PepsiCo (PEP): Beats Q3 but cuts 2026 profit outlook on weak North America
PepsiCo beat Q3 estimates (core EPS $2.34, revenue $25.27B) but cut 2026 core EPS growth to 2.5%-3.5%. North America snacks are the drag: Frito-Lay core operating profit fell 12% after price cuts, and a tariff refund flattered the quarter.
Why it matters The headline beat hid a weaker profit path: the cut outlook, lower snack pricing and a one-off tariff benefit point to pressure in PepsiCo's biggest market, only partly offset by international growth.
What we verified PepsiCo's 8-K shows Q3 core EPS of $2.34 (up 2%), net revenue of $25,274M (up 5.6%), 2026 core EPS growth of +2.5% to +3.5% (from the low end of +5% to +7%) and core constant currency EPS growth of +1% to +2%. PFNA core operating profit fell 12%; investingLive reports a 4-point lift from tariff refunds. Outlets quote different bases of the guidance, so we use the company's figures.
More on PepsiCo (PEP) · Consumer & Retail takes
Run the numbers yourself Try the investment calculators on persie.app . They are tools, not advice.
For information only. Not financial advice. See our disclaimer and editorial standards . Spotted an error? Tell us .
