The company posted adjusted earnings of $2.20 per share on revenue of $24.18 billion, according to its official earnings report. While international markets showed resilience, domestic volume declines—particularly in North American beverages—highlighted a tightening consumer environment.
Financial Performance and Quarterly Results
The company reported net income of $2.98 billion, or $2.18 per share, compared to $1.26 billion, or 92 cents per share, in the same period a year prior.
The following table summarizes the performance against consensus estimates provided by analysts:
| Metric | Reported | Expected |
|---|---|---|
| Adjusted Earnings Per Share | $2.20 | $2.21 |
| Revenue | $24.18 billion | $23.95 billion |
North American Market Strains
Domestic demand proved to be the primary headwind for the company.
Strategic Adjustments and Full-Year Outlook
In response to weakening volume, the company has pivoted toward increased promotional activity and targeted marketing.
Despite the difficult domestic environment, PepsiCo maintained its full-year 2024 financial guidance. The company continues to expect organic revenue growth and growth in core constant currency earnings per share for the fiscal year. These targets rely on an anticipated recovery in North American volume growth as the company cycles through previous price increases and ramps up brand investments.