PepsiCo still sees FY core constant currency EPS ‘even’ with last year

For 2025, the company continues to expect: A low-single-digit increase in organic revenue; Core constant currency EPS to be approximately even with the prior year; A core annual effective tax rate of approximately 20 percent; and Total cash returns to shareholders of approximately $8.6B, comprised of dividends of $7.6B and share repurchases of $1B. The company now expects a foreign exchange translation headwind of approximately 1.5-percentage-points to negatively impact reported net revenue and core EPS growth (previously an approximate 3-percentage-point headwind), based on current market consensus rates. This assumption and the guidance above implies a 1.5% decline in core EPS in 2025 (previously a 3 percent decline in core EPS) compared to 2024 core EPS of $8.16.