PepsiCo’s North American Beverage Volume Fell 2% in Third Quarter
Net revenue for PepsiCo Beverages North America rose 5%, primarily reflecting acquisitions made in 2025. CEO Ramon Laguarta said the company was “not competing well in soft drinks.”

PepsiCo Beverages North America volume fell 2% in the 12 weeks ended Sept. 5, 2026, while the segment’s net revenue rose 5%, primarily reflecting acquisitions made in 2025.
PepsiCo Chairman and CEO Ramon Laguarta said Oct. 8 that the company was “not competing well in soft drinks.” He also said, “We do not feel good about the beverage business.”
PepsiCo plans to invest more in innovation, brand building and marketplace execution to improve its North American performance.
The beverage business accounted for 42% of PepsiCo’s $93.925 billion in net revenue in 2025. Food made up the remaining 58%; those figures describe the company-wide revenue mix.