PepsiCo posts $24.2 bn Q2 revenue as profit margins trail Coca‑Cola and P&G

PepsiCo reported second‑quarter 2026 revenue of $24.2 billion, a 6.4% rise year over year, with earnings per share of $2.20. Growth was driven by international markets, while North American beverage sales fell and snack‑food revenue slipped 2%.

Coca‑Cola’s stock climbed to near‑record levels, buoyed by a 35% operating margin that far exceeds PepsiCo’s roughly 16.5% margin. Analysts highlighted Coca‑Cola’s lean bottling model versus PepsiCo’s ownership of about 80% of its bottling network, which raises costs.

Procter & Gamble posted net sales of $21.24 billion, up 7.4%, and EPS of $1.59, while announcing a plan to cut up to 7,000 non‑manufacturing jobs by fiscal 2027. Both PepsiCo and P&G said tariffs added roughly $400 million to costs.

Activist investor Elliott Investment Management, which invested $4 billion in PepsiCo last year, urged the company to simplify its business, reduce prices and consider further strategic changes.