PEP · 10-Q · 2026Q2 · Full report

Geographic Market Commentary

PEPSICO INC · 2026-07-09 · Importance 48 · Surprise 14

PepsiCo generated 43% of consolidated net revenue outside the United States in the 24-week period, with Mexico, Russia, Canada, China, the U.K., Brazil and South Africa collectively comprising 25% of consolidated net revenue. Management called out favorable foreign-exchange translation as a contributor to net revenue performance (notably the Mexican peso and Russian ruble) in both the 12- and 24-week periods and quantified FX contribution of ~2–3 percentage points to consolidated net revenue. The filing highlights country-level volume and revenue strength in India (IB Franchise and Asia Pacific Foods), South Africa and the Middle East (EMEA convenient foods growth), while Mexico showed softness in several segments. Russia remains a concentrated exposure for cash and translation risk (a material share of cash and accumulated translation adjustment), and the company continues to monitor geopolitical and operating risks in key emerging markets.