PepsiCo Inc (NASDAQ:PEP, ETR:PEP) on Thursday reported better than expected financial results for its third quarter 2025, boosted by sales growth in international markets.
The beverage and snacks giant’s revenue for the quarter came in at $23.94 billion, edging past the $23.83 billion analyst consensus estimate based on a survey by LSEG.
PepsiCo also posted adjusted earnings per share for the period of $2.29, better than Wall Street expectations of $2.26.
The company, though, saw another quarter of declining volume in North America.
Pepsi Foods North America, which includes brands such as Doritos and Quaker Oats, posted a 4% decrease in volume in the fiscal third quarter.
In a recent note to clients, RBC Capital Markets analysts believe PepsiCo's concentration in salty snacks has hindered growth as consumers shift to other areas of snacking, saying “consumers are increasingly looking for more protein in their diets and snacking is no exception”.
PepsiCo also reiterated its full-year outlook, stating that it still expects its core constant currency earnings per share to be roughly unchanged from the previous year and organic revenue to grow by a low single-digit percentage.
In early September, activist investor Elliott Investment Management disclosed it had acquired a $4 billion equity stake in PepsiCo, seeing opportunity due to a "highly dislocated valuation” resulting from poor financial results, causing “sharp stock-price underperformance".
PepsiCo shares rose 1% in pre-market trading on Thursday.