Q1 25 EPS
$1.48
MISS 0.76%
Est. $1.49
Q1 25 Revenue
$17.92B
BEAT +1.07%
Est. $17.73B
vs S&P Since Q1 25
-17.5%
TRAILING MARKET
PEP +14.3% vs S&P +31.8%
Market Reaction
Did PEP Beat Earnings? Q1 2025 Results
PepsiCo delivered a mixed first quarter for 2025, posting non-GAAP core EPS of $1.48, a narrow miss against the $1.49 consensus estimate, while revenue of $17.92 billion edged 1.07% ahead of expectations despite slipping 1.8% year over year. The head… Read more PepsiCo delivered a mixed first quarter for 2025, posting non-GAAP core EPS of $1.48, a narrow miss against the $1.49 consensus estimate, while revenue of $17.92 billion edged 1.07% ahead of expectations despite slipping 1.8% year over year. The headline figures masked a more troubling undercurrent: a 3-percentage-point foreign exchange headwind weighed heavily on reported results, and GAAP net income fell to $1.83 billion from $2.04 billion a year earlier, underscoring the real cost of an increasingly volatile macro environment. The most consequential development, however, was the company's decision to slash its full-year earnings outlook, with core constant currency EPS now expected to be roughly flat versus 2024, a sharp retreat from prior guidance of mid-single-digit growth, as tariff-driven supply chain costs and a cautious consumer backdrop bite harder than anticipated. That downgrade stands in contrast to rival Coca-Cola, which maintained its full-year forecast and called tariff disruptions "manageable." Still, PepsiCo reaffirmed its commitment to consecutive annual dividend increases, marking its 53rd straight year of dividend growth as part of roughly $8.60 billion in planned shareholder returns.
Key Takeaways
- • Organic revenue growth of 1.2% driven by 3% effective net pricing offset by 2% organic volume decline
- • International Beverages Franchise organic revenue grew 7% with beverage volume up 3%
- • EMEA organic revenue grew 8% with 16% effective net pricing
- • PBNA core operating profit grew 14% on constant currency basis
- • 3-percentage-point foreign exchange headwind on reported net revenue
- • PFNA organic revenue declined 2% with convenient foods volume down 1%
- • Total convenient foods volume declined 3%, total beverage volume flat
PEP YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
PEP Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our businesses remained resilient in the midst of increasingly dynamic and complex geopolitical and macroeconomic conditions in the first quarter. As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments, which we expect will increase our supply chain costs. At the same time, consumer conditions in many markets remain subdued and similarly have an uncertain outlook.”
— Ramon Laguarta, Q1 2025 Earnings Press Release
PEP Earnings Trends
PEP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PEP EPS Trend
Earnings per share: estimate vs actual
PEP Revenue Trend
Quarterly revenue: estimate vs actual
PEP Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | $1.61 | — | $19.44B | +2.75% |
| Q4 25 BEAT FY | $2.24 | $2.26 | +0.89% | $29.34B | — |
| FY Full Year | $8.11 | $8.14 | +0.33% | $93.93B | +0.56% |
| Q3 25 BEAT | $2.26 | $2.29 | +1.33% | $23.94B | +0.38% |
| Q2 25 BEAT | $2.03 | $2.12 | +4.33% | $22.73B | +1.92% |
| Q1 25 MISS | $1.49 | $1.48 | -0.76% | $17.92B | +1.07% |