PEP · 10-Q · 2026Q3 · Full report

Tariff Supply Chain Impact

PEPSICO INC · 2026-10-08 · Importance 34 · Surprise 58

During the 36 weeks ended September 5, 2026, PepsiCo received substantially all refunds of eligible tariffs previously imposed under IEEPA after the U.S. Supreme Court ruled many of those tariffs invalid. The filing does not state the dollar value of refunds, but identifies a 4-percentage-point favorable impact from tariff refunds on consolidated quarterly operating profit performance. PBNA reported a 23-percentage-point favorable net operating profit impact from global tariffs and higher commodity costs for the quarter, including tariff refunds, and a 6-percentage-point favorable impact for the 36-week period. The company said new tariffs and potential additional tariffs could increase raw-material and packaging costs, but did not quantify their net financial impact.

Key facts

• During the 36 weeks ended September 5, 2026, the U.S. Supreme Court ruled that many tariffs previously imposed under IEEPA were invalid; PepsiCo submitted claims for eligible tariff refunds through U.S. Customs and Border Protection and received substantially all of those refunds. source
• The U.S. Administration initiated new tariffs and may impose additional tariffs, leaving significant uncertainty about the duration and scope of existing and future tariffs and their impact on PepsiCo. source
• Tariffs have impacted and could continue to affect PepsiCo's supply chain through increased input costs, including certain raw material and packaging costs. source
• Tariffs or ongoing macroeconomic uncertainty have impacted and could continue to affect PepsiCo through supply constraints, inflation or reduced consumer demand. source