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AI brief of an SEC Form 8-K · PepsiCo (PEP)

PepsiCo Expects 2026 Core EPS Growth of 5% to 7% Under New Priorities

Positive Impact 4 of 5 guidance Written later

On December 8, 2025, PepsiCo announced commercial and financial priorities and a preliminary 2026 outlook, following constructive engagement with shareholder Elliott Investment Management. The company expects organic revenue to grow 2% to 4% and core EPS to rise about 5% to 7% in fiscal 2026, after affirming a 2025 outlook that implies a 0.5% core EPS decline. The plan also sets capital spending below 5% of net revenue and free cash flow conversion of at least 80% in 2026.

Key points

  • Core EPS expected to increase about 5% to 7% in fiscal 2026, or about 7% to 9% excluding the impact of global minimum tax regulations.
  • Organic revenue expected to increase 2% to 4% in 2026; the 2025 outlook implies a 0.5% core EPS decline from 2024 core EPS of $8.16.
  • Free cash flow conversion expected to be at least 80% in 2026, including a final tax payment of nearly $1 billion, and at least 90% in fiscal 2027.
  • CEO Ramon Laguarta will hold a discussion on December 9, 2025 at 7:30 a.m. EST; fourth-quarter and full-year 2025 results are scheduled for February 3, 2026.

The filing

CompanyPepsiCo (PEP)
Form8-K, current report
Filed with the SECDec 8, 2025, 4:34 PM ET
Accession number0000077476-25-000059

Items reported: 7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 08, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.