PepsiCo cuts earnings forecast as North American turnaround takes longer than expected

PepsiCo on Thursday reported quarterly earnings and revenue that topped analysts' expectations, fueled by international growth as its North American business continues to lag.With one quarter left in 2026, the company also lowered its forecast for its full-year earnings, as its struggles in its home market weigh on profits. Pepsi expects core earnings per share to increase 2.5% to 3.5%, down from its previous projection of the low end of a range from 5% to 7%. It also now expects net revenue growth of about 6%, on the high end of its prior outlook of a range of 4% to 6%. Shares of Pepsi rose about 2% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: $2.34 adjusted vs. $2.29 expectedRevenue: $25.27 billion vs. $24.96 billion expectedBottles and packs of Pepsi soda at a store in Austin, Texas, US, on Tuesday, July 7, 2026. Sergio Flores | Bloomberg | Getty ImagesPepsi reported fiscal third-quarter net income attributable to the company of $3.05 billion, or $2.23 per share, up from $2.6 billion, or $1.90 per share, a year earlier.Excluding items, the company earned $2.34 per share...