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PepsiCo (PEP) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

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For the quarter ended June 2026, PepsiCo (PEP - Free Report) reported revenue of $24.18 billion, up 6.4% over the same period last year. EPS came in at $2.20, compared to $2.12 in the year-ago quarter.

The reported revenue represents a surprise of +1.32% over the Zacks Consensus Estimate of $23.87 billion. With the consensus EPS estimate being $2.19, the EPS surprise was +0.46%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how PepsiCo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Reported Net Revenue, GAAP measure- IB Franchise (International Beverages Franchise): $1.52 billion versus $1.46 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +11.3% change.
  • Reported Net Revenue, GAAP measure- EMEA (Europe, Middle East and Africa): $4.98 billion versus $4.85 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9.9% change.
  • Reported Net Revenue, GAAP measure- PBNA (PepsiCo Beverages North America): $7.24 billion versus the four-analyst average estimate of $7.16 billion. The reported number represents a year-over-year change of +6.6%.
  • Reported Net Revenue, GAAP measure- PFNA (PepsiCo Foods North America): $6.37 billion compared to the $6.54 billion average estimate based on four analysts. The reported number represents a change of -1.7% year over year.
  • Reported Net Revenue, GAAP measure- LatAm Foods: $2.94 billion compared to the $2.83 billion average estimate based on four analysts. The reported number represents a change of +15.4% year over year.
  • Reported Net Revenue, GAAP measure- Asia Pacific Foods: $1.12 billion versus the four-analyst average estimate of $1.07 billion. The reported number represents a year-over-year change of +12.2%.
  • Core Operating Profit, non-GAAP measure- PFNA (PepsiCo Foods North America): $1.37 billion versus the four-analyst average estimate of $1.57 billion.
  • Core Operating Profit, non-GAAP measure- PBNA (PepsiCo Beverages North America): $992 million compared to the $1.07 billion average estimate based on four analysts.
  • Core Operating Profit, non-GAAP measure- IB Franchise (International Beverages Franchise): $638 million compared to the $587.22 million average estimate based on four analysts.
  • Core Operating Profit, non-GAAP measure- Corporate unallocated: $-453 million compared to the $-433.16 million average estimate based on four analysts.
  • Core Operating Profit, non-GAAP measure- LatAm Foods: $620 million compared to the $512.03 million average estimate based on four analysts.
  • Core Operating Profit, non-GAAP measure- Asia Pacific Foods: $134 million versus the four-analyst average estimate of $110.28 million.

View all Key Company Metrics for PepsiCo here>>>

Shares of PepsiCo have returned -1.3% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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