PepsiCo earnings preview: Long-term support under pressure

PepsiCo earnings: What the market expects

PepsiCo will publish its third-quarter results on Thursday, 8 October 2026, at approximately 12:00 Central European Summer Time (CEST). The analyst Q&A session follows at 14:15 CEST.

Expectations stand at approximately $24.96 billion in revenue and earnings per share of $2.30. Alongside the headline figures, guidance and developments in sales volumes and margins across the drinks and snacks businesses are likely to shape the market reaction.

Seasonality: A stronger period starts in October

Seasonax’s 25-year analysis shows an average gain of 3.32% between 7 October and 6 December. The stock rose in 18 of the 25 years, a historical win rate of 72%.

PepsiCo is therefore entering a historically more favourable period. Whether that pattern holds this year will depend particularly on earnings and the subsequent price reaction.

PepsiCo Seasonality: Historical Strength from October to December

Options imply an earnings move of around 3.75%

The options market implies a move of ±3.75%, or approximately ±$4.72, around the earnings release. Based on the $125.89 reference price, that translates into an indicative range of $121.17–$130.61.

This pricing does not indicate a direction. The actual move could also exceed the implied range.

Analyst consensus: Hold despite higher price targets

The TipRanks consensus is Hold: Of the 16 analysts covered, four recommend buying and 12 recommend holding. None recommends selling.

The average 12-month price target is $150.25, implying approximately 19.35% upside from the reference price. Individual targets range from $133 to $183. These longer-term forecasts do not establish a short-term buy signal.

PepsiCo Analyst Consensus: Hold Rating and a $150.25 Average Price Target

Technical analysis: A break below $120 could extend the decline

On the weekly chart, the longstanding $126.60–$130 support zone is under pressure. Buyers previously defended this area in June 2020, March 2021 and June 2025. At approximately $125.94, the stock is now trading below it.

A swift recovery above this zone would increase the chances of a failed breakdown and a rebound. Renewed demand for defensive consumer stocks could provide additional support. However, a break below $120 would weaken the technical picture further, bringing $114 and then $108 into focus.

The broader downtrend remains intact. A sustained move above $150–$155, including the descending trendline, would be needed to materially improve the longer-term outlook.

PepsiCo Weekly Chart: Long-Term Support Under Pressure

PepsiCo: Five-Year Share Price Performance