PepsiCo reported strong top-line results in its fiscal third quarter of 2025, with net revenue reaching $23.94 billion, topping analyst expectations of $23.83 billion.

On the earnings front, adjusted earnings per share came in at $2.29, slightly ahead of the $2.26 consensus.  Net income attributable to PepsiCo slid to $2.6 billion, or $1.90 per share, compared to $2.93 billion, or $2.13 per share, a year earlier.

When stripping out acquisitions, divestitures, and foreign exchange, PepsiCo’s organic revenue rose by 1.3% for the quarter.

However, the company continues to face pressure in its home market. Volumes for its global food and beverage portfolio fell 1%, with North American snack volumes down 4% and beverage volumes down 3%. CEO Ramon Laguarta noted signs of “improved momentum” in the business but acknowledged headwinds.

To reinforce its guidance, PepsiCo reiterated its forecast: core constant-currency EPS is expected to be roughly flat versus the prior year, and organic revenue should grow in the low single digits.

In leadership news, PepsiCo’s CFO Jamie Caulfield will retire, and Steve Schmitt, currently U.S. CFO at Walmart, will step in beginning November 10.

As PepsiCo contends with volume softness in North America, its performance in international markets and the upcoming management transition will be closely watched by investors.