NASDAQ$PEP
PepsiCo · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
PepsiCo reported strong net revenue growth, navigating a dynamic supply chain and cost environment.
PepsiCo's Q3 2021 results showed strong net revenue growth, with organic revenue increasing by 9%. The company is raising its full-year guidance, expecting organic revenue to increase approximately 8% and core constant currency earnings per share to increase at least 11%. PepsiCo is focused on becoming a Faster, Stronger, and Better company through strategic investments and its new pep+ initiative.
- Delivered strong net revenue growth while navigating a dynamic and volatile supply chain and cost environment.
- Full-year organic revenue is expected to increase approximately 8 percent.
- Core constant currency earnings per share is expected to increase at least 11 percent.
- Investments are being made to become a Faster, Stronger, and Better company.
Headline financials
Revenue & EPS history
PepsiCo · Revenue · Quarterly
$20.2B
Revenue by segment
PepsiCo · $24.2B total across 6 segments · Q2 2026
- PepsiCo Beverages North America$7.24B—30.0%
- PepsiCo Foods North America$6.37B—26.3%
- Europe, Middle East and Africa$4.98B—20.6%
- Latin America Foods$2.94B—12.2%
- International Beverages Franchise$1.52B—6.3%
- Asia Pacific Foods$1.12B—4.6%
Forward guidance
The Company now expects to deliver approximately 8 percent organic revenue growth, at least 11 percent core constant currency EPS growth, and at least 12 percent core EPS growth.
Tailwinds
- Expects to deliver approximately 8 percent organic revenue growth.
- Expects at least 11 percent core constant currency EPS growth.
- Expects at least 12 percent core EPS growth.
- A core annual effective tax rate of approximately 21 percent is expected.
- Total cash returns to shareholders of approximately $5.9 billion is expected.
Headwinds
- Cannot predict the impact of foreign exchange translation.
- Cannot predict commodity mark-to-market net impacts.
- Completed share repurchase activity and do not expect to repurchase any additional shares for the balance of 2021.
- Unable to reconcile full year projected 2021 organic revenue growth to our full year projected 2021 reported net revenue growth because we are unable to predict the 2021 impact of foreign exchange
- Unable to predict the occurrence or impact of any acquisitions, divestitures or other structural changes.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
+0.7%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+0.6%
Avg return
30 days after
64%
46 / 72 earnings
Positive
+7.4%
Q3 2022
Best reaction
-4.9%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.3% | +0.8% | -4.2% | |
| Q4 2025 | +4.9% | +9.9% | +3.5% | |
| Q3 2025 | +4.0% | +9.1% | +3.0% | |
| Q2 2025 | +1.6% | -1.6% | +3.8% | |
| Q1 2025 | -4.9% | -5.6% | -9.1% | |
| Q4 2024 | -4.5% | -3.8% | +2.9% | |
| Q3 2024 | +3.2% | +4.5% | -1.9% | |
| Q2 2024 | +1.7% | +0.7% | +5.4% | |
| Q1 2024 | +0.5% | -0.5% | +1.6% | |
| Q4 2023 | -1.9% | -3.6% | -6.2% | |
| Q3 2023 | +0.8% | -0.8% | +3.0% | |
| Q2 2023 | +2.8% | +0.7% | +0.5% | |
| Q1 2023 | +1.6% | +2.9% | -0.9% | |
| Q4 2022 | +2.9% | +2.7% | +0.5% | |
| Q3 2022 | +7.4% | +6.2% | +9.5% | |
| Q2 2022 | -0.2% | +0.4% | +2.7% | |
| Q1 2022 | +0.6% | -1.2% | -2.1% | |
| Q4 2021 | -2.0% | -3.5% | -10.6% | |
| Q3 2021 | +3.2% | +3.9% | +9.4% | |
| Q2 2021 | +3.4% | +4.2% | +3.7% | |
| Q1 2021 | +1.4% | +2.5% | +3.2% | |
| Q4 2020 | -2.8% | -2.4% | -3.4% | |
| Q3 2020 | -0.4% | -2.1% | -3.8% | |
| Q2 2020 | +0.8% | +0.1% | +2.5% | |
| Q1 2020 | -0.8% | -3.2% | -1.6% | |
| Q4 2019 | +0.6% | -0.3% | -12.8% | |
| Q3 2019 | +4.7% | +2.5% | +2.2% | |
| Q2 2019 | +1.4% | +0.5% | -2.3% | |
| Q1 2019 | +3.8% | +3.3% | +6.6% | |
| Q4 2018 | +3.0% | +2.9% | +2.7% | |
| Q3 2018 | -2.9% | -3.8% | +0.7% | |
| Q2 2018 | +4.4% | +4.6% | +5.5% | |
| Q1 2018 | +0.6% | -2.0% | -0.8% | |
| Q4 2017 | -2.5% | -0.8% | +0.1% | |
| Q3 2017 | +1.2% | +0.8% | +1.0% | |
| Q2 2017 | +0.4% | +0.6% | +1.8% | |
| Q1 2017 | -1.3% | -1.6% | +3.3% | |
| Q4 2016 | +1.1% | +1.2% | +4.2% | |
| Q3 2016 | +1.3% | -0.3% | -0.3% | |
| Q2 2016 | +2.2% | +2.7% | +2.6% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +0.9% | — | — | |
| Q3 2015 | +2.8% | — | — | |
| Q2 2015 | -0.1% | — | — | |
| Q1 2015 | -2.2% | — | — | |
| Q4 2014 | +2.3% | — | — | |
| Q3 2014 | +0.8% | — | — | |
| Q2 2014 | +3.1% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q4 2013 | -4.2% | — | — | |
| Q3 2013 | +2.5% | — | — | |
| Q2 2013 | -0.8% | — | — | |
| Q1 2013 | +5.0% | — | — | |
| Q4 2012 | +3.0% | — | — | |
| Q3 2012 | +0.7% | — | — | |
| Q2 2012 | +3.5% | — | — | |
| Q1 2012 | -0.9% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | +2.3% | — | — | |
| Q2 2011 | -4.0% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | +3.1% | — | — | |
| Q1 2009 | +0.4% | — | — | |
| Q1 2010 | -0.4% | — | — | |
| Q4 2007 | -1.4% | — | — | |
| Q2 2009 | -1.4% | — | — | |
| Q4 2009 | -1.4% | — | — | |
| Q4 2008 | -0.9% | — | — | |
| Q3 2008 | -0.9% | — | — | |
| Q3 2009 | -0.9% | — | — |
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