NASDAQ$PEP
PepsiCo · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
PepsiCo's Q4 2023 results reflected a mix of challenges and strategic progress, with revenue impacted by foreign exchange but supported by organic growth initiatives.
PepsiCo reported Q4 2023 results with a slight decrease in net revenue but a 4.5% organic revenue growth. EPS increased significantly due to certain comparability items. The company is focusing on cost management and brand investment for 2024, expecting at least 4% organic revenue growth and at least 8% core constant currency EPS growth.
- PepsiCo's net revenue decreased by 0.5% while organic revenue grew by 4.5%.
- Reported EPS increased by 152% to $0.94, and core EPS was $1.78.
- The company expects at least 4% organic revenue growth and at least 8% core constant currency EPS growth in 2024.
- PepsiCo announced a 7% increase in its annualized dividend, marking the 52nd consecutive annual increase.
Headline financials
Revenue & EPS history
PepsiCo · Revenue · Quarterly
$27.9B
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
PepsiCo anticipates at least 4% organic revenue growth and at least 8% core constant currency EPS growth in 2024. The company also expects a core annual effective tax rate of 20% and plans to return approximately $8.2 billion to shareholders through dividends and share repurchases.
Tailwinds
- At least 4 percent increase in organic revenue
- At least 8 percent increase in core constant currency EPS
- Core annual effective tax rate of 20 percent
- Total cash returns to shareholders of approximately $8.2 billion
- 7 percent increase in its annualized dividend
Headwinds
- Approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue
- Approximate 1-percentage-point foreign exchange translation headwind to impact core EPS growth
- Changing marketplace conditions
- Category growth rates are normalizing as consumer behaviors largely revert to pre-pandemic norms
- Net revenue realization moderates as inflationary pressures are expected to abate
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 Q4 2023
+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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