PepsiCo (PEP) Earnings: Q3 2026 Results

The quarter ended September 5, 2026 and PepsiCo published the results on October 8, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. PepsiCo reports EPS two ways: GAAP, under the accounting rules every US filer follows, and core, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• PepsiCo's third quarter is 12 weeks long (ended September 5, 2026). Its fourth quarter runs 16 weeks.
• Net revenue growth includes a 1.7-percentage-point net benefit from acquisitions and divestitures, mainly the 2025 purchases of poppi and Siete.
• GAAP results include a pre-tax pension settlement charge of $144 million ($0.08 per share), which core EPS excludes.

Source: PepsiCo Q3 2026 results, October 8, 2026. Also in the Form 10-Q for the 12 weeks ended September 5, 2026. Figures as reported; checked against the release on November 10, 2026.

How PepsiCo splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• PepsiCo's PepsiCo Foods North America (PFNA) revenue was $6.5 billion in Q3 2026, flat on $6.5 billion in Q3 2025, 26% of total revenue.
• PepsiCo's PepsiCo Beverages North America (PBNA) revenue was $7.7 billion in Q3 2026, up 5% from $7.3 billion in Q3 2025, 30% of total revenue.
• PepsiCo's International Beverages Franchise revenue was $1.4 billion in Q3 2026, up 9% from $1.3 billion in Q3 2025, 6% of total revenue.
• PepsiCo's Europe, Middle East and Africa (EMEA) revenue was $5.4 billion in Q3 2026, up 8% from $5.0 billion in Q3 2025, 21% of total revenue.
• PepsiCo's Latin America Foods revenue was $3.0 billion in Q3 2026, up 14% from $2.7 billion in Q3 2025, 12% of total revenue.
• PepsiCo's Asia Pacific Foods revenue was $1.2 billion in Q3 2026, up 10% from $1.1 billion in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

PepsiCo gives full-year guidance as a table in its release, on a non-GAAP basis. The lines below are its current figures, copied from that table.

In its Q3 2026 release, PepsiCo said:

“Organic Revenue Approximately +3%”

“Core Constant Currency EPS +1% to +2%”

“Core EPS +2.5% to +3.5%”

“Comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.”

Source: PepsiCo Q3 2026 release, Oct 8, 2026.

This is the company's own guidance as of Oct 8, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PEP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP figures, each as first reported in that quarter's release. PepsiCo's first three quarters are 12 weeks each and its fourth quarter is 16 weeks, so Q4 revenue is larger by construction.

We do not hold a confirmed date for PepsiCo's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 8, 2026

PepsiCo reports net revenue in six segments. In Q3 2026 PepsiCo Beverages North America (PBNA) was the largest at $7,706 million of $25,274 million, followed by PepsiCo Foods North America (PFNA) at $6,504 million, EMEA at $5,413 million, Latin America Foods at $3,021 million, International Beverages Franchise at $1,401 million and Asia Pacific Foods at $1,229 million. Across the company, beverages were 45% of net revenue and convenient foods 55%; in North America the split was 54% beverages and 46% convenient foods. (PepsiCo Q3 2026 release, Oct 8, 2026; PepsiCo Form 10-Q, Q3 2026, Oct 8, 2026)

PepsiCo's net revenue rose 5.6%, made up of 3.1% organic revenue growth, a 1.7-percentage-point net benefit from acquisitions and divestitures and a 0.7-percentage-point benefit from foreign exchange translation. The acquisitions are poppi, a prebiotic soda business bought on May 19, 2025 for $1.9 billion in cash plus contingent consideration, which sits in PBNA, and Siete, a Mexican-American foods business bought on January 17, 2025 for $1.2 billion, which sits in PFNA. (PepsiCo Q3 2026 release, Oct 8, 2026; PepsiCo Form 10-Q, Q3 2026, Oct 8, 2026)

In North America, PBNA net revenue increased 5%, driven by acquisitions and effective net pricing, while its unit volume declined 2%: noncarbonated beverage volume fell 3% and carbonated soft drink volume fell 2%. PFNA net revenue decreased slightly, as unfavorable net pricing offset higher organic volume; savory snacks volume rose 1% and other foods volume fell 4%. PFNA operating profit decreased 13%. (PepsiCo Form 10-Q, Q3 2026, Oct 8, 2026)

PepsiCo's international segments grew faster. Latin America Foods net revenue increased 14%, including an 8-percentage-point benefit from foreign exchange, with unit volume up 3% led by Mexico and Brazil. Asia Pacific Foods organic revenue grew 9% with organic volume contributing 11 points, and EMEA organic revenue grew 9% with effective net pricing contributing 7 points. PepsiCo applies highly inflationary accounting to subsidiaries in economies such as Argentina, Egypt and Turkey. (PepsiCo Q3 2026 release, Oct 8, 2026; PepsiCo Form 10-Q, Q3 2026, Oct 8, 2026)

PepsiCo's largest customer is Walmart. In 2025 sales to Walmart and its affiliates, including Sam's Club, were approximately 14% of PepsiCo's consolidated net revenue, and PepsiCo says losing that customer would have a material adverse effect on its PFNA and PBNA segments. (PepsiCo Form 10-K, fiscal 2025, Feb 3, 2026)

PepsiCo's GAAP diluted EPS was $2.23 in Q3 2026 and its core EPS $2.34. Core results exclude the mark-to-market net impact on commodity derivatives ($0.04 per share of gains this quarter), restructuring and impairment charges ($0.11), acquisition and divestiture-related charges/credits ($0.05 of credits) and a pension and retiree medical-related impact ($0.10). The pension item is mainly a pre-tax settlement charge of $144 million ($111 million after-tax or $0.08 per share) in a U.S. qualified defined benefit pension plan, triggered by lump sum distributions. (PepsiCo Q3 2026 release, Oct 8, 2026; PepsiCo Form 10-Q, Q3 2026, Oct 8, 2026)

The year-ago GAAP EPS of $1.90 was reduced by impairment charges, primarily on the Rockstar brand, and by an indirect and income tax audit settlement in Latin America Foods ($0.09 per share). Core operating profit rose 3% this quarter, including a 4-percentage-point favorable impact of tariff refunds. The reported effective tax rate was 21.4% and the core rate 21.2%. (PepsiCo Q3 2026 release, Oct 8, 2026)

PepsiCo's diluted weighted-average share count was 1,367 million, against 1,372 million a year earlier. In the quarter PepsiCo repurchased 1.9 million shares at an average price of $140.08 under the $10 billion program announced on February 3, 2026, leaving $9,251 million available. It paid $5,935 million of cash dividends in the first 36 weeks of 2026. (PepsiCo Q3 2026 release, Oct 8, 2026; PepsiCo Form 10-Q, Q3 2026, Oct 8, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

PepsiCo publishes full-year guidance in its release, on a non-GAAP basis because it cannot predict foreign exchange and commodity mark-to-market impacts. With Q3 2026 it updated fiscal 2026 guidance to organic revenue growth of approximately +3% (previously +2% to +4%), net revenue growth of approximately +6%, core constant currency EPS growth of +1% to +2% (previously the low end of +4% to +6%) and core EPS growth of +2.5% to +3.5%, with a core tax rate of approximately 21%. (PepsiCo Q3 2026 release, Oct 8, 2026)

PepsiCo kept its plan to return $8.9 billion to shareholders in 2026, comprised of $7.9 billion of dividends and $1.0 billion of share repurchases. Chairman and CEO Ramon Laguarta said additional structural cost reduction actions are being identified to help fund investments and mitigate rising input cost inflation. (PepsiCo Q3 2026 release, Oct 8, 2026)

A consensus figure is the average of the models published by the analysts who cover PepsiCo, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones PepsiCo's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PEP is on is PEP a buy or a sell?, what analysts expect next is on the PEP forecast, and what the company does is on the PepsiCo (PEP) stock page.

Every number on this page can be traced to a document PepsiCo published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.