Analyst Consensus ?
ConsensusHold46 ratings
Bullish1430.4%
Neutral3167.4%
Bearish12.2%
PepsiCo, Inc. · PEP · FY2026 Q3 · Calendar Q4 2026
PepsiCo: International Growth Offsets U.S. Soft-Drink and Margin Pressure
PepsiCo's international demand and improving North American snack volume provide support, but the supplied analysis shows that U.S. soft-drink weakness and lower margin guidance are meaningful offsets. The next test is whether marketing, productivity, and distribution initiatives can convert volume momentum into more durable profitability.
Reported Before market openNASDAQConsumer Defensive
$169.02B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.29
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $24.95B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.7%
Event window
SPY move
-0.4%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
PEPSPY benchmark
Ask FN2 about PEP FY2026 Q3
Transcript, numbers and history already loaded
What drove PEP's +3.7% move after FY2026 Q3 earnings?What changed in PEP's guidance and outlook in FY2026 Q3?Give me the bull and bear case for PEP after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, guidance sentiment moved from maintained to lowered. The current analysis adds greater emphasis on margin pressure from commodity costs, hedge roll-offs, and the loss of a tariff benefit, while North American snack volume improved but U.S. soft-drink performance remained weak.
Guidance delta
Management's guidance sentiment shifted from maintained in Q2 to lowered in Q3, with margin pressure linked to input costs, hedge roll-offs, and the loss of a tariff benefit.
Key takeaways
- International growth remained the main source of momentum, while North American snack volume turned positive.
- U.S. soft-drink performance remained weak and is prompting greater brand investment and execution focus.
- Commodity costs, hedge roll-offs, and the disappearance of a tariff benefit are pressuring margins.
- Management plans continued marketing investment, productivity efforts, partnerships, and strategic M&A.
Management priorities
- Increase the effectiveness of advertising and marketing through digital, data-driven tactics and the Publicis partnership.
- Scale snack, hydration, and energy platforms while supporting a North American snack recovery.
- Continue cost reduction, productivity, refranchising, and hybrid distribution initiatives.
- Evaluate strategic and tuck-in acquisitions across food and beverage categories.
Follow PEP with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$128.34Current
$133Low
$163.05Average
$212High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 9, 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 |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 6, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 5, 2026 |
| UBS | Buy | Buy | Maintain | Oct 2, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 1, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 30, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Sep 29, 2026 |
| TD Cowen | Hold | Hold | Maintain | Sep 28, 2026 |
| Deutsche Bank | Hold | Buy | Downgrade | Sep 28, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Sep 23, 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 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 12, 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 $128.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Bonnie Herzog | $165 | $128.34 | +28.6% | Oct 8, 2026 |
| RBC Capital | Analyst unavailable | $150 | $126.38 | +16.9% | Oct 6, 2026 |
| UBS | Peter Grom | $145 | $125.45 | +13.0% | Oct 2, 2026 |
| Barclays | Analyst unavailable | $133 | $126.72 | +3.6% | Oct 1, 2026 |
| Evercore ISI | Analyst unavailable | $135 | $129.1 | +5.2% | Sep 30, 2026 |
| Jefferies | Analyst unavailable | $138 | $128.5 | +7.5% | Sep 29, 2026 |
| Cowen & Co. | Analyst unavailable | $133 | $127.5 | +3.6% | Sep 28, 2026 |
| Deutsche Bank | Steve Powers | $138 | $128.63 | +7.5% | Sep 28, 2026 |
| BNP Paribas | Kevin Grundy | $161 | $129.89 | +25.4% | Sep 23, 2026 |
| Barclays | Analyst unavailable | $142 | $135.46 | +10.6% | Jul 21, 2026 |
| RBC Capital | Analyst unavailable | $161 | $137.09 | +25.4% | Jul 10, 2026 |
| Deutsche Bank | Analyst unavailable | $155 | $137.24 | +20.8% | Jul 10, 2026 |
| Jefferies | Kaumil Gajrawala | $152 | $137.29 | +18.4% | Jul 10, 2026 |
| Barclays | Lauren Lieberman | $138 | $137.26 | +7.5% | Jul 10, 2026 |
| Wells Fargo | Analyst unavailable | $140 | $137.86 | +9.1% | Jul 10, 2026 |
| Morgan Stanley | Dara Mohsenian | $160 | $137.86 | +24.7% | Jul 10, 2026 |
| Bernstein | Analyst unavailable | $134 | $137.86 | +4.4% | Jul 10, 2026 |
| Evercore ISI | Analyst unavailable | $150 | $137.86 | +16.9% | Jul 9, 2026 |
| Piper Sandler | Michael Lavery | $176 | $137.85 | +37.1% | Jul 9, 2026 |
| UBS | Peter Grom | $159 | $137.23 | +23.9% | Jul 9, 2026 |
| BNP Paribas | Analyst unavailable | $183 | $143.89 | +42.6% | Jul 8, 2026 |
| Bernstein | Analyst unavailable | $142 | $135.4 | +10.6% | Jul 1, 2026 |
| Jefferies | Analyst unavailable | $162 | $139.52 | +26.2% | Jun 25, 2026 |
| Deutsche Bank | Analyst unavailable | $168 | $141.59 | +30.9% | Jun 18, 2026 |
| Piper Sandler | Michael Lavery | $178 | $143.73 | +38.7% | Jun 12, 2026 |
| Bernstein | Analyst unavailable | $143 | $143.73 | +11.4% | Jun 11, 2026 |
| Wells Fargo | Analyst unavailable | $150 | $142.15 | +16.9% | Jun 5, 2026 |
| Barclays | Lauren Lieberman | $158 | $157.67 | +23.1% | Apr 20, 2026 |
| Evercore ISI | Analyst unavailable | $170 | $158.14 | +32.5% | Apr 17, 2026 |
| RBC Capital | Analyst unavailable | $163 | $157.49 | +27.0% | Apr 9, 2026 |
| Piper Sandler | Michael Lavery | $181 | $160.02 | +41.0% | Mar 12, 2026 |
| Barclays | Analyst unavailable | $160 | $166.18 | +24.7% | Feb 5, 2026 |
| UBS | Peter Grom | $190 | $165.88 | +48.0% | Feb 4, 2026 |
| RBC Capital | Nik Modi | $156 | $167.82 | +21.6% | Feb 4, 2026 |
| BNP Paribas | Analyst unavailable | $191 | $162.85 | +48.8% | Feb 4, 2026 |
| Wells Fargo | Chris Carey | $165 | $162.85 | +28.6% | Feb 4, 2026 |
| Barclays | Analyst unavailable | $148 | $146.32 | +15.3% | Jan 16, 2026 |
| BNP Paribas | Analyst unavailable | $179 | $146.57 | +39.5% | Jan 16, 2026 |
| UBS | Analyst unavailable | $170 | $145.71 | +32.5% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $144 | $149.7 | +12.2% | Dec 11, 2025 |
| UBS | Peter Grom | $172 | $144.61 | +34.0% | Dec 9, 2025 |
| Piper Sandler | Analyst unavailable | $172 | $145.63 | +34.0% | Dec 9, 2025 |
| Piper Sandler | Analyst unavailable | $161 | $146.1 | +25.4% | Nov 21, 2025 |
| Loop Capital Markets | Georgy Vashchenko | $164 | $151.32 | +27.8% | Oct 23, 2025 |
| Wells Fargo | Analyst unavailable | $154 | $144.71 | +20.0% | Oct 10, 2025 |
| Barclays | Lauren Lieberman | $140 | $142.31 | +9.1% | Oct 3, 2025 |
| BOCOM International Holdings Company | Analyst unavailable | $144 | $148.65 | +12.2% | Aug 29, 2025 |
| Morgan Stanley | Dara Mohsenian | $153 | $133.38 | +19.2% | Apr 25, 2025 |
| Evercore ISI | Robert Ottenstein | $140 | $135.31 | +9.1% | Apr 24, 2025 |
| Barclays | Analyst unavailable | $168 | $151.34 | +30.9% | Mar 17, 2025 |
| Deutsche Bank | Steve Powers | $184 | $158.9 | +43.4% | Dec 12, 2024 |
| Barclays | Lauren Lieberman | $186 | $167.21 | +44.9% | Oct 8, 2024 |
| Citigroup | Filippo Falorni | $195 | $169.69 | +51.9% | Sep 27, 2024 |
| Goldman Sachs | Bonnie Herzog | $192 | $172.11 | +49.6% | Sep 24, 2024 |
| Bernstein | Danilo Gargiulo | $180 | $171.45 | +40.3% | Sep 20, 2024 |
| Morgan Stanley | Dara Mohsenian | $185 | $174.66 | +44.1% | Sep 20, 2024 |
| BNP Paribas | Kevin Grundy | $172 | $174.66 | +34.0% | Sep 19, 2024 |
| Barclays | Lauren Lieberman | $187 | $170.37 | +45.7% | Jul 19, 2024 |
| J.P. Morgan | Andrea Teixeira | $182 | $166.38 | +41.8% | Jul 12, 2024 |
| RBC Capital | Nik Modi | $177 | $163.95 | +37.9% | Jul 12, 2024 |
| Goldman Sachs | Bonnie Herzog | $195 | $167.35 | +51.9% | Jun 25, 2024 |
| Deutsche Bank | Steve Powers | $180 | $168.1 | +40.3% | Jun 24, 2024 |
| Jefferies | Kaumil Gajrawala | $211 | $179.46 | +64.4% | May 16, 2024 |
| Barclays | Lauren Lieberman | $185 | $177.41 | +44.1% | Apr 25, 2024 |
| Wedbush | Gerald Pascarelli | $195 | $176.46 | +51.9% | Apr 22, 2024 |
| Barclays | Lauren Lieberman | $184 | $168.36 | +43.4% | Apr 12, 2024 |
| Jefferies | Kaumil Gajrawala | $209 | $169.65 | +62.8% | Apr 5, 2024 |
| Barclays | Lauren Lieberman | $179 | $173.85 | +39.5% | Feb 9, 2024 |
| Morgan Stanley | Dara Mohsenian | $190 | $165.6 | +48.0% | Jan 25, 2024 |
| Barclays | Lauren Lieberman | $154 | $166.76 | +20.0% | Nov 6, 2023 |
| RBC Capital | Nik Modi | $180 | $162.62 | +40.3% | Oct 11, 2023 |
| Barclays | Lauren Lieberman | $195 | $161.36 | +51.9% | Oct 9, 2023 |
| Argus Research | John Staszak | $212 | $160.29 | +65.2% | Oct 9, 2023 |
| Morgan Stanley | Dara Mohsenian | $210 | $186.66 | +63.6% | Jul 17, 2023 |
| RBC Capital | Nik Modi | $178 | $183.23 | +38.7% | Jul 11, 2023 |
| Wells Fargo | Chris Carey | $190 | $184.3 | +48.0% | Jul 11, 2023 |
| Deutsche Bank | Analyst unavailable | $186 | $181.46 | +44.9% | Dec 6, 2022 |
| RBC Capital | Nik Modi | $170 | $168.3 | +32.5% | Oct 13, 2022 |
| Morgan Stanley | Dara Mohsenian | $198 | $176.52 | +54.3% | Aug 1, 2022 |
| Credit Suisse | Kaumil Gajrawala | $170 | $169.92 | +32.5% | Jul 13, 2022 |
| Evercore ISI | Robert Ottenstein | $185 | $167.99 | +44.1% | May 4, 2022 |
| Credit Suisse | Kaumil Gajrawala | $168 | $171.71 | +30.9% | Apr 29, 2022 |
| Deutsche Bank | Analyst unavailable | $175 | $175.64 | +36.4% | Apr 27, 2022 |
| Deutsche Bank | Steve Powers | $173 | $171.9 | +34.8% | Apr 16, 2022 |
| Barclays | Lauren Lieberman | $180 | $166.7 | +40.3% | Feb 14, 2022 |
| Guggenheim | Laurent Grandet | $188 | $167.27 | +46.5% | Feb 10, 2022 |
| Deutsche Bank | Stephen Powers | $171 | $171.21 | +33.2% | Feb 1, 2022 |
| Jefferies | Kevin Grundy | $180 | $172.68 | +40.3% | Jan 5, 2022 |
| CFRA | Garrett Nelson | $185 | $172.1 | +44.1% | Jan 4, 2022 |
| Argus Research | John Staszak | $195 | $172.1 | +51.9% | Jan 4, 2022 |
| Bank of America Securities | Bryan Spillane | $170 | $151.46 | +32.5% | Jul 14, 2021 |
| Citigroup | Wendy Nicholson | $176 | $151.46 | +37.1% | Jul 14, 2021 |
| Cowen & Co. | Vivien Azer | $185 | $149.91 | +44.1% | Jul 13, 2021 |
| Truist Financial | Bill Chappell | $160 | $149.91 | +24.7% | Jul 13, 2021 |
Track every rating change on PEP the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All PEP earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| STZ Constellation Brands, Inc. | FY2027 Q2 · Calendar Q4 2026 | +5.4% | +2.4% | Constellation Brands beats expectations and maintains FY27 EPS guidance |
| LW Lamb Weston Holdings, Inc. | FY2027 Q1 · Calendar Q4 2026 | +27.8% | +7.5% | Lamb Weston raises FY2027 outlook as North America volume growth continues |
| MKC McCormick & Company, Incorporated | FY2026 Q3 · Calendar Q4 2026 | +13.9% | -4.9% | McCormick reports strong Q3 growth while U.S. volumes remain soft |
| CAG Conagra Brands, Inc. | FY2027 Q1 · Calendar Q3 2026 | +44.4% | -4.9% | Conagra maintains outlook while increasing brand investment and simplifying SKUs |
| COST Costco Wholesale Corporation | FY2026 Q4 · Calendar Q3 2026 | +3.2% | +2.9% | Costco’s growth broadens as warehouses and digital sales accelerate |
| GIS General Mills, Inc. | FY2027 Q1 · Calendar Q3 2026 | +4.6% | +1.0% | General Mills leans on mix, innovation and e-commerce amid pressure |
Latest beats and misses
Who reports nextBeat on EPS
Get the PEP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-09T02:35:09.954874+00:00
- FN2 earnings calendar · 2026-10-08T01:23:11.508792+00:00
- Polygon adjusted daily market bars · 2026-10-09T02:40:40.938746+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T02:40:40.936067+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 2026-10-09. For educational purposes only; not investment advice.