PepsiCo filed an 8-K with the SEC reporting its second-quarter 2026 results: net revenue rose 6.4% to $24.18 billion, organic revenue grew 2.4%, and the company affirmed its full-year guidance. Core EPS came in at $2.20 — up 4% but a hair below what Wall Street was looking for.

What was filed

This is an Item 2.02 filing — "Results of Operations and Financial Condition" — the standard way a company officially puts its quarterly earnings on the record. The attached press release covers the 12 weeks ended June 13, 2026. The headline numbers:

• Net revenue: $24.18B, up 6.4% year-on-year (organic revenue, which strips out currency and M&A, up 2.4%).
• Core EPS: $2.20, up 4%. Core constant-currency EPS up just 1%.
• Reported EPS: $2.18 vs $0.92 a year ago — a 137% jump, but see the caveat below.
• Core operating margin: 16.8%, down 40 basis points as costs nibbled at pricing and productivity gains.
• Guidance: full-year 2026 targets affirmed — organic revenue +2 to 4%, core constant-currency EPS +4 to 6%, and ~$8.9B in total cash returns to shareholders ($7.9B dividends + $1.0B buybacks).

That eye-popping 137% reported-EPS jump is not a sudden doubling of the business. It exists because the year-ago quarter was dragged down by large impairment charges tied to the Rockstar and Be & Cheery brands. When you strip those one-offs out, the "core" figures — up 4% — are the truer picture of how the business is actually trending.

What an 8-K actually means

An 8-K is a "current report" — the filing companies use to tell the SEC (and therefore the public) about a material event between their big quarterly (10-Q) and annual (10-K) reports. Think of it as a newsflash rather than a full financial statement. Earnings releases, executive changes, acquisitions, and major agreements all arrive as 8-Ks. The specific "Item" number tells you the category — here, Item 2.02 means financial results. The full, audited detail lands separately in the 10-Q.

Why it matters

PepsiCo is a bellwether for the consumer-staples world, so its results are read as a gauge of how households are spending. The interesting tension in this filing: the international business is doing the heavy lifting (global organic volume growing at its fastest rate since 2022), while North America stays soft — the company leaned on "affordability initiatives" to hold snack volume share, which tells you the US consumer is price-sensitive right now. Affirming guidance signals management confidence, but the slim core-EPS growth and the 40bp margin dip show that pricing power has limits when shoppers push back. None of this is a verdict on the stock — it's context for understanding the business.

Beginner takeaway

When a familiar giant reports a giant percentage jump in "reported" earnings, always check whether last year's number was distorted by one-time charges — here it was. The steadier signal is "core" or "adjusted" EPS, which grew a modest 4%. Affirmed guidance plus soft-but-stable results is a "steady as she goes" quarter, not a blowout.

FAQ

Why did reported EPS jump 137% if the business only grew a little? Because the year-ago quarter carried heavy brand-impairment write-downs (Rockstar, Be & Cheery). Comparing against a depressed base inflates the growth rate; core EPS (+4%) removes that distortion.

What's the difference between net revenue and organic revenue? Net revenue is the raw total. Organic revenue strips out currency swings, acquisitions, and divestitures to show underlying demand — here +2.4%, versus +6.4% headline.

What does "affirming guidance" mean? Management is repeating the full-year targets it gave earlier rather than raising or cutting them — a signal that the year is tracking roughly as expected.

Is an 8-K the same as full quarterly financials? No. The 8-K flags the results and attaches a press release; the complete, detailed statements come in the 10-Q filed around the same time.

As of July 9, 2026. Source: official SEC filing — read it directly here. We summarise filings for education and may make errors, so always verify against the official document. Educational content only — not investment advice, not a buy/sell recommendation.