PepsiCo reports Thursday with Frito-Lay's comeback on trial
PepsiCo posts third-quarter results Thursday at about 6 a.m. ET, with analysts expecting about $2.30 a share. The real test is whether price cuts on chips have won back shoppers. Delta Air Lines reports Friday, as rising fuel costs hit airlines.
Earnings season for big consumer companies starts in earnest this week. PepsiCo reports Thursday, and Delta Air Lines follows Friday.
PepsiCo will post its third-quarter results around 6 a.m. ET Thursday, the company said. CEO Ramon Laguarta and CFO Steve Schmitt take analysts' questions at 8:15 a.m. ET. The quarter ended Sept. 5.
Analysts expect earnings of about $2.30 a share on revenue of about $25 billion, Newsquawk estimates show.
The number to watch is snack volume in North America, Tech Times reported. That means how many bags of chips Frito-Lay actually sold to shoppers. PepsiCo cut prices on Lay's, Doritos, Tostitos and Cheetos by up to 15%. It also agreed to trim about 20% of its U.S. product lineup and closed three Frito-Lay plants.
Those moves followed a deal in December 2025 with Elliott Investment Management. The activist fund had built a stake of about $4 billion and pushed for changes.
Wall Street is doubtful, and in late September JPMorgan and Deutsche Bank both downgraded the stock. JPMorgan analyst Andrea Teixeira said North American trends "have likely continued to underperform management expectations," Tech Times reported. The shares were trading near a 52-week low.
Some analysts also worry that weight-loss drugs like Ozempic are curbing snack demand. PepsiCo's leaders have called that effect small.
PepsiCo has kept its full-year forecast of $8.55 to $8.71 a share in core profit, but has signaled it may land near the low end.
On Friday, Delta reports. Analysts expect about $1.94 a share on revenue of about $17.6 billion, Newsquawk estimates show. Airlines have been squeezed by higher jet fuel prices since the Iran conflict began.
How to follow: PepsiCo posts its release and remarks at pepsico.com/investors.
What we know: PepsiCo reports Thursday morning and Delta on Friday.
What we don't: Whether chip price cuts have brought shoppers back.
Where outlets agree Tech Times and Newsquawk both put PepsiCo's expected profit at about $2.30 a share on roughly $25 billion in revenue, with results due Thursday, Oct. 8.
Where they differ JPMorgan and Deutsche Bank see the North American turnaround stalling, while Citi kept a Buy rating, betting on strength overseas.