PepsiCo now sees FY core EPS ‘even’ with prior year

For 2025, the Company continues to expect: A low-single-digit increase in organic revenue; A core annual effective tax rate of approximately 20 percent; and Total cash returns to shareholders of approximately $8.6 billion, comprised of dividends of $7.6 billion and share repurchases of $1.0 billion. “Given expected higher supply chain costs related to tariffs, elevated macroeconomic volatility, and a subdued consumer backdrop, we now expect our core constant currency EPS to be approximately even with the prior year (previously mid-single-digit growth). The Company also continues to expect a foreign exchange translation headwind of approximately 3- percentage-points to negatively impact reported net revenue and core EPS growth, based on current market consensus rates. This assumption and the guidance above implies a 3 percent decline in core EPS in 2025 (previously a low-single-digit core EPS increase) compared to 2024 core EPS of $8.16.”