PepsiCo's Q2 2026 Earnings: What to Expect

Purchase, New York-based PepsiCo, Inc. (PEP) engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company has a market capitalization of $194.1 billion and operates through PepsiCo Foods North America, PepsiCo Beverages North America, International Beverages Franchise, Europe, the Middle East and Africa, Latin America Foods, and Asia Pacific Foods segments.

PEP is expected to release its Q2 2026 earnings on July 9, before the market opens. Ahead of the event, analysts expect the company’s EPS to be $2.19 on a diluted basis, up 3.3% from $2.12 in the year-ago quarter. The company has exceeded Wall Street’s EPS estimates in each of its last four quarters.

For fiscal 2026, analysts project the company’s EPS to be $8.63, up 6% from $8.14 in fiscal 2025. Moreover, its EPS is expected to rise by roughly 5.6% year over year (YoY) to $9.11 in fiscal 2027.    

PEP stock has grown 8.4% over the past 52 weeks, underperforming the S&P 500 Index’s ($SPX) 22.2% rise and rallying the State Street Consumer Staples Select Sector SPDR ETF’s (XLP) 2.9% rise during the same time frame.  

On Apr. 16, PEP stock rose 2.3% following the release of its Q1 2026 earnings. The company’s revenue for the quarter came in at $19.4 billion and surpassed the Street’s estimates. Moreover, its adjusted EPS amounted to $1.61, also coming in on top of Wall Street’s forecasts. 

Analysts are somewhat bullish on PEP, with the stock having a “Moderate Buy” rating overall. Among the 23 analysts covering the stock, eight are recommending a “Strong Buy,” 14 suggest a “Hold,” and one suggests a “Strong Sell” for the stock. PEP’s average analyst price target is $169.38, indicating an upside of 19.2% from the current levels.