U.S. Beverages, Household & Personal Care Products: U.S. Beverages: US Scanner Quarterly Business Review - Q2

Research evidence excerpt

U.S. Beverages, Household & Personal Care Products: U.S. Beverages: US Scanner Quarterly Business Review - Q2

30 June 2026

U.S. Beverages, Household & Personal Care Products

U.S. Beverages: US Scanner Quarterly Business Review - Q2

As we approach this quarter’s close and get ready for earnings season, we provide a Cristian Rios

+1 917 344 8615 comprehensive review of Beverages Scanner data in the US. Wherever needed, we

cristian.rios@bernsteinsg.com construct consolidated views of each company’s top line, accounting for sales from

distributed (in addition to owned) brands (most relevant for PEP and KDP). The report is

Yolanda Zhang

+1 917 344 8346 based on US Scanner data for the period ending on June 13th, 2026.

yolanda.zhang@bernsteinsg.com

This quarter, KDP is the clear winner, as the only company to sequentially accelerate

sales while category and sales growth for all other companies moderated.

Category growth slowed down in Beverages from 6.0% in Q1 to 4.4% in Q2. Foods (Salty

Snacks + Quaker categories) also slowed down from 2.6% to 1.6%.

Coca-Cola’s growth moderated from 6.3% in Q1 to 4.3%. The slowdown was primarily

driven by Soft Drinks, which slowed down from 8.3% to 6.5%, but still grew ~2x vs.

category growth (3.6%). Sports Drinks also slowed down from 8.4% to 7.6% but still grew

faster than the category, which grew at 5.5%. Fairlife growth accelerated from 3.6% to

7.9%, presumably as new capacity came online. Liquid Tea and Water declined ~3%, losing

share to Milo’s Tea and Private Label, respectively, and dragging down the total average.

PepsiCo’s growth slowed down from 2.2% to 0.7%.

PepsiCo Beverages slowed down from 4.2% to 2.5%, driven by Energy Drinks, which

slowed down from 35.5% to 18.8%. This was caused by a slowdown in category growth