# PepsiCo Stock Q3 2026: Organic Sales Up 3.1% as the EPS Outlook Falls
> PepsiCo stock Q3 2026: revenue up 5.6% to $25.3bn, organic growth of 3.1%, international up 8% and a cut to 2026 core EPS guidance. PEP earnings and risks.

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## Facts
- Ticker: PEP
- QSILabs fair value: $136.00 USD
- Price: $137.34 (as of 2026-10-30)
- As of: Q3 2026 results (12 weeks ended 2026-09-05, reported 2026-10-08); price as of 2026-10-30 close
- Fiscal period: Q3 2026 (12 weeks ended 5 September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/pepsico-stock-q3-2026-earnings-international-north-america/

## Short answer
PepsiCo stock Q3 2026 is a tale of two businesses. In the 12 weeks to 5 September 2026, PepsiCo's net revenue rose 5.6% to $25,274m and organic revenue, which strips out currencies and deals, grew 3.1%, its fastest rate since the fourth quarter of 2023. International did the work: organic revenue there rose 8%, and the chief executive said international has supplied 45% of profit so far this year. North America lagged, with snack revenue flat and soft drinks losing ground. Rising input costs then led PepsiCo to cut its 2026 core EPS growth outlook to 2.5-3.5%, from the low end of 5-7%. Our discounted cash flow model values PepsiCo at $136.00 a share, 1.0% below the $137.34 close on 30 October 2026: the price already assumes PepsiCo reaches its long-term growth goal.

## Key takeaways
- Sales up, organic growth faster. Net revenue rose 5.6% to $25,274m. Organic revenue grew 3.1%, with organic volume up about half a point and effective net pricing up 3 points (Q3 2026 earnings release).
- International carried the quarter. Organic revenue grew 7% in International Beverages Franchise, 9% in Europe, Middle East and Africa, 6% in Latin America and 9% in Asia Pacific; North America's two businesses were flat (Q3 2026 earnings release).
- Reported profit up 19%, core profit up 3%. Operating profit rose to $4,260m and EPS 17% to $2.23. Excluding one-off items, core operating profit grew 3%, helped by a 4-point boost from tariff refunds, and core EPS rose 2% to $2.34 (Q3 2026 earnings release).
- Guidance cut on margins. PepsiCo now expects 2026 core constant-currency EPS growth of 1-2%, down from the low end of 4-6%, because input costs are rising and product mix is hurting margins. It raised its net revenue outlook to about 6% growth (Q3 2026 earnings release; Q3 2026 earnings call).
- Cash flow recovered. Operating cash flow was $7,950m in the first 36 weeks, up from $5,468m, and free cash flow $5,857m, up from $3,241m (Q3 2026 earnings release).
- Our value: $136.00 a share, 1.0% below the $137.34 close on 30 October 2026 and up from $132.97 in our previous estimate. The average analyst price target is $141.59 (StockAnalysis, S&P Global data).
- What to watch. Fourth-quarter results in February 2027, when PepsiCo will give its 2027 outlook. Consensus fourth-quarter EPS is $2.24 (Equibles; Q3 2026 earnings call).

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