Filing Flows › PepsiCo (PEP) › Q1 2026
PepsiCo (PEP) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 16, 2026
PepsiCo (PEP) reported revenue of $19.4B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -34% from the quarter before. Operating margin was 16.5%, net earnings $2.3B (12.0% of revenue).
PepsiCo, Q1 2026: revenue $19.4B (+8% year over year), operating margin 16.5%, net earnings $2.3B, operating cash flow $41.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.4B | -34% | +9% |
| Gross profit | $10.7B | -31% | +7% |
| Operating profit | $3.2B | -10% | +24% |
| Net earnings | $2.3B | -8% | +27% |
| Operating cash flow | $41.0M | — | — |
What changed
Revenue was $19.4B in Q1 2026, up 9% year over year and down 34% from the previous quarter.
Gross margin was 55.2%, down 0.6 points from a year earlier. Operating profit was $3.2B, a 16.5% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, above the 14% margin then. Operating expenses grew 1% against revenue growth of 9%. Net earnings were $2.3B, up 27% year over year. The effective tax rate was 21.3%.
Operating cash flow was $0.04B, 2% of net earnings. Non-cash charges added back $0.74B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $3.1B. Capital expenditures of $0.45B exceeded it, leaving free cash flow of −$0.41B.
Questions
What was PepsiCo's revenue in the first quarter 2026?
PepsiCo (PEP) reported revenue of $19.4B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -34% from the quarter before.
Was PepsiCo profitable in the first quarter 2026?
Operating profit was $3.2B (16.5% of revenue) and net earnings $2.3B.
Source: PepsiCo 10-Q on SEC EDGAR.