PepsiCo Foods North America (Frito-Lay, Quaker)
North American snack and oats business; Q3 2026 net revenue was flat year on year.
The numbers
What it is
The North American snack and cereal-and-oats business behind Lay's, Doritos, Cheetos, Tostitos and Quaker. It is the biggest single revenue pool of the reported segments and is the first business traders watch for pricing power and volume trends in U.S. snacks.
Why it matters to the stock. Snack volumes and pricing set the tone for PepsiCo's margin story. Flat revenue in Q3 2026 shows that price increases are no longer lifting the segment.
News
PepsiCo books $192M restructuring charge and plans more structural cost cuts
PepsiCo recorded $192 million of restructuring and impairment charges in the third quarter under its multi-year productivity plan, which runs through 2030.
JPMorgan downgrades PepsiCo to Neutral, target cut to $138 from $170
JPMorgan cut PepsiCo to Neutral from Overweight and lowered its price target to $138 from $170, in a note reported on September 29.
Deutsche Bank downgrades PepsiCo to Hold and cuts target to $138
Deutsche Bank lowered PepsiCo to Hold from Buy and cut its price target to $138 from $155, reported on September 28.
Citi cuts PepsiCo to Neutral from Buy and lowers target to $145
Citi analyst Filippo Falorni downgraded PepsiCo to Neutral from Buy on July 10 and cut the price target to $145 from $170.
PepsiCo reaffirms FY2026 outlook after Q2 as North America lags
PepsiCo kept its full-year 2026 guidance unchanged when it reported second-quarter results on July 9.
Doritos Protein launches with 10 grams of protein per ounce
PepsiCo Foods U.S.
PepsiCo cuts suggested retail prices on Lay's, Doritos, Cheetos and Tostitos
PepsiCo lowered suggested retail prices on Lay's, Doritos, Cheetos and Tostitos in the U.S.