PepsiCo earnings top estimates, but company lowers full-year forecast

PepsiCo on Thursday reported quarterly earnings and revenue that topped analysts' expectations, fueled by international growth as its North American business continues to lag.

With one quarter left in 2026, the company also lowered its forecast for its full-year earnings. Pepsi expects core earnings per share to increase 2.5% to 3.5%, down from its previous projection of the low end of a range from 5% to 7%. It is also now projecting net revenue growth of about 6%, on the high end of its prior outlook of a range of 4% to 6%.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $2.34 adjusted vs. $2.29 expected

Revenue: $25.27 billion vs. $24.96 billion expected

Pepsi reported third-quarter net income attributable to the company of $3.05 billion, or $2.23 per share, down from $2.6 billion, or $1.90 per share, a year earlier.

Excluding items, the company earned $2.34 per share.

Net sales rose 5.6% to $25.27 billion. Organic revenue, which excludes acquisitions, divestitures and foreign exchange, increased 3.1% during the quarter.