PepsiCo’s Earnings Top Projections; Walmart’s Schmitt to Take Over as CFO

PepsiCo (PEP) posted quarterly earnings slightly ahead of analysts’ expectations and announced a new chief financial officer Thursday.

The maker of Pepsi soda and Doritos chips posted adjusted earnings per share of $2.29 on revenue that rose 2.7% year-over-year to $23.94 billion for the third quarter. Both figures topped analysts’ projections compiled by Visible Alpha, thanks in part to strength in the snack giant’s international business and improvements in its North American beverage operations.

PepsiCo also said that Steve Schmitt, chief financial officer for Walmart’s (WMT) U.S. unit, will take over as chief financial officer from Jamie Caulfield effective Nov. 10. Caulfield decided to retire next year after more than 30 years with the company, PepsiCo said. He became CFO in December 2023.

The management shift comes as activist investor Elliott Investment Management, which has taken a $4 billion stake in the company, called for changes to boost PepsiCo’s lagging stock price.

“Our reported net revenue growth accelerated and reflects the resilience of our international business, improved momentum within North America Beverages and the benefits of our portfolio reshaping actions,” CEO Ramon Laguarta said Thursday. “As we look ahead to the balance of this year and beyond, our top priorities are to accelerate growth and aggressively optimize our cost structure.”

For the year, PepsiCo said it was maintaining its forecast of a low single-digit increase in organic revenue, and expects earnings to be flat from last year.

PepsiCo shares, which entered Thursday down almost 9% for 2025, were up less than 1% in premarket trading.