On July 9, PepsiCo declined 3.16% in pre-market trading to $138.05/share, with turnover of $31.05 million. The stock initially rose approximately 2% on the headline revenue beat before reversing sharply as investors digested earnings details.

PepsiCo reported fiscal Q2 net revenue of $24.18 billion, exceeding the consensus estimate of $23.95 billion, representing 6.4% year-over-year growth. However, core EPS of $2.20 missed the analyst estimate of $2.21. The company disclosed that North American business performed weaker than expected, citing inflation pressures eroding U.S. consumer budgets and slowing organic growth in the region.

Management further warned that input cost inflation in the second half is expected to exceed first-half levels, with commodity headwinds intensifying pressure on the business. The company also indicated that Q3 tax rates will be higher year-over-year. While international markets delivered strong performance, the softness in PepsiCo's core North American market and mounting cost pressures overshadowed the top-line beat.

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