PepsiCo (PEP)
Recap: Q1 2026
The Volume Inflection Lands: Frito-Lay Turns Positive, Organic Revenue Accelerates to +2.6%, Core EPS Grows 9% and FY26 Guidance Holds — But the Turn Is Now Priced. Maintain Outperform
Recap: Q4 2025
The Turn Arrives: Revenue Re-Accelerates, NA Beverages Profit Jumps 33%, Frito-Lay Volume Heads Toward Flat, and a Double-Digit EPS Quarter Completes the Upgrade Case — Upgrading to Outperform
Recap: Q3 2025
Beverages Inflect, the Cost Program Goes Explicit, and Elliott Adds a Catalyst — But Frito-Lay Volume Got Worse, So the Upgrade Waits: Maintaining Hold
Recap: Q2 2025
Washed-Out Sentiment Meets a Modest Beat: The FX Headwind Halves and International Carries the Quarter, But North America Volume Is Still the Whole Story — Initiating at Hold