PepsiCo cuts earnings outlook despite quarterly beat

PepsiCo reported higher-than-expected third-quarter revenue and adjusted earnings on October 8, 2026, but cut its full-year earnings growth outlook as North American beverage and snack volumes remained weak. The company now expects fiscal 2026 core earnings per share to grow 2.5% to 3.5%, down from its previous forecast of 5% to 7%. Its revenue growth projection is approximately 6%, the top end of its prior 4% to 6% range. For the quarter, which covered July through September, revenue rose 5.6% from a year earlier to $25.27 billion, above the $24.95 billion analysts had expected. Adjusted earnings were $2.34 per share, exceeding the $2.29 estimate. PepsiCo reported net income of about $3.1 billion; accounts of the result gave slightly different figures, while the adjusted earnings and revenue measures were consistent. Performance varied sharply by region. North American beverage volume fell 2% year over year, while snack or convenient-food volume was flat. Globally, snack-food volume increased 4%, with international markets accounting for 41% of company revenue.