PepsiCo delivered stronger-than-expected results in its third quarter, affirming its full-year 2025 guidance and announcing a leadership change at the finance helm.
Q3 Performance Highlights
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The company reported net revenue of $23.94 billion, marking a 2.7% year-over-year increase.
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Adjusted earnings per share (EPS) came in at $2.29, surpassing analyst estimates by about 3 cents.
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PepsiCo said its organic revenue growth remains on track, and it upheld its FY 2025 outlook.
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Despite the top-line strength, the company saw declines in volume, especially in North America, where consumer sensitivity to higher prices continues to strain demand.
CFO Transition: Steve Schmitt to Take the Reins
PepsiCo also revealed that Steve Schmitt, currently CFO of Walmart’s U.S. operations, will succeed Jamie Caulfield as PepsiCo’s Chief Financial Officer, effective November 10, 2025.
Caulfield, a long-time PepsiCo executive, is retiring after more than three decades with the company. He has served in the CFO role since December 2023.
Schmitt’s appointment comes amid pressure from activist investor Elliott Management, which recently disclosed a $4 billion stake in PepsiCo and is pushing for operational reforms and sharper strategic focus.
PepsiCo emphasized that the leadership change aligns with its broader goals of accelerating growth and optimizing cost structures.