PepsiCo (PEP) Q3 2025 earnings

PepsiCo On Thursday, it reported quarterly earnings and revenue that beat analysts’ expectations, as international growth offset another quarter of declining volume in North America.

Here’s what the company reported for its fiscal third quarter compared to Wall Street’s expectations, based on a survey of LSEG analysts:

• Earnings per share: $2.29, expected $2.26
• Revenue: $23.94 billion, expected $23.83 billion

Pepsi reported that net income attributable to the company in the third quarter was $2.6 billion, or $1.90 per share, compared to $2.93 billion, or $2.13 per share, a year earlier.

Excluding items, the company earned $2.29 per share.

net sales It increased by 2.6% to $23.94 billion. Excluding acquisitions, divestitures and foreign exchange transactions, Pepsi’s organic revenue increased 1.3% in the quarter.

But the owner of Frito-Lay and Gatorade still sees declining demand for its products. Pepsi’s worldwide volume in both food and beverage fell 1% in the quarter. It excludes metric pricing and currency changes.

Pepsi has experienced difficulties in its domestic market, especially in recent quarters, which has led the company to reinvest in its brands and take cost-cutting measures.

Pepsi Foods North America, which includes brands such as Doritos, Quaker Oats and Pearl Milling, reported that its volume fell 4% in its fiscal third quarter. At Pepsi’s North American beverage unit, volume shrank 3%, but CEO Ramon Laguarta said “momentum is picking up” in the business.

The company also reiterated its full-year outlook. It expects underlying constant currency earnings per share to be roughly unchanged from the prior year and organic revenue to increase by a low-single-digit percentage.

Pepsi also announced Thursday that Chief Financial Officer Jamie Caulfield plans to retire. Walmart He will be replaced by US CFO Steve Schmitt, effective November 10.