PepsiCo's North America business remains under pressure, with second-quarter 2026 organic revenues declining 0.5% and beverage volume falling 4%, but the weakness appears more cyclical than structural. The company gained volume share in several snack categories, and the U.S. salty-snack category has returned to volume growth for three consecutive quarters, with Doritos, Ruffles, and Miss Vickie's generating growth. Gatorade and Propel also delivered volume and revenue growth and gained share. Management expects a gradual improvement through the remainder of 2026, planning to increase affordability, marketing, and portfolio investments while using productivity savings to offset higher costs. Peers Coca-Cola and Monster Beverage are also navigating a challenging North American backdrop, with Coca-Cola delivering 3% volume growth and Monster's U.S. and Canada net sales rising 11.5% in the second quarter. PepsiCo shares have lost 6.6% in the past three months, and the company trades at a forward P/E of 15.85X, below the industry average of 19.83X.
PepsiCo IncNorth America organic revenues declined and beverage volume fell 4%.
Coca-Cola Europacific Partners PLC
The Coca-Cola Company
Monster Beverage Corp