PepsiCo reported a slight acceleration in third-quarter revenue growth and reaffirmed its full-year 2025 guidance, pointing to steadier performance in North America Beverages and resilient international operations. Reported net revenue rose 2.6% in the 12 weeks ended 6 September 2025 to $23.94 billion, while reported diluted EPS declined 11% year-on-year to $1.90. Core (non-GAAP) EPS was $2.29 for the quarter. The company also updated its currency view, now expecting a ~0.5 percentage-point translation headwind to reported net revenue and core EPS growth for the full year, an improvement versus its prior ~1.5-point headwind assumption.

Chairman and CEO Ramon Laguarta said: “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.” He added that priorities include “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 to help fund our activities.”

For the quarter, organic revenue increased 1.3% and core constant-currency EPS declined 2%. Year-to-date through the third quarter, organic revenue grew 1.5% and core EPS reached $5.88, with core constant-currency EPS down 3.5%. Management continues to expect low-single-digit organic revenue growth for FY2025 and core constant-currency EPS approximately flat versus the prior year; the improved FX outlook implies a ~0.5% decline in full-year core EPS versus 2024 core EPS of $8.16.

Segment trends were mixed. In PepsiCo Foods North America (PFNA), which includes the company’s snacks portfolio, organic revenue declined 3% in the quarter, with a 4-point volume decline and a 2-point benefit from effective net pricing. PepsiCo Beverages North America (PBNA) delivered 2% organic revenue growth, driven by a 6-point contribution from pricing that offset a 4-point volume decline. EMEA organic revenue rose 5.5% with positive pricing and relatively stable volumes, while Latin America Foods posted 4% organic revenue growth. Asia Pacific Foods grew 1% organically in Q3.