PepsiCo (PEP) official guidance

In addition, acquisitions, net of divestitures, that occurred in 2025 are expected to contribute 1 percentage point to reported net revenue growth in 2026.

In addition, acquisitions, net of divestitures, that occurred in 2025 are expected to contribute 1 percentage point to reported net revenue growth in 2026.

Capital spending to be below 5 percent of net revenue;

•Capital spending to be below 5 percent of net revenue;

•Capital spending to be below 5 percent of net revenue; and

•Invest in the business, with capital spending expected to be below 5 percent of net revenue in 2026;

Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

A core annual effective tax rate of approximately 22 percent;

•A core annual effective tax rate of approximately 22 percent;

•A core annual effective tax rate of approximately 22 percent;

We expect the core effective annual tax rate to be approximately 22 percent in 2026 due to the pending impact of global minimum tax regulations (which may continue to evolve).

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, which includes the anticipated impact of global minimum tax regulations.

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, which includes the anticipated impact of global minimum tax regulations.

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.

As a result of the factors mentioned above, we expect core EPS to increase approximately 5 to 7 percent in fiscal 2026 – or approximately 7 to 9 percent when excluding the impact of global minimum tax regulations.

Core constant currency EPS to increase between 4 and 6 percent;

•Core constant currency EPS to increase between 4 and 6 percent;

•Core constant currency EPS to increase between 4 and 6 percent;

•Core constant currency EPS to increase between 4 and 6 percent;

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.

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.

A free cash flow conversion ratio of at least 80 percent;

Organic revenue to increase between 2 and 4 percent;

Really no change in the guidance from the top-line standpoint. We guided 2%-4% in the upper end of that towards the back half of the year, and that is as good an estimate as we can give you at this point in time.

•Organic revenue to increase between 2 and 4 percent;

•Organic revenue to increase between 2 and 4 percent;

As a result, we expect full-year 2026 organic revenue growth to range between 2 and 4 percent and expect to deliver the high end of that range during the second half of 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, which includes the anticipated impact of global minimum tax regulations.

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, which includes the anticipated impact of global minimum tax regulations.

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.

The ranges above imply net revenue growth within a range of 4 to 6 percent in fiscal 2026.

Yes, we see a clear line of sight to going back to algorithm throughout 2026.

Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

•Total cash returns to shareholders of approximately $8.9 billion, comprised of dividends of $7.9 billion and share repurchases of $1.0 billion.

Subject to Board approval, we expect to increase annual cash returns to shareholders (which includes cash dividends and share repurchases) in 2026 and 2027.