advice.