PepsiCo (NASDAQ: PEP) reported Q4 EPS of $2.26, $0.02 better than the analyst estimate of $2.24. Revenue for the quarter came in at $29.34 billion versus the consensus estimate of $28.98 billion.

The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts.
For 2026, the Company continues to expect:
•Organic revenue to increase between 2 and 4 percent;
•Core constant currency EPS to increase between 4 and 6 percent;
•A core annual effective tax rate of approximately 22 percent;
•Capital spending to be below 5 percent of net revenue; and
•A free cash flow conversion ratio of at least 80 percent.
In addition, the Company expects:
•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.
The Company also continues to expect a foreign exchange translation tailwind of approximately 1 percentage point to benefit reported net revenue and core EPS growth, based on current foreign exchange rates. In addition, acquisitions net of divestitures that occurred in 2025 are expected to contribute 1 percentage point to reported net revenue growth in 2026.
The assumptions and the guidance above imply net revenue growth within a range of 4 to 6 percent and core EPS growth of approximately 5 to 7 percent in fiscal 2026, or approximately 7 to 9 percent excluding the impact of global minimum tax regulations.

For earnings history and earnings-related data on PepsiCo (PEP) click here.