Did Lowered Earnings Outlook Just Shift PepsiCo's (PEP) Investment Narrative?

PepsiCo recently reported higher third quarter and nine month sales and earnings year on year, while at the same time cutting its fiscal 2026 core EPS growth outlook to 2.5% to 3.5% because rising input costs and softer U.S. performance are weighing on margins. The group is contending with competitive pressure and business mix shifts, including the loss of KFC’s long running U.S. beverage contract from January 2027, and there are questions around how margin strain interacts with PepsiCo’s...