PepsiCo

Pricing has led growth since 2021. In 2025, management still delivered positive pricing with mixed elasticities and some volume giveback in North America, underscoring strong but not unlimited pricing power. International remained a relative bright spot.

Over time, pricing should track innovation, mix upgrades, and productivity gains, but the company is balancing with value packs to protect frequency. The presence of activist pressure and retailer pushback may cap outsized price realization.