PepsiCo, Inc. (PEP) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to PepsiCo's 2025 fourth quarter earnings question and answer session. Your lines have been placed on listen only until it's your turn to ask a question. Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin. Thank you, Kevin, and good morning, everyone. I hope everyone has had a chance this morning to review our press release and prepared remarks, both of which are available on our website. Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 3rd, 2026, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. please refer to our fourth quarter 2025 earnings release and 2025 Form 10-K, available on pepsico.com, for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements. Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta, and PepsiCo's Executive Vice President and CFO, Steve Schmidt. We ask that you please limit yourself to one question. And with that, I will turn it over to the operator for the first question. Thank you. In order to ask a question or make a comment, please press star-fold by 1 and 1 on your touch-tone phone at any time. We'll pause for a moment while we compile our Q&A roster....