PepsiCo (NASDAQ:PEP) delivered stronger-than-expected third-quarter results on Wednesday, as the beverage and snack maker saw revenue growth pick up pace despite ongoing volume softness in its food segment.
The company reported adjusted earnings per share of $2.29, surpassing analyst estimates of $2.26. Total revenue reached $23.94 billion, edging past the consensus forecast of $23.86 billion and marking a 2.6% year-over-year increase. Organic revenue — excluding currency impacts and acquisitions — grew 1.3% over the same period.
Shares of PepsiCo gained 1.4% after the earnings announcement.
“Our reported net revenue growth accelerated and reflects the resilience of our international business, improved momentum within North America Beverages and the benefits of our portfolio reshaping actions,” said Chairman and CEO Ramon Laguarta.
Segment performance was mixed: PepsiCo Beverages North America posted 2% revenue growth despite a 3% volume decline, while Europe, the Middle East, and Africa recorded the strongest results with a 9% revenue increase. Global convenient foods volumes fell 1%, including a 4% drop in North America.
The company reaffirmed its full-year 2025 guidance, maintaining expectations for low single-digit organic revenue growth and flat core constant currency EPS compared with last year. It also raised its core EPS guidance to a 0.5% decline from the previously forecast 1.5% drop, citing more favorable foreign exchange conditions.
“As we look ahead, our top priorities are to accelerate growth and aggressively optimize our cost structure,” Laguarta added. “We are introducing a strong pipeline of innovation to accelerate portfolio transformation, continuously sharpening our price pack architecture to provide good value to consumers, and right sizing our entire cost base.”
In a leadership update, PepsiCo also announced the appointment of Steve Schmitt as Executive Vice President and Chief Financial Officer, effective November 10, 2025.
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