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PepsiCo Q2 2026 results show margin pressure vs Coca-Cola

Pepsico logoPepsico
Sig2.59Sen-2.27Env0.00Soc0.00Gov0.00
Coca-Cola logoCoca-Cola
Sig2.20Sen+4.20Env0.00Soc0.00Gov0.00

PepsiCo and Coca-Cola both posted Q2 2026 results, widening the gap. Pepsi reported $24.18B revenue, with Pepsi Foods North America revenue down 2% and Pepsi Beverages North America operating margin down about 90 bps; core operating margin fell about 40 bps. Pepsi gross margin was 54.1% versus Coca-Cola’s 61.6%, and Pepsi reaffirmed FY26 guidance while Coca-Cola raised it. Pepsi’s 4.09% yield beat Coca-Cola’s 2.32%, and June marked a 54th straight annual increase.

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