Earnings release
Page 1
Exhibit 99.1 PepsiCo Reports Third-Quarter 2026 Results Third-Quarter and Year-to-Date Results • Net revenue increased 5.6% and 6.7%, respectively • Organic revenue increased 3.1% and 2.7%, respectively • Earnings per share (EPS) increased 17% and 47%, respectively • Core EPS increased 2% and 5%, respectively • Core constant currency EPS increased 1.5% and 2%, respectively Guidance • Company updates fiscal 2026 financial guidance PURCHASE, N.Y. - October 8, 2026 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for third-quarter 2026. “Our third-quarter results featured strong net revenue growth, an acceleration in organic revenue growth with organic volume growth across both global beverages and convenient foods. The results reflect the scale and resilience of the international business, the ongoing evolution of the global portfolio and an improved presence in underpenetrated channels and occasions,” said Chairman and CEO Ramon Laguarta. Laguarta continued, “Looking ahead, we remain focused on building upon the strength of the International business while acting with urgency to sustainably improve our performance in North America through more investments in innovation, effective brand building, and sharper marketplace execution by channel. Additional structural cost reduction actions are being identified and will be implemented in the coming months to help fund investments that aim to accelerate organic revenue growth and mitigate the impacts of rising input cost inflation.” Third-Quarter Year-to-Date ($ in millions, except EPS) Q3 2026 Q3 2025 Change Q3 2026 Q3 2025 Change Net revenue $25,274 $23,937 5.6% $68,898 $64,582 6.7% Organic revenue performance 3.1% 2.7% Operating profit $4,260 $3,569 19% $11,496 $7,941 45% Operating margin 16.9% 14.9% 195 bps 16.7% 12.3% 440 bps Core operating profit $4,277 $4,137 3% $11,394 $10,837 5% Core operating margin 16.9% 17.3% (35) bps 16.5% 16.8% (25) bps EPS $2.23 $1.90 17% $6.10 $4.15 47% Core EPS $2.34 $2.29 2% $6.15 $5.88 5% Core constant currency EPS 1.5% 2% Versus the prior year. Please refer to the reconciliation of generally accepted accounting principles (GAAP) and non-GAAP information in the attached exhibits and to the Glossary for the definitions of non-GAAP financial measures, including “Organic revenue performance,” “Core” and “Constant currency,” and to “Guidance and Outlook” for additional information regarding PepsiCo’s full-year 2026 financial guidance. PepsiCo provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and commodity mark-to-market net impacts. Please refer to PepsiCo’s Quarterly Report on Form 10-Q for the 12 and 36 weeks ended September 5, 2026 (Q3 2026 Form 10-Q) filed with the Securities and Exchange Commission (SEC) for additional information regarding PepsiCo’s financial results. 1 2 2 2 2 1 2 1
Page 2
Third-Quarter Results Discussion • Net revenue increased 5.6% due to 3.1% organic revenue growth, a 1.7-percentage-point net benefit from acquisitions and divestitures and a 0.7-percentage-point benefit from foreign exchange translation. Organic revenue growth reflects the benefits associated with effective net pricing and a contribution from organic volume growth. ◦ In North America, convenient foods net revenue trends improved sequentially, reflecting savory snacks volume growth and volume market share improvement, offset by lower effective net pricing. The beverages business delivered 5 percent net revenue growth, primarily reflecting the benefits of acquisitions made in 2025. ◦ The international businesses performed well with each segment delivering strong net revenue growth - aided by organic volume growth within Asia Pacific Foods, International Beverages Franchise and Latin America Foods. • Operating profit increased 19% and operating margin expanded 195 basis points, primarily reflecting a favorable net impact of acquisition and divestiture-related charges/credits and a favorable impact of net mark-to-market gains on commodity derivatives. Core operating profit increased 3%, with core operating margin contracting 35 basis points. The core operating profit performance reflects productivity savings, effective net pricing and a 4-percentage-point favorable impact of tariff refunds. These impacts were partially offset by certain operating cost increases and higher advertising and marketing expenses. • EPS increased 17% and core EPS increased 2%, primarily driven by operating profit growth. Year-to-Date Results Discussion • Net revenue increased 6.7% due to 2.7% organic revenue growth, a 2.0-percentage-point benefit from foreign exchange translation and a 2.0-percentage-point net benefit from acquisitions and divestitures. Organic revenue growth reflects the benefits associated with effective net pricing and a contribution from organic volume growth. ◦ In North America convenient foods, organic volume and volume market share increased aided by innovation and affordability initiatives. Convenient foods net revenue reflects organic volume growth and the benefits of an acquisition, offset by lower effective net pricing. The beverages business delivered 7 percent net revenue growth, primarily reflecting the benefits of acquisitions made in 2025 with organic revenue growth increasing 1 percent. ◦ The international businesses performed well with each segment delivering strong net revenue growth - aided by organic volume growth within Asia Pacific Foods, International Beverages Franchise and EMEA. • Operating profit increased 45% and operating margin expanded 440 basis points, primarily reflecting prior- year impairment charges related to the Rockstar and Be & Cheery brands and a favorable net impact of acquisition and divestiture-related charges/credits. Core operating profit increased 5%, with core operating margin contracting 25 basis points. The core operating profit performance was primarily driven by productivity savings and effective net pricing, partially offset by certain operating cost increases. • EPS increased 47% and core EPS increased 5%, primarily driven by operating profit growth.2
Page 3
Summary Third-Quarter 2026 Performance Revenue Volume GAAPReported% Change Percentage Point Impact Organic% Change % Change ForeignExchangeTranslation AcquisitionsandDivestitures ConvenientFoods Beverages PepsiCo Foods North America (PFNA) — — — — — PepsiCo Beverages North America (PBNA) 5 — (6) — (2) International Beverages Franchise (IBFranchise) 8 (1) — 7 5 Europe, Middle East and Africa (EMEA) 8 1 — 9 (1) 4 Latin America Foods (LatAm Foods) 14 (8) — 6 3 Asia Pacific Foods 10 (1) — 9 11 Total 6 (1) (2) 3 1 3 Operating Profit and EPS GAAP Reported %Change Percentage Point Impact Core ConstantCurrency% ChangeItems AffectingComparabilityForeign ExchangeTranslation PFNA (13) 1 — (12) PBNA 45 (41) — 4 IB Franchise 29 (19) (1.5) 9 EMEA 25 (8) 2 19 LatAm Foods 47 (27) (9) 10 Asia Pacific Foods 15 (1) (2) 12 Corporate unallocated expenses (10) 15 — 5 Total 19 (16) (1) 2.5 EPS 17 (15) (1) 1.5 (a) Excludes the impact of acquisitions and divestitures. In certain instances, the volume change shown here differs from the impact of organic volume change on net revenue performance disclosed in the Organic Revenue Performance table on page A-7, due to the impacts of product mix, nonconsolidated joint venture volume, and, for our franchise beverage businesses, temporary timing differences between bottler case sales (BCS) 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. Note: Amounts may not sum due to rounding. Organic revenue and core constant currency results are non-GAAP financial measures. Please refer to the reconciliation of GAAP and non- GAAP information in the attached exhibits and to the Glossary for definitions of “Organic revenue performance,” “Core” and “Constant currency.” (a) 3
Page 4
Summary Year-to-Date 2026 Performance Revenue Volume GAAPReported% Change Percentage Point Impact Organic% Change % Change ForeignExchangeTranslation AcquisitionsandDivestitures ConvenientFoods Beverages PFNA — — — — 1 PBNA 7 — (6) 1 (3) IB Franchise 10 (2) — 8 4 EMEA 11 (3) — 7 3 2 LatAm Foods 15 (11) — 4.5 — Asia Pacific Foods 11 (3) — 9 10 Total 7 (2) (2) 3 3 2 Operating Profit and EPS GAAP Reported% Change Percentage Point Impact Core ConstantCurrency% ChangeItems AffectingComparabilityForeign ExchangeTranslation PFNA (8) — — (8) PBNA 416 (413) — 3 IB Franchise 22 (7) (2) 13 EMEA 47 (29) (2) 17 LatAm Foods 28 (10) (12) 6 Asia Pacific Foods 62 (32) (4) 25 Corporate unallocated expenses (13) 16 — 3 Total 45 (40) (2) 3 EPS 47 (42) (2.5) 2 (a) Excludes the impact of acquisitions and divestitures. In certain instances, the volume change shown here differs from the impact of organic volume change on net revenue performance disclosed in the Organic Revenue Performance table on page A-7, due to the impacts of product mix, nonconsolidated joint venture volume, and, for our franchise beverage businesses, temporary timing differences between BCS and 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. Note: Amounts may not sum due to rounding. Organic revenue and core constant currency results are non-GAAP financial measures. Please refer to the reconciliation of GAAP and non- GAAP information in the attached exhibits and to the Glossary for definitions of “Organic revenue performance,” “Core” and “Constant currency.” (a) 4
Page 5
Guidance and Outlook The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts. PepsiCo’s current and previous fiscal 2026 outlook is summarized below. Fiscal 2026 Guidance (changes are bolded & italicized below) Current Previous Organic Revenue Approximately +3% +2% to +4% Foreign Exchange Translation Approximately +1.5% to net revenue andcore EPS growth Approximately +1% to net revenue and coreEPS growth Acquisitions, net of Divestitures Approximately +1.5% to net revenue growthApproximately +1% to net revenue growth Net Revenue Approximately +6% +4% to +6% Core Annual Effective Tax Rate Approximately 21% Approximately 22% Core Constant Currency EPS +1% to +2% Low-end of +4% to +6% Core EPS +2.5% to +3.5% Low-end of +5% to +7% Capital Spending Below 5% of net revenue Below 5% of net revenue Free Cash Flow Conversion Ratio At least 80 percent At least 80 percent Cash Returns to Shareholders $8.9 billion $8.9 billion (a) Assumptions are based on current foreign exchange rates, as we are unable to predict the impact of exchange translation rates. (b) Refers to acquisitions, net of divestitures, that occurred in 2025. (c) Includes the anticipated impact of global minimum tax regulations. (d) Comprised of dividends of $7.9 billion and share repurchases of $1.0 billion. Prepared Management Remarks and Live Question and Answer Webcast At approximately 6:00 a.m. (Eastern time) on October 8, 2026, the Company will post prepared management remarks (in pdf format) regarding its third quarter results and business update, including its outlook for 2026, at https://www.pepsico.com/investors. At 8:15 a.m. (Eastern time) on October 8, 2026, the Company will host a live question and answer session with investors and financial analysts. Further details will be accessible on the Company’s website at https://www.pepsico.com/investors. Contacts: Investor Relations Communications investor@pepsico.com pepsicomediarelations@pepsico.com (a) (b) (c) (d) 5
Page 6
PepsiCo, Inc. and Subsidiaries Condensed Consolidated Statement of Income (in millions, except per share amounts, unaudited) 12 Weeks Ended 36 Weeks Ended 9/5/2026 9/6/2025 9/5/2026 9/6/2025 Net Revenue $ 25,274 $ 23,937 $ 68,898 $ 64,582 Cost of sales 11,520 11,113 31,302 29,343 Gross profit 13,754 12,824 37,596 35,239 Selling, general and administrative expenses 9,494 9,122 26,100 25,305 Impairment of intangible assets — 133 — 1,993 Operating Profit 4,260 3,569 11,496 7,941 Other pension and retiree medical benefits (expense)/income (114) 26 3 91 Net interest expense and other (242) (264) (773) (788) Income before income taxes 3,904 3,331 10,726 7,244 Provision for income taxes 834 713 2,314 1,504 Net income 3,070 2,618 8,412 5,740 Less: Net income attributable to noncontrolling interests 22 15 56 40 Net Income Attributable to PepsiCo $ 3,048 $ 2,603 $ 8,356 $ 5,700 Diluted Net income attributable to PepsiCo per common share $ 2.23 $ 1.90 $ 6.10 $ 4.15 Weighted-average common shares outstanding 1,367 1,372 1,369 1,373 (a)For the 12 and 36 weeks ended September 6, 2025, we recognized charges primarily related to the impairment of our Rockstar brand. (a) A - 1
Page 7
PepsiCo, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows (in millions, unaudited) 36 Weeks Ended 9/5/2026 9/6/2025 Operating Activities Net income $ 8,412 $ 5,740 Depreciation and amortization 2,531 2,315 Impairment and other charges — 1,960 Operating lease right-of-use asset amortization 531 489 Share-based compensation expense 240 207 Restructuring and impairment charges 367 567 Cash payments for restructuring charges (373) (554) Acquisition and divestiture-related charges/credits (254) 308 Cash payments for acquisition and divestiture-related charges (24) (80) Pension and retiree medical plan expenses 227 164 Pension and retiree medical plan contributions (355) (400) Deferred income taxes and other tax charges/credits 663 30 Tax payments related to the Tax Cuts and Jobs Act (965) (772) Change in assets and liabilities: Accounts and notes receivable (2,124) (1,747) Inventories (588) (449) Prepaid expenses and other current assets 27 (223) Accounts payable and other current liabilities (358) (1,647) Income taxes payable 415 6 Other, net (422) (446) Net Cash Provided by Operating Activities 7,950 5,468 Investing Activities Capital spending (2,182) (2,499) Sales of property, plant and equipment 89 272 Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases ofintangible and other assets (148) (3,176) Short-term investments, by original maturity: More than three months - purchases (105) (190) More than three months - maturities 17 425 More than three months - sales 14 — Three months or less, net (5) 43 Other investing, net (27) (112) Net Cash Used for Investing Activities (2,347) (5,237) (Continued on following page) A - 2
Page 9
PepsiCo, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows (continued) (in millions, unaudited) 36 Weeks Ended 9/5/2026 9/6/2025 Financing Activities Proceeds from issuances of long-term debt $ 2,978 $ 8,179 Payments of long-term debt (2,328) (3,245) Short-term borrowings, by original maturity: More than three months - proceeds 4,562 5,528 More than three months - payments (3,817) (5,417) Three months or less, net 1,365 445 Cash dividends paid (5,935) (5,692) Share repurchases (739) (752) Proceeds from exercises of stock options 107 76 Withholding tax payments on restricted stock units and performance stock units converted (96) (112) Other financing (1) (18) Net Cash Used for Financing Activities (3,904) (1,008) Effect of exchange rate changes on cash and cash equivalents and restricted cash (175) 395 Net Increase/(Decrease) in Cash and Cash Equivalents and Restricted Cash 1,524 (382) Cash and Cash Equivalents and Restricted Cash, Beginning of Year 9,204 8,553 Cash and Cash Equivalents and Restricted Cash, End of Period $ 10,728 $ 8,171 Supplemental Non-Cash Activity Right-of-use assets obtained in exchange for lease obligations $ 625 $ 542 Investment obtained for certain assets $ — $ 554 A - 3
Page 10
PepsiCo, Inc. and Subsidiaries Condensed Consolidated Balance Sheet (in millions, except per share amounts) (unaudited) 9/5/2026 12/27/2025 ASSETS Current Assets Cash and cash equivalents $ 10,675 $ 9,159 Short-term investments 488 371 Accounts and notes receivable, net 13,623 11,506 Inventories: Raw materials and packaging 2,792 2,581 Work-in-process 175 143 Finished goods 3,467 3,121 6,434 5,845 Prepaid expenses and other current assets 1,339 1,068 Total Current Assets 32,559 27,949 Property, Plant and Equipment, net 29,731 29,905 Amortizable Intangible Assets, net 1,165 1,219 Goodwill 18,884 18,916 Other Indefinite-Lived Intangible Assets 13,977 13,847 Investments in Noncontrolled Affiliates 2,215 2,038 Deferred Income Taxes 4,328 4,541 Other Assets 9,117 8,984 Total Assets $ 111,976 $ 107,399 LIABILITIES AND EQUITY Current Liabilities Short-term debt obligations $ 9,223 $ 6,861 Accounts payable and other current liabilities 25,306 25,903 Total Current Liabilities 34,529 32,764 Long-Term Debt Obligations 42,658 42,321 Deferred Income Taxes 4,107 3,802 Other Liabilities 8,195 7,965 Total Liabilities 89,489 86,852 Commitments and contingencies PepsiCo Common Shareholders’ Equity Common stock, par value 1/ ¢ per share (authorized 3,600 shares; issued, net of repurchased common stock atpar value: 1,364 and 1,367 shares, respectively) 23 23 Capital in excess of par value 4,522 4,451 Retained earnings 75,140 72,788 Accumulated other comprehensive loss (14,987) (15,024) Repurchased common stock, in excess of par value (503 and 500 shares, respectively) (42,406) (41,832) Total PepsiCo Common Shareholders’ Equity 22,292 20,406 Noncontrolling interests 195 141 Total Equity 22,487 20,547 Total Liabilities and Equity $ 111,976 $ 107,399 2 3 A - 4
Page 11
Non-GAAP Measures In discussing financial results and guidance, the Company refers to the following measures which are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP): organic revenue performance, core results, core constant currency results, free cash flow and free cash flow conversion. 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 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 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 for a description of adjustments to our GAAP financial measures included herein. 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 addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies. Glossary We use the following definitions when referring to our non-GAAP financial measures: Acquisitions and divestitures: 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. Bottler case sales (BCS): Measure of physical beverage volume shipped to retailers and independent distributors from both PepsiCo and our independent bottlers. Concentrate shipments and equivalents (CSE): Measure of our physical beverage volume shipments to independent bottlers. Constant currency: 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. Core: Core results are non-GAAP financial measures which exclude certain items from our financial results. For further information regarding these excluded items, refer to “Items Affecting Comparability” in “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Q3 2026 Form 10-Q and in “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended December 27, 2025. For the periods presented, core results exclude the following items: Mark-to-market net impact Mark-to-market net gains and losses on commodity derivatives in corporate unallocated expenses. These gains and losses are subsequently reflected in segment results when the segments recognize the cost of the underlying commodity in operating profit. Restructuring and impairment charges Expenses related to the multi-year productivity plan publicly announced in 2019, which was expanded and extended through the end of 2030 to take advantage of additional opportunities within the initiatives of the plan. 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 and to the acquired inventory included in the acquisition-date balance sheets. Merger and integration charges include distribution agreement termination fees, impairment of certain acquisition-related intangibles, employee-related costs, closing costs and other integration costs. A - 5
Page 12
Impairment and other charges We recognized impairment charges primarily as a result of our quantitative assessments of certain of our indefinite-lived intangible assets, related to the Rockstar and Be & Cheery brands. Indirect and income tax impact We recognized additional expenses related to an indirect and income tax audit settlement in our LatAm Foods segment. Pension and retiree medical-related impact Pension and retiree medical-related impact includes settlement charges related to lump sum distributions exceeding the total of annual service and interest costs, as well as net curtailment losses. 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. Free cash flow: 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. Free cash flow conversion ratio: Free cash flow divided by core net income attributable to PepsiCo. Organic revenue performance: A measure that adjusts for the impacts of foreign exchange translation (on a constant currency basis, as defined above), acquisitions and divestitures, and every five or six years, the impact of an additional week of results. We also apply the constant currency calculation for our subsidiaries operating in highly inflationary economies. 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. 2026 guidance Our 2026 organic revenue performance guidance adjusts for the impacts of foreign exchange translation (on a constant currency basis, as defined above) and acquisitions and divestitures. Our 2026 core effective tax rate guidance, our 2026 core constant currency EPS growth guidance and our projected 2026 core net income attributable to PepsiCo (a component of free cash flow conversion ratio) exclude the mark-to-market net impact included in corporate unallocated expenses, restructuring and impairment charges and other items noted above. Our 2026 core constant currency EPS growth guidance also excludes the impact of foreign exchange translation. We are unable to reconcile our full year projected 2026 organic revenue growth to our full year projected 2026 reported net revenue growth because we are unable to predict the 2026 impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates and because we are unable to predict the occurrence or impact of any acquisitions and divestitures. We are also not able to reconcile our full year projected 2026 core effective tax rate to our full year projected 2026 reported effective tax rate, our full year projected 2026 core constant currency EPS growth to our full year projected 2026 reported EPS growth and our full year projected 2026 core net income attributable to PepsiCo (a component of free cash flow conversion ratio) to our full year projected 2026 reported net income, because we are unable to predict the 2026 impact of foreign exchange or the mark-to-market net impact on commodity derivatives due to the unpredictability of future changes in foreign exchange rates and commodity prices. Therefore, we are unable to provide a reconciliation of these measures, without unreasonable effort. A - 6
Page 13
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information Organic Revenue Performance 12 and 36 Weeks Ended September 5, 2026 (dollars in millions, unaudited) 12 Weeks Ended 9/5/2026 PFNA PBNA IB Franchise EMEA LatAmFoods Asia PacificFoods Total Reported Net Revenue, GAAP measure $ 6,504 $ 7,706 $ 1,401 $ 5,413 $ 3,021 $ 1,229 $ 25,274 Impact of foreign exchange translation 10 11 (14) 42 (214) (13) (178) Impact of acquisitions and structural changes — (428) — — — — (428) Organic Revenue, non-GAAP measure $ 6,514 $ 7,289 $ 1,387 $ 5,455 $ 2,807 $ 1,216 $ 24,668 Prior Year Reported Net Revenue, GAAP measure $ 6,526 $ 7,327 $ 1,291 $ 5,022 $ 2,656 $ 1,115 $ 23,937 Impact of divestitures — (15) — — — — (15) Prior Year Organic Revenue, non-GAAP measure $ 6,526 $ 7,312 $ 1,291 $ 5,022 $ 2,656 $ 1,115 $ 23,922 Reported Net Revenue % Change, GAAP measure — 5 8 8 14 10 6 Impact of foreign exchange translation — — (1) 1 (8) (1) (1) Impact of acquisitions and divestitures — (6) — — — — (2) Organic Revenue % Change, non-GAAP measure — — 7 9 6 9 3 Impact on % Change of: Organic volume change 0.5 (3) 5.5 1 2.5 11 0.5 Effective net pricing (1) 3 2 7 3 (2) 3 36 Weeks Ended 9/5/2026 PFNA PBNA IB Franchise EMEA LatAmFoods Asia PacificFoods Total Reported Net Revenue, GAAP measure $ 19,204 $ 21,340 $ 3,748 $ 13,219 $ 7,895 $ 3,492 $ 68,898 Impact of foreign exchange translation (13) (11) (71) (390) (721) (83) (1,289) Impact of acquisitions and structural changes (54) (1,245) — — — — (1,299) Organic Revenue, non-GAAP measure $ 19,137 $ 20,084 $ 3,677 $ 12,829 $ 7,174 $ 3,409 $ 66,310 Prior Year Reported Net Revenue, GAAP measure $ 19,215 $ 19,999 $ 3,418 $ 11,946 $ 6,865 $ 3,139 $ 64,582 Impact of divestitures — (37) — — — — (37) Prior Year Organic Revenue, non-GAAP measure $ 19,215 $ 19,962 $ 3,418 $ 11,946 $ 6,865 $ 3,139 $ 64,545 Reported Net Revenue % Change, GAAP measure — 7 10 11 15 11 7 Impact of foreign exchange translation — — (2) (3) (11) (3) (2) Impact of acquisitions and divestitures — (6) — — — — (2) Organic Revenue % Change, non-GAAP measure — 1 8 7 4.5 9 3 Impact on % Change of: Organic volume change 1 (3) 4 3 — 10 0.5 Effective net pricing (1) 4 4 4 4 (2) 2 (a) Represents the adjustment needed to reflect translation of revenue using prior-year period foreign currency exchange rates. (b) Represents underlying amount, not in accordance with GAAP, used in the calculation of Organic Revenue Performance, which is a financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. (c) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. (d) 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 Summary Third-Quarter 2026 Performance table and Summary Year-to-Date 2026 Performance table on pages 3 and 4 respectively, due to the impacts of product mix, nonconsolidated joint venture volume, and, for our franchise beverage businesses, temporary timing differences between BCS and 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. Note – Amounts may not sum due to rounding. (a) (b) (b) (c) (d) (a) (b) (b) (c) (d) A - 7
Page 14
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information (continued) Certain Line Items by Segment 12 Weeks Ended September 5, 2026 (dollars in millions, unaudited) PFNA PBNA IBFranchise EMEA LatAmFoods AsiaPacificFoods CorporateUnallocatedExpenses Total Reported Cost of Sales, GAAP measure $ 2,578 $ 3,540 $ 409 $ 3,044 $ 1,233 $ 731 $ (15) $ 11,520 Mark-to-market net impact — — — — — — 15 15 Restructuring and impairment charges (2) (5) — (3) 1 — — (9) Core Cost of Sales, non-GAAP measure $ 2,576 $ 3,535 $ 409 $ 3,041 $ 1,234 $ 731 $ — $ 11,526 Gross Margin Reported Gross Profit, GAAP measure $ 3,926 $ 4,166 $ 992 $ 2,369 $ 1,788 $ 498 $ 15 $ 13,754 54.4 % Mark-to-market net impact — — — — — — (15) (15) (0.1) Restructuring and impairment charges 2 5 — 3 (1) — — 9 — Core Gross Profit, non-GAAP measure $ 3,928 $ 4,171 $ 992 $ 2,372 $ 1,787 $ 498 $ — $ 13,748 54.4 % Reported Selling, General and AdministrativeExpenses, GAAP measure $ 2,593 $ 3,110 $ 430 $ 1,472 $ 1,164 $ 324 $ 401 $ 9,494 Mark-to-market net impact — — — — — — 64 64 Restructuring and impairment charges (46) (48) (2) (40) (3) (5) (39) (183) Acquisition and divestiture-relatedcharges/credits (1) 97 — — — — — 96 Core Selling, General and AdministrativeExpenses, non-GAAP measure $ 2,546 $ 3,159 $ 428 $ 1,432 $ 1,161 $ 319 $ 426 $ 9,471 OperatingMargin Reported Operating Profit, GAAP measure $ 1,333 $ 1,056 $ 562 $ 897 $ 624 $ 174 $ (386) $ 4,260 16.9 % Mark-to-market net impact — — — — — — (79) (79) (0.3) Restructuring and impairment charges 48 53 2 43 2 5 39 192 0.8 Acquisition and divestiture-relatedcharges/credits 1 (97) — — — — — (96) (0.4) Core Operating Profit, non-GAAP measure 1,382 1,012 564 940 626 179 (426) 4,277 16.9 % Impact of foreign exchange translation 2 3 (8) 18 (49) (4) — (38) Core Constant Currency Operating Profit, non-GAAP measure $ 1,384 $ 1,015 $ 556 $ 958 $ 577 $ 175 $ (426) $ 4,239 Reported Operating Profit % Change, GAAPmeasure (13) 45 29 25 47 15 (10) 19 Core Operating Profit % Change, non-GAAPmeasure (12) 4 10 16 20 14 5 3 Core Constant Currency Operating Profit %Change, non-GAAP measure (12) 4 9 19 10 12 5 2.5 (a) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. (b) Represents the adjustment needed to reflect translation of operating profit using prior-year period foreign currency exchange rates. Note – Amounts may not sum due to rounding. (a) (a) (a) (a) (b) (a) (a) (a) A - 8
Page 15
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information (continued) Certain Line Items by Segment (continued) 12 Weeks Ended September 6, 2025 (dollars in millions, unaudited) PFNA PBNA IBFranchise EMEA LatAmFoods AsiaPacificFoods CorporateUnallocatedExpenses Total Reported Cost of Sales, GAAP measure $ 2,567 $ 3,452 $ 405 $ 2,871 $ 1,134 $ 666 $ 18 $ 11,113 Mark-to-market net impact — — — — — — (18) (18) Restructuring and impairment charges (10) 1 — (7) — — — (16) Acquisition and divestiture-relatedcharges/credits — (46) — — — — — (46) Core Cost of Sales, non-GAAP measure $ 2,557 $ 3,407 $ 405 $ 2,864 $ 1,134 $ 666 $ — $ 11,033 Gross Margin Reported Gross Profit, GAAP measure $ 3,959 $ 3,875 $ 886 $ 2,151 $ 1,522 $ 449 $ (18) $ 12,824 53.6 % Mark-to-market net impact — — — — — — 18 18 0.1 Restructuring and impairment charges 10 (1) — 7 — — — 16 0.1 Acquisition and divestiture-relatedcharges/credits — 46 — — — — — 46 0.2 Core Gross Profit, non-GAAP measure $ 3,969 $ 3,920 $ 886 $ 2,158 $ 1,522 $ 449 $ — $ 12,904 53.9 % Reported Selling, General and AdministrativeExpenses, GAAP measure $ 2,423 $ 3,086 $ 377 $ 1,431 $ 1,098 $ 298 $ 409 $ 9,122 Mark-to-market net impact — — — — — — (5) (5) Restructuring and impairment charges (22) (20) (2) (62) (17) (5) 2 (126) Acquisition and divestiture-relatedcharges/credits (2) (123) — — — — — (125) Impairment and other charges — 2 — (19) — — — (17) Indirect and income tax impact — — — — (82) — — (82) Core Selling, General and AdministrativeExpenses, non-GAAP measure $ 2,399 $ 2,945 $ 375 $ 1,350 $ 999 $ 293 $ 406 $ 8,767 Reported Impairment of Intangible Assets,GAAP measure $ — $ 60 $ 73 $ — $ — $ — $ — $ 133 Acquisition and divestiture-relatedcharges/credits — (50) — — — — — (50) Impairment and other charges — (10) (73) — — — — (83) Core Impairment of Intangible Assets, non-GAAP measure $ — $ — $ — $ — $ — $ — $ — $ — OperatingMargin Reported Operating Profit, GAAP measure $ 1,536 $ 729 $ 436 $ 720 $ 424 $ 151 $ (427) $ 3,569 14.9 % Mark-to-market net impact — — — — — — 23 23 0.1 Restructuring and impairment charges 32 19 2 69 17 5 (2) 142 0.6 Acquisition and divestiture-relatedcharges/credits 2 219 — — — — — 221 0.9 Impairment and other charges — 8 73 19 — — — 100 0.4 Indirect and income tax impact — — — — 82 — — 82 0.3 Core Operating Profit, non-GAAP measure $ 1,570 $ 975 $ 511 $ 808 $ 523 $ 156 $ (406) $ 4,137 17.3 % (a) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. Note – Amounts may not sum due to rounding. (a) (a) (a) (a) (a) A - 9
Page 16
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information (continued) Certain Line Items by Segment (continued) 36 Weeks Ended September 5, 2026 (dollars in millions, unaudited) PFNA PBNA IBFranchise EMEA LatAmFoods AsiaPacificFoods CorporateUnallocatedExpenses Total Reported Cost of Sales, GAAP measure $ 7,485 $ 9,951 $ 1,080 $ 7,565 $ 3,185 $ 2,078 $ (42) $ 31,302 Mark-to-market net impact — — — — — — 42 42 Restructuring and impairment charges (19) (4) — (12) 8 — — (27) Core Cost of Sales, non-GAAP measure $ 7,466 $ 9,947 $ 1,080 $ 7,553 $ 3,193 $ 2,078 $ — $ 31,317 Gross Margin Reported Gross Profit, GAAP measure $ 11,719 $ 11,389 $ 2,668 $ 5,654 $ 4,710 $ 1,414 $ 42 $ 37,596 54.6 % Mark-to-market net impact — — — — — — (42) (42) (0.1) Restructuring and impairment charges 19 4 — 12 (8) — — 27 — Core Gross Profit, non-GAAP measure $ 11,738 $ 11,393 $ 2,668 $ 5,666 $ 4,702 $ 1,414 $ — $ 37,581 54.5 % Reported Selling, General and AdministrativeExpenses, GAAP measure $ 7,615 $ 8,544 $ 1,148 $ 3,728 $ 3,042 $ 896 $ 1,127 $ 26,100 Mark-to-market net impact — — — — — — 179 179 Restructuring and impairment charges (130) (51) (10) (70) (17) (13) (55) (346) Acquisition and divestiture-relatedcharges/credits (3) 257 — — — — — 254 Core Selling, General and AdministrativeExpenses, non-GAAP measure $ 7,482 $ 8,750 $ 1,138 $ 3,658 $ 3,025 $ 883 $ 1,251 $ 26,187 OperatingMargin Reported Operating Profit, GAAP measure $ 4,104 $ 2,845 $ 1,520 $ 1,926 $ 1,668 $ 518 $ (1,085) $ 11,496 16.7 % Mark-to-market net impact — — — — — — (221) (221) (0.3) Restructuring and impairment charges 149 55 10 82 9 13 55 373 0.5 Acquisition and divestiture-relatedcharges/credits 3 (257) — — — — — (254) (0.4) Core Operating Profit, non-GAAP measure 4,256 2,643 1,530 2,008 1,677 531 (1,251) 11,394 16.5 % Impact of foreign exchange translation (3) — (30) (29) (175) (16) — (253) Core Constant Currency Operating Profit, non-GAAP measure $ 4,253 $ 2,643 $ 1,500 $ 1,979 $ 1,502 $ 515 $ (1,251) $ 11,141 Reported Operating Profit % Change, GAAPmeasure (8) 416 22 47 28 62 (13) 45 Core Operating Profit % Change, non-GAAPmeasure (8) 3 15 18 18 29 3 5 Core Constant Currency Operating Profit %Change, non-GAAP measure (8) 3 13 17 6 25 3 3 (a) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. (b) Represents the adjustment needed to reflect translation of operating profit using prior-year period foreign currency exchange rates. Note – Amounts may not sum due to rounding. (a) (a) (a) (a) (b) (a) (a) (a) A - 10
Page 17
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information (continued) Certain Line Items by Segment (continued) 36 Weeks Ended September 6, 2025 (dollars in millions, unaudited) PFNA PBNA IBFranchise EMEA LatAmFoods AsiaPacificFoods CorporateUnallocatedExpenses Total Reported Cost of Sales, GAAP measure $ 7,478 $ 9,108 $ 1,017 $ 6,920 $ 2,906 $ 1,905 $ 9 $ 29,343 Mark-to-market net impact — — — — — — (9) (9) Restructuring and impairment charges (102) (6) — (11) — — — (119) Acquisition and divestiture-relatedcharges/credits — (46) — — — — — (46) Core Cost of Sales, non-GAAP measure $ 7,376 $ 9,056 $ 1,017 $ 6,909 $ 2,906 $ 1,905 $ — $ 29,169 Gross Margin Reported Gross Profit, GAAP measure $ 11,737 $ 10,891 $ 2,401 $ 5,026 $ 3,959 $ 1,234 $ (9) $ 35,239 54.6 % Mark-to-market net impact — — — — — — 9 9 — Restructuring and impairment charges 102 6 — 11 — — — 119 0.2 Acquisition and divestiture-relatedcharges/credits — 46 — — — — — 46 0.1 Core Gross Profit, non-GAAP measure $ 11,839 $ 10,943 $ 2,401 $ 5,037 $ 3,959 $ 1,234 $ — $ 35,413 54.8 % Reported Selling, General and AdministrativeExpenses, GAAP measure $ 7,274 $ 8,752 $ 1,080 $ 3,465 $ 2,658 $ 833 $ 1,243 $ 25,305 Mark-to-market net impact — — — — — — 17 17 Restructuring and impairment charges (45) (186) (7) (107) (36) (9) (45) (435) Acquisition and divestiture-relatedcharges/credits (23) (189) — — — — — (212) Impairment and other charges — 2 — (19) — — — (17) Indirect and income tax impact — — — — (82) — — (82) Core Selling, General and AdministrativeExpenses, non-GAAP measure $ 7,206 $ 8,379 $ 1,073 $ 3,339 $ 2,540 $ 824 $ 1,215 $ 24,576 Reported Impairment of Intangible Assets,GAAP measure $ — $ 1,589 $ 73 $ 251 $ — $ 80 $ — $ 1,993 Acquisition and divestiture-relatedcharges/credits — (50) — — — — — (50) Impairment and other charges — (1,539) (73) (251) — (80) — (1,943) Core Impairment of Intangible Assets, non-GAAP measure $ — $ — $ — $ — $ — $ — $ — $ — OperatingMargin Reported Operating Profit, GAAP measure $ 4,463 $ 550 $ 1,248 $ 1,310 $ 1,301 $ 321 $ (1,252) $ 7,941 12.3 % Mark-to-market net impact — — — — — — (8) (8) — Restructuring and impairment charges 147 192 7 118 36 9 45 554 0.9 Acquisition and divestiture-relatedcharges/credits 23 285 — — — — — 308 0.5 Impairment and other charges — 1,537 73 270 — 80 — 1,960 3.0 Indirect and income tax impact — — — — 82 — — 82 0.1 Core Operating Profit, non-GAAP measure $ 4,633 $ 2,564 $ 1,328 $ 1,698 $ 1,419 $ 410 $ (1,215) $ 10,837 16.8 % (a) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. Note – Amounts may not sum due to rounding. (a) (a) (a) (a) (a) A - 11
Page 18
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information (continued) Certain Line Items 12 Weeks Ended September 5, 2026 and September 6, 2025 (dollars in millions, except per share amounts, unaudited) 12 Weeks Ended 9/5/2026 Other pension andretiree medicalbenefits (expense)/income Provision forincome taxes Net incomeattributable toPepsiCo Net incomeattributable toPepsiCo percommon share -diluted Effective taxrate Reported, GAAP measure $ (114) $ 834 $ 3,048 $ 2.23 21.4 % Items Affecting Comparability Mark-to-market net impact — (19) (60) (0.04) (0.1) Restructuring and impairment charges (7) 36 149 0.11 (0.1) Acquisition and divestiture-related charges/credits — (23) (73) (0.05) (0.1) Pension and retiree medical-related impact 179 40 139 0.10 — Core, non-GAAP measure $ 58 $ 868 $ 3,203 $ 2.34 21.2 % 12 Weeks Ended 9/6/2025 Other pension andretiree medicalbenefits income Provision forincome taxes Net incomeattributable toPepsiCo Net incomeattributable toPepsiCo percommon share -diluted Effective taxrate Reported, GAAP measure $ 26 $ 713 $ 2,603 $ 1.90 21.4 % Items Affecting Comparability Mark-to-market net impact — 6 17 0.01 — Restructuring and impairment charges (1) 25 116 0.08 (0.1) Acquisition and divestiture-related charges/credits — 52 169 0.12 0.3 Impairment and other charges — 8 92 0.07 (0.4) Indirect and income tax impact — (47) 129 0.09 (1.9) Pension and retiree medical-related impact 13 2 11 0.01 — Core, non-GAAP measure $ 38 $ 759 $ 3,137 $ 2.29 19.4 % (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. (b) The impact of items affecting comparability on our effective tax rate represents the difference in the effective tax rate resulting from a higher or lower tax rate as applicable to the items affecting comparability. (c) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. (d) Provision for income taxes reflects the unfavorable impact of an income tax audit settlement in our LatAm Foods segment. Note – Amounts may not sum due to rounding. (a) (b) (c) (a) (b) (d) (c) A - 12
Page 19
PepsiCo, Inc. and Subsidiaries Reconciliation of GAAP and Non-GAAP Information (continued) Certain Line Items (continued) 36 Weeks Ended September 5, 2026 and September 6, 2025 (dollars in millions, except per share amounts, unaudited) 36 Weeks Ended 9/5/2026 Other pension andretiree medicalbenefits income Provision forincome taxes Net incomeattributable toPepsiCo Net incomeattributable toPepsiCo percommon share -diluted Effective taxrate Reported, GAAP measure $ 3 $ 2,314 $ 8,356 $ 6.10 21.6 % Items Affecting Comparability Mark-to-market net impact — (53) (168) (0.12) (0.1) Restructuring and impairment charges (6) 77 290 0.21 — Acquisition and divestiture-related charges/credits — (60) (194) (0.14) (0.1) Pension and retiree medical-related impact 179 40 139 0.10 — Core, non-GAAP measure $ 176 $ 2,318 $ 8,423 $ 6.15 21.5 % 36 Weeks Ended 9/6/2025 Other pension andretiree medicalbenefits income Provision forincome taxes Net incomeattributable toPepsiCo Net incomeattributable toPepsiCo percommon share -diluted Effective taxrate Reported, GAAP measure $ 91 $ 1,504 $ 5,700 $ 4.15 20.8 % Items Affecting Comparability Mark-to-market net impact — (2) (6) — — Restructuring and impairment charges 13 100 467 0.34 (0.2) Acquisition and divestiture-related charges/credits — 72 236 0.17 0.1 Impairment and other charges — 421 1,539 1.12 0.4 Indirect and income tax impact — (47) 129 0.09 (0.9) Pension and retiree medical-related impact 12 2 10 0.01 — Core, non-GAAP measure $ 116 $ 2,050 $ 8,075 $ 5.88 20.2 % (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. (b) The impact of items affecting comparability on our effective tax rate represents the difference in the effective tax rate resulting from a higher or lower tax rate as applicable to the items affecting comparability. (c) A financial measure that is not in accordance with GAAP. See pages A-5 through A-6 for further discussion. (d) Provision for income taxes reflects the unfavorable impact of an income tax audit settlement in our LatAm Foods segment. Note – Amounts may not sum due to rounding. (a) (b) (c) (a) (b) (d) (c) A - 13
Page 20
Cautionary Statement Statements in this communication that are “forward-looking statements,” including our 2026 guidance and outlook are based on currently available information, operating plans and projections about future events and trends. Terminology 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 are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. 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; and potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations. For additional information on these and other factors that could cause PepsiCo’s actual results to materially differ from those set forth herein, please see PepsiCo’s filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. 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. A - 14