UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 21, 2026 (12 weeks)

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to

Commission file number 1-1183

PepsiCo, Inc.

(Exact Name of Registrant as Specified in its Charter)

North Carolina	13-1584302
(State or Other Jurisdiction of<br>Incorporation or Organization)	(I.R.S. Employer<br>Identification No.)

700 Anderson Hill Road, Purchase, New York 10577

(Address of principal executive offices and Zip Code)

(914) 253-2000

Registrant’s telephone number, including area code

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock, par value 1-2/3 cents per share	PEP	The Nasdaq Stock Market LLC
2.625% Senior Notes Due 2026	PEP26	The Nasdaq Stock Market LLC
0.750% Senior Notes Due 2027	PEP27	The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2028	PEP28	The Nasdaq Stock Market LLC
0.500% Senior Notes Due 2028	PEP28A	The Nasdaq Stock Market LLC
Floating Rate Notes Due 2028	PEP28B	The Nasdaq Stock Market LLC
3.200% Senior Notes Due 2029	PEP29	The Nasdaq Stock Market LLC
1.125% Senior Notes Due 2031	PEP31	The Nasdaq Stock Market LLC
0.400% Senior Notes Due 2032	PEP32	The Nasdaq Stock Market LLC
0.750% Senior Notes Due 2033	PEP33	The Nasdaq Stock Market LLC
3.550% Senior Notes Due 2034	PEP34	The Nasdaq Stock Market LLC
3.300% Senior Notes Due 2034	PEP34A	The Nasdaq Stock Market LLC
3.450% Senior Notes Due 2037	PEP37	The Nasdaq Stock Market LLC
3.700% Senior Notes Due 2038	PEP38	The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2039	PEP39	The Nasdaq Stock Market LLC
4.150% Senior Notes Due 2047	PEP47	The Nasdaq Stock Market LLC
1.050% Senior Notes Due 2050	PEP50	The Nasdaq Stock Market LLC
4.050% Senior Notes Due 2055	PEP55	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No  ☒

Number of shares of Common Stock outstanding as of April 9, 2026 was 1,366,768,315.

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PepsiCo, Inc. and Subsidiaries

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		Page No.
Part I Financial Information
Item 1.	Condensed Consolidated Financial Statements	2
	Condensed Consolidated Statement of Income –<br> 12Weeks EndedMarch 21, 2026 andMarch 22,2025	2
	Condensed Consolidated Statement of Comprehensive Income –<br> 12Weeks EndedMarch 21,2026andMarch 22,2025	3
	Condensed Consolidated Statement of Cash Flows –<br> 12Weeks EndedMarch 21,2026andMarch 22,2025	4
	Condensed Consolidated Balance Sheet –<br> March 21,2026and December 27,2025	6
	Condensed Consolidated Statement of Equity –<br> 12Weeks EndedMarch 21,2026andMarch 22,2025	7
	Notes to the Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Report of Independent Registered Public Accounting Firm		38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39
Part II Other Information
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 5.	Other Information	41
Item 6.	Exhibits	41

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PART I FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Income

PepsiCo, Inc. and Subsidiaries

(in millions, except per share amounts, unaudited)

	12 Weeks Ended
		3/21/2026		3/22/2025
Net Revenue		$	19,443	$	17,919
Cost of sales		8,712		7,926
Gross profit		10,731		9,993
Selling, general and administrative expenses		7,518		7,410
Operating Profit		3,213		2,583
Other pension and retiree medical benefits income		58		23
Net interest expense and other		(301)		(264)
Income before income taxes		2,970		2,342
Provision for income taxes		632		499
Net income		2,338		1,843
Less: Net income attributable to noncontrolling interests		11		9
Net Income Attributable to PepsiCo		$	2,327	$	1,834
Net Income Attributable to PepsiCo per Common Share
Basic		$	1.70	1.34
Diluted		$	1.70	1.33
Weighted-average common shares outstanding
Basic		1,367		1,372
Diluted		1,371		1,376

See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Statement of Comprehensive Income

PepsiCo, Inc. and Subsidiaries

(in millions, unaudited)

	12 Weeks Ended
		3/21/2026		3/22/2025
Net income		$	2,338	$	1,843
Other comprehensive income/(loss), net of taxes:
Net currency translation adjustment		719		436
Net change on cash flow hedges		55		22
Net pension and retiree medical adjustments		6		10
Net change on available-for-sale debt securities and other		(98)		66
Total other comprehensive income, net of taxes		682		534
Comprehensive income		3,020		2,377
Less: Comprehensive income attributable to<br><br>noncontrolling interests		11		9
Comprehensive Income Attributable to PepsiCo		$	3,009	$	2,368

See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Statement of Cash Flows

PepsiCo, Inc. and Subsidiaries

(in millions, unaudited)

	12 Weeks Ended
	3/21/2026		3/22/2025
Operating Activities
Net income	$	2,338	$	1,843
Depreciation and amortization	742		684
Operating lease right-of-use asset amortization	162		145
Share-based compensation expense	93		77
Restructuring and impairment charges	133		213
Cash payments for restructuring charges	(145)		(232)
Acquisition and divestiture-related charges/credits	(113)		25
Cash payments for acquisition and divestiture-related charges	(14)		(13)
Pension and retiree medical plan expenses	13		48
Pension and retiree medical plan contributions	(270)		(317)
Deferred income taxes and other tax charges and credits	226		111
Change in assets and liabilities:
Accounts and notes receivable	(530)		(318)
Inventories	(315)		(238)
Prepaid expenses and other current assets	(406)		(307)
Accounts payable and other current liabilities	(1,847)		(2,671)
Income taxes payable	131		223
Other, net	(157)		(246)
Net Cash Provided by/(Used for) Operating Activities	41		(973)
Investing Activities
Capital spending	(447)		(603)
Sales of property, plant and equipment	13		132
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets	(67)		(1,200)
Short-term investments, by original maturity:
More than three months - maturities	—		425
More than three months - sales	14		—
Three months or less, net	(9)		16
Other investing, net	19		(2)
Net Cash Used for Investing Activities	(477)		(1,232)

(Continued on following page)

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Condensed Consolidated Statement of Cash Flows (continued)

PepsiCo, Inc. and Subsidiaries

(in millions, unaudited)

	12 Weeks Ended
	3/21/2026		3/22/2025
Financing Activities
Proceeds from issuances of long-term debt	$	2,964	$	3,505
Payments of long-term debt	(1,629)		(1,541)
Short-term borrowings, by original maturity:
More than three months - proceeds	1,937		3,656
More than three months - payments	(676)		(2,119)
Three months or less, net	1,198		373
Cash dividends paid	(1,966)		(1,882)
Share repurchases	(182)		(183)
Proceeds from exercises of stock options	93		50
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted	(76)		(89)
Other financing	(1)		(2)
Net Cash Provided by Financing Activities	1,662		1,768
Effect of exchange rate changes on cash and cash equivalents and restricted cash	121		203
Net Increase/(Decrease) in Cash and Cash Equivalents and Restricted Cash	1,347		(234)
Cash and Cash Equivalents and Restricted Cash, Beginning of Year	9,204		8,553
Cash and Cash Equivalents and Restricted Cash, End of Period	$	10,551	$	8,319
Supplemental Non-Cash Activity
Right-of-use assets obtained in exchange for lease obligations	$	114	$	166

See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Balance Sheet

PepsiCo, Inc. and Subsidiaries

(in millions, except per share amounts)

	(Unaudited)
	3/21/2026		12/27/2025
ASSETS
Current Assets
Cash and cash equivalents	$	10,475	$	9,159
Short-term investments	353		371
Accounts and notes receivable, less allowance ($225 and $230, respectively)	12,171		11,506
Inventories:
Raw materials and packaging	2,714		2,581
Work-in-process	133		143
Finished goods	3,364		3,121
	6,211		5,845
Prepaid expenses and other current assets	1,706		1,068
Total Current Assets	30,916		27,949
Property, plant and equipment	61,477		60,909
Accumulated depreciation	(31,670)		(31,004)
Property, Plant and Equipment, net	29,807		29,905
Amortizable Intangible Assets, net	1,209		1,219
Goodwill	19,021		18,916
Other Indefinite-Lived Intangible Assets	13,934		13,847
Investments in Noncontrolled Affiliates	2,135		2,038
Deferred Income Taxes	4,560		4,541
Other Assets	9,064		8,984
Total Assets	$	110,646	$	107,399
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt obligations	$	10,151	$	6,861
Accounts payable and other current liabilities	24,326		25,903
Total Current Liabilities	34,477		32,764
Long-Term Debt Obligations	42,577		42,321
Deferred Income Taxes	4,048		3,802
Other Liabilities	8,008		7,965
Total Liabilities	89,110		86,852
Commitments and contingencies
PepsiCo Common Shareholders’ Equity
Common stock, par value 12/3¢ per share (authorized 3,600 shares; issued, net of repurchased common stock at par value: 1,368 and 1,367 shares, respectively)	23		23
Capital in excess of par value	4,401		4,451
Retained earnings	73,165		72,788
Accumulated other comprehensive loss	(14,342)		(15,024)
Repurchased common stock, in excess of par value (499 and 500 shares, respectively)	(41,864)		(41,832)
Total PepsiCo Common Shareholders’ Equity	21,383		20,406
Noncontrolling interests	153		141
Total Equity	21,536		20,547
Total Liabilities and Equity	$	110,646	$	107,399

See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Statement of Equity

PepsiCo, Inc. and Subsidiaries

(in millions, except per share amounts, unaudited)

	12 Weeks Ended
		3/21/2026	3/22/2025
			Shares	Amount		Shares	Amount
Common Stock
Balance, beginning of period			1,367	$	23	1,372	$	23
Change in repurchased common stock			1	—		1	—
Balance, end of period			1,368	23		1,373	23
Capital in Excess of Par Value
Balance, beginning of period				4,451			4,385
Share-based compensation expense				94			76
Stock option exercises, RSUs and PSUs converted				(68)			(98)
Withholding tax on RSUs and PSUs converted				(76)			(89)
Balance, end of period				4,401			4,274
Retained Earnings
Balance, beginning of period				72,788			72,266
Net income attributable to PepsiCo				2,327			1,834
Cash dividends declared (a)				(1,950)			(1,862)
Balance, end of period				73,165			72,238
Accumulated Other Comprehensive Loss
Balance, beginning of period				(15,024)			(17,612)
Other comprehensive income attributable to PepsiCo				682			534
Balance, end of period				(14,342)			(17,078)
Repurchased Common Stock
Balance, beginning of period			(500)	(41,832)		(495)	(41,021)
Share repurchases			(1)	(193)		(1)	(195)
Stock option exercises, RSUs and PSUs converted			2	161		2	148
Balance, end of period			(499)	(41,864)		(494)	(41,068)
Total PepsiCo Common Shareholders’ Equity				21,383			18,389
Noncontrolling Interests
Balance, beginning of period				141			130
Net income attributable to noncontrolling interests				11			9
Distributions to noncontrolling interests				(1)			(1)
Other, net				2			2
Balance, end of period				153			140
Total Equity				$	21,536		$	18,529

(a)Cash dividends declared per common share were $1.4225 and $1.3550 for the 12 weeks ended March 21, 2026 and March 22, 2025, respectively.

See accompanying notes to the condensed consolidated financial statements.

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Notes to the Condensed Consolidated Financial Statements

Note 1 - Basis of Presentation and Our Segments

Basis of Presentation

When used in this report, the terms “we,” “us,” “our,” “PepsiCo” and the “Company” mean PepsiCo, Inc. and its consolidated subsidiaries, collectively.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We have subsidiaries operating in highly inflationary economies, such as Argentina, Egypt and Turkey, and accordingly apply highly inflationary accounting for these subsidiaries. The condensed consolidated balance sheet at December 27, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 27, 2025 (2025 Form 10-K). This report should be read in conjunction with our 2025 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 weeks ended March 21, 2026 are not necessarily indicative of the results expected for any future period or the full year.

Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product, including merchandising activities, are included in selling, general and administrative expenses.

While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of January and February are reflected in our results for the 12 weeks ended March 21, 2026 and March 22, 2025.

The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. Additionally, the business and economic uncertainty resulting from volatile geopolitical conditions, an increasingly complex global tax environment, including changes in how existing laws are interpreted or enforced, expanded or retaliatory tariffs and changes in the interest rate and inflationary cost environment have made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates.

Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate.

Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation.

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Our Segments

We are organized into six reportable segments, as follows:

1)PepsiCo Foods North America (PFNA), which includes all of our convenient food businesses in the United States and Canada;

2)PepsiCo Beverages North America (PBNA), which includes all of our beverage businesses in the United States and Canada;

3)International Beverages Franchise (IB Franchise), which includes our international franchise beverage businesses, as well as our SodaStream business;

4)Europe, Middle East and Africa (EMEA), which includes our convenient food businesses and our beverage businesses with company-owned bottlers in Europe, the Middle East and Africa;

5)Latin America Foods (LatAm Foods), which includes all of our convenient food businesses in Latin America; and

6)Asia Pacific Foods, which consists of our convenient food businesses in Asia Pacific, including China, Australia and New Zealand, as well as India.

Net Revenue, Significant Expenses and Operating Profit by Segment

	12 Weeks Ended 3/21/2026
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	6,332	$	6,391	$	824	$	2,823	$	1,934	$	1,139	$	19,443
Segment cost of sales (a)	2,392		2,992		234		1,673		780		657
Segment selling, general and administrative expenses (a)	2,435		2,760		262		849		723		264
Restructuring and impairment charges (b)	75		17		7		23		3		1
Acquisition and divestiture-related charges/credits (c)	1		(114)		—		—		—		—
Segment operating profit	$	1,429	$	736	$	321	$	278	$	428	$	217	$	3,409
Corporate unallocated expenses													(196)
Operating profit													3,213
Other pension and retiree medical benefits income													58
Net interest expense and other													(301)
Income before income taxes													$	2,970

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	12 Weeks Ended 3/22/2025
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	6,213	$	5,876	$	759	$	2,388	$	1,661	$	1,022	$	17,919
Segment cost of sales (a)	2,348		2,659		212		1,407		698		612
Segment selling, general and administrative expenses (a)	2,290		2,622		268		748		612		249
Restructuring and impairment charges (b)	24		125		2		13		7		1
Acquisition and divestiture-related charges/credits (c)	15		10		—		—		—		—
Segment operating profit	$	1,536	$	460	$	277	$	220	$	344	$	160	$	2,997
Corporate unallocated expenses													(414)
Operating profit													2,583
Other pension and retiree medical benefits income													23
Net interest expense and other													(264)
Income before income taxes													$	2,342

(a)Does not include items recorded in the cost of sales or selling, general and administrative expenses lines on our income statement that are presented in the restructuring and impairment charges and acquisition and divestiture-related charges/credits lines of these tables.

(b)See Note 3 for further information related to restructuring and impairment charges.

(c)See Note 11 for further information related to acquisition and divestiture-related charges/credits.

Disaggregation of Net Revenue

Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following table reflects the percentage of net revenue generated between our beverage business and our convenient food business:

	12 Weeks Ended
	3/21/2026				3/22/2025
	Beverages(a)		Convenient Foods		Beverages(a)		Convenient Foods
North America	50	%	50	%	49	%	51	%
International (b)	27	%	73	%	27	%	73	%
PepsiCo	42	%	58	%	42	%	58	%

(a)Beverage revenue from company-owned bottlers, which includes our consolidated bottling operations in our PBNA and EMEA segments, was 36% of our consolidated net revenue in each of the 12 weeks ended March 21, 2026 and March 22, 2025. Generally, our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages.

(b)Beverage and convenient foods revenue generated from our EMEA segment was 34% and 66% of EMEA net revenue, respectively, in each of the 12 weeks ended March 21, 2026 and March 22, 2025.

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Other Segment Information

Capital spending and depreciation and amortization of each segment are as follows:

	12 Weeks Ended
	Capital Spending(a)				Depreciation and Amortization
	3/21/2026		3/22/2025		3/21/2026		3/22/2025
PFNA	$	110	$	195	$	227	$	210
PBNA	183		248		252		253
IB Franchise	9		16		18		19
EMEA	66		50		101		81
LatAm Foods	41		46		80		62
Asia Pacific Foods	16		24		28		23
Total segment	425		579		706		648
Corporate	22		24		36		36
Total	$	447	$	603	$	742	$	684

(a) Asset and other balance sheet information for segments is not provided to our chief operating decision maker.

Note 2 - Recently Issued Accounting Pronouncements

Adopted

In July 2025, the Financial Accounting Standards Board (FASB) issued guidance to provide for a practical expedient that an entity may assume that conditions as of the balance sheet date remain unchanged over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from revenue transactions from contracts with customers. We adopted the guidance in the first quarter of 2026, on a prospective basis. The adoption did not have a material impact on our condensed consolidated financial statements.

Not Yet Adopted

In September 2025, the FASB issued guidance to improve the accounting for costs related to internal-use software. The new guidance eliminates project stages and requires capitalizing software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. When evaluating if a project is probable to be completed, significant development uncertainty must be assessed. Additionally, disclosures for property, plant and equipment will be required for all capitalized software costs. The guidance is effective in the first quarter of 2028 with early adoption permitted as of the beginning of an annual reporting period. Upon adoption, the guidance may be applied prospectively, retrospectively or using a modified transition approach. We are evaluating the impact of this guidance on our consolidated financial statements.

In November 2024, the FASB issued guidance to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. Additionally, on an annual and interim basis, a qualitative description is required for amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The guidance also requires certain amounts that are currently required to be disclosed to be included in the same tabular disclosure as these disaggregation requirements. Furthermore, on an annual and interim basis, a public entity is required to separately disclose selling expenses and annually, disclose a description of the selling expenses. The guidance is

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effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2027 annual reporting and each quarter thereafter, on a prospective basis.

Note 3 - Restructuring and Impairment Charges

2019 Multi-Year Productivity Plan (2019 Productivity Plan)

The 2019 Productivity Plan leverages new technology and business models to further simplify, harmonize and automate processes; re-engineers our go-to-market and information systems, including deploying the right automation for each market; and simplifies our organization and optimizes our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in 2024, we further expanded and extended the plan through the end of 2030 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $6.15 billion, including cash expenditures of approximately $5.1 billion. These pre-tax charges are expected to consist of approximately 50% of severance and other employee-related costs, 15% for asset impairments (all non-cash) resulting from plant closures and related actions, and 35% for other costs associated with the implementation of our initiatives.

The total plan pre-tax charges are expected to be incurred by segment approximately as follows:

	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Corporate
Expected pre-tax charges	20	%	25	%	2	%	25	%	10	%	3	%	15	%

A summary of our 2019 Productivity Plan charges is as follows:

	12 Weeks Ended
		3/21/2026		3/22/2025
Cost of sales		$	19	$	1
Selling, general and administrative expenses		113		196
Other pension and retiree medical benefits expense		1		16
Total restructuring and impairment charges		$	133	$	213
After-tax amount		$	102	$	191
Impact on net income attributable to PepsiCo per common share		$	(0.07)	$	(0.14)			12 Weeks Ended			Plan-to-Date
---	---	---	---	---	---
		3/21/2026		3/22/2025		through 3/21/2026
PFNA		$	75	$	24	$	851
PBNA		17		125		803
IB Franchise		7		2		72
EMEA		23		13		979
LatAm Foods		3		7		302
Asia Pacific Foods		1		1		100
Corporate		6		25		490
		132		197		3,597
Other pension and retiree medical benefits expense		1		16		146
Total		$	133	$	213	$	3,743

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	12 Weeks Ended			Plan-to-Date
		3/21/2026		3/22/2025		through 3/21/2026
Severance and other employee costs		$	36	$	58	$	1,825
Asset impairments		59		2		605
Other costs		38		153		1,313
Total		$	133	$	213	$	3,743

Severance and other employee costs primarily include severance and other termination benefits. Other costs primarily include costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees.

A summary of our 2019 Productivity Plan activity for the 12 weeks ended March 21, 2026 is as follows:

	Severance and Other Employee Costs		Asset <br>Impairments		Other Costs		Total
Liability as of December 27, 2025	$	308	$	—	$	18	$	326
Restructuring charges	36		59		38		133
Cash payments	(97)		—		(48)		(145)
Non-cash charges and translation	(1)		(59)		—		(60)
Liability as of March 21, 2026	$	246	$	—	$	8	$	254

The majority of the restructuring accrual at March 21, 2026 is expected to be paid within a year.

Other Productivity Initiatives

There were no material charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan.

We regularly evaluate different productivity initiatives beyond the productivity plan and other initiatives described above.

Note 4 - Intangible Assets

A summary of our amortizable intangible assets is as follows:

	3/21/2026						12/27/2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Acquired franchise rights	$	835	$	(248)	$	587	$	835	$	(244)	$	591
Customer relationships	780		(359)		421		773		(347)		426
Brands	1,089		(1,027)		62		1,084		(1,021)		63
Other identifiable intangibles	436		(297)		139		433		(294)		139
Total	$	3,140	$	(1,931)	$	1,209	$	3,125	$	(1,906)	$	1,219

The components of indefinite-lived intangible assets are as follows:

	3/21/2026		12/27/2025
Goodwill (a)	$	19,021	$	18,916
Other indefinite-lived intangible assets
Reacquired franchise rights	7,544		7,542
Acquired franchise rights	2,164		2,099
Brands	4,226		4,206
Total indefinite-lived intangible assets	$	32,955	$	32,763

(a) Increase is primarily related to currency translation adjustments.

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Note 5 - Share-Based Compensation

Starting with awards granted in 2026, RSUs and stock options will primarily vest ratably over three years and amortized to expense on a straight-line basis. Additionally, certain executive officers and other senior executives who were previously granted 66% PSUs and 34% long-term cash were granted 60% PSUs and 40% RSUs in 2026. For PSUs granted in 2026, the final payout will be determined over a three-year period based on achievement of specified pre-established financial performance metrics, with PepsiCo’s total shareholder return relative to a specific set of peer companies acting as a multiplier. The Monte Carlo valuation model is used to determine the grant date fair value of the award, reflective of the total shareholder return market condition. Share-based compensation expense is adjusted for changes in the expected achievement of pre-established financial performance metrics throughout the three-year performance period.

The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses:

	12 Weeks Ended
		3/21/2026		3/22/2025
Share-based compensation expense – equity awards		$	93	$	77
Share-based compensation expense – liability awards		2		4
Restructuring charges		1		(1)
Total		$	96	$	80

The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan:

	12 Weeks Ended
	3/21/2026			3/22/2025
	Granted(a)	Weighted-Average Grant Price		Granted(a)	Weighted-Average Grant Price
Stock options	0.9	$	169.25	1.4	$	153.75
RSUs and PSUs	2.4	$	169.25	2.1	$	153.71

(a)In millions. All grant activity is disclosed at target.

We granted long-term cash awards to certain executive officers and other senior executives with an aggregate target value of $22 million during the 12 weeks ended March 22, 2025.

Our weighted-average Black-Scholes fair value assumptions are as follows:

	12 Weeks Ended
	3/21/2026		3/22/2025
Expected life	7 years		7 years
Risk-free interest rate	3.7	%	4.1	%
Expected volatility	16	%	16	%
Expected dividend yield	3.5	%	3.4	%

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Note 6 - Pension and Retiree Medical Benefits

The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows:

	12 Weeks Ended
	Pension								Retiree Medical
	U.S.				International
	3/21/2026		3/22/2025		3/21/2026		3/22/2025		3/21/2026		3/22/2025
Service cost	$	54	$	72	$	10	$	8	$	8	$	7
Other pension and retiree medical benefits (income)/expense:
Interest cost	120		135		28		26		6		7
Expected return on plan assets	(191)		(186)		(39)		(36)		(2)		(2)
Amortization of prior service cost/(credits)	2		1		—		—		(1)		(1)
Amortization of net losses/(gains)	17		19		6		4		(5)		(6)
Special termination benefits	1		16		—		—		—		—
Total other pension and retiree medical<br>benefits income	(51)		(15)		(5)		(6)		(2)		(2)
Total	$	3	$	57	$	5	$	2	$	6	$	5

We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. In addition, lump sum payments may result in settlement charges in future periods.

In the 12 weeks ended March 21, 2026 and March 22, 2025, we made discretionary contributions of $200 million and $250 million, respectively, to our U.S. qualified defined benefit plans, and $52 million and $29 million, respectively, to our international defined benefit plans.

Note 7 - Debt Obligations

In the 12 weeks ended March 21, 2026, we issued the following notes:

Interest Rate		Maturity Date	Principal Amount(a) (b)
Floating Rate		February 2028	€500
3.300	%	February 2034	€650
3.700	%	February 2038	€850
4.150	%	February 2047	€500

(a)Excludes debt issuance costs, discounts and premiums.

(b)These notes, issued in euros, were designated as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries.

The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper.

In the 12 weeks ended March 21, 2026, $1.6 billion of U.S. dollar-denominated senior notes matured and were paid.

As of March 21, 2026, we had $5.0 billion of commercial paper outstanding, excluding discounts.

Note 8 - Financial Instruments

We are exposed to market risks arising from adverse changes in:

•commodity prices, affecting the cost of our raw materials and energy;

•foreign exchange rates and currency restrictions; and

•interest rates.

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There have been no material changes during the 12 weeks ended March 21, 2026 with respect to our risk management policies or strategies and valuation techniques used in measuring the fair value of the financial assets or liabilities disclosed in Note 9 to our consolidated financial statements in our 2025 Form 10-K.

Certain of our agreements with our counterparties require us to post full collateral on derivative instruments in a net liability position if our credit rating is at A2 (Moody’s Investors Service, Inc.) or A (S&P Global Ratings) and we have been placed on credit watch for possible downgrade or if our credit rating falls below either of these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of March 21, 2026 was $97 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of March 21, 2026.

The notional amounts of our financial instruments used to hedge the above risks are as follows:

	Notional Amounts(a)
	3/21/2026		12/27/2025
Commodity contracts	$	1.4	$	1.5
Interest rate swap contracts	$	2.0	$	2.0
Foreign exchange contracts (b)	$	2.9	$	3.1
Cross-currency contracts	$	1.7	$	1.7
Non-derivative debt instruments (b)	$	11.6	$	4.4

(a)In billions.

(b)During the 12 weeks ended March 21, 2026, we designated $4.5 billion of existing euro denominated debt and $2.9 billion of euro denominated debt issued in February 2026 as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. As of March 21, 2026, there are no foreign exchange contracts designated as net investment hedges.

As of March 21, 2026, approximately 16% of total debt was subject to variable rates, after the impact of the related interest rate swap contracts, compared to approximately 11% as of December 27, 2025.

Debt Securities

Available-for-Sale

The activity related to our Level 3 (significant unobservable inputs) investments in certain available-for-sale debt securities is as follows:

	12 Weeks Ended
		3/21/2026		3/22/2025
Celsius Holdings, Inc. (Celsius):
Balance, beginning of period		$	1,852	$	785
Net unrealized (loss)/gain		(82)		110
Cash dividends received		(14)		(7)
Balance, end of period		1,756		888
Other:
Balance, beginning of period		275		256
Net unrealized loss		(33)		(14)
Balance, end of period		242		242
Total Level 3 available-for-sale balance, end of period		$	1,998	$	1,130

There were no impairment charges related to our investments in available-for-sale debt securities in both the 12 weeks ended March 21, 2026 and March 22, 2025. There were net unrealized gains of $745 million

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and $430 million as of March 21, 2026 and March 22, 2025, respectively, associated with our available-for-sale debt securities.

Recurring Fair Value Measurements

The fair values of our financial assets and liabilities are categorized as follows:

	Fair Value Hierarchy Levels(a)		3/21/2026						12/27/2025
		Assets(a)			Liabilities(a)			Assets(a)			Liabilities(a)
Available-for-sale debt securities (b)	3		$	1,998		$	—		$	2,127		$	—
Index funds (c)	1		336			—			341			—
Deferred compensation (d)	2		—			469			—			495
Contingent consideration (e)	3		—			162			—			278
Derivatives designated as fair value hedging instruments:
Interest rate swap contracts (f)	2		5			10			19			3
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts (g)	2		7			32			6			28
Cross-currency contracts (g)	2		—			113			—			102
Commodity contracts (h)	2		138			2			116			5
			145			147			122			135
Derivatives designated as net investment hedging instruments:
Foreign exchange contracts (g)	2		—			—			—			1
Cross-currency contracts (g)	2		—			71			—			34
			—			71			—			35
Derivatives not designated as hedging instruments:
Foreign exchange contracts (g)	2		4			8			6			32
Commodity contracts (h)	2		31			1			4			9
			35			9			10			41
Total derivatives at fair value (i)			185			237			151			214
Total			$	2,519		$	868		$	2,619		$	987

(a)Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities.

(b)Classified as other assets. The fair value of our investment in Celsius is estimated using probability-weighted discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs, such as an 80% probability that a certain market-based condition will be met and an average estimated discount rate of 8.5%. The fair value of the other investment is estimated using a lattice model primarily based on the underlying stock price, volatility and certain significant unobservable inputs, such as a discount rate of 8.3% based on an estimated synthetic credit rating. An increase in the probability that certain market-based conditions will be met or a decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability that certain market-based conditions will be met or an increase in the discount rate would result in a lower fair value measurement.

(c)Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.

(d)Based on the fair value of investments corresponding to employees’ investment elections.

(e)In connection with our acquisition of VNGR Beverage, LLC (poppi), we recorded a liability at fair value for the contingent consideration of $300 million payable upon achievement of certain performance milestones by the third quarter of 2027. If these performance milestones are not met, no payment will be made. The fair value of the liability is estimated using discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as forecasts of net revenue and margin. An increase in the net revenue and margin forecasts would result in a higher fair value measurement, while a decrease in the net revenue and margin forecasts would result in a lower fair value measurement. As of March 21, 2026, the fair value of the contingent consideration was $162 million, comprised of the $278 million liability as of December 27, 2025 and a fair value decrease of $116 million in the 12 weeks ended March 21, 2026 recorded in selling, general and administrative expenses.

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(f)Based on Secured Overnight Financing Rate forward rates. As of March 21, 2026, the carrying amount of hedged fixed-rate debt was $2.0 billion, which was classified on the balance sheet within long-term debt obligations.

(g)Based on recently reported market transactions of spot and/or forward rates.

(h)Primarily based on recently reported market transactions of swap arrangements.

(i)Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on our balance sheet as of March 21, 2026 and December 27, 2025 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table.

The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of March 21, 2026 and December 27, 2025 was $49 billion and $46 billion, respectively, based upon prices of identical or similar instruments in the marketplace, which are considered Level 2 inputs.

Losses/(gains) on our fair value hedges recognized in the income statement are as follows:

	12 Weeks Ended
		3/21/2026		3/22/2025
Interest rate swap contracts (a)		$	21	$	(36)

(a)Interest rate derivative losses/(gains) are included in net interest expense and other. These losses/(gains) are substantially offset by decreases/increases in the value of the underlying debt, which are also included in net interest expense and other.

Losses/(gains) on our cash flow hedges are categorized as follows:

		12 Weeks Ended
	Recognized in<br>Accumulated Other<br>Comprehensive Loss			Reclassified from<br><br>Accumulated Other<br><br>Comprehensive Loss<br><br>into Income Statement(a)
		3/21/2026		3/22/2025		3/21/2026		3/22/2025
Foreign exchange contracts		$	17	$	16	$	14	$	(16)
Cross-currency contracts		11		(19)		10		(21)
Commodity contracts		(136)		(55)		(61)		6
Total		$	(108)	$	(58)	$	(37)	$	(31)

(a)Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Cross-currency interest rate swap derivative losses/(gains) are included in selling, general and administrative expenses. Commodity derivative losses/(gains) are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. See Note 10 for further information.

As of March 21, 2026, we expect to reclassify net gains of $171 million related to our cash flow hedges from accumulated other comprehensive loss within common shareholders’ equity into net income during the next 12 months.

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Losses/(gains) on our net investment hedges are categorized as follows:

		12 Weeks Ended
	Recognized in<br>Accumulated Other<br>Comprehensive Loss			Recognized in Income Statement(a)
		3/21/2026		3/22/2025		3/21/2026		3/22/2025
Non-derivative debt instruments		$	(182)	$	110	$	—	$	—
Cross-currency contracts		38		(3)		(4)		(2)
Foreign exchange contracts		(11)		—		(2)		—
Total		$	(155)	$	107	$	(6)	$	(2)

(a)Amount excluded from the assessment of effectiveness recognized in earnings associated with cross-currency interest rate swaps and forward contracts.

Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows:

	12 Weeks Ended
	3/21/2026						3/22/2025
	Cost of sales		Selling, general and administrative expenses		Total		Cost of sales		Selling, general and administrative expenses		Total
Foreign exchange contracts	$	—	$	(3)	$	(3)	$	—	$	11	$	11
Commodity contracts	(31)		(159)		(190)		(9)		(2)		(11)
Total	$	(31)	$	(162)	$	(193)	$	(9)	$	9	$	—

Note 9 - Net Income Attributable to PepsiCo per Common Share

The computations of basic and diluted net income attributable to PepsiCo per common share are as follows:

	12 Weeks Ended
	3/21/2026			3/22/2025
	Income		Shares(a)	Income		Shares(a)
Basic net income attributable to PepsiCo per common share	$	1.70		$	1.34
Net income available for PepsiCo common shareholders	$	2,327	1,367	$	1,834	1,372
Dilutive securities:
Stock options, RSUs, PSUs and other (b)	—		4	—		4
Diluted	$	2,327	1,371	$	1,834	1,376
Diluted net income attributable to PepsiCo per common share	$	1.70		$	1.33

(a)Weighted-average common shares outstanding (in millions).

(b)The dilutive effect of these securities is calculated using the treasury stock method.

The weighted-average amount of antidilutive securities excluded from the calculation of diluted earnings per common share was 7 million for both the 12 weeks ended March 21, 2026 and March 22, 2025.

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Note 10 - Accumulated Other Comprehensive Loss Attributable to PepsiCo

The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows:

	Currency Translation Adjustment		Cash Flow Hedges		Pension and Retiree Medical		Available-for-Sale Debt Securities and Other(a)		Accumulated Other Comprehensive Loss Attributable to PepsiCo
Balance as of December 27, 2025 (b)	$	(13,494)	$	126	$	(2,262)	$	606	$	(15,024)
Other comprehensive income/(loss) before<br><br>reclassifications (c)	757		108		(10)		(129)		726
Amounts reclassified from accumulated other comprehensive loss	—		(37)		19		—		(18)
Net other comprehensive income/(loss)	757		71		9		(129)		708
Tax amounts	(38)		(16)		(3)		31		(26)
Balance as of March 21, 2026 (b)	$	(12,775)	$	181	$	(2,256)	$	508	$	(14,342)

(a)The movements primarily represent fair value changes in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 8 for further information.

(b)Pension and retiree medical amounts are net of taxes of $1,138 million as of December 27, 2025 and $1,135 million as of March 21, 2026.

(c)Currency translation adjustment primarily reflects appreciation of the euro, Mexican peso and Russian ruble.

	Currency Translation Adjustment		Cash Flow Hedges		Pension and Retiree Medical		Available-for-Sale Debt Securities and Other(a)		Accumulated Other Comprehensive Loss Attributable<br>to PepsiCo
Balance as of December 28, 2024 (b)	$	(15,217)	$	82	$	(2,714)	$	237	$	(17,612)
Other comprehensive income/(loss) before reclassifications (c)	410		58		(4)		87		551
Amounts reclassified from accumulated other comprehensive loss	—		(31)		17		—		(14)
Net other comprehensive income	410		27		13		87		537
Tax amounts	26		(5)		(3)		(21)		(3)
Balance as of March 22, 2025 (b)	$	(14,781)	$	104	$	(2,704)	$	303	$	(17,078)

(a)The movements primarily represent fair value changes in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 8 for further information.

(b)Pension and retiree medical amounts are net of taxes of $1,282 million as of December 28, 2024 and $1,279 million as of March 22, 2025.

(c)Currency translation adjustment primarily reflects appreciation of the Russian ruble and depreciation of the euro.

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The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows:

	12 Weeks Ended
		3/21/2026		3/22/2025		Affected Line Item in the Income Statement
Cash flow hedges:
Foreign exchange contracts		$	14	$	(16)	Cost of sales
Cross-currency contracts		10		(21)		Selling, general and administrative expenses
Commodity contracts		(59)		5		Cost of sales
Commodity contracts		(2)		1		Selling, general and administrative expenses
Net gains before tax		(37)		(31)
Tax amounts		8		9
Net gains after tax		(29)		(22)
Pension and retiree medical items:
Amortization of net prior service cost		1		—		Other pension and retiree medical benefits income
Amortization of net losses		18		17		Other pension and retiree medical benefits income
Net losses before tax		19		17
Tax amounts		(4)		(4)
Net losses after tax		15		13
Total net gains reclassified, net of tax		$	(14)	$	(9)

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Note 11 - Acquisitions and Divestitures

Acquisition of poppi

On May 19, 2025, we acquired all of the outstanding equity interest in poppi, a prebiotic soda business, for cash consideration of $1.95 billion and contingent consideration with an acquisition date fair value of $0.2 billion. See Note 8 for further information on the contingent consideration. In connection with this acquisition, other payments may be incurred, subject to the achievement of certain conditions.

We accounted for the transaction as a business combination in the second quarter of 2025 in our PBNA segment. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition. The preliminary estimates of the fair value of the identifiable assets acquired and liabilities assumed in this transaction as of the acquisition date primarily include goodwill and other intangible assets of approximately $2.0 billion. These preliminary estimates include management’s assumptions and are subject to revision as additional information is obtained about the facts and circumstances that existed as of the acquisition date, primarily related to intangible assets, which may result in adjustments to the preliminary values discussed above as valuations are finalized. We will finalize these amounts in the second quarter of 2026.

Acquisition of Garza Food Ventures LLC (Siete)

On January 17, 2025, we acquired all of the outstanding equity interest in Siete, a Mexican-American foods business, for total consideration of $1.2 billion in cash.

We accounted for the transaction as a business combination in the first quarter of 2025 in our PFNA segment. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition. The purchase price allocation was finalized in the first quarter of 2026.

The fair value of identifiable assets acquired and liabilities assumed in the acquisition of Siete and the resulting goodwill as of the acquisition date is summarized as follows:

Inventories	$	28
Property, plant and equipment	7
Amortizable intangible asset	65
Other indefinite-lived intangible asset (brand)	470
Other assets and liabilities	46
Total identifiable net assets	616
Goodwill	630
Total purchase price	$	1,246

Goodwill is calculated as the excess of the aggregate fair value of the consideration transferred over the fair value of the net assets recognized. The goodwill recorded as part of the acquisition of Siete primarily reflects our expectation of future economic benefits arising from growth opportunities, expanded consumer reach and the strengthening of our overall product offerings. All of the goodwill is recorded in our PFNA segment and deductible for tax purposes.

Acquisition and Divestiture-Related Charges/Credits

Acquisition and divestiture-related charges/credits include merger and integration charges, transaction expenses, such as consulting, advisory and other professional fees, as well as fair value adjustments to contingent consideration. Merger and integration charges include employee-related costs, closing costs and other integration costs.

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A summary of charges/credits is as follows:

	12 Weeks Ended
		3/21/2026		3/22/2025
PFNA		$	1	$	15
PBNA (a)		(114)		10
Total (b)		$	(113)	$	25
After-tax amount		$	(86)	$	19
Impact on net income attributable to PepsiCo per common share		$	0.06	$	(0.01)

(a)Income amount primarily relates to the change in the fair value of contingent consideration associated with our acquisition of poppi. See Note 8 for further information.

(b)Recorded in selling, general and administrative expenses.

Note 12 - Supply Chain Financing Arrangements

We maintain voluntary supply chain finance agreements with several participating global financial institutions. Under these agreements, our suppliers, at their sole discretion, may elect to sell their accounts receivable with PepsiCo to these participating global financial institutions. As of March 21, 2026 and December 27, 2025, $1.6 billion and $1.7 billion, respectively, of our accounts payable are to suppliers participating in these financing arrangements. For further information on the key terms of these supply chain financing programs, see Note 14 to our consolidated financial statements in our 2025 Form 10-K.

Note 13 - Legal Contingencies

The Company is party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations. While the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with certainty, management believes that the final outcome of the foregoing is not expected to have a material adverse effect on our financial condition, results of operations or cash flows.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FINANCIAL REVIEW

Our discussion and analysis is intended to help the reader understand our results of operations and financial condition and is provided as an addition to, and should be read in connection with, our condensed consolidated financial statements and the accompanying notes. Unless otherwise noted, tabular dollars are presented in millions, except per share amounts. All per share amounts reflect common stock per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Percentage changes are based on unrounded amounts.

Our Critical Accounting Policies and Estimates

The critical accounting policies and estimates below should be read in conjunction with those outlined in our 2025 Form 10-K.

Total Marketplace Spending

We offer sales incentives and discounts through various programs to customers and consumers. Total marketplace spending includes sales incentives, discounts, advertising and other marketing activities. Sales incentives and discounts are primarily accounted for as a reduction of revenue. A number of our sales incentives, such as bottler funding to independent bottlers and customer volume rebates, are based on annual targets, and accruals are established during the year, as products are delivered, for the expected payout, which may occur after year end once reconciled and settled.

These accruals are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels. Differences between estimated expense and actual incentive costs are normally insignificant and are recognized in earnings in the period such differences are determined. In addition, certain advertising and marketing costs are also based on annual targets and recognized during the year as incurred.

For interim reporting, our policy is to allocate our forecasted full-year sales incentives for most of our programs to each of our interim reporting periods in the same year that benefits from the programs. The allocation methodology is based on our forecasted sales incentives for the full year and the proportion of each interim period’s actual gross revenue or volume, as applicable, to our forecasted annual gross revenue or volume, as applicable. Based on our review of the forecasts at each interim period, any changes in estimates and the related allocation of sales incentives are recognized beginning in the interim period that they are identified. In addition, we apply a similar allocation methodology for interim reporting purposes for certain advertising and other marketing activities.

Income Taxes

In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate which is based on our expected annual income, statutory tax rates and tax structure and transactions, including transfer pricing arrangements, available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax rate and in evaluating our tax positions. Subsequent recognition, derecognition and measurement of a tax position taken in a previous period are separately recognized in the quarter in which they occur.

Our Business Risks

This Form 10-Q contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act). Statements that constitute forward-looking statements within the meaning of the Reform Act

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are generally identified through the inclusion of words such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “expressed confidence,” “forecast,” “future,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “position,” “potential,” “project,” “seek,” “should,” “strategy,” “target,” “will” or similar statements or variations of such words and other similar expressions. All statements addressing our future operating performance, and statements addressing events and developments that we expect or anticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking statements are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statement. Such risks and uncertainties include, but are not limited to: future demand for PepsiCo’s products; damage to PepsiCo’s reputation or brand image; product recalls or other issues or concerns with respect to product quality and safety; PepsiCo’s ability to compete effectively; PepsiCo’s ability to attract, develop and maintain a highly skilled workforce or effectively manage changes in our workforce; water scarcity; changes in the retail landscape or in sales to any key customer; disruption of PepsiCo’s manufacturing operations or supply chain, including increased commodity, packaging, transportation, labor and other input costs; political, social or geopolitical conditions in the markets where PepsiCo’s products are made, manufactured, distributed or sold; PepsiCo’s ability to grow its business in developing and emerging markets; changes in economic conditions in the countries in which PepsiCo operates; changes in tariffs and global trade relations; future cyber incidents and other disruptions to our information systems; failure to successfully complete or manage strategic transactions; PepsiCo’s reliance on third-party service providers and enterprise-wide systems; climate change or measures to address climate change and other sustainability matters; strikes or work stoppages; failure to realize benefits from PepsiCo’s productivity initiatives or organizational restructurings; deterioration in estimates and underlying assumptions regarding future performance of our business or investments that can result in impairment charges; fluctuations or other changes in exchange rates; any downgrade or potential downgrade of PepsiCo’s credit ratings; imposition or proposed imposition of new or increased taxes aimed at PepsiCo’s products; imposition of limitations on the marketing or sale of PepsiCo’s products; changes in laws and regulations related to the use or disposal of plastics or other packaging materials; failure to comply with personal data protection and privacy laws; increase in income tax rates, changes in income tax laws or disagreements with tax authorities; failure to adequately protect PepsiCo’s intellectual property rights or infringement on intellectual property rights of others; failure to comply with applicable laws and regulations; potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations; and other risks and uncertainties including those described in “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks,” included in our 2025 Form 10-K and in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” of this Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Risks Associated with Commodities and Our Supply Chain

Many of the commodities used in the production and transportation of our products are purchased in the open market. The prices we pay for such items are subject to fluctuation, and we manage this risk through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, including swaps and futures. A number of external factors, including volatile geopolitical conditions, the inflationary cost environment, import/export restrictions and tariffs, adverse weather conditions and supply chain disruptions, have impacted and may continue to impact commodity, transportation and labor costs. Additionally, conflict in the Middle East continues to disrupt global supply chains and impact

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commodity prices. When prices increase, we may or may not pass on such increases to our customers, which may result in reduced volume, revenue, margins and operating results.

See Note 8 to our condensed consolidated financial statements in this Form 10-Q and Note 9 to our consolidated financial statements in our 2025 Form 10-K for further information on how we manage our exposure to commodity prices.

Risks Associated with Climate Change

Certain jurisdictions in which our products are made, manufactured, distributed or sold have either imposed, or are considering imposing, new or increased legal and regulatory requirements to reduce or mitigate the potential effects of climate change, including regulation of greenhouse gas emissions and potential carbon pricing programs. These new or increased legal or regulatory requirements, along with initiatives to meet our sustainability goals, could result in significant increased costs and additional investments in facilities and equipment. However, we are unable to predict the scope, nature and timing of any new or increased environmental laws and regulations and therefore cannot predict the ultimate impact of such laws and regulations on our business or financial results. We continue to monitor existing and proposed laws and regulations in the jurisdictions in which our products are made, manufactured, distributed and sold and to consider actions we may take to potentially mitigate the unfavorable impact, if any, of such laws or regulations.

Risks Associated with International Operations

In the 12 weeks ended March 21, 2026, our financial results outside of North America reflect the months of January and February. In the 12 weeks ended March 21, 2026, our operations outside of the United States generated 39% of our consolidated net revenue, with Mexico, Canada, China, Russia, the United Kingdom, Brazil and South Africa, collectively, comprising 23% of our consolidated net revenue. As a result, we are exposed to foreign exchange risks in the international markets in which our products are made, manufactured, distributed or sold. In the 12 weeks ended March 21, 2026, favorable foreign exchange contributed to net revenue performance by 3 percentage points primarily due to an appreciation of the Mexican peso, Russian ruble and euro. Currency declines against the U.S. dollar which are not offset could adversely impact our future financial results.

In addition, volatile economic, political, social and geopolitical conditions, civil unrest and wars and other military conflicts, acts of terrorism and natural disasters and other catastrophic events in certain markets in which our products are made, manufactured, distributed or sold, including in Argentina, Brazil, China, Mexico, the Middle East (including Egypt), Russia, Turkey and Ukraine, continue to result in challenging operating environments and have resulted in and could continue to result in changes in how we operate in certain of these markets. Debt and credit issues, currency controls or fluctuations, sanctions and export controls in certain of these international markets (including restrictions on the transfer of funds to and from certain markets) have also continued to impact our operations in certain of these international markets. We continue to closely monitor the economic, operating and political environment in the markets in which we operate, including risks of additional impairments or write-offs and currency fluctuation, and to identify actions to potentially mitigate any unfavorable impacts on our future results. Our operations in Russia accounted for 4% of our consolidated net revenue for the 12 weeks ended March 21, 2026. Russia accounted for 5% of our consolidated assets, including 19% of our consolidated cash and cash equivalents and 40% of our accumulated currency translation adjustment loss as of March 21, 2026.

See Note 8 to our condensed consolidated financial statements in this Form 10-Q for the fair values of our financial instruments as of March 21, 2026 and December 27, 2025 and Note 9 to our consolidated financial statements in our 2025 Form 10-K for a discussion of these items.

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Risks Associated with Tariffs

The imposition of tariffs (including U.S. tariffs imposed or threatened to be imposed on China, the European Union, Canada and Mexico and other countries and any tariffs imposed by such countries) have impacted and could continue to impact our supply chain resulting in increased input costs, including the cost of certain raw materials and packaging. During the twelve weeks ended March 21, 2026, the U.S. Supreme Court ruled that many of the tariffs previously imposed under the International Emergency Economic Powers Act were invalid. The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and are subject to further legal, regulatory, and administrative developments. In addition, the U.S. Administration initiated new tariffs and may impose additional tariffs. As a result, there remains significant uncertainty regarding the duration and scope of existing and future tariffs and the impact of such tariffs will continue to vary, including based on where inputs are sourced from and shipped to. In addition, any supply chain constraints, inflationary impacts or reduced consumer demand for our products as a result of such tariffs or ongoing macroeconomic uncertainty have impacted and could continue to impact our results. We will continue to evaluate the nature and extent of the impact of these tariffs on our business, to identify actions to potentially mitigate, where possible, any unfavorable impacts on our business and to monitor the regulatory and administrative developments around the potential refund of tariffs previously paid and assess their impact on our future results.

Imposition of Taxes and Regulations on our Products

Certain jurisdictions in which our products are made, manufactured, distributed or sold have either imposed, or are considering imposing, new or increased taxes or regulations on the manufacture, distribution or sale of our products or their packaging, ingredients or substances contained in, or attributes of, our products or their packaging, commodities used in the production of our products or their packaging or the recyclability or recoverability of our packaging. These taxes and regulations vary in scope and form. For example, some taxes apply to all beverages, including non-caloric beverages, while others apply only to beverages with a caloric sweetener (e.g., sugar). Further, some regulations apply to all products using certain types of packaging (e.g., plastic), while others are designed to increase the sustainability of packaging, encourage waste reduction and increased recycling rates or facilitate the waste management process or restrict the sale of products in certain packaging. In addition, certain jurisdictions in which our snack products are sold have either imposed or are considering imposing, new or increased taxes on the manufacture, distribution or sale of certain of our snack products as a result of ingredients (such as sugar, sodium or saturated fat) contained in our products.

We sell a wide variety of beverages and convenient foods in more than 200 countries and territories and the profile of the products we sell, the amount of revenue attributable to such products and the type of packaging used vary by jurisdiction. Because of this, we cannot predict the scope or form potential taxes, regulations or other limitations on our products or their packaging may take, and therefore cannot predict the impact of such taxes, regulations or limitations on our financial results. In addition, taxes, regulations and limitations may impact us and our competitors differently. We expect continued scrutiny of certain ingredients and substances present in certain of our products and packaging. We continue to monitor existing and proposed taxes and regulations in the jurisdictions in which our products are made, manufactured, distributed and sold and to consider actions we may take to potentially mitigate the unfavorable impact, if any, of such taxes, regulations or limitations, including advocating alternative measures with respect to the imposition, form and scope of any such taxes, regulations or limitations.

Organization for Economic Co-operation and Development (OECD) Model Global Minimum Tax

In 2026, widespread implementation of the OECD model rules for a global minimum tax rate of 15% came into effect in various countries in which we do business, including European Union member states,

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resulting in an increase in our income tax provision. We will continue to monitor for additional changes to the legislation, which could further impact our income tax provision.

Retail Landscape

Our industry continues to be affected by disruption of the retail landscape, including the continued growth in sales through e-commerce websites and mobile commerce applications, including through subscription services, the integration of physical and digital operations among retailers and the international expansion of hard discounters. We have seen and expect to continue to see a further shift to e-commerce, online-to-offline and other online purchasing by consumers. We continue to monitor changes in the retail landscape and seek to identify actions we may take to build our global e-commerce and digital capabilities, such as expanding our direct-to-consumer business, and distribute our products effectively through all existing and emerging channels of trade and potentially mitigate any unfavorable impacts on our future results.

Changing dynamics at the retail level have also impacted and may continue to impact our ability to grow in certain jurisdictions. In this changing retail landscape, retailers and buying groups are shifting traditional value propositions, removing our products or otherwise reducing shelf space allocated to our products and focusing on introducing and developing private-label brands. We have seen and expect to continue to see retailers and buying groups impact our ability to compete in these jurisdictions. We continue to monitor our relationships with retailers and buying groups and seek to identify actions we may take to maintain mutually beneficial relationships and resolve any significant disputes and potentially mitigate any unfavorable impacts on our future results.

Cautionary statements included above and in “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” in our 2025 Form 10-K should be considered when evaluating our trends and future results.

Results of Operations – Consolidated Review

Consolidated Results

Volume

Physical or unit volume is one of the key metrics management uses internally to make operating and strategic decisions, including the preparation of our annual operating plan and the evaluation of our business performance. We believe volume provides additional information to facilitate the comparison of our historical operating performance and underlying trends and provides additional transparency on how we evaluate our business because it measures demand for our products at the consumer level. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Financial Results – Volume” included in our 2025 Form 10-K for further information on volume. Unit volume performance adjusts for the impacts of acquisitions and divestitures. Acquisitions and divestitures, when used in this report, reflect mergers and acquisitions activity, as well as divestitures and other structural changes. Further, unit volume performance excludes the impact of an additional week of results every five or six years (53rd reporting week), where applicable.

We report all of our international operations on a monthly calendar basis. The 12 weeks ended March 21, 2026 and March 22, 2025 include volume outside of North America for the months of January and February.

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Consolidated Net Revenue and Operating Profit

	12 Weeks Ended
		3/21/2026			3/22/2025			Change
Net revenue		$	19,443		$	17,919		9	%
Operating profit		$	3,213		$	2,583		24	%
Operating margin		16.5		%	14.4		%	2.1

See “Results of Operations – Segment Review” for a tabular presentation and discussion of key drivers of net revenue.

Operating profit increased 24%, primarily driven by productivity savings, net revenue growth, a favorable impact of net mark-to-market gains on commodity derivatives, a favorable net impact of acquisition and divestiture-related charges/credits and a 4-percentage-point favorable impact of foreign exchange translation, partially offset by certain operating cost increases.

Other Consolidated Results

	12 Weeks Ended
		3/21/2026			3/22/2025			Change
Other pension and retiree medical benefits income		$	(58)		$	(23)		$	(35)
Net interest expense and other		$	301		$	264		$	37
Tax rate		21.3		%	21.3		%
Net income attributable to PepsiCo		$	2,327		$	1,834		27		%
Net income attributable to PepsiCo per common share – diluted		$	1.70		$	1.33		27		%

Other pension and retiree medical benefits income increased $35 million, primarily reflecting the impact of the prior year recognition of special termination benefits due to restructuring actions as part of our 2019 Productivity Plan, changes in discount rates and higher expected return on plan assets.

Net interest expense and other increased $37 million, due to higher average debt balances, lower interest rates on average cash balances, higher losses on the market value of investments used to economically hedge a portion of our deferred compensation liability, partially offset by higher average cash balances and lower interest rates on average debt balances.

The reported tax rate was even with the prior year, primarily reflecting higher tax benefits from foreign results, offset by the impact of the OECD model global minimum tax.

Results of Operations – Segment Review

While our financial results in North America are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of January and February are reflected in our results for the 12 weeks ended March 21, 2026 and March 22, 2025.

In the discussions of net revenue and operating profit below, “effective net pricing” reflects the year-over-year impact of discrete pricing actions, sales incentive activities and mix resulting from selling varying products in different package sizes and in different countries.

See “Our Business Risks,” “Non-GAAP Measures” and “Items Affecting Comparability” for a discussion of items to consider when evaluating our results and related information regarding measures not in accordance with GAAP.

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Net Revenue and Organic Revenue Performance

Organic revenue performance is a non-GAAP financial measure. For a description of and further information regarding this measure, see “Non-GAAP Measures.”

	12 Weeks Ended 3/21/2026
			Impact of				Impact of
	Reported <br>% Change, GAAP measure		Foreign exchange translation	Acquisitions and divestitures	Organic<br><br>% Change, non-GAAP measure(a)		Organic volume change(b)	Effective net pricing
PFNA	2	%	—	(1)	1	%	2	(1)
PBNA	9	%	—	(7)	2	%	(4)	6
IB Franchise	9	%	(4)	—	5	%	(3)	8
EMEA	18	%	(12)	—	7	%	6	—
LatAm Foods	16	%	(13)	—	3	%	(2)	5.5
Asia Pacific Foods	11	%	(4)	—	7	%	10	(2)
Total	9	%	(3)	(2.5)	3	%	—	2

(a)Amounts may not sum due to rounding.

(b)Excludes the impact of acquisitions and divestitures. In certain instances, the impact of organic volume change on net revenue performance differs from the unit volume change disclosed in the following segment discussions due to the impacts of product mix, nonconsolidated joint venture volume, and, for our franchise beverage businesses, temporary timing differences between bottler case sales and concentrate shipments and equivalents (CSE). We report net revenue from our franchise beverage businesses based on CSE. The volume sold by our nonconsolidated joint ventures has no direct impact on our net revenue.

Operating Profit, Operating Profit Adjusted for Items Affecting Comparability and Operating Profit Performance Adjusted for Items Affecting Comparability on a Constant Currency Basis

Operating profit adjusted for items affecting comparability and operating profit performance adjusted for items affecting comparability on a constant currency basis are both non-GAAP financial measures. For a description of and further information regarding these measures, see “Non-GAAP Measures” and “Items Affecting Comparability.”

	12 Weeks Ended 3/21/2026
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Corporate unallocated expenses		Total
Reported, GAAP measure	$	1,429	$	736	$	321	$	278	$	428	$	217	$	(196)	$	3,213
Items Affecting Comparability (a)
Mark-to-market net impact	—		—		—		—		—		—		(182)		(182)
Restructuring and impairment charges	75		17		7		23		3		1		6		132
Acquisition and divestiture-related charges/credits	1		(114)		—		—		—		—		—		(113)
Core, non-GAAP measure	1,505		639		328		301		431		218		(372)		3,050
Impact of foreign exchange translation	(4)		(3)		(11)		(29)		(56)		(9)		—		(112)
Core Constant Currency, non-GAAP measure	$	1,501	$	636	$	317	$	272	$	375	$	209	$	(372)	$	2,938		Reported Operating Profit % Change, GAAP measure	(7)	%	60	%	16	%	27	%	24	%	36	%	(53)	%	24	%
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Core Operating Profit % Change, non-GAAP measure	(4)	%	7	%	18	%	29	%	23	%	35	%	(8)	%	9	%
Core Constant Currency Operating Profit % Change, non-GAAP measure	(5)	%	7	%	14	%	17	%	7	%	30	%	(8)	%	5	%

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	12 Weeks Ended 3/22/2025
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Corporate unallocated expenses		Total
Reported, GAAP measure	$	1,536	$	460	$	277	$	220	$	344	$	160	$	(414)	$	2,583
Items Affecting Comparability (a)
Mark-to-market net impact	—		—		—		—		—		—		(16)		(16)
Restructuring and impairment charges	24		125		2		13		7		1		25		197
Acquisition and divestiture-related charges/credits	15		10		—		—		—		—		—		25
Core, non-GAAP measure	$	1,575	$	595	$	279	$	233	$	351	$	161	$	(405)	$	2,789

(a)See “Items Affecting Comparability” for further information.

PFNA

Net revenue increased 2%, primarily driven by an increase in organic volume and a favorable impact of acquisitions, partially offset by unfavorable net pricing.

Unit volume grew 2%, driven primarily by a 2% increase in savory snacks volume.

Operating profit decreased 7%, primarily reflecting certain operating cost increases, the unfavorable net pricing, a 5-percentage-point unfavorable impact of gains associated with sales of certain assets in the prior year and higher restructuring charges. These impacts were partially offset by productivity savings and an increase in organic volume.

PBNA

Net revenue increased 9%, primarily driven by a favorable net impact of acquisitions and divestitures and effective net pricing, partially offset by an organic volume decline.

Unit volume declined 2.5%, primarily driven by a 3% decline in carbonated soft drink volume and a 2% decline in non-carbonated beverage volume.

Operating profit increased 60%, primarily driven by productivity savings, a favorable net impact of acquisition and divestiture-related charges/credits related to our poppi acquisition, lower restructuring charges and the effective net pricing. These impacts were partially offset by certain operating cost increases, the decline in organic volume, higher advertising and marketing expenses and a 5-percentage-point impact of higher commodity costs.

IB Franchise

Net revenue increased 9%, reflecting effective net pricing and a 4-percentage-point impact of favorable foreign exchange translation, partially offset by an organic volume decline.

Unit volume grew 0.5%, reflecting broad-based increases, partially offset by a decline in Mexico.

Operating profit increased 16%, primarily reflecting the effective net pricing and a 4-percentage-point impact of favorable foreign exchange translation, partially offset by certain operating cost increases.

EMEA

Net revenue increased 18%, primarily reflecting a 12-percentage-point impact of favorable foreign exchange translation, primarily driven by the strengthening of the Russian ruble, and organic volume growth.

Convenient foods unit volume grew 9%, primarily reflecting growth in South Africa and the Middle East.

Beverage unit volume grew 2%, primarily reflecting growth in the Middle East, partially offset by declines in Turkey and Russia.

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Operating profit increased 27%, primarily reflecting the net revenue growth, productivity savings and a 12-percentage-point impact of favorable foreign exchange translation, primarily driven by the strengthening of the Russian ruble. These impacts were partially offset by certain operating cost increases and a 10-percentage-point impact of a dairy-related inventory reserve.

LatAm Foods

Net revenue increased 16%, reflecting a 13-percentage-point impact of favorable foreign exchange translation, primarily driven by the strengthening of the Mexican peso, and effective net pricing, partially offset by a decline in organic volume.

Unit volume declined 2%, primarily reflecting a decline in Mexico.

Operating profit increased 24%, primarily reflecting the effective net pricing, a 16-percentage-point impact of favorable foreign exchange translation, primarily driven by the strengthening of the Mexican peso, and productivity savings. These impacts were partially offset by certain operating cost increases and the decline in organic volume.

Asia Pacific Foods

Net revenue increased 11%, reflecting organic volume growth and a 4-percentage-point impact of favorable foreign exchange translation, partially offset by unfavorable net pricing.

Unit volume grew 9%, primarily reflecting growth in India and China.

Operating profit increased 36%, primarily reflecting productivity savings, the organic volume growth, a 10-percentage-point impact of lower commodity costs, primarily potatoes and packaging materials, and a 6-percentage-point impact of favorable foreign exchange translation. These impacts were partially offset by certain operating cost increases and the unfavorable net pricing.

Non-GAAP Measures

Certain financial measures contained in this Form 10-Q adjust for the impact of specified items and are not in accordance with GAAP. We use non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of our overall business performance and as a factor in determining compensation for certain employees. We believe presenting non-GAAP financial measures in this Form 10-Q provides additional information to facilitate comparison of our historical operating results and trends in our underlying operating results and provides additional transparency on how we evaluate our business. We also believe presenting these measures in this Form 10-Q allows investors to view our performance using the same measures that we use in evaluating our financial and business performance and trends.

We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Examples of items for which we may make adjustments include: amounts related to mark-to-market gains or losses (non-cash); charges related to restructuring plans; charges and credits associated with acquisitions and divestitures; gains associated with divestitures; asset impairment charges (non-cash); product recall-related impact; pension and retiree medical-related amounts, including all settlement and curtailment gains and losses; charges or adjustments related to the enactment of new laws, rules or regulations, such as tax law changes; amounts related to the resolution of tax positions; tax benefits related to reorganizations of our operations; and debt redemptions, cash tender or exchange offers. See below and “Items Affecting Comparability” for a description of adjustments to our GAAP financial measures in this Form 10-Q.

Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In

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addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

The following non-GAAP financial measures contained in this Form 10-Q are discussed below:

Organic revenue performance

We define organic revenue performance as a measure that adjusts for the impacts of foreign exchange translation (on a constant currency basis, as defined below), acquisitions and divestitures, and every five or six years, the impact of the 53rd reporting week. We also apply the constant currency calculation for our subsidiaries operating in highly inflationary economies. Adjusting for acquisitions and divestitures reflects mergers and acquisitions activity, as well as divestitures and other structural changes, including changes in ownership or control in consolidated subsidiaries and nonconsolidated equity investees. We believe organic revenue performance provides useful information in evaluating the results of our business because it adjusts for items that we believe are not indicative of ongoing performance or that we believe impact comparability with the prior year.

See “Net Revenue and Organic Revenue Performance” in “Results of Operations – Segment Review” for further information.

Cost of sales, gross profit, selling, general and administrative expenses, other pension and retiree medical benefits income, provision for income taxes and net income attributable to PepsiCo, each adjusted for items affecting comparability, operating profit and net income attributable to PepsiCo per common share – diluted, each adjusted for items affecting comparability and the corresponding constant currency growth rates

These measures exclude the net impact of mark-to-market gains and losses on centrally managed commodity derivatives that do not qualify for hedge accounting, restructuring and impairment charges related to our 2019 Productivity Plan and charges and credits associated with our acquisitions and divestitures (see “Items Affecting Comparability” for a detailed description of each of these items). We also evaluate performance on operating profit and net income attributable to PepsiCo per common share – diluted, each adjusted for items affecting comparability on a constant currency basis, which measure our financial results assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In order to compute our constant currency results, we multiply or divide, as appropriate, our current-year U.S. dollar results by the current-year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We also apply the constant currency calculation for our subsidiaries operating in highly inflationary economies. We believe these measures provide useful information in evaluating the results of our business because they exclude items that we believe are not indicative of our ongoing performance or that we believe impact comparability with the prior year.

Free cash flow

We define free cash flow as net cash from operating activities less capital spending, plus sales of property, plant and equipment. Since net capital spending (capital spending less cash proceeds from sales of property, plant and equipment) is essential to our product innovation initiatives and maintaining our operational capabilities, we believe that it is a recurring and necessary use of cash. As such, we believe investors should also consider net capital spending when evaluating our cash from operating activities. Free cash flow is used by us primarily for acquisitions and financing activities, including debt repayments, dividends and share repurchases. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

See “Free Cash Flow” in “Our Liquidity and Capital Resources” for further information.

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Items Affecting Comparability

Our reported financial results in this Form 10-Q are impacted by the following items in each of the following periods:

	12 Weeks Ended 3/21/2026
	Cost of sales		Gross profit		Selling, general and administrative expenses		Operating profit		Other pension<br>and retiree<br><br>medical benefits<br><br>income		Provision<br><br>for<br><br>income<br><br>taxes(a)		Net income attributable to PepsiCo
Reported, GAAP measure	$	8,712	$	10,731	$	7,518	$	3,213	$	58	$	632	$	2,327
Items Affecting Comparability
Mark-to-market net impact	35		(35)		147		(182)		—		(43)		(139)
Restructuring and impairment charges	(19)		19		(113)		132		1		31		102
Acquisition and divestiture-related charges/credits	—		—		113		(113)		—		(27)		(86)
Core, non-GAAP measure	$	8,728	$	10,715	$	7,665	$	3,050	$	59	$	593	$	2,204			12 Weeks Ended 3/22/2025
---	---	---	---	---	---	---	---	---	---	---
	Cost of sales		Gross profit		Selling, general and administrative expenses		Operating profit		Other pension and retiree medical benefits income		Provision for income taxes(a)		Net income attributable to PepsiCo
Reported, GAAP measure	$	7,926	$	9,993	$	7,410	$	2,583	$	23	$	499	$	1,834
Items Affecting Comparability
Mark-to-market net impact	11		(11)		5		(16)		—		(3)		(13)
Restructuring and impairment charges	(1)		1		(196)		197		16		22		191
Acquisition and divestiture-related charges/credits	—		—		(25)		25		—		6		19
Core, non-GAAP measure	$	7,936	$	9,983	$	7,194	$	2,789	$	39	$	524	$	2,031

(a)Provision for income taxes is the expected tax charge/benefit on the underlying item based on the tax laws and income tax rates applicable to the underlying item in its corresponding tax jurisdiction.

	12 Weeks Ended
		3/21/2026		3/22/2025			Change
Net income attributable to PepsiCo per common share – diluted, GAAP measure		$	1.70	$	1.33		27	%
Mark-to-market net impact		(0.10)		(0.01)
Restructuring and impairment charges		0.07		0.14
Acquisition and divestiture-related charges/credits		(0.06)		0.01
Core net income attributable to PepsiCo per common share – diluted, non-GAAP measure		$	1.61	$	1.48	(a)	9	%
Impact of foreign exchange translation							(4)
Change in core net income attributable to PepsiCo per common share – diluted, on a constant currency basis, non-GAAP measure							5	%

(a)Does not sum due to rounding.

Mark-to-Market Net Impact

We centrally manage commodity derivatives on behalf of our segments. These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. These gains and losses are subsequently reflected in segment results when the segments recognize the cost of the underlying commodity in operating profit. Therefore, the segments realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in corporate unallocated expenses.

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Restructuring and Impairment Charges

2019 Multi-Year Productivity Plan

The 2019 Productivity Plan leverages new technology and business models to further simplify, harmonize and automate processes; re-engineers our go-to-market and information systems, including deploying the right automation for each market; and simplifies our organization and optimizes our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in 2024, we further expanded and extended the plan through the end of 2030 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $6.15 billion, including cash expenditures of approximately $5.1 billion. Plan-to-date through March 21, 2026, we have incurred pre-tax charges of $3.7 billion, including cash expenditures of $2.8 billion. We expect to incur the majority of the remaining pre-tax charges and cash expenditures through 2027, with the balance to be incurred through 2030. Charges include severance and other employee costs, asset impairments and other costs.

See Note 3 to our condensed consolidated financial statements in this Form 10-Q, as well as Note 3 to our consolidated financial statements in our 2025 Form 10-K, for further information related to our 2019 Productivity Plan.

We regularly evaluate productivity initiatives beyond the productivity plan and other initiatives discussed above and in Note 3 to our condensed consolidated financial statements.

Acquisition and Divestiture-Related Charges/Credits

Acquisition and divestiture-related charges/credits include merger and integration charges, transaction expenses, such as consulting, advisory and other professional fees, as well as fair value adjustments to contingent consideration. Merger and integration charges include employee-related costs, closing costs and other integration costs.

See Note 11 to our condensed consolidated financial statements for further information.

Our Liquidity and Capital Resources

We believe that our cash generating capability and financial condition, together with our revolving credit facilities, working capital lines and other available methods of debt financing, such as commercial paper borrowings and long-term debt financing, will be adequate to meet our operating, investing and financing needs, including with respect to our net capital spending plans. Our primary sources of liquidity include cash from operations, proceeds obtained from issuances of commercial paper and long-term debt, and cash and cash equivalents. These sources of cash are available to fund cash outflows that have both a short- and long-term component, including debt repayments and related interest payments; payments for acquisitions; operating leases; purchase, marketing, and other contractual commitments, including capital expenditures and the transition tax liability under the Tax Cuts and Jobs Act (TCJ Act). In addition, these sources of cash fund other cash outflows including anticipated dividend payments and share repurchases. We do not have guarantees or off-balance sheet financing arrangements, including variable interest entities, that we believe could have a material impact on our liquidity. See “Our Business Risks” and Note 7 to our condensed consolidated financial statements included in this Form 10-Q, as well as “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” and Note 8 to our consolidated financial statements included in our 2025 Form 10-K for further information.

As of March 21, 2026, cash, cash equivalents and short-term investments in our consolidated subsidiaries outside of Russia that are subject to currency controls or currency exchange restrictions were not material. As of March 21, 2026, Russia accounted for 19% of our consolidated cash and cash equivalents. Our

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sources and uses of cash were not materially adversely impacted by the cash and cash equivalents held in Russia and, to date, we have not identified any material impact on our liquidity or capital resources as a result of these amounts. See “Our Business Risks” for further information on our operations in Russia.

The TCJ Act imposed a one-time mandatory transition tax on undistributed international earnings. As of March 21, 2026, our mandatory transition tax liability was $965 million, which was fully paid in April 2026. See “Our Liquidity and Capital Resources” and Note 5 to our consolidated financial statements included in our 2025 Form 10-K for further discussion of the TCJ Act.

Supply chain financing arrangements did not have a material impact on our liquidity or capital resources in the periods presented and we do not expect such arrangements to have a material impact on our liquidity or capital resources for the foreseeable future. See Note 12 to our condensed consolidated financial statements for further discussion of supply chain financing arrangements.

Operating Activities

During the 12 weeks ended March 21, 2026, net cash provided by operating activities was $41 million, compared to net cash used for operating activities of $1.0 billion in the prior-year period. The increase in operating cash flow primarily reflects favorable operating profit performance and favorable working capital comparisons.

Investing Activities

During the 12 weeks ended March 21, 2026, net cash used for investing activities was $0.5 billion, primarily reflecting net capital spending of $0.4 billion.

We regularly review our plans with respect to net capital spending and believe that we have sufficient liquidity to meet our net capital spending needs.

Financing Activities

During the 12 weeks ended March 21, 2026, net cash provided by financing activities was $1.7 billion, primarily reflecting proceeds from the issuances of long-term debt of $3.0 billion and net proceeds from short-term borrowings of $2.4 billion, partially offset by the return of operating cash flow to our shareholders through dividend payments and share repurchases of $2.1 billion, as well as payments of long-term debt borrowings of $1.6 billion.

We annually review our capital structure with our Board of Directors, including our dividend policy and share repurchase activity. On February 3, 2026, we announced a new share repurchase program providing for the repurchase of up to $10 billion of PepsiCo common stock which commenced on February 1, 2026 and will expire on February 28, 2030. In addition, on February 3, 2026, we announced a 4% increase in our annualized dividend to $5.92 per share from $5.69 per share, effective with the dividend expected to be paid in June 2026. We expect to return a total of approximately $8.9 billion to shareholders in 2026, comprising dividends of approximately $7.9 billion and share repurchases of approximately $1.0 billion.

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Free Cash Flow

The table below reconciles net cash provided by/(used for) operating activities, as reflected on our cash flow statement, to our free cash flow. Free cash flow is a non-GAAP financial measure. For further information on free cash flow, see “Non-GAAP Measures.”

	12 Weeks Ended
	3/21/2026		3/22/2025
Net cash provided by/(used for) operating activities, GAAP measure	$	41	$	(973)
Capital spending	(447)		(603)
Sales of property, plant and equipment	13		132
Free cash flow, non-GAAP measure	$	(393)	$	(1,444)

We use free cash flow primarily for acquisitions and financing activities, including debt repayments, dividends and share repurchases. We expect to continue to return free cash flow to our shareholders primarily through dividends and share repurchases while maintaining Tier 1 commercial paper access, which we believe will facilitate appropriate financial flexibility and ready access to global capital and credit markets at favorable interest rates. See “Our Business Risks” included in this Form 10-Q, as well as “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks,” included in our 2025 Form 10-K, for certain factors that may impact our credit ratings or our operating cash flows.

Any downgrade of our credit ratings by a credit rating agency, especially any downgrade to below investment grade, whether or not as a result of our actions or factors which are beyond our control, could increase our future borrowing costs and impair our ability to access capital and credit markets on terms commercially acceptable to us, or at all. In addition, any downgrade of our current short-term credit ratings could impair our ability to access the commercial paper market with the same flexibility that we have experienced historically, and therefore require us to rely more heavily on more expensive types of debt financing. See Note 7 to our condensed consolidated financial statements and “Our Business Risks” included in this Form 10-Q, as well as “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” included in our 2025 Form 10-K for further information.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

PepsiCo, Inc.:

Results of Review of Interim Financial Information

We have reviewed the Condensed Consolidated Balance Sheet of PepsiCo, Inc. and subsidiaries (the Company) as of March 21, 2026, the related Condensed Consolidated Statements of Income, Comprehensive Income, Cash Flows and Equity for the twelve weeks ended March 21, 2026 and March 22, 2025, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Balance Sheet of the Company as of December 27, 2025, and the related Consolidated Statements of Income, Comprehensive Income, Cash Flows and Equity for the fiscal year then ended (not presented herein); and in our report dated February 2, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying Condensed Consolidated Balance Sheet as of December 27, 2025 is fairly stated, in all material respects, in relation to the Consolidated Balance Sheet from which it has been derived.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG LLP

New York, New York

April 15, 2026

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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks.” In addition, see “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” and Note 9 to our consolidated financial statements in our 2025 Form 10-K.

ITEM 4. Controls and Procedures.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this report our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

During the 12 weeks ended March 21, 2026, we continued migrating certain of our financial processing systems to an Enterprise Resource Planning (ERP) solution. These systems implementations are part of our ongoing global business transformation initiative, and we plan to continue implementing such systems throughout other parts of our businesses in phases over the next several years. In connection with these ERP implementations, we are updating and will continue to update our internal control over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures. During the 12 weeks ended March 21, 2026, we continued implementing these systems, resulting in changes that materially affected our internal control over financial reporting. These system implementations did not have an adverse effect, nor do we expect will have an adverse effect, on our internal control over financial reporting. In addition, in connection with our 2019 multi-year productivity plan, we continue to migrate to shared business models across our operations to further simplify, harmonize and automate processes. In connection with our 2019 multi-year productivity plan and resulting organization and business process changes, we continue to enhance the design and documentation of our internal control over financial reporting processes, to maintain effective controls over our financial reporting. These changes have not materially affected, and we do not expect them to materially affect, our internal control over financial reporting.

Except with respect to the continued implementation of ERP systems, there have been no changes in our internal control over financial reporting during the 12 weeks ended March 21, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We will continue to assess the impact on our internal control over financial reporting as we continue to implement our ERP solution and our 2019 multi-year productivity plan.

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PART II OTHER INFORMATION

ITEM 1. Legal Proceedings.

The following information should be read in conjunction with the discussion set forth under Part I, “Item 3. Legal Proceedings” in our 2025 Form 10-K.

As previously disclosed, on April 11, 2025, the Commissioner of the Department of Licensing and Consumer Affairs and Government of the United States Virgin Islands filed a lawsuit against PepsiCo, Inc., PepsiCo Caribbean, Inc., and two other unrelated parties asserting claims for public nuisance and deceptive acts or practices in the conduct of business allegedly resulting in plastic pollution in the Virgin Islands (the USVI Matter). The lawsuit was initially filed in the Superior Court of the United States Virgin Islands, Division of St. Croix. On May 19, 2025, the defendants removed the case to federal court in the United States District Court of the Virgin Islands, Division of St. Croix. On June 18, 2025, the Government of the United States Virgin Islands filed a motion to remand the case back to the Superior Court. On March 23, 2026, the United States District Court of the Virgin Islands, Division of St. Croix issued a decision remanding our case back to the Superior Court of the United States Virgin Islands, Division of St. Croix, where the matter is currently pending. Please refer to Part I, “Item 3. Legal Proceedings” in our 2025 Form 10-K for additional information.

In addition, we and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations. While the results of the NYS Matter, Baltimore Matter and Los Angeles Matters (each, as defined in our 2025 Form 10-K), the USVI Matter and each such other litigation, claim, legal or regulatory proceeding, inquiry and investigation cannot be predicted with certainty, management believes that the final outcome of the foregoing is not expected to have a material adverse effect on our financial condition, results of operations or cash flows. See also “Item 1. Business – Regulatory Matters” and “Item 1A. Risk Factors” in our 2025 Form 10-K.

ITEM 1A. Risk Factors.

There have been no material changes with respect to the risk factors disclosed in our 2025 Form 10-K.

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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

A summary of our common stock repurchases (in millions, except average price per share) during the 12 weeks ended March 21, 2026 is set forth in the table below.

Issuer Purchases of Common Stock

Period	Total<br><br>Number of<br><br>Shares<br><br>Repurchased(a)	Average Price<br>Paid Per Share		Total Number<br>of Shares<br>Purchased as<br>Part of Publicly<br>Announced<br>Plans or<br>Programs	Approximate<br>Dollar Value of<br>Shares That May Yet Be<br>Purchased<br>Under the Plans<br>or Programs
12/28/2025 - 1/24/2026	—	$	—	—	$	—
					10,000
1/25/2026 - 2/21/2026	0.3	$	165.06	0.3	(41)
					9,959
2/22/2026 - 3/21/2026	0.9	$	160.88	0.9	(152)
Total	1.2	$	161.75	1.2	$	9,807

(a)All shares were repurchased in open market transactions pursuant to the $10 billion repurchase program authorized by our Board and publicly announced on February 3, 2026, which commenced on February 1, 2026 and will expire on February 28, 2030. Shares repurchased under this program may be repurchased in open market transactions, in privately negotiated transactions, in accelerated stock repurchase transactions or otherwise.

ITEM 5. Other Information.

During the 12 weeks ended March 21, 2026, none of our directors or executive officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K.

ITEM 6. Exhibits.

See “Index to Exhibits” on page 42.

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INDEX TO EXHIBITS

ITEM 6

EXHIBIT
Exhibit 3.1	Amended and Restated Articles of Incorporation of PepsiCo, Inc., effective as of May 1, 2019, which are incorporated herein by reference to Exhibit 3.1 to PepsiCo, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 3, 2019.
Exhibit 3.2	By-Laws of PepsiCo, Inc., as amended and restated, effective as of September 20, 2024, which are incorporated herein by reference to Exhibit 3.2 to PepsiCo, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 20, 2024.
Exhibit 4.1	Form of Floating Rate Note due 2028, which is incorporated herein by reference to Exhibit 4.1 to PepsiCo, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 11, 2026.
Exhibit 4.2	Form of 3.300% Senior Note due 2034, which is incorporated herein by reference to Exhibit 4.2 to PepsiCo, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 11, 2026.
Exhibit 4.3	Form of 3.700% Senior Note due 2038, which is incorporated herein by reference to Exhibit 4.3 to PepsiCo, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 11, 2026.
Exhibit 4.4	Form of 4.150% Senior Note due 2047, which is incorporated herein by reference to Exhibit 4.4 to PepsiCo, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 11, 2026.
Exhibit 10.1	2026 Form of Annual Long-Term Incentive Award Agreement (Performance Stock Units/Restricted Stock Units).
Exhibit 10.2	2026 Form of Special Long-Term Incentive Award Agreement (Restricted Stock Units).
Exhibit 15	Letter re: Unaudited Interim Financial Information.
Exhibit 22	Subsidiary Issuer of Guaranteed Securities.
Exhibit 31	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101	The following materials from PepsiCo, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 21, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income, (ii) the Condensed Consolidated Statement of Comprehensive Income, (iii) the Condensed Consolidated Statement of Cash Flows, (iv) the Condensed Consolidated Balance Sheet, (v) the Condensed Consolidated Statement of Equity, and (vi) Notes to the Condensed Consolidated Financial Statements.
Exhibit 104	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 21, 2026, formatted in iXBRL and contained in Exhibit 101.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PepsiCo, Inc.
		(Registrant)
Date:	April 15, 2026	/s/ Christine E. Tammara
		Christine E. Tammara
		Senior Vice President and Controller
		(Principal Accounting Officer)
Date:	April 15, 2026	/s/ David Flavell
		David Flavell
		Executive Vice President, General Counsel and Corporate Secretary
		(Duly Authorized Officer)

43

Document

Exhibit 10.1

2026 PEPSICO ANNUAL LONG-TERM INCENTIVE AWARD

PERFORMANCE STOCK UNITS / RESTRICTED STOCK UNITS

TERMS AND CONDITIONS

These Terms and Conditions (including the country-specific terms set forth in the attached Addendum), along with the 2026 PepsiCo Annual Long-Term Incentive Award Summary provided to the Participant (the “Award Summary”), and signed by the individual named on the Award Summary (the “Participant”), shall together constitute an agreement (this “Agreement”), effective as of the “grant date” indicated on the Award Summary (the “Grant Date”), by and between PepsiCo, Inc., a North Carolina corporation having its principal office at 700 Anderson Hill Road, Purchase, New York 10577 (“PepsiCo,” and with its divisions and direct and indirect subsidiaries, the “Company”), and the Participant.

W I T N E S S E T H:

WHEREAS, the Board of Directors and shareholders of PepsiCo have approved the PepsiCo, Inc. Long-Term Incentive Plan (the “Plan”), for the purposes and subject to the provisions set forth in the Plan; and

WHEREAS, pursuant to the authority granted to it in the Plan, the Compensation Committee of the Board of Directors of PepsiCo (the “Committee”), authorized, on or prior to the Grant Date, the grant to the Participant of PepsiCo performance stock units (“PSUs”) and restricted stock units (“RSUs”) on the Grant Date and in the respective amounts set forth on the Award Summary; and

WHEREAS, awards granted under the Plan are to be evidenced by an Agreement in such form and containing such terms and conditions as the Committee shall determine.

NOW, THEREFORE, it is mutually agreed as follows:

A. Terms and Conditions Applicable to PSUs. These terms and conditions shall apply with respect to the PSUs, if any, granted to the Participant as indicated on the Award Summary.

1. Grant. In consideration of the Participant remaining in the employ of the Company and agreeing to be bound by the covenants of Paragraph C, PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, a target number of PSUs indicated on the Award Summary.

2. Vesting and Payment. PSUs may only vest while the Participant is actively employed by the Company. Subject to Paragraphs A.3 and A.4 below, the PSUs earned in accordance with Paragraph A.3 shall vest on the “vesting date” as indicated on the Award Summary (the “PSU Vesting Date”) and be paid as soon as practicable after the PSU Vesting Date (the “PSU Payment Date”). PSUs that become earned and payable shall be settled in shares of PepsiCo Common Stock, with the Participant receiving one share of PepsiCo Common Stock for each PSU earned. No fractional shares shall be delivered under this Agreement, and so any fractional share that may be payable shall be rounded to the nearest whole share. Any amount that the Company may be required to withhold upon the settlement of PSUs and/or the payment of dividend equivalents (see Paragraph A.6 below) in respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of the issuance of shares or payment of cash. Unless the Participant makes other arrangements to satisfy this withholding obligation in accordance with procedures approved by the Company in its discretion, the Company shall withhold shares to satisfy the required withholding obligation related to the settlement of PSUs. In the event the Participant is subject to Section 16 of the Securities Exchange Act of 1934 at the time of payment, tax

withholding shall be accomplished by net share settlement with the Company in accordance with procedures approved by the Company in its discretion.

3. Earning and Forfeiture of PSUs. The Participant can earn a specified number of PSUs with respect to the period which shall include the fiscal year in which the Grant Date occurs and the two fiscal years following such year (the “Performance Period”). Subject to the terms and conditions set forth herein, the number of PSUs that are earned with respect to the Performance Period shall be equal to the product obtained by multiplying the target number of PSUs set forth in the Award Summary by (i) the percentage of achievement of the performance measures as described in subparagraph 3(a), up to a maximum of 200% of the target number of PSUs set forth in the Award Summary, and by (ii) the rTSR Modifier, and rounding to the nearest whole number. Any PSUs that are not earned in accordance with this Paragraph A.3 shall be forfeited and cancelled.

(a) Performance Measures. One-half of the PSUs shall be earned based on and subject to the level of achievement with respect to a performance measure selected by the Committee for the Performance Period and one-half of the PSUs shall be earned based on and subject to a separate performance measure selected by the Committee for the Performance Period, pursuant to the performance scale established by the Committee and communicated to the Participant. The Committee shall determine and certify the results of the level of achievement of such performance measure.

(b) rTSR Modifier. The rTSR Modifier shall be determined based on the percentile ranking of PepsiCo’s total shareholder return for the Performance Period relative to the total shareholder returns of an index of peer companies selected by the Committee, calculated in accordance with the method established by the Committee (“rTSR”). The rTSR Modifier shall be equal to the following rounded to the second decimal: (i) if the rTSR is less than or equal to the 25th percentile the rTSR Modifier will be 0.75, (ii) if the rTSR is equal to the 50% percentile the rTSR Modifier will be 1.00, and (iii) if the rTSR is greater than or equal to the 75th percentile, the rTSR Modifier will be 1.25. If the rTSR falls between the 25th and the 75th percentile, the rTSR Modifier will be determined based on linear interpolation. The peer index group will be adjusted in certain cases. A company will be removed from the index of peer companies for the entire Performance Period if the company is acquired or the company’s stock ceases to be publicly traded during the Performance Period. If a peer company files for bankruptcy during the Performance Period, it will remain in the index of peer companies with its total shareholder return deemed to be -100% for the entire Performance Period.

Notwithstanding the level of performance achieved with respect to the performance targets established under Paragraphs A.3(a) and (b) above, the Committee has the discretion to reduce the number of PSUs to be paid. The Committee’s right to exercise this discretion with respect to the earned portion of the PSUs shall continue until the date on which the PSUs are delivered to the Participant. Except in the case of death or Total Disability, the portion of the PSUs with respect to which a Participant has satisfied the performance criteria will be payable in one payment as soon as practicable on or after the PSU Payment Date. Any PSUs that are not earned in accordance with this Paragraph A.3 shall be forfeited and cancelled.

4. Effect of Termination of Employment, Retirement, Death and Total Disability.

(a) Termination of Employment. PSUs may vest and become payable only while the Participant is actively employed by the Company. Thus, vesting ceases upon the termination of the Participant’s active employment with the Company. Subject to subparagraphs 4(b), 4(c), 4(d), and 4(e), all unvested PSUs shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates regardless of whether any such PSUs have previously been earned in accordance with Paragraph A.3 above. An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of PSUs will not be extended by any such period.

(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to the PSU Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a number of the PSUs granted hereunder shall be vested on the Participant’s last day of active employment with the Company, with such number determined in proportion to the Participant’s active service (measured in calendar days) during the period commencing on the Grant Date and ending on the PSU Vesting Date (the “PSU Vesting Period”). All PSUs that vest in accordance with the foregoing sentence shall remain subject to the earning and forfeiture provisions of Paragraph A.3 and shall be paid, in whole shares, on the original PSU Payment Date.

(c)  Retirement on or After Age 62. If the Participant’s employment terminates by reason of the Participant’s Retirement after attaining at least age 62, then the PSUs granted hereunder shall become fully vested on the Participant’s last day of active employment with the Company. All such vested PSUs shall remain subject to the earning and forfeiture provisions of Paragraph A.3 and shall be paid, in whole shares, on the original PSU Payment Date.

(d) Death or Total Disability. If the Participant’s employment terminates by reason of the Participant’s death or Total Disability, then the target number of PSUs set forth in the Award Summary shall become fully vested on the Participant’s last day of active employment with the Company (which, for purposes of Total Disability, means the effective date of Total Disability), and shall be paid as soon as practicable following the date of termination.

(e) Transfers to a Related Entity. In the event the Participant transfers to a Related Entity (as defined below) and such transfer is arranged and approved by PepsiCo, the PSUs shall continue to vest (and their time of payment shall be determined) after such transfer by treating the Participant’s employment with the Related Entity as employment with the Company for purposes of this Agreement. All such PSUs shall remain subject to the vesting, earning and forfeiture provisions of Paragraphs A.2 and A.3 and shall be paid on the original PSU Payment Date.

5. No Rights as Shareholder. The Participant shall have no rights as a holder of PepsiCo Common Stock with respect to the PSUs granted hereunder unless and until such PSUs have been settled in shares of PepsiCo Common Stock that have been registered in the Participant’s name as owner.

6. Dividend Equivalents. During the PSU Vesting Period, the Participant shall accumulate dividend equivalents with respect to the PSUs, which dividend equivalents shall be paid in cash (without interest) to the Participant only if and when the applicable PSUs vest and become payable. Dividend equivalents shall equal the dividends actually paid with respect to PepsiCo Common Stock during the PSU Vesting Period while (and to the extent) the PSUs remain outstanding and unpaid. For purposes of determining the dividend equivalents accumulated under this Paragraph A.6, any PSUs that become payable hereunder shall be considered to have been outstanding from the Grant Date. Upon the forfeiture of PSUs, any accumulated dividend equivalents attributable to such PSUs shall also be forfeited.

B. Terms and Conditions Applicable to RSUs . These terms and conditions shall apply with respect to RSUs, if any, granted to the Participant indicated on the Award Summary.

1. Grant. In consideration of the Participant remaining in the employ of the Company and agreeing to be bound by the covenants of Paragraph C, PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, the number of RSUs indicated on the Award Summary.

2. Vesting. Subject to the terms and conditions set forth herein, 33% of the number of RSUs specified on the Award Summary shall become vested on each of the first and second March 1 that follows the Grant Date and 34% of the number of RSUs specified on the Award Summary shall become vested on the third March 1 that follows the Grant Date (each such date, an “RSU Vesting Date”) and the vested RSUs shall be paid as soon as practicable after the applicable RSU Vesting Date (but not later than

March 15 following the applicable RSU Vesting Date). Subject to Paragraph 4(b), 4(c) and 4(d) below, RSUs may vest only while the Participant is actively employed by the Company. An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of RSUs will not be extended by any such period.

3. Payment. RSUs that vest and become payable shall be settled in shares of PepsiCo Common Stock with the Participant receiving one share of PepsiCo Common Stock for each vested RSU. No fractional shares shall be delivered under this Agreement, and so any fractional share that may be payable shall be rounded to the nearest whole share. Any amount that the Company may be required to withhold upon the settlement of RSUs and/or the payment of dividend equivalents (see Paragraph B.6 below) in respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of the issuance of shares or payment of cash. Unless the Participant makes other arrangements to satisfy this withholding obligation in accordance with procedures approved by the Company in its discretion, the Company shall withhold shares to satisfy the required withholding obligation related to the settlement of RSUs. In the event the Participant is subject to Section 16 of the Securities Exchange Act of 1934 at the time of payment, tax withholding shall be accomplished by net share settlement with the Company in accordance with procedures approved by the Company in its discretion.

4. Effect of Termination of Employment, Retirement, Death and Total Disability.

(a) Termination of Employment. RSUs may vest and become payable only while the Participant is actively employed by the Company. Thus, vesting ceases upon the termination of the Participant’s active employment with the Company. Subject to subparagraphs 4(b), 4(c), and 4(d), all unvested RSUs shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates . An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of RSUs will not be extended by any such period.

(b) Retirement Prior to Age 62. If the Participant’s employment with the Company terminates prior to an RSU Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a number of RSUs granted hereunder shall be vested on the Participant’s last day of active employment with the Company, with such number determined in proportion to the Participant’s active service (measured in calendar days) during the period commencing on the Grant Date and ending on the last RSU Vesting Date, and shall be paid in whole shares as soon as practicable after the next RSU Vesting Date (but not later than March 15 after such RSU Vesting Date), net of any RSUs previously paid out.

(c) Retirement on or After Age 62, Death or Total Disability. If the Participant’s employment with the Company terminates by reason of the Participant’s Retirement after attaining at least age 62, death or Total Disability, then the Participant will be fully vested on the Participant’s last day of active employment with the Company (which for purposes of Total Disability, means the effective date of Total Disability) and such RSUs will be paid on the schedule specified in Paragraph B.2 (but without applying the condition requiring continued active employment by the Company), net of any RSUs previously paid out.

(d) Transfers to a Related Entity. In the event the Participant transfers to a Related Entity and such transfer is arranged and approved by PepsiCo, the RSUs shall continue to vest (and the time of payment shall be determined) after such transfer by treating the Participant’s employment with the Related Entity as employment with the Company for purposes of this Agreement.

5. No Rights as Shareholder. The Participant shall have no rights as a holder of PepsiCo Common Stock with respect to the RSUs granted hereunder unless and until such RSUs have been settled in shares of PepsiCo Common Stock that have been registered in the Participant’s name as owner.

6. Dividend Equivalents. During the period commencing on the Grant Date and ending on each RSU Vesting Date, the Participant shall accumulate dividend equivalents with respect to the RSUs, which dividend equivalents shall be paid in cash (without interest) to the Participant only if and when the applicable RSUs vest and become payable. Dividend equivalents shall equal the dividends actually paid with respect to PepsiCo Common Stock during the RSU vesting period while (and to the extent) the RSUs remain outstanding and unpaid. For purposes of determining the dividend equivalents accumulated under this Paragraph B.6, any RSUs that become payable hereunder shall be considered to have been outstanding from the Grant Date. Upon the forfeiture of RSUs, any accumulated dividend equivalents attributable to such RSUs shall also be forfeited.

C. Prohibited Conduct. In consideration of the Company disclosing and providing access to Confidential Information, as more fully described in Paragraph C.2 below, after the date hereof, the grant by the Company of the PSUs and RSUs, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Participant and the Company, intending to be legally bound, hereby agree as follows.

1. Non-Competition and Non-Solicitation. To the extent permissible by applicable laws and rules, the Participant hereby covenants and agrees that at all times during the Participant’s employment with the Company and for a period of twelve months after the termination of the Participant’s employment with the Company for any reason whatsoever (including a termination due to the Participant’s Retirement), the Participant will not, without the prior written consent of PepsiCo’s chief people officer or chief legal officer, directly or indirectly, either as an employee, consultant, contractor, investor, agent or in any other capacity, engage in any activities prohibited in the following Paragraphs C.1(a) through (c):

(a)  Render the same or similar services as the services the Participant provided for the Company (collectively “Competitive Services”) to or for any person or business entity that sells, distributes, manufactures or develops Covered Products (as defined below) (a “Competitor”) anywhere in the United States or in any other country where a Competitor competes with a Company business for which the Participant provided material services or assistance;

(b) Recruit, hire, solicit or induce, or attempt to recruit, hire, solicit or induce, any Covered Employee (as defined below) or contractor of the Company to terminate their employment with or otherwise cease or reduce their relationship with the Company; or

(c)  Knowingly engage in any conduct on behalf of another business that is intended to cause or could foreseeably cause Covered Customers or Covered Suppliers (as defined below) to cease or reduce doing business with the Company.

Notwithstanding anything in this Paragraph C.1, the Participant shall not be considered to be in violation of Paragraph C.1(a) solely by reason of owning, directly or indirectly, up to five percent (5%) in the aggregate of any class of securities of any publicly traded corporation engaged in the prohibited activities described in Paragraph C.1(a).

Notwithstanding anything in this Paragraph C.1, nothing in this Agreement bars the Participant from engaging in Protected Activity (as defined below).

The Company advises the Participant to consult with an attorney regarding the provisions in this Paragraph C.1 before accepting this Agreement. Participant agrees and acknowledges that Participant has been given at least fourteen (14) days in which to consider these restrictions before entering into this Agreement. Part of the consideration described in the Award Summary and provided under this

Agreement is in exchange for the Participant’s promises in this Paragraph C.1, Non-Competition and Non-Solicitation.

2. Non-Disclosure. In order to assist the Participant with the Participant’s duties, the Company shall continue to provide the Participant with access to Confidential Information and proprietary operational information that is either information not known by actual or potential competitors, customers and third parties of the Company or is proprietary information of the Company. “Confidential Information” consists of information and compilations of information, in any form (tangible or intangible), related to the Company’s business and of value to it that the Participant first gained knowledge of or access to as a consequence of the Participant’s employment with the Company if the Company has not made it public or authorized public disclosure of it and it is not readily available through lawful and proper means to the public or others in the industry who have no obligation to keep it confidential. Confidential Information includes, but is not limited to, technical or non-technical data, a formula (including cost and/or pricing formula), pattern (including pricing and discount history), compilation, program, device, method (including cost and/or pricing methods, marketing programs and operating methods), technique, drawing, process, financial data, or list of actual or potential customers or suppliers. The Participant agrees that, pursuant to Paragraph C.3 below, the Participant will retain no copies or records of Confidential Information after the Participant’s employment with the Company ends. The Participant acknowledges that during the course of the Participant’s relationship with the Company, the Participant has learned and will continue to learn important Confidential Information related to the Company’s business. The Participant also acknowledges that such Confidential Information is not generally available to the public and includes, but is not limited to, information about the Company’s customers (e.g., names, contacts, requirements, nature of accounts, terms, rates and prices, and costs), operations (e.g., production, marketing and distribution processes, techniques, methods and plans), and finances and business (e.g., information regarding ownership; information regarding personnel entrusted to the Participant in confidence as part of the Participant’s job duties; sources, availability and cost of supplies and materials; financial data relating to projected and historical sales, income, expenses, profits and general financial standing).  The Participant agrees that such Confidential Information remains confidential even if committed to the Participant’s memory.  The Participant agrees, during the term of the Participant’s employment and at all times thereafter, not to use, divulge, or furnish or make accessible to any third party, company, corporation or other organization (including but not limited to, customers or competitors of the Company), without the Company’s prior written consent, any Confidential Information of the Company, except as necessary in the Participant’s position with the Company or as permitted below with respect to Protected Activity (as defined below). The Participant understands and agrees that “Confidential Information” protected in this Agreement is hereby amended to exclude information protected as Protected Activity (as defined below).

Notwithstanding the foregoing, nothing in this Agreement, the Plan, any other Award made under the Plan or in any other confidentiality provision to which the Participant may be subject as a result of the Participant’s employment with the Company shall: (1) limit the Participant’s rights to make truthful statements or disclosures about any facts and circumstances related to any claim or allegation of unlawful discrimination by the Company and, for Participants located in California, shall not prevent such California Participant from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Participant has reason to believe is unlawful or violates public policy; (2) bar the Participant from giving testimony pursuant to a compulsory legal process or as otherwise required by law; or (3) prohibit the Participant from, without notice to the Company, filing a complaint or charge with a government authority, recognized self-regulatory organization or law enforcement agency (including, but not limited to, the Equal Employment Opportunity Commission and the Securities and Exchange Commission), communicating with a

government authority, recognized self-regulatory organization or law enforcement agency , providing information to a government authority, recognized self-regulatory organization or law enforcement agency , participating in a government authority, recognized self-regulatory organization or law enforcement agency investigations, or testifying in government authority, recognized self-regulatory organization or law enforcement agency proceedings concerning any possible legal violations or from receiving a monetary award for information provided to a government authority, recognized self-regulatory organization or law enforcement agency (collectively, “Protected Activity”).  The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by the privilege. Further, notwithstanding any confidentiality provision to which the Participant may be subject, the Participant is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

3. Return of Confidential Information and Company Property. The Participant further represents that whenever the Participant’s employment with the Company ends for any reason, within 5 business days of the Participant’s last day of active employment Participant will return to the Company any Company property in Participant’s possession, including Company information, however stored (i.e., hard-copy documentation or electronically stored information on whatever media or in whatever format) and tangible equipment. This includes but is not limited to Confidential Information (as defined in Paragraph C. 2 above), other information regarding the Company’s business plans, programs, processes, methods or decisions, as well as credit cards, keys, identification cards, cellular phones, pagers, iPhones, iPads, fax or computer equipment, etc. Any credit cards issued to Participant by the Company will be discontinued as of Participant’s last day of active employment. To the extent Participant has any such Company property (including Confidential Information) stored on any personal digital assistant, personal computer, personal email or cloud accounts, or any other storage device, Participant agrees to promptly provide a copy of all such property and information to the Company upon the termination of Participant’s active employment and to permanently delete all such property and information from such personal devices and accounts unless directed otherwise by the Company.

4. Misconduct. During the term of the Participant’s employment with the Company, the Participant shall not engage in any of the following acts that are considered to be contrary to the Company’s best interests: (a) breaching any contract with or violating any obligation to the Company, including, without limitation, the Company’s Code of Conduct, Insider Trading Policy or any other written policies of the Company, (b) unlawfully trading in the securities of PepsiCo or of any other company based on information gained as a result of the Participant’s employment with the Company, (c) committing acts involving gross misconduct in the performance of employment duties, dishonesty, fraud, illegality, or moral turpitude, or that cause or contribute to the need for an accounting adjustment to PepsiCo’s financial results, or (d) in the judgment of the Company, engaging in conduct that may be detrimental to or reflect unfavorably upon the Company or its brands, services, or products; provided, however that nothing in this paragraph is intended to bar the Participant from engaging in Protected Activity.

5. Reasonableness of Provisions. The Participant agrees that: (a) the terms and provisions of this Agreement are reasonable and constitute an otherwise enforceable agreement to which the terms and provisions of this Paragraph C are ancillary or a part of; (b) the consideration provided by the Company under this Agreement is not illusory; (c) the restrictions contained in this Paragraph C are necessary and reasonable for the protection of the legitimate business interests and goodwill of the Company; and (d) the consideration given by the Company under this Agreement, including, without limitation, the provision by the Company of Confidential Information to the Participant, gives rise to the Company’s interest in the covenants set forth in this Paragraph C.

6. Repayment and Forfeiture. The Participant specifically recognizes and affirms that each of the covenants contained in Paragraphs C.1 through C.4 of this Agreement is a material and important term of this Agreement that has induced the Company to provide for the award of the PSUs and the RSUs granted hereunder, the disclosure of Confidential Information referenced herein, and the other promises made by the Company herein.  The Participant further agrees that in the event that (i) the Company determines that the Participant has breached any term of Paragraphs C.1 through C.4 or (ii) all or any part of Paragraph C is held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in an action between the Participant and the Company, in addition to any other remedies at law or in equity the Company may have available to it, the Company may in its sole discretion:

(a)  cancel any unpaid PSUs or any unpaid RSUs granted hereunder; and/or

(b)  require the Participant to pay to the Company the value (determined as of the date paid) of any PSUs and RSUs that have been paid out.

In addition to the provisions of this Paragraph C.6, the Participant agrees that the Participant will be bound by the terms of the Company’s Compensation Recovery Policy for Covered Executives (or any successor policy), as applicable, and any other Company compensation clawback policy applicable to the Participant that the Company may adopt from time to time, and as permitted under applicable law.

7. Equitable Relief. In the event the Company determines that the Participant has breached or attempted or threatened to breach any term of Paragraph C, in addition to any other remedies at law or in equity the Company may have available to it, it is agreed that the Company shall be entitled, upon application to any court of proper jurisdiction, to a temporary restraining order or preliminary injunction (without the necessity of (a) proving irreparable harm, (b) establishing that monetary damages are inadequate or (c) posting any bond with respect thereto) against the Participant prohibiting such breach or attempted or threatened breach by proving only the existence of such breach or attempted or threatened breach.

8. Extension of Restrictive Period. The Participant agrees that the period during which the covenants contained in this Paragraph C shall be effective shall be computed by excluding from such computation any time during which the Participant is in violation of any provision of Paragraph C.

9. Acknowledgments. The Company and the Participant agree that it was their intent to enter into a valid and enforceable agreement.  The Participant and the Company thereby acknowledge, to the extent permissible by applicable laws and rules, the reasonableness of the restrictions set forth in Paragraph C, including the reasonableness of the geographic area, duration as to time and scope of activity restrained.  To the extent permissible by applicable laws and rules, the Participant further acknowledges that the Participant’s skills are such that the Participant can be gainfully employed in noncompetitive employment and that the agreement not to compete will not prevent the Participant from earning a living.  The Participant agrees that if any covenant contained in Paragraph C of this Agreement is found by a court of

competent jurisdiction to contain limitations as to time, geographical area, or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time, geographical area, and scope of activity to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other business interests of the Company and to enforce the covenants as reformed.

10. Provisions Independent. The covenants on the part of the Participant in this Paragraph C shall be construed as an agreement independent of any other agreement, including any employee benefit agreement, and independent of any other provision of this Agreement, and the existence of any claim or cause of action of the Participant against the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.

11. Notification of Subsequent Employer. The Participant agrees that the Company may notify any person or entity employing the Participant or evidencing an intention of employing the Participant of the existence and provisions of this Agreement.

12. Transfers to a Related Entity. In the event the Participant transfers to a Related Entity as a result of actions by PepsiCo, any reference to “Company” in this Paragraph C shall be deemed to refer to such Related Entity in addition to the Company.

D. Additional Terms and Conditions.

1. Adjustment for Change in PepsiCo Common Stock. In the event of any change in the outstanding shares of PepsiCo Common Stock by reason of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination or exchange of shares, spin-off or other similar corporate change, the number and type of shares to which the PSUs held by the Participant relate shall be adjusted, as may be, and to such extent (if any), determined to be appropriate and equitable by the Committee.

2. Nontransferability. Unless the Committee specifically determines otherwise: (a) the PSUs and RSUs are personal to the Participant and (b) neither the PSUs nor the RSUs shall be transferable or assignable, other than in the case of the Participant’s death by will or the laws of descent and distribution, and any such purported transfer or assignment shall be null and void.

3. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

(a) “Covered Customer” are those the Participant engaged with, supervised dealings with, or obtained or had access to Confidential Information about during the Look Back Period (as defined below). If New York law controls, a Covered Customer will not include a customer of Company that was a pre-existing customer of the Participant that became a customer of the Company solely as a result of the Participant’s contact and business development efforts with the customer prior to and independent from the Participant’s employment with the Company.

(b) “Covered Employees” are those Company employees the Participant supervised, worked with, gained knowledge of, or obtained or had access to Confidential Information about during the Look Back Period.

(c) “Covered Products” are the types of products, with respect to which the Participant provided services for the Company or about which the Participant obtained or had access to Confidential Information during the Look Back Period, and that were produced, marketed, sold, licensed or, to the Participant’s knowledge, under development by a business of the Company, including, without limitation, any product that falls into one or more of the following categories: (i) in-home and commercial beverage systems, consumables, carbon dioxide gas refills, and ready-to-drink beverages, including without limitation carbonated soft drinks, tea, water, juices, juice drinks, juice products, sports drinks, energy drinks, alcoholic beverages, and coffee drinks; (ii) dairy products; (iii) snacks, including salty snacks; fruit and vegetable snacks; dips and spreads; nuts; sweet snacks; meat snacks; granola, nutrition and cereal bars; and cookies; (iv) hot cereals and ready-to-eat cereals; (v) pancake mixes and pancake syrup; (vi) grain-based and/or grain alternative/grain free food products; (vii) pasta products; (viii) rice products, or (ix) sports performance nutrition products, including without limitation energy, protein, carbohydrate, nutrition and meal replacement chews, bars, powders, gels, drinks, or drink mixes.

(d) “Covered Suppliers” are those the Participant engaged with, supervised dealings with, or obtained or had access to Confidential Information about during the Look Back Period.

(e) “Look Back Period” means the three (3) years prior to the Participant’s termination of employment with the Company.

(f) “Participation” shall be construed broadly to include, without limitation: (i) serving as a director, officer, employee, consultant or contractor with respect to such a business entity; (ii) providing input, advice, guidance or suggestions to such a business entity; or (iii) providing a recommendation or testimonial on behalf of such a business entity or one or more products it produces.

(g) “Related Entity” shall mean any entity (i) as to which PepsiCo directly or indirectly owns 20% or more, but less than a majority, of the entity’s voting securities, general partnership interests, or other voting or management rights at the relevant time and (ii) which the Committee or its delegate deems in its sole discretion to be a related entity at the relevant time.

(h) “Retirement” shall mean (i) early, normal or late retirement as used in the U.S. pension plan of the Company in which the Participant participates (if any) and for which the Participant is eligible pursuant to the terms of such plan or (ii) termination of employment after attaining at least age 55 and completing at least 10 years of service with the Company (or, if earlier, after attaining at least age 65 and completing at least five years of service with the Company), with the number of years of service completed by a Participant subject to clause (ii) to be calculated in accordance with administrative procedures established from time to time under the Plan.

(i) “Total Disability” shall mean being considered totally disabled under the PepsiCo Long-Term Disability Program (as amended and restated from time to time), with such status having resulted in benefit payments from such plan or another Company-sponsored disability plan and 12 months having elapsed during which the Participant was so considered to be disabled from the cause of the current disability. The effective date of a Participant’s Total Disability shall be the first day that all of the foregoing requirements are met.

4. Notices. Any notice to be given to PepsiCo in connection with the terms of this Agreement shall be addressed to PepsiCo at 700 Anderson Hill Road, Purchase, New York 10577, Attention: Senior Vice President, Global Total Rewards, or such other address as PepsiCo may hereafter designate to the Participant. Any such notice shall be deemed to have been duly given when personally delivered,

addressed as aforesaid, or when enclosed in a properly sealed envelope or wrapper, addressed as aforesaid, and deposited, postage prepaid, with the federal postal service.

5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any assignee or successor in interest to PepsiCo, whether by merger, consolidation or the sale of all or substantially all of PepsiCo’s assets. PepsiCo will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of PepsiCo expressly to assume and agree to perform this Agreement in the same manner and to the same extent that PepsiCo would be required to perform if no such succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Participant or the Participant’s legal representative and any person to whom the PSUs and RSUs may be transferred by will or the applicable laws of descent and distribution.

6. No Contract of Employment; Agreement’s Survival. This Agreement is not a contract of employment.  This Agreement does not impose on the Company any obligation to retain the Participant in its employ and shall not interfere with the ability of the Company to terminate the Participant’s employment relationship at any time. This Agreement shall survive the termination of the Participant’s employment for any reason. If an entity ceases to be a majority-owned subsidiary of PepsiCo for purposes of Rule 12b-2 of the Exchange Act or a Related Entity, such cessation shall, for purposes of this Agreement, be deemed to be a termination of employment with the Company with respect to any Participant employed by such entity, unless the Committee or its delegate determines otherwise in its sole discretion.

7. Registration, Listing and Qualification of Shares of PepsiCo Common Stock. The Committee may require that the Participant make such representations and agreements and furnish such information as the Committee deems appropriate to assure compliance with or exemption from the requirements of any securities exchange, any foreign, federal, state or local law, any governmental regulatory body, or any other applicable legal requirement, and PepsiCo Common Stock shall not be issued unless and until the Participant makes such representations and agreements and furnishes such information as the Committee deems appropriate.

8. Amendment; Waiver. The terms and conditions of this Agreement may be amended in writing by the chief people officer or chief legal officer of PepsiCo (or either of their delegates); provided, however, that (i) no such amendment shall adversely affect the awards granted hereunder without the Participant’s written consent (except to the extent the Committee reasonably determines that such amendment is necessary or appropriate to comply with applicable law, including the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder pertaining to the deferral of compensation, or the rules and regulations of any stock exchange on which PepsiCo Common Stock is listed or quoted); and (ii) the amendment must be permitted under the Plan. Notwithstanding the first sentence of this Paragraph, the chief people officer or chief legal officer is permitted to amend and terminate the Agreement and accelerate payment under the Agreement pursuant to the requirements of Treas. Reg. §1.409A-3(j)(4)(ix) without the Participant’s written consent. The Company’s failure to insist upon strict compliance with any provision of this Agreement or failure to exercise, or any delay in exercising, any right, power or remedy under this Agreement shall not be deemed to be a waiver of such provision or any such right, power or remedy which the Board (as defined in the Plan), the Committee or the Company has under this Agreement.

9. Severability or Reform by Court. In the event that any provision of this Agreement is deemed by a court to be broader than permitted by applicable law, then such provision shall be reformed (or otherwise revised or narrowed) so that it is enforceable to the fullest extent permitted by applicable law. If

any provision of this Agreement shall be declared by a court to be invalid or unenforceable to any extent, the validity or enforceability of the remaining provisions of this Agreement shall not be affected.

10. Plan Terms. The PSUs, the RSUs and the terms and conditions set forth herein are subject in all respects to the terms and conditions of the Plan and any guidelines, policies or regulations which govern administration of the Plan. The Committee reserves its rights to amend or terminate the Plan at any time without the consent of the Participant, to the extent permitted under Paragraph D.8 above. The Committee shall have full power and authority to administer and interpret the Plan and to adopt or establish such rules, regulations, agreements, guidelines, procedures and instruments that are not contrary to the terms of the Plan and that, in its opinion, may be necessary or advisable for the administration and operation of the Plan. All interpretations or determinations of the Committee or its delegate shall be final, binding and conclusive upon the Participant (and the Participant’s legal representatives and any recipient of a transfer of the PSUs or RSUs permitted by this Agreement) on any question arising hereunder or under the Plan or other guidelines, policies or regulations which govern administration of the Plan.

11. Participant Acknowledgements. By entering into this Agreement, the Participant acknowledges and agrees that:

(a) the PSUs and the RSUs will be exclusively governed by the terms of the Plan, this Agreement, and any other guidelines, policies or regulations that govern administration of the Plan, including the right reserved by the Company to amend or cancel the Plan at any time without the Company incurring liability to the Participant (except for PSUs and RSUs already granted under the Plan);

(b) the Participant has been provided a copy of PepsiCo’s Prospectus relating to the Plan, the PSUs and RSUs (and the shares covered thereby);

(c) the PSUs and RSUs are not a constituent part of the Participant’s salary and that the Participant is not entitled, under the terms and conditions of the Participant’s employment, or by accepting or being awarded any PSUs or RSUs pursuant to this Agreement, to require options, performance stock units, cash or other awards to be granted to the Participant in the future under the Plan or any other plan;

(d) upon payment of PSUs or RSUs, the Participant will arrange for payment to the Company an estimated amount to cover employee payroll taxes resulting from such payment which payment shall be in the manner set forth in this Agreement and/or, to the extent necessary, any balance may be withheld from the Participant’s wages;

(e)  notwithstanding any action taken by the Company, the Participant is ultimately liable for any or all income tax, social insurance, payroll tax, payment on account or other tax-related items ("Tax-Related Items") related to the Participant's participation in the Plan and legally applicable to the Participant. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect to the award, including, but not limited to, the grant, vesting or settlement and exercise of the award, the subsequent sale of PepsiCo Common Stock acquired pursuant to such award and the receipt of any dividends and/or dividend equivalents; and (ii) does not commit to and is under no obligation to structure the terms of any Award to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result;

(f) benefits received under the Plan will be excluded from the calculation of termination indemnities or other severance payments;

(g) in the event of termination of the Participant’s employment, a severance or notice period to which the Participant may be entitled under local law and which follows the date of termination specified in a notice of termination or other document evidencing the termination of the Participant’s employment will not be treated as active employment for purposes of this Agreement and, as a result, vesting of unvested PSUs or RSUs will not be extended by any such period;

(h) for purposes of this Agreement, a Participant will be considered actively employed during (i) the first six months of an authorized leave of absence (other than a severance leave) approved by the Company, in its sole discretion, or (ii) other statutory leaves that have requirements in excess of six months;

(i) the Participant will seek all necessary approvals under, make all required notifications under and comply with all laws, rules and regulations applicable to the ownership of stock, including, without limitation, currency and exchange laws, rules and regulations;

(j) this Agreement will be interpreted and applied so that the PSUs and the RSUs, to the extent possible, will not be subject to Code Section 409A under Code Section 409A’s exemption for short-term deferrals. For this purpose and, if necessary, for compliance with Code Section 409A, each tranche of RSUs, which is identified by a separate RSU Vesting Date, shall be considered a separate award for purposes of Code Section 409A, and payment “as soon as practicable” means payment not more than 30 days, or earlier as necessary to make payment by March 15 in accordance with Paragraph B.2. To the extent the PSUs or RSUs are subject to Code Section 409A, then payment of the PSUs or RSUs will be made only upon the occurrence of the first of the following events on which the award is vested (and only to the extent vested): (i) the PSU Vesting Date (for PSUs) or each RSU Vesting Date (for RSUs); (ii) a Change in Control that qualifies under Code Section 409A(a)(2)(A)(v) (a “409A CIC”), and (iii) a termination of employment if it occurs within two years after a 409A CIC and if it constitutes a Code Section 409A separation from service (and in this case, the six-month delay of Code Section 409A(a)(2)(B)(i) shall apply to “specified employees,” determined under the default rules of Code Section 409A or such other rules as apply generally under the Company’s Section 409A plans). Notwithstanding any other provision of this Agreement, this Agreement will be modified to the extent the Committee reasonably determines is necessary or appropriate for such PSUs or RSUs to be exempt from Code Section 409A or, if that is not possible, for them to comply with Code Section 409A;

(k) the non-disclosure provisions set forth in Paragraph C.2. supersede and replace in their entirety the non-disclosure provisions set forth in the Plan as in effect on the date hereof, in any agreement evidencing an Award made under the Plan and in any other Awards made under the Plan; and

(l) the Participant will not receive any benefits under this Agreement if the Participant does not timely accept the Agreement as presented.

12. Right of Set-Off. The Participant agrees, in the event that the Company in its reasonable judgment determines that the Participant owes the Company any amount due to any loan, note, obligation or indebtedness, including but not limited to amounts owed to the Company pursuant to the Company’s tax equalization program or the Company’s policies with respect to travel and business expenses, and if the Participant has not satisfied such obligation(s), then the Company may satisfy such obligation(s) by one or a combination of (i) instructing the plan administrator to withhold and/or sell all or a portion of the shares of PepsiCo Common Stock acquired by the Participant upon settlement of the PSUs or RSUs (in each case to the extent such award is not subject to Code Section 409A), (ii) deducting all or a portion of

other funds due to the Participant from the Company (to the extent such funds are not subject to Code Section 409A), or (iii) to the maximum extent permitted by Code Section 409A with respect to PSUs, RSUs and other funds that are due to the Participant (to the extent Code Section 409A applies in each case).

13. Electronic Delivery and Acceptance. The Participant hereby consents and agrees to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents.  The Participant hereby consents to any and all procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agrees that the Participant’s electronic signature is the same as, and shall have the same force and effect as, the Participant’s manual signature.  Participant consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan, including any program adopted under the Plan.

14. Data Privacy. Participant hereby acknowledges and consents to the collection, use, processing and/or transfer of Personal Data as defined and described in this Paragraph D.14.  Participant is not obliged to consent, however a failure to provide consent, or the withdrawal of consent at any time, may impact Participant’s ability to participate in the Plan.  The Company and/or Participant’s employer collects and maintains certain personal information about Participant that may include name, home address and telephone number, email address, date of birth, social security number or other government or employer-issued identification number, salary grade, hire data, salary, citizenship, job title, any shares of PepsiCo Common Stock, or details of all performance stock units, restricted stock units or any other entitlement to shares of PepsiCo Common Stock awarded, cancelled, purchased, vested, or unvested (collectively “Personal Data”).  The Company and the Participant’s employer will transfer Personal Data internally as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan and the Company and/or the Participant’s employer may further transfer Personal Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area or UK, or elsewhere throughout the world, such as the United States. The Participant hereby authorizes (where required under applicable law) the recipients to receive, possess, use, retain and transfer Personal Data, in electronic or other form, as may be required for the administration of the Plan and/or the subsequent holding of any shares of PepsiCo Common Stock on the Participant’s behalf, to a broker or other third party with whom the Participant may elect to deposit any shares of PepsiCo Common Stock acquired pursuant to the Plan. Third parties retained by the Company may use the Personal Data as authorized by the Company to provide the requested services. Third parties may be located throughout the world, including but not limited to the United States.  Third parties often maintain their own published policies that describe their privacy and security practices. The Company is not responsible for the privacy or security practices of any third parties. Participant may access, review or amend certain Personal Data by contacting the Company and/or the Plan’s service provider. The Participant may, at any time, exercise the Participant's rights provided under applicable personal data protection laws, which may include the right to (i) obtain confirmation as to the existence of Personal Data, (ii) verify the content, origin and accuracy of Personal Data, (iii) request the integration, update, amendment, deletion or blockage (for breach of applicable laws) of Personal Data, (iv) oppose, for legal reasons, the collection, processing or transfer of the Personal Data which is not necessary or required for the implementation, administration and/or operation of the Plan and the Participant's participation in the Plan, and (v) withdraw the Participant's consent to the collection, processing or transfer of Personal Data as provided hereunder (in which case, the restricted stock units, performance stock units or any other entitlement to shares of PepsiCo Common Stock awarded will become null and void). The Participant may seek to exercise these

rights by contacting the Participant's Human Resources manager or the Company's Human Resources Department, who may direct the matter to the applicable Company privacy official. Finally, the Participant understands that the Company may rely on a different legal basis for the processing and/or transfer of Personal Data in the future and/or request the Participant to provide another data privacy consent. If applicable and upon request of the Company, the Participant agrees to provide an executed acknowledgment or data privacy consent (or any other acknowledgments, agreements or consents) to the Company or the employer that the Company and/or the employer may deem necessary to obtain under the data privacy laws in the Participant's country, either now or in the future. The Participant understands that the Participant will not be able to participate in the Plan if the Participant fails to execute any such acknowledgment or consent requested by the Company and/or the employer.

15. Stock Ownership Guidelines/Share Retention Policy. The Participant agrees as a condition of this grant that, in the event that the Participant is or becomes subject to the Company’s Stock Ownership Guidelines and/or Share Retention Policy, the Participant shall not sell any shares of PepsiCo Common Stock obtained upon settlement of the PSUs or RSUs unless such sale complies with the Stock Ownership Guidelines and the Share Retention Policy as in effect from time to time.

16. Governing Law. This Agreement shall be governed, construed and enforced in accordance with the laws of the State of New York. Notwithstanding the foregoing, if Participant is a resident of, or primarily works for the Company, in the State of California at the time that Participant enters into this Agreement, then this Agreement shall be governed, construed, and enforced in accordance with the laws of the State of California. Moreover, if Participant is a resident of, or primarily works for the Company, in the States of California or Colorado at the time that Participant enters into this Agreement, or if the restrictions set forth in Paragraph C.1. are otherwise prohibited by applicable laws or rules, then the restrictions set forth in Paragraph C.1 shall not apply to Participant. The restrictions set forth in Paragraph C.1. otherwise apply to all other Participants, to the extent permissible by applicable laws and rules.

17. Choice of Venue; Attorneys’ Fees. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the Participant or the Company only in the courts of the State of New York or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York, and the Participant and the Company consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. In the event that a Participant or the Company brings an action to enforce the terms of the Plan or this Agreement and the Company prevails, the Participant shall pay all costs and expenses incurred by the Company in connection with that action, including reasonable attorneys’ fees, and all further costs and fees, including reasonable attorneys’ fees incurred by the Company in connection with the collection. Notwithstanding the foregoing, if Participant is a resident of, or primarily works for the Company, in the State of California at the time that Participant enters into this Agreement, then any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the Participant or the Company only in the courts of the State of California or, if they have or can acquire jurisdiction, in the United States District Courts located in the State of California, and the Participant and the Company consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waive any objection to venue laid therein.

18. Addendum to Agreement. Notwithstanding any provisions of this Agreement to the contrary, the PSUs and RSUs shall be subject to such special terms and conditions for the Participant's country of residence (and country of employment, if different), as are set forth in the addendum to this Agreement (the “Addendum”). Further, if the Participant transfers residency and/or employment to another country,

any special terms and conditions for such country will apply to the PSUs and RSUs to the extent the Committee or its duly authorized delegate determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules or regulations or to facilitate the operation and administration of the PSUs, RSUs and the Plan (or the Committee or its duly authorized delegate may establish alternative terms and conditions as may be necessary or advisable to accommodate the Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

19. Entire Agreement. This Agreement contains all the understanding and agreements between the Participant and the Company regarding the subject matter hereof.

PepsiCo, Inc.

/s/ Anna Xanthos

Anna Xanthos

Senior Vice President, Global Total Rewards

16

Document

Exhibit 10.2

2026 PEPSICO LONG-TERM INCENTIVE AWARD

SPECIAL RESTRICTED STOCK UNITS

TERMS AND CONDITIONS

These Terms and Conditions (including the country-specific terms set forth in the attached Addendum), along with the 2026 PepsiCo Long-Term Incentive Special Restricted Stock Units Award Summary provided to the Participant (the “Award Summary”), and signed by the individual named on the Award Summary (the “Participant”), shall together constitute an agreement (this “Agreement”) effective as of the “grant date” indicated on the Award Summary (the “Grant Date”), by and between PepsiCo, Inc., a North Carolina corporation having its principal office at 700 Anderson Hill Road, Purchase, New York 10577 (“PepsiCo,” and with its divisions and direct and indirect subsidiaries, the “Company”), and the Participant.

W I T N E S S E T H:

WHEREAS, the Board of Directors and shareholders of PepsiCo have approved the PepsiCo, Inc. Long-Term Incentive Plan (the “Plan”), for the purposes and subject to the provisions set forth in the Plan; and

WHEREAS, pursuant to the authority granted to it in the Plan, the Compensation Committee of the Board of Directors of PepsiCo (the “Committee”) or its delegate authorized, on or prior to the Grant Date, the grant to the Participant of the PepsiCo restricted stock units (“RSUs”) on the Grant Date and in the amounts set forth on the Award Summary; and

WHEREAS, awards granted under the Plan are to be evidenced by an Agreement in such form and containing such terms and conditions as the Committee shall determine.

NOW, THEREFORE, it is mutually agreed as follows:

A. Terms and Conditions Applicable to RSUs. These terms and conditions shall apply with respect to the RSUs granted to the Participant indicated on the Award Summary.

1. Grant. In consideration of the Participant remaining in the employ of the Company and agreeing to be bound by the covenants of Paragraph B, PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, the number of RSUs, indicated on the Award Summary.

2. Vesting. Subject to the terms and conditions set forth herein, 33% of the number of RSUs specified on the Award Summary shall become vested on each of the first and second March 1 that follows the Grant Date and 34% of the number of RSUs specified on the Award Summary shall become vested on the third March 1 that follows the Grant Date (each such date, an “RSU Vesting Date”) and the vested RSUs shall be paid as soon as practicable after the applicable RSU Vesting Date (but not later than March 15 following the applicable RSU Vesting Date). Subject to Paragraphs A.4(b) and A.4(c) below, RSUs may vest only while the Participant is actively employed by the Company. An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of RSUs will not be extended by any such period.

3. Payment. RSUs that vest and become payable shall be settled in shares of PepsiCo Common Stock with the Participant receiving one share of PepsiCo Common Stock for each vested RSU. No fractional shares shall be delivered under this Agreement, and so any fractional share that may be payable shall be rounded to the nearest whole share. Any amount that the Company may be required to withhold upon the settlement of RSUs and/or the payment of dividend equivalents (see Paragraph A.5 below) in

respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of the issuance of shares or payment of cash. Unless the Participant makes other arrangements to satisfy this withholding obligation in accordance with procedures approved by the Company in its discretion, the Company shall withhold shares to satisfy the required withholding obligation related to the settlement of RSUs. In the event the Participant is subject to Section 16 of the Securities Exchange Act of 1934 at the time of payment, tax withholding shall be accomplished by net share settlement with the Company in accordance with procedures approved by the Company in its discretion.

4. Effect of Termination of Employment, Death and Total Disability.

(a) Termination of Employment. RSUs may vest and become payable only while the Participant is actively employed by the Company. Thus, vesting ceases upon the termination of the Participant’s active employment with the Company. Subject to Paragraphs A.4(b) and A.4(c), all unvested RSUs shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates. An authorized severance leave of absence will not be treated as active employment, and, as a result, the vesting of RSUs will not be extended by any such period.

(b)  Death or Total Disability. If the Participant’s employment with the Company terminates by reason of the Participant’s death or Total Disability, then the Participant will be fully vested on the Participant’s last day of active employment with the Company (which, for purposes of Total Disability, means the effective date of Total Disability) and such RSUs will be paid on the schedule specified in Paragraph A.2 (but without applying the condition requiring continued active employment by the Company), net of any RSUs previously paid out.

(c) Transfers to a Related Entity. In the event the Participant transfers to a Related Entity and such transfer is arranged and approved by PepsiCo, the RSUs shall continue to vest (and their time of payment shall be determined) after such transfer by treating the Participant’s employment with the Related Entity as employment with the Company for purposes of this Agreement.

(d) Other Termination. For purposes of clarity of Paragraph A.4(a) above, in the event that, prior to the vesting of the RSUs, the Participant ceases active employment with the Company for any reason not specified in Paragraphs A.4(b) or A.4(c) above (such as the Participant’s resignation, retirement or involuntary termination with or without cause), then all unvested RSUs shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates.

5. Dividend Equivalents. During the period commencing on the Grant Date and ending on each RSU Vesting Date, the Participant shall accumulate dividend equivalents with respect to the RSUs, which dividend equivalents shall be paid in cash (without interest) to the Participant only if and when the applicable RSUs vest and become payable. Dividend equivalents shall equal the dividends actually paid with respect to PepsiCo Common Stock during the RSU vesting period while (and to the extent) the RSUs remain outstanding and unpaid. For purposes of determining the dividend equivalents accumulated under this Paragraph A.5, any RSUs that become payable hereunder shall be considered to have been outstanding from the Grant Date. Upon the forfeiture of RSUs, any accumulated dividend equivalents attributable to such RSUs shall also be forfeited.

6. No Rights as Shareholder. The Participant shall have no rights as a holder of PepsiCo Common Stock with respect to the RSUs granted hereunder unless and until such RSUs have been settled in shares of PepsiCo Common Stock that have been registered in the Participant’s name as owner.

B. Prohibited Conduct. In consideration of the Company disclosing and providing access to Confidential Information, as more fully described in Paragraph B.2 below, after the date hereof, the grant

by the Company of the RSUs, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Participant and the Company, intending to be legally bound, hereby agree as follows.

1. Non-Competition and Non-Solicitation. To the extent permissible by applicable laws and rules, the Participant hereby covenants and agrees that at all times during the Participant’s employment with the Company and for a period of twelve months after the termination of the Participant’s employment with the Company for any reason whatsoever (including a termination due to the Participant’s retirement), the Participant will not, without the prior written consent of PepsiCo’s chief people officer or chief legal officer, directly or indirectly, either as an employee, consultant, contractor, investor, agent or in any other capacity, engage in any activities prohibited in the following Paragraphs B.1(a) through (c):

(a) Render the same or similar services as the services the Participant provided for the Company (collectively “Competitive Services”) to or for any person or business entity that sells, distributes, manufactures or develops Covered Products (as defined below) (a “Competitor”) anywhere in the United States or in any other country where a Competitor competes with a Company business for which the Participant provided material services or assistance;

(b) Recruit, hire, solicit or induce, or attempt to recruit, hire, solicit or induce, any Covered Employee (as defined below) or contractor of the Company to terminate their employment with or otherwise cease or reduce their relationship with the Company; or

(c) Knowingly engage in any conduct on behalf of another business that is intended to cause or could foreseeably cause Covered Customers or Covered Suppliers (as defined below) to cease or reduce doing business with the Company.

Notwithstanding anything in this Paragraph B.1, the Participant shall not be considered to be in violation of Paragraph B.1(a) solely by reason of owning, directly or indirectly, up to five percent (5%) in the aggregate of any class of securities of any publicly traded corporation engaged in the prohibited activities described in Paragraph B.1(a).

Notwithstanding anything in this Paragraph B.1, nothing in this Agreement bars the Participant from engaging in Protected Activity (as defined below).

The Company advises the Participant to consult with an attorney regarding the provisions in this Paragraph B.1 before accepting this Agreement. Participant agrees and acknowledges that Participant has been given at least fourteen (14) days in which to consider these restrictions before entering into this Agreement. Part of the consideration described in the Award Summary and provided under this Agreement is in exchange for the Participant’s promises in this Paragraph B.1, Non-Competition and Non-Solicitation.

2. Non-Disclosure. In order to assist the Participant with the Participant’s duties, the Company shall continue to provide the Participant with access to Confidential Information and proprietary operational information that is either information not known by actual or potential competitors, customers and third parties of the Company or is proprietary information of the Company. “Confidential Information” consists of information and compilations of information, in any form (tangible or intangible), related to the Company’s business and of value to it that the Participant first gained knowledge of or access to as a consequence of the Participant’s employment with the Company if the Company has not made it public or authorized public disclosure of it and it is not readily available through lawful and proper means to the public or others in the industry who have no obligation to keep it

confidential. Confidential Information includes, but is not limited to, technical or non-technical data, a formula (including cost and/or pricing formula), pattern (including pricing and discount history), compilation, program, device, method (including cost and/or pricing methods, marketing programs and operating methods), technique, drawing, process, financial data, or list of actual or potential customers or suppliers. The Participant agrees that, pursuant to Paragraph B.3 below, the Participant will retain no copies or records of Confidential Information after the Participant’s employment with the Company ends. The Participant acknowledges that during the course of the Participant’s relationship with the Company, the Participant has learned and will continue to learn important Confidential Information related to the Company’s business. The Participant also acknowledges that such Confidential Information is not generally available to the public and includes, but is not limited to, information about the Company’s customers (e.g., names, contacts, requirements, nature of accounts, terms, rates and prices, and costs), operations (e.g., production, marketing and distribution processes, techniques, methods and plans), and finances and business (e.g., information regarding ownership; information regarding personnel entrusted to the Participant in confidence as part of the Participant’s job duties; sources, availability and cost of supplies and materials; financial data relating to projected and historical sales, income, expenses, profits and general financial standing. The Participant agrees that such Confidential Information remains confidential even if committed to the Participant’s memory.  The Participant agrees, during the term of the Participant’s employment and at all times thereafter, not to use, divulge, or furnish or make accessible to any third party, company, corporation or other organization (including but not limited to, customers or competitors of the Company), without the Company’s prior written consent, any Confidential Information of the Company, except as necessary in the Participant’s position with the Company or as permitted below with respect to Protected Activity (as defined below). The Participant understands and agrees that “Confidential Information” protected in this Agreement is hereby amended to exclude information protected as Protected Activity (as defined below).

Notwithstanding the foregoing, nothing in this Agreement, the Plan, any other Award made under the Plan or in any other confidentiality provision to which the Participant may be subject as a result of the Participant’s employment with the Company shall: (1) limit the Participant’s rights to make truthful statements or disclosures about any facts and circumstances related to any claim or allegation of unlawful discrimination by the Company and, for Participants located in California, shall not prevent such California Participant from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Participant has reason to believe is unlawful or violates public policy; (2) bar the Participant from giving testimony pursuant to a compulsory legal process or as otherwise required by law; or (3) prohibit the Participant from, without notice to the Company, filing a complaint or charge with a government authority, recognized self-regulatory organization or law enforcement agency (including, but not limited to, the Equal Employment Opportunity Commission and the Securities and Exchange Commission), communicating with a government authority, recognized self-regulatory organization or law enforcement agency, providing information to a government authority, recognized self-regulatory organization or law enforcement agency, participating in government authority, recognized self-regulatory organization or law enforcement agency investigations, or testifying in government authority, recognized self-regulatory organization or law enforcement agency proceedings concerning any possible legal violations or from receiving a monetary award for information provided to a government authority, recognized self-regulatory organization or law enforcement agency (collectively, “Protected Activity”).  The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by the privilege. Further, notwithstanding any confidentiality provision to which the Participant may be subject, the Participant is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government

official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

3. Return of Confidential Information and Company Property. The Participant further represents that whenever the Participant’s employment with the Company ends for any reason, within 5 business days of Participant’s last day of active employment, Participant will return to the Company any Company property in Participant’s possession, including Company information, however stored (i.e., hard-copy documentation or electronically stored information on whatever media or in whatever format) and tangible equipment. This includes but is not limited to Confidential Information (as defined in Paragraph B.2 above), other information regarding the Company’s business plans, programs, processes, methods or decisions, as well as credit cards, keys, identification cards, cellular phones, pagers, iPhones, iPads, fax or computer equipment, etc. Any credit cards issued to Participant by the Company will be discontinued as of Participant’s last day of active employment. To the extent Participant has any such Company property (including Confidential Information) stored on any personal digital assistant, personal computer, personal email or cloud accounts, or any other storage device, Participant agrees to promptly provide a copy of all such property and information to the Company upon the termination of Participant’s active employment and to permanently delete all such property and information from such personal devices and accounts unless directed otherwise by the Company.

4. Misconduct. During the term of the Participant’s employment with the Company, the Participant shall not engage in any of the following acts that are considered to be contrary to the Company’s best interests: (a) breaching any contract with or violating any obligation to the Company, including, without limitation, the Company’s Code of Conduct, Insider Trading Policy or any other written policies of the Company, (b) unlawfully trading in the securities of PepsiCo or of any other company based on information gained as a result of the Participant’s employment with the Company, (c) committing acts involving gross misconduct in the performance of employment duties, dishonesty, fraud, illegality, or moral turpitude, or that cause or contribute to the need for an accounting adjustment to PepsiCo’s financial results, or (d) in the judgment of the Company, engaging in conduct that may be detrimental to or reflect unfavorably upon the Company or its brands, services, or products; provided, however that nothing in this paragraph is intended to bar the Participant from engaging in Protected Activity.

5. Reasonableness of Provisions. The Participant agrees that: (a) the terms and provisions of this Agreement are reasonable and constitute an otherwise enforceable agreement to which the terms and provisions of this Paragraph B are ancillary or a part of; (b) the consideration provided by the Company under this Agreement is not illusory; (c) the restrictions contained in this Paragraph B are necessary and reasonable for the protection of the legitimate business interests and goodwill of the Company; and (d) the consideration given by the Company under this Agreement, including, without limitation, the provision by the Company of Confidential Information to the Participant, gives rise to the Company’s interest in the covenants set forth in this Paragraph B.

6. Repayment and Forfeiture. The Participant specifically recognizes and affirms that each of the covenants contained in Paragraphs B.1 through B.4 of this Agreement is a material and important term of this Agreement that has induced the Company to provide for the award of the RSUs granted hereunder,

the disclosure of Confidential Information referenced herein, and the other promises made by the Company herein.  The Participant further agrees that in the event that (i) the Company determines that the Participant has breached any term of Paragraphs B.1 through B.4 or (ii) all or any part of Paragraph B is held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in an action between the Participant and the Company, in addition to any other remedies at law or in equity the Company may have available to it, the Company may in its sole discretion:

(a) cancel any unpaid RSUs granted hereunder; and/or

(b) require the Participant to pay to the Company the value (determined as of the date paid) of any RSUs granted hereunder that have been paid out.

In addition to the provisions of this Paragraph B.6, the Participant agrees that the Participant will be bound by the terms of the Company’s Compensation Recovery Policy for Covered Executives (or any successor policy), as applicable, and any other Company compensation clawback policy applicable to the Participant that the Company may adopt from time to time, and as permitted under applicable law.

7. Equitable Relief. In the event the Company determines that the Participant has breached or attempted or threatened to breach any term of Paragraph B, in addition to any other remedies at law or in equity the Company may have available to it, it is agreed that the Company shall be entitled, upon application to any court of proper jurisdiction, to a temporary restraining order or preliminary injunction (without the necessity of (a) proving irreparable harm, (b) establishing that monetary damages are inadequate or (c) posting any bond with respect thereto) against the Participant prohibiting such breach or attempted or threatened breach by proving only the existence of such breach or attempted or threatened breach.

8. Extension of Restrictive Period. The Participant agrees that the period during which the covenants contained in this Paragraph B shall be effective shall be computed by excluding from such computation any time during which the Participant is in violation of any provision of Paragraph B.

9. Acknowledgments. The Company and the Participant agree that it was their intent to enter into a valid and enforceable agreement. The Participant and the Company thereby acknowledge, to the extent permissible by applicable laws and rules, the reasonableness of the restrictions set forth in Paragraph B, including the reasonableness of the geographic area, duration as to time and scope of activity restrained. To the extent permissible by applicable laws and rules, the Participant further acknowledges that the Participant’s skills are such that the Participant can be gainfully employed in noncompetitive employment and that the agreement not to compete will not prevent the Participant from earning a living.  The Participant agrees that if any covenant contained in Paragraph B of this Agreement is found by a court of competent jurisdiction to contain limitations as to time, geographical area, or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time, geographical area, and scope of activity to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other business interests of the Company and to enforce the covenants as reformed.

10. Provisions Independent. The covenants on the part of the Participant in this Paragraph B shall be construed as an agreement independent of any other agreement, including any employee benefit agreement, and independent of any other provision of this Agreement, and the existence of any claim or cause of action of the Participant against the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.

11. Notification of Subsequent Employer. The Participant agrees that the Company may notify any person or entity employing the Participant or evidencing an intention of employing the Participant of the existence and provisions of this Agreement.

12. Transfers to a Related Entity. In the event the Participant transfers to a Related Entity as a result of actions by PepsiCo, any reference to “Company” in this Paragraph B shall be deemed to refer to such Related Entity in addition to the Company.

C. Additional Terms and Conditions.

1. Adjustment for Change in PepsiCo Common Stock. In the event of any change in the outstanding shares of PepsiCo Common Stock by reason of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination or exchange of shares, spin-off or other similar corporate change,  the number and type of shares to which the RSUs held by the Participant relate shall be adjusted, as may be, and to such extent (if any), determined to be appropriate and equitable by the Committee.

2. Nontransferability. Unless the Committee specifically determines otherwise: (a) the RSUs are personal to the Participant, and (b) the RSUs shall not be transferable or assignable, other than in the case of the Participant’s death by will or the laws of descent and distribution, and any such purported transfer or assignment shall be null and void.

3. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

(a) “Covered Customer” are those the Participant engaged with, supervised dealings with, or obtained or had access to Confidential Information about during the Look Back Period (as defined below). If New York law controls, a Covered Customer will not include a customer of Company that was a pre-existing customer of the Participant that became a customer of the Company solely as a result of the Participant’s contact and business development efforts with the customer prior to and independent from the Participant’s employment with the Company.

(b) “Covered Employees” are those Company employees the Participant supervised, worked with, gained knowledge of, or obtained or had access to Confidential Information about during the Look Back Period.

(c) “Covered Products” are the types of products, with respect to which the Participant provided services for the Company or about which the Participant obtained or had access to Confidential Information during the Look Back Period, and that were produced, marketed, sold, licensed or, to the Participant’s knowledge, under development by a business of the Company, including, without limitation, any product that falls into one or more of the following categories: (i) in-home and commercial beverage systems, consumables, carbon dioxide gas refills, and ready-to-drink beverages, including without limitation carbonated soft drinks, tea, water, juices, juice drinks, juice products, sports drinks, energy drinks, alcoholic beverages, and coffee drinks; (ii) dairy products; (iii) snacks, including salty snacks; fruit and vegetable snacks; dips and spreads; nuts; sweet snacks; meat snacks; granola, nutrition and cereal bars; and cookies; (iv) hot cereals and ready-to-eat cereals; (v) pancake mixes and pancake syrup; (vi) grain-based and/or grain alternative/grain free food products; (vii) pasta products; (viii) rice products; or (ix) sports performance nutrition products, including without limitation energy, protein, carbohydrate, nutrition and meal replacement chews, bars, powders, gels, drinks, or drink mixes.

(d) “Covered Suppliers” are those the Participant engaged with, supervised dealings with, or obtained or had access to Confidential Information about during the Look Back Period.

(e) “Fair Market Value” of a share of PepsiCo Common Stock on any date shall mean an amount equal to the average of the high and low market prices at which a share of PepsiCo Common Stock shall have been sold on such date, or the immediately preceding trading day if such date was not a trading day, as reported by Bloomberg, L.P., or any successor thereto or any other financial reporting service selected by PepsiCo in good faith.

(f) “Look Back Period” means the three (3) years prior to the Participant’s termination of employment with the Company.

(g) “Participation” shall be construed broadly to include, without limitation: (i) serving as a director, officer, employee consultant or contractor with respect to such a business entity; (ii) providing input, advice, guidance or suggestions to such a business entity; or (iii) providing a recommendation or testimonial on behalf of such a business entity or one or more products it produces.

(h) “Related Entity” shall mean any entity (i) as to which PepsiCo directly or indirectly owns 20% or more, but less than a majority, of the entity’s voting securities, general partnership interests, or other voting or management rights at the relevant time and (ii) which the Committee or its delegate deems in its sole discretion to be a related entity at the relevant time.

(i) “Total Disability” shall mean being considered totally disabled under the PepsiCo Long-Term Disability Program (as amended and restated from time to time), with such status having resulted in benefit payments from such plan or another Company-sponsored disability plan and 12 months having elapsed during which the Participant was so considered to be disabled from the cause of the current disability. The effective date of a Participant’s Total Disability shall be the first day that all of the foregoing requirements are met.

4. Notices. Any notice to be given to PepsiCo in connection with the terms of this Agreement shall be addressed to PepsiCo at 700 Anderson Hill Road, Purchase, New York 10577, Attention: Senior Vice President, Global Total Rewards, or such other address as PepsiCo may hereafter designate to the Participant. Any such notice shall be deemed to have been duly given when personally delivered, addressed as aforesaid, or when enclosed in a properly sealed envelope or wrapper, addressed as aforesaid, and deposited, postage prepaid, with the federal postal service.

5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any assignee or successor in interest to PepsiCo, whether by merger, consolidation or the sale of all or substantially all of PepsiCo’s assets. PepsiCo will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of PepsiCo expressly to assume and agree to perform this Agreement in the same manner and to the same extent that PepsiCo would be required to perform if no such succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Participant or the Participant’s legal representative and any person to whom the RSUs may be transferred by will or the applicable laws of descent and distribution.

6. No Contract of Employment; Agreement’s Survival. This Agreement is not a contract of employment.  This Agreement does not impose on the Company any obligation to retain the Participant in its employ and shall not interfere with the ability of the Company to terminate the Participant’s employment relationship at any time. This Agreement shall survive the termination of the Participant’s employment for any reason. If an entity ceases to be a majority-owned subsidiary of PepsiCo for purposes

of Rule 12b-2 of the Securities Exchange Act of 1934 or a Related Entity, such cessation shall, for purposes of this Agreement, be deemed to be a termination of employment with the Company with respect to any Participant employed by such entity, unless the Committee or its delegate determines otherwise in its sole discretion.

7. Registration, Listing and Qualification of Shares of PepsiCo Common Stock. The Committee may require that the Participant make such representations and agreements and furnish such information as the Committee deems appropriate to assure compliance with or exemption from the requirements of any securities exchange, any foreign, federal, state or local law, any governmental regulatory body, or any other applicable legal requirement, and PepsiCo Common Stock shall not be issued unless and until the Participant makes such representations and agreements and furnishes such information as the Committee deems appropriate.

8. Amendment; Waiver. The terms and conditions of this Agreement may be amended in writing by the chief people officer or chief legal officer of PepsiCo (or either of their delegates); provided, however, that (i) no such amendment shall adversely affect the awards granted hereunder without the Participant’s written consent (except to the extent the Committee reasonably determines that such amendment is necessary or appropriate to comply with applicable law, including the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder pertaining to the deferral of compensation, or the rules and regulations of any stock exchange on which PepsiCo Common Stock is listed or quoted); and (ii) the amendment must be permitted under the Plan. Notwithstanding the first sentence of this Paragraph, the chief people officer or chief legal officer is permitted to amend and terminate the Agreement and accelerate payment under the Agreement pursuant to the requirements of Treas. Reg. §1.409A-3(j)(4)(ix) without the Participant’s written consent. The Company’s failure to insist upon strict compliance with any provision of this Agreement or failure to exercise, or any delay in exercising, any right, power or remedy under this Agreement shall not be deemed to be a waiver of such provision or any such right, power or remedy which the Board (as defined in the Plan), the Committee or the Company has under this Agreement.

9. Severability or Reform by Court. In the event that any provision of this Agreement is deemed by a court to be broader than permitted by applicable law, then such provision shall be reformed (or otherwise revised or narrowed) so that it is enforceable to the fullest extent permitted by applicable law. If any provision of this Agreement shall be declared by a court to be invalid or unenforceable to any extent, the validity or enforceability of the remaining provisions of this Agreement shall not be affected.

10. Plan Terms. The RSUs and the terms and conditions set forth herein are subject in all respects to the terms and conditions of the Plan and any guidelines, policies or regulations which govern administration of the Plan. The Committee reserves its rights to amend or terminate the Plan at any time without the consent of the Participant; to the extent permitted under Paragraph C.8. The Committee shall have full power and authority to administer and interpret the Plan and to adopt or establish such rules, regulations, agreements, guidelines, procedures and instruments that are not contrary to the terms of the Plan and that, in its opinion, may be necessary or advisable for the administration and operation of the Plan. All interpretations or determinations of the Committee or its delegate shall be final, binding and conclusive upon the Participant (and the Participant’s legal representatives and any recipient of a transfer of the RSUs permitted by this Agreement) on any question arising hereunder or under the Plan or other guidelines, policies or regulations which govern administration of the Plan.

11. Participant Acknowledgements. By entering into this Agreement, the Participant acknowledges and agrees that:

(a) the RSU grant will be exclusively governed by the terms of the Plan, this Agreement, and any other guidelines, policies or regulations that govern administration of the Plan, including the right reserved by the Company to amend or cancel the Plan at any time without the Company incurring liability to the Participant (except for RSUs already granted under the Plan);

(b) the Participant has been provided a copy of PepsiCo’s Prospectus relating to the Plan and the RSUs (and the shares covered thereby);

(c) the RSUs are not a constituent part of the Participant’s salary and that the Participant is not entitled, under the terms and conditions of the Participant’s employment, or by accepting or being awarded the RSUs pursuant to this Agreement, to require options, restricted stock units, performance stock units or other awards to be granted to the Participant in the future under the Plan or any other plan;

(d) upon payment of RSUs the Participant will arrange for payment to the Company of an estimated amount to cover employee payroll taxes resulting from such payment, which payment shall be made in the manner set forth in this Agreement and/or, to the extent necessary, any balance may be withheld from the Participant’s wages;

(e)  notwithstanding any action taken by the Company, the Participant is ultimately liable for any or all income tax, social insurance, payroll tax, payment on account or other tax-related items ("Tax-Related Items") related to the Participant's participation in the Plan and legally applicable to the Participant. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect to the award, including, but not limited to, the grant, vesting or settlement  and exercise of the award, the subsequent sale of PepsiCo Common Stock acquired pursuant to such award and the receipt of any dividends and/or dividend equivalents; and (ii) does not commit to and is under no obligation to structure the terms of any Award to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result.

(f) benefits received under the Plan will be excluded from the calculation of termination indemnities or other severance payments;

(g) in the event of termination of the Participant’s employment, a severance or notice period to which the Participant may be entitled under local law and which follows the date of termination specified in a notice of termination or other document evidencing the termination of the Participant’s employment will not be treated as active employment for purposes of this Agreement and, as a result, vesting of unvested RSUs will not be extended by any such period;

(h) for purposes of this Agreement, a Participant will be considered actively employed during (i) the first six months of an authorized leave of absence (other than a severance leave) approved by the Company, in its sole discretion, or (ii) other statutory leaves that have requirements in excess of six months;

(i) the Participant will seek all necessary approvals under, make all required notifications under and comply with all laws, rules and regulations applicable to the ownership of stock, including, without limitation, currency and exchange laws, rules and regulations;

(j) this Agreement will be interpreted and applied so that the RSUs to the extent possible will not be subject to Code Section 409A under Code Section 409A’s exemption for short-term deferrals. For this purpose and, if necessary, for compliance with Code Section 409A, each tranche of RSUs, which is identified by a separate RSU Vesting Date, shall be considered a separate award for purposes of Code

Section 409A, and payment “as soon as practicable” means payment not more than 30 days, or earlier as necessary to make payment by March 15 in accordance with Paragraph A.2. To the extent RSUs are subject to Code Section 409A, then payment of the RSUs will be made only upon the occurrence of the first of the following events on which the award is vested (and only to the extent vested): (i) each RSU Vesting Date; (ii) a Change in Control that qualifies under Code Section 409A(a)(2)(A)(v) (a “409A CIC”), and (iii) a termination of employment if it occurs within two years after a 409A CIC and it constitutes a Code Section 409A separation from service (and in this case, the six-month delay of Code Section 409A(a)(2)(B)(i) shall apply to “specified employees,” determined under the default rules of Code Section 409A or such other rules as apply generally under the Company’s Section 409A plans). Notwithstanding any other provision of this Agreement, this Agreement will be modified to the extent the Committee reasonably determines is necessary or appropriate for such RSUs to be exempt from Code Section 409A or, if that is not possible, to comply with Code Section 409A;

(k) the non-disclosure provisions set forth in Paragraph B.2. supersede and replace in their entirety the non-disclosure provisions set forth in the Plan as in effect on the date hereof, in any agreement evidencing an Award made under the Plan and in any other Awards made under the Plan; and

(l) the Participant will not receive any benefits under this Agreement if the Participant does not timely accept the Agreement as presented.

12. Right of Set-Off. The Participant agrees, in the event that the Company in its reasonable judgment determines that the Participant owes the Company any amount due to any loan, note, obligation or indebtedness, including but not limited to amounts owed to the Company pursuant to the Company’s tax equalization program or the Company’s policies with respect to travel and business expenses, and if the Participant has not satisfied such obligation(s), then the Company may satisfy such obligation(s) by one or a combination of (i) instructing the plan administrator to withhold and/or sell all or a portion of the shares of PepsiCo Common Stock acquired by the Participant upon settlement of the RSUs (to the extent such RSUs are not subject to Code Section 409A), (ii) deducting all or a portion of other funds due to the Participant from the Company (to the extent such funds are not subject to Code Section 409A), or (iii) to the maximum extent permitted by Code Section 409A, withholding such RSUs and other funds that are due to the Participant (to the extent Code Section 409A applies in each case).

13. Electronic Delivery and Acceptance. The Participant hereby consents and agrees to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents.  The Participant hereby consents to any and all procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agrees that the Participant’s electronic signature is the same as, and shall have the same force and effect as, the Participant’s manual signature.  Participant consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan, including any program adopted under the Plan.

14. Data Privacy. Participant hereby acknowledges and consents to the collection, use, processing and/or transfer of Personal Data as defined and described in this Paragraph C.14.  Participant is not obliged to consent, however a failure to provide consent, or the withdrawal of consent at any time, may impact Participant’s ability to participate in the Plan.  The Company and/or Participant’s employer collects and maintains certain personal information about Participant that may include name, home address and telephone number, email address, date of birth, social security number or other government or employer-issued identification number, salary grade, hire data, salary, citizenship, job title, any shares of

PepsiCo Common Stock, or details of all options, restricted stock units, performance stock units or any other entitlement to shares of PepsiCo Common Stock awarded, cancelled, purchased, vested, or unvested (collectively “Personal Data”).  The Company and the Participant’s employer will transfer Personal Data internally as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan and the Company and/or the Participant’s employer may further transfer Personal Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area or UK, or elsewhere throughout the world, such as the United States. The Participant hereby authorizes (where required under applicable law) the recipients to receive, possess, use, retain and transfer Personal Data, in electronic or other form, as may be required for the administration of the Plan and/or the subsequent holding of any shares of PepsiCo Common Stock on the Participant’s behalf, to a broker or other third party with whom the Participant may elect to deposit any shares of PepsiCo Common Stock acquired pursuant to the Plan. Third parties retained by the Company may use the Personal Data as authorized by the Company to provide the requested services. Third parties may be located throughout the world, including but not limited to the United States.  Third parties often maintain their own published policies that describe their privacy and security practices. The Company is not responsible for the privacy or security practices of any third parties. Participant may access, review or amend certain Personal Data by contacting the Company and/or the Plan’s service provider. The Participant may, at any time, exercise the Participant's rights provided under applicable personal data protection laws, which may include the right to (i) obtain confirmation as to the existence of Personal Data, (ii) verify the content, origin and accuracy of Personal Data, (iii) request the integration, update, amendment, deletion or blockage (for breach of applicable laws) of Personal Data, (iv) oppose, for legal reasons, the collection, processing or transfer of the Personal Data which is not necessary or required for the implementation, administration and/or operation of the Plan and the Participant's participation in the Plan, and (v) withdraw the Participant's consent to the collection, processing or transfer of Personal Data as provided hereunder (in which case, the options, restricted stock units, performance stock units or any other entitlement to shares of PepsiCo Common Stock awarded will become null and void). The Participant may seek to exercise these rights by contacting the Participant's human resources business partner or the Company's People Department, who may direct the matter to the applicable Company privacy official. Finally, the Participant understands that the Company may rely on a different legal basis for the processing and/or transfer of Personal Data in the future and/or request the Participant to provide another data privacy consent. If applicable and upon request of the Company, the Participant agrees to provide an executed acknowledgment or data privacy consent (or any other acknowledgments, agreements or consents) to the Company or the employer that the Company and/or the employer may deem necessary to obtain under the data privacy laws in the Participant's country, either now or in the future. The Participant understands that the Participant will not be able to participate in the Plan if the Participant fails to execute any such acknowledgment or consent requested by the Company and/or the employer.

15. Stock Ownership/Exercise & Hold Guidelines/Share Retention Policy. The Participant agrees as a condition of this grant that, in the event that the Participant is or becomes subject to the Company’s Stock Ownership, Exercise & Hold Guidelines or Share Retention Policy, the Participant shall not sell any shares of PepsiCo Common Stock obtained upon settlement of the RSUs unless such sale complies with the Stock Ownership, Exercise & Hold Guidelines and Share Retention Policy as in effect from time to time.

16. Governing Law. This Agreement shall be governed, construed and enforced in accordance with the laws of the State of New York. Notwithstanding the foregoing, if Participant is a resident of, or primarily works for the Company, in the State of California at the time that Participant enters into this Agreement, then this Agreement shall be governed, construed, and enforced in accordance with the laws

of the State of California. Moreover, if Participant is a resident of, or primarily works for the Company, in the States of California or Colorado at the time that Participant enters into this Agreement, or if the restrictions set forth in Paragraph B.1. are otherwise prohibited by applicable laws or rules, then the restrictions set forth in paragraph B.1 shall not apply to Participant. The restrictions set forth in Paragraphs B.1. otherwise apply to all other Participants, to the extent permissible by applicable laws and rules.

17. Choice of Venue; Attorneys’ Fees. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the Participant or the Company only in the courts of the State of New York or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York, and the Participant and the Company consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. In the event that a Participant or the Company brings an action to enforce the terms of the Plan or this Agreement and the Company prevails, the Participant shall pay all costs and expenses incurred by the Company in connection with that action, including reasonable attorneys’ fees, and all further costs and fees, including reasonable attorneys’ fees incurred by the Company in connection with the collection. Notwithstanding the foregoing, if Participant is a resident of, or primarily works for the Company, in the State of California at the time that Participant enters into this Agreement, then any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against the Participant or the Company only in the courts of the State of California or, if they have or can acquire jurisdiction, in the United States District Courts located in the State of California, and the Participant and the Company consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waive any objection to venue laid therein.

18. Addendum to Agreement. Notwithstanding any provisions of this Agreement to the contrary, the RSUs shall be subject to such special terms and conditions for the Participant's country of residence (and country of employment, if different), as are set forth in the addendum to this Agreement (the “Addendum”). Further, if the Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the RSUs to the extent the Committee or its duly authorized delegate determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules or regulations or to facilitate the operation and administration of the RSUs and the Plan (or the Committee or its duly authorized delegate may establish alternative terms and conditions as may be necessary or advisable to accommodate the Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

19. Entire Agreement. This Agreement contains all the understanding and agreements between the Participant and the Company regarding the subject matter hereof.

PepsiCo, Inc.

/s/ Anna Xanthos

Anna Xanthos

Senior Vice President, Global Total Rewards

13

Document

EXHIBIT 15

Accountant’s Acknowledgement

To the Shareholders and Board of Directors

PepsiCo, Inc.:

We hereby acknowledge our awareness of the use of our report dated April 15, 2026 included within the Quarterly Report on Form 10-Q of PepsiCo, Inc. for the twelve weeks ended March 21, 2026, and incorporated by reference in the following Registration Statements and in the related Prospectuses:

Description, Registration Statement Number

Form S-3

•PepsiCo Automatic Shelf Registration Statement, 333-277003

•PepsiCo Automatic Shelf Registration Statement, 333-266332

•PepsiAmericas, Inc. 2000 Stock Incentive Plan, 333-165176

•PBG 2004 Long Term Incentive Plan, PBG 2002 Long Term Incentive Plan, PBG Long Term Incentive Plan, The Pepsi Bottling Group, Inc. 1999 Long Term Incentive Plan and PBG Stock Incentive Plan, 333-165177

Form S-8

•The PepsiCo Savings Plan, 333-76204, 333-76196, 333-150867 and 333-150868

•PepsiCo, Inc. 2007 Long-Term Incentive Plan, 333-142811, 333-166740 and 333-279335

•PepsiCo, Inc. 2003 Long-Term Incentive Plan, 333-109509

•PepsiCo SharePower Stock Option Plan, 33-29037, 33-35602, 33-42058, 33-51496, 33-54731, 33-66150 and 333-109513

•Director Stock Plan, 33-22970 and 333-110030

•1979 Incentive Plan and the 1987 Incentive Plan, 33-19539

•1994 Long-Term Incentive Plan, 33-54733

•PepsiCo, Inc. 1995 Stock Option Incentive Plan, 33-61731, 333-09363 and 333-109514

•1979 Incentive Plan, 2-65410

•PepsiCo, Inc. Long Term Savings Program, 2-82645, 33-51514 and 33-60965

•PepsiCo 401(k) Plan, 333-89265

•Retirement Savings and Investment Plan for Union Employees of Tropicana Products, Inc. and Affiliates (Teamster Local Union #173) and the Retirement Savings and Investment Plan for Union Employees of Tropicana Products, Inc. and Affiliates, 333-65992

•The Quaker Long Term Incentive Plan of 1990, The Quaker Long Term Incentive Plan of 1999 and The Quaker Oats Company Stock Option Plan for Outside Directors, 333-66632

•The Quaker 401(k) Plan for Salaried Employees and The Quaker 401(k) Plan for Hourly Employees, 333-66634

•The PepsiCo Share Award Plan, 333-87526

•PBG 401(k) Savings Program, PBG 401(k) Program, PepsiAmericas, Inc. Salaried 401(k) Plan and PepsiAmericas, Inc. Hourly 401(k) Plan, 333-165106

•PBG 2004 Long Term Incentive Plan, PBG 2002 Long Term Incentive Plan, PBG Long Term Incentive Plan, The Pepsi Bottling Group, Inc. 1999 Long Term Incentive Plan, PBG Directors’ Stock Plan, PBG Stock Incentive Plan and PepsiAmericas, Inc. 2000 Stock Incentive Plan, 333-165107

Pursuant to Rule 436 under the Securities Act of 1933 (the Act), such report is not considered part of a registration statement prepared or certified by an independent registered public accounting firm, or a report prepared or certified by an independent registered public accounting firm within the meaning of Sections 7 and 11 of the Act.

/s/ KPMG LLP

New York, New York

April 15, 2026

Document

Exhibit 22

Subsidiary Issuer of Guaranteed Securities

As of March 21, 2026, PepsiCo, Inc. fully and unconditionally guaranteed on a senior unsecured basis the following unsecured registered notes issued by PepsiCo Singapore Financing I Pte. Ltd., PepsiCo Inc.’s wholly-owned consolidated finance subsidiary incorporated as a private company limited by shares in the Republic of Singapore:

1.Floating Rate Notes due 2027

2.4.650% Senior Notes due 2027

3.4.550% Senior Notes due 2029

4.4.700% Senior Notes due 2034

Document

EXHIBIT 31

CERTIFICATION

I, Ramon L. Laguarta, certify that:

1.I have reviewed this quarterly report on Form 10-Q of PepsiCo, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 15, 2026	/s/ Ramon L. Laguarta
	Ramon L. Laguarta
	Chairman of the Board of Directors and
	Chief Executive Officer

CERTIFICATION

I, Stephen T. Schmitt, certify that:

1.I have reviewed this quarterly report on Form 10-Q of PepsiCo, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 15, 2026	/s/ Stephen T. Schmitt
	Stephen T. Schmitt
	Chief Financial Officer

Document

EXHIBIT 32

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of PepsiCo, Inc. (the “Corporation”) on Form 10-Q for the quarterly period ended March 21, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ramon L. Laguarta, Chairman of the Board of Directors and Chief Executive Officer of the Corporation, certify to my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: April 15, 2026	/s/ Ramon L. Laguarta
	Ramon L. Laguarta
	Chairman of the Board of Directors and
	Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of PepsiCo, Inc. (the “Corporation”) on Form 10-Q for the quarterly period ended March 21, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen T. Schmitt, Chief Financial Officer of the Corporation, certify to my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: April 15, 2026	/s/ Stephen T. Schmitt
	Stephen T. Schmitt
	Chief Financial Officer