PepsiCo Inc

PepsiCo delivered a mixed first quarter for 2025, posting non-GAAP core EPS of $1.48 — a narrow miss against the $1.49 consensus estimate — while revenue of $17.92 billion edged 1.07% ahead of expectations despite slipping 1.8% year over year. The headline figures masked a more troubling undercurrent: a 3-percentage-point foreign exchange headwind weighed heavily on reported results, and GAAP net income fell to $1.83 billion from $2.04 billion a year earlier, underscoring the real cost of an increasingly volatile macro environment. The most consequential development, however, was the company's decision to slash its full-year earnings outlook, with core constant currency EPS now expected to be roughly flat versus 2024 — a sharp retreat from prior guidance of mid-single-digit growth — as tariff-driven supply chain costs and a cautious consumer backdrop bite harder than anticipated. That downgrade stands in contrast to rival Coca-Cola, which maintained its full-year forecast and called tariff disruptions "manageable." Still, PepsiCo reaffirmed its commitment to <a href="https://247wallst.com/investing/2025/12/30/the-dividend-aristocrat-with-53-margins-just-widened-the-gap-on-the-frozen-dividend-competitor/">consecutive annual dividend increases</a>, marking its 53rd straight year of dividend growth as part of roughly $8.60 billion in planned shareholder returns.