PepsiCo (PEP) third quarter 2025 results

PepsiCo on Thursday reported quarterly profits and revenues that beat analysts’ expectations, with international growth offsetting another quarter of lower volumes in North America.

Here’s what the company reported for its fiscal third quarter versus what Wall Street expected, based on a survey of analysts by LSEG:

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

Pepsi reported third-quarter net income attributable to the company of $2.6 billion, or $1.90 per share, down from $2.93 billion, or $2.13 per share, a year earlier.

Excluding items, the company earned $2.29 per share.

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

However, the owner of Frito-Lay and Gatorade is still seeing lower demand for its products. Pepsi’s global food and beverage volume fell 1% in the quarter. The metric removes price and currency changes.

Pepsi has notably struggled in its home market in recent quarters, leading the company to reinvest in its brands and explore cost-cutting measures.

Pepsi Foods North America, which includes brands like Doritos, Quaker Oats and Pearl Milling, reported that its volume fell 4% during the fiscal third quarter. And Pepsi’s North American beverage unit saw volume decline 3%, although CEO Ramon Laguarta noted “improving momentum” at the company.

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

Pepsi also announced Thursday that Chief Financial Officer Jamie Caulfield plans to retire. Walmart American financial director Steve Schmitt will succeed him from November 10.