PepsiCo (PEP) Q4 2025 earnings

PepsiCo on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations, fueled by improving organic sales across its business.

Shares of the food and beverage giant fell more than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $2.26 adjusted vs. $2.24 expected
• Revenue: $29.34 billion vs. $28.97 billion expected

Pepsi reported fourth-quarter net income attributable to the company of $2.54 billion, or $1.85 per share, up from $1.52 billion, or $1.11 per share, a year earlier.

Excluding restructuring and impairment charges and other items, the company earned $2.26 per share.

Net sales rose 5.6% to $29.34 billion. Organic revenue, which strips out foreign currency, acquisitions and divestitures, increased 2.1% in the quarter.

“PepsiCo’s fourth quarter results reflected a sequential acceleration in reported and organic revenue growth, with improvements in both the North America and International businesses,” CEO Ramon Laguarta said in a statement.

However, the company is seeing volume declines, particularly for its North American businesses. The metric excludes pricing and foreign exchange fluctuations to reflect demand more accurately. Global volume for its food fell 2% in the quarter, although global volume for its drinks ticked up 1%.

Pepsi also reiterated the outlook for 2026 that the company provided in December. The company is projecting that organic revenue will rise between 2% to 4% and core constant currency earnings per share will increase in a range of 4% to 6%.