Pepsico Guidance and Outlook
The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are
included in reported GAAP results, including the impact of foreign exchange translation and commodity
mark-to-market net impacts.
Consistent with its previous guidance for 2024, the Company continues to expect:
• At least 4 percent increase in organic revenue;
• At least 8 percent increase in core constant currency EPS;
• A core annual effective tax rate of 20 percent; and
• Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2
billion and share repurchases of $1.0 billion.
In addition, the Company continues to expect an approximate 1-percentage-point foreign exchange
translation headwind to impact reported net revenue and core EPS growth based on current market
consensus rates.
This assumption and the guidance above imply 2024 core EPS of at least $8.15, a 7 percent increase
compared to 2023 core EPS of $7.62