# 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…

- URL: https://centiview.com/post/pepsico-pep-beats-q3-but-cuts-2026-profit-outlook-on-weak-north-america
- Published: 2026-10-13T21:20:00.000Z
- Sectors: Consumer & Retail
- Region: US
- Ticker: PEP
- Sentiment (opinion, not a recommendation): bearish
- Publisher: Centiview (Persie Ltd, London)
- General information only, not financial advice

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.

### Sources
- [PepsiCo Q3 2026 results (SEC 8-K Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/0000077476/000007747626000050/q320268-kxexhibit991.htm)
- [PepsiCo lowers profit guidance as cost pressure and a cautious US consumer bite (investingLive)](https://investinglive.com/stocks/pepsico-lowers-profit-guidance-as-cost-pressure-and-a-cautious-us-consumer-bite/)