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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
PepsiCo
PepsiCo (PEP) investor relations material
PepsiCo Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary8 Oct, 2026
Executive summary
Q3 net revenue rose 5.6% to $25.274B; organic revenue growth accelerated to 3.1%, its fastest pace since Q4 2023, with organic volume growth across global beverages and convenient foods.
International strength offset North American pressure; North American convenient-food trends improved sequentially, while further action on growth, execution and costs remained a priority.
Financial highlights
Q3 organic revenue growth of 3.1% included 1.7 percentage points from acquisitions net of divestitures and 0.7 points from FX translation.
Reported operating profit rose 19% to $4.260B and diluted EPS increased 17% to $2.23; core operating profit grew 3% and core diluted EPS rose 2% to $2.34.
Q3 operating margin was 16.9%, up 195 bps; core operating margin was 16.9%, down 35 bps on inflation and higher marketing investment, partly offset by pricing and productivity.
Q3 tariff refunds totaled $178M and partly offset cost pressures; reported operating profit also benefited from acquisition- and divestiture-related items and commodity-derivative gains.
Global beverage volume rose 3%; global convenient-food volume increased 1%, or 4% excluding South African commodity-oriented businesses.
Outlook and guidance
FY2026 organic revenue growth is guided to ~3% and net revenue growth to ~6%, including ~1.5 points each from FX and acquisitions net of divestitures.
FY2026 core constant-currency EPS growth is guided to +1% to +2%, core EPS growth to +2.5% to +3.5%, and the core effective tax rate to ~21%.
FY2026 capital spending is expected below 5% of net revenue, with free cash flow conversion of at least 80% and shareholder returns of $8.9B.
North American core operating margin is expected to remain pressured in Q4; productivity, operational excellence, cost controls and revenue-management actions are intended to mitigate pressure.
2027 priorities include faster, more efficient North American growth, continued international momentum and disciplined costs and capital allocation; fuller expectations are due in February.
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Latest events from PepsiCo
- 2016 growth and productivity gains underpin 2017 core EPS guidance of $5.09.PEP
Q4 2016 - Organic growth and core earnings advanced despite FX pressure and Venezuela charges.PEPQ4 2015
- Organic growth and core EPS advanced despite a $2.5B provisional tax charge.PEPQ4 2017
- FY organic growth reached 3.7%; 2019 targets 4% growth amid EPS headwinds.PEPQ4 2018
- Organic revenue and core EPS grew, while a $777M tax charge weighed on reported EPS.PEPQ2 2018
- Q2 organic growth and core EPS gains backed reaffirmed 2017 targets.PEPQ2 2017
- Organic growth and core EPS gains offset FX-driven revenue declines; FY15 targets held.PEPQ1 2015
- Core growth advanced, but FX and a $373M Tingyi impairment pressured reported results.PEPQ1 2016
- Q3 organic growth reached 4.9%, but costs pressured profit; FY core EPS guidance was $5.65.PEPQ3 2018
- 2014 organic revenue grew 4%; 2015 targets 7% core EPS growth despite FX headwinds.PEPQ4 2014
Next PepsiCo earnings date
Q4 20264 Feb, 2027
PepsiCo
Next PepsiCo earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
A Beverage Industry Titan
PepsiCo Inc., globally known for its namesake beverage, Pepsi, stands as one of the largest food and beverage companies in the world. Founded in the late 19th century, the company has built an extensive portfolio that extends beyond soft drinks, reaching into the snacks and non-alcoholic beverages sectors. PepsiCo has a long-standing history and is today well established globally.
Brad’s Drink
PepsiCo's roots stretch back to the late 19th century when a North Carolina pharmacist, Caleb Bradham, created what would become Pepsi-Cola in 1893. Originally named "Brad's Drink," it was rebranded as Pepsi-Cola in 1898, inspired by the medical term for indigestion, "dyspepsia," highlighting its early marketing as a health drink. Despite the Great Depression’s adversity, which led the company to bankruptcy in 1931, Pepsi-Cola re-emerged under new management and introduced the 12-ounce bottle, a game-changing strategy in the soft drink industry.
Over the decades, PepsiCo has experienced a series of expansions and mergers, the most significant being the 1965 merger with Frito-Lay, which diversified its portfolio beyond beverages. Notably, in 1997, PepsiCo spun off its fast-food chains, including Pizza Hut, KFC, and Taco Bell, into a separate company called Yum! Brands.
Not Just Cola
PepsiCo, far beyond its well-known cola, maintains a diverse portfolio of products that spans a variety of beverage and snack categories. They've successfully carved out their place in the soft drink industry with staples like Pepsi, Mountain Dew, and 7UP. In the juice sector, PepsiCo owns Tropicana and Naked Juice, and the company's foray into the non-alcoholic beverage market includes other household names like Gatorade and Aquafina.
The Rivalry with Coca-Cola
Even if Pepsi competes against companies like Keurig Dr Pepper, nothing compares to its main rival. The rivalry between PepsiCo and Coca-Cola, often referred to as the "Cola Wars," is one of the most enduring in corporate history. Originating in the early 20th century, this competition has been characterized by creative marketing campaigns and new product introductions aimed at outperforming the other. Despite their rivalry, both brands have successfully carved out significant market share in the global beverage industry.