Key Takeaways PepsiCo, Inc. (PEP) used its second-quarter earnings call to argue that the bigger story is not the modest earnings beat, but the split between a resilient international engine and a North America business still being rebuilt around affordability, portfolio shifts and away-from-home expansion. Management reaffirmed the company's 2026 guidance, but the discussion made it clear that investors remain focused on whether PepsiCo can turn improving volume trends in U.S. foods and beverages into stro ...