PepsiCo (PEP): FY26 Q3 earnings call, Oct 8, 2026

…than what we had initially anticipated. It had to do with the consumer environment. It had to do with some of the commercial execution. That…

…categories, sub-segments, making sure that we're competitive in that space with a consumer that is clearly challenged. We don't expect the consumer to suddenly become…

…Protein and some other variants that we see also having very good consumer momentum. So we're doing both things, trying to make sure the core…

…think the portfolio is in a very good place from where the consumer is today and where the consumer is going tomorrow. Is there opportunities…

…Are there things you need to reevaluate on how you communicate with consumers, how you are doing your A&M? Bonnie's point on SKU rationalization, but…

…be able to invest with much more data, much more granularity, understand consumers, and be able to talk to consumers in a different way, where…

…look at the health of the business around the world, global beverage volume was up 3%, global food volume was up 1%, and it's actually…

Steve, if I can just slip in one on the margin side, obviously the earnings revision in Q4 is margin driven with the top-line expectations…

…a bit of a state of the union from you on the revenue side as we approach calendar year-end here. Obviously, internationally, another strong set…

…you think, as Steve mentioned, a 3% growth in beverages, global beverage volume, and a 4% in snacks globally, the snacks business, not the foods.

…much of the margin pressure is incremental investment versus incremental and unexpected inflation. Because I think that is really important to just understand both what…

…shifting to the North America business. Our foods business in North America, organic sales improved from Q2, and our beverage business in North America decelerated.…

…very well for the future. The first one is portion control and affordability. We talked about this in the past. We think that 100-calorie packs,…

…you at least a few things on, I guess, costs, A&M, and tariffs. One, I would talk about on cost inflation overall, the teams internally…

…good one for us. Energy as well. I think the Alani plus Celsius makes sense by the time we get the two brands into the…

…The latest example of that partnership is in the U.K., the Britvic acquisition they made, and that has been a very successful investment for Carlsberg…

…the last mile, your ability to obviously check the coolers and any AI that you've been using for productivity that could illustrate an acceleration of…