PepsiCo: Quick Take - PEP's 2Q26 Results

研报英文原文证据摘录

PepsiCo: Quick Take - PEP's 2Q26 Results

Deutsche Bank

Research

Rating Company Date

Buy PepsiCo 9 July 2026

North America Reuters Bloomberg Rating Buy

United States PEP.OQ PEP US Price target (USD) 168.00 Price at 8 Jul 26 142.51

52-week range 170.49 – 133.81

Consumer

Consumer Staples Valuation & Risks

Quick Take - PEP's 2Q26 Results

Steve Powers

How do we expect the market to react? Research Analyst

+1-212-250-5480 Given heightened investor focus on NA and PFNA recovery timing, we expect

today’s results will be underwhelming and likely will fuel concerns/criticism that Christopher Barnes, CFA

the recovery in snack trends will remain more protracted/less robust than hoped. Research Analyst

Altogether, headline organic sales growth was slightly softer at +2.4% vs. DBe +1-212-454-0778

+2.6%/Street: 2.5%, with -0.5% declines in NA (with both PFNA/PBNA falling

Nikhil Jain, CFA short of DBe/Street) partly offset by momentum across the international Research Associate

businesses (+6.6%). Additionally, gross margin and operating profit each missed +1-212-250-3253

expectations (with core operating profit also aided by a $32 million gain in PBNA),

though core EPS beat slightly ($2.20 vs. DBe/Street: $2.19), aided by favorable Angeline Goh

BTLs (lower interest/tax). Altogether, the company reaffirmed its FY26 outlook, Research Associate

+1-212-250-4515

though given the softer performance in North America, expectations for a gradual

improvement over 2H, investment timing, and a less cooperative cost

environment, PEP also now expects EPS growth over the remainder of FY26 to

skew primarily to 4Q.

The company will host a conference call with investors at 8:15am ET.

How do reported results compare with expectations?

PEP reported 2Q26 EPS of $2.20 vs. DBe/Street: $2.19/$2.19.