PepsiCo: 2Q26 Preview: Pullback Provides Opportunity on Delayed, Not Derailed, Recovery

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PepsiCo: 2Q26 Preview: Pullback Provides Opportunity on Delayed, Not Derailed, Recovery

J P M O R G A N North America Equity Research

01 July 2026

PepsiCo Overweight

PEP, PEP US

2Q26 Preview: Pullback Provides Opportunity on Price (30 Jun 26):$135.40

Delayed, Not Derailed, Recovery ▼Price Target (Dec-27):$170.00 Prior (Dec-26):$178.00

PepsiCo (PEP, Overweight rated) is scheduled to report 2Q26 earnings results on

Thursday, July 9, before the open. We lowered our OSG/EPS estimates for 2Q26 Beverage, Household & Personal

Care Productsto +2.5%/$2.18 from +2.9%/$2.20 previously and vs. consensus +2.8%/$2.19.

Our lowered estimates reflect some tweaking of segment level forecasts, which net Andrea Teixeira, CFA AC

to -40 bps lower price/mix while our volume estimate of +0.4% remains unchanged (1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

and below consensus +0.9%; we also lowered margin expectations to 17.4% from

17.6% given our lower price/mix expectations. PEP rarely misses on EPS Drew Levine, CFA

(1-212) 622-0374

expectations (1Q25 was first slight miss in many years), so we wouldn't be drew.levine@jpmorgan.com

surprised if the company finds a way for earnings to match/come in ahead, but we

Shovana Chowdhury

are a bit more cautious on the OSG delivery given the challenging operating (1-212) 270-2184

environment in 2Q with PFNA decelerating. We expect the company to reiterate shovana.chowdhury@jpmorgan.com

its 2026 guidance with 2Q26 earnings. The bar/setup seems low as the tracked J.P. Morgan Securities LLC

channel data has been weak (more below) and as investors took profit from the fast

results seen in 1Q26. We note that consumption in the mass channel (ex-

Key Changes (FYE Dec)convenience and gas) has been better, which indicates the issue has been more