PEP — what changed in the latest 10-Q
A section-by-section comparison of PEP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-09 vs the prior 10-Q · 2026-04-16
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +71 | −35 | ~24 | 51 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | +1 | −1 | ~2 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-09
unfavorable impact, if any, of such taxes, regulations or limitations, including advocating alternative measures with respect to the imposition, form and scope of any such taxes, regulations or limitations.
In 2026, widespread implementation of the OECD model rules for a global minimum tax rate of 15% came into effect in various countries in which we do business, including European Union member states, resulting in an increase in our income tax provision. We will continue to monitor for additional chan…
May. The 24 weeks ended June 13, 2026 and June 14, 2025 include volume outside of North America for the months of January through May.
Operating profit increased 125%, primarily driven by prior-year impairment charges related to the Rockstar and Be & Cheery brands, productivity savings, effective net pricing, lower restructuring charges and a favorable net impact of acquisition and divestiture-related charges/credits, partially off…
Operating profit increased 65%, primarily driven by prior-year impairment charges related to the Rockstar and Be & Cheery brands, productivity savings, effective net pricing, a favorable net impact of acquisition and divestiture-related charges/credits and lower restructuring charges, partially offs…
Text removed vs the prior filing · source: 10-Q · 2026-04-16
In 2026, widespread implementation of the OECD model rules for a global minimum tax rate of 15% came into effect in various countries in which we do business, including European Union member states,
resulting in an increase in our income tax provision. We will continue to monitor for additional changes to the legislation, which could further impact our income tax provision.
Operating profit increased 24%, primarily driven by productivity savings, net revenue growth, a favorable impact of net mark-to-market gains on commodity derivatives, a favorable net impact of acquisition and divestiture-related charges/credits and a 4-percentage-point favorable impact of foreign ex…
Other pension and retiree medical benefits income$(58)$(23)$(35)
The reported tax rate was even with the prior year, primarily reflecting higher tax benefits from foreign results, offset by the impact of the OECD model global minimum tax.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-07-09
As previously disclosed, on June 20, 2024, the Mayor and City Council of Baltimore, Maryland filed a lawsuit against PepsiCo, Inc., Frito-Lay, Inc., Frito-Lay North America, Inc., and several other unrelated parties (the Baltimore Matter). On July 21, 2025, the Circuit Court for Baltimore City, Mary…
Text removed vs the prior filing · source: 10-Q · 2026-04-16
As previously disclosed, on April 11, 2025, the Commissioner of the Department of Licensing and Consumer Affairs and Government of the United States Virgin Islands filed a lawsuit against PepsiCo, Inc., PepsiCo Caribbean, Inc., and two other unrelated parties asserting claims for public nuisance and…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice