| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | October 8, 2026 | 7/12 | 1 high, 4 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q2'26 | July 9, 2026 | 4/12 | 2 high, 4 medium, 1 low flags | 0 | 4 | Call sheet → |
| Q1'26 | April 16, 2026 | 8/12 | 1 high, 3 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q4'25 | February 3, 2026 | 8/12 | 2 medium, 3 low flags | 5 | 0 | Call sheet → |
| Q3'25 | October 9, 2025 | 7/12 | 1 medium, 5 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Delivered | NA advertising and marketing expense projected to increase in the second half versus prior year Confirmed realized per. |
| Q3'26 | Pending | Will have an update on One North America integration 'with more detail later in the year, early next year' No quantified update was delivered on this call; management instead pushed to a vaguer future meeting per, actual update not stated on the call. |
| Q3'26 | Pending | Line of sight to the low end of the long-term 4%-6% organic growth range in the second half of 2026 H2 2026 is not complete (only Q3 reported). Q3 organic growth came in at 3.1% per, below the cited 4% floor, and the target language itself has since narrowed to a single 4% figure. |
| Q3'26 | Pending | Reaffirmed full-year guidance, expected 'towards the low end of the EPS range' Full-year 2026 period has not ended; however, Q4 guidance was explicitly cut on margin this quarter per, a revision rather than a confirmed full-year miss given the period isn't complete. |
| Q2'26 | Pending | Upper end of 2-4% organic growth in back half Quietly walked back to 'low end of 4-6%' long-term range, effectively a guidance cut |
| Q2'26 | Missed | Sequential improvement in PFNA throughout 2026 Q2 was worse than Q1 on volume, directly contradicting the promised trajectory |
| Q2'26 | Pending | Gaining share in value terms for PFNA Claimed last 3 weeks showed value share gains but no quarterly confirmation |
| Q2'26 | Missed | Acceleration of U.S. business in both foods and beverages PFNA volumes went flat from +2%, PBNA volumes turned negative |
| Q2'26 | Missed | Positive volume growth in PBNA excluding case pack water in coming quarters Volumes went negative in Q2 despite lapping the water transition |
| Q2'26 | Missed | PFNA shelf resets and innovation execution to be 'almost completed' by end of Q2 Ramon admits they're only 50% through planogram resets, innovation at 40-50% ACV, clearly behind schedule |
| Q1'26 | Pending | Innovation space gains and launches through Q2 40-50% ACV currently, targeting completion by end Q2 |
| Q1'26 | Delivered | Advertising spend to increase in 2026 Steve confirms reversal from 2025 cuts as planned |
| Q1'26 | Delivered | Productivity to fund commercial investments PFNA costs down in Q1 despite increased investment |
| Q1'26 | Delivered | International mid-single digit growth continuation Ramon confirms continuing acceleration, no slowdown from Iran conflict |
| Q1'26 | Delivered | PBNA volume to turn positive ex-case water Achieved flat volume excluding water transition, expects positive growth ahead |
| Q1'26 | Mixed | PFNA to grow volume, net revenue, and operating margin in 2026 Volume delivered (+2%), revenue minimal (+1%), margin commitment walked back to 'total company flexibility' |
| Q4'25 | Delivered | Rightsizing Frito-Lay fixed costs (Q3) Productivity back to 'couple years ago' levels, continuing optimization |
| Q4'25 | Delivered | International back to mid-single digits (Q3) Reaffirmed mid-single digit growth similar to last 19 quarters |
| Q4'25 | Delivered | PBNA continue acceleration (Q3) Maintained acceleration expectation and cited specific drivers |
| Q4'25 | Pending | Innovation rolling out will give volume growth (Q3) Major launches now scheduled: Lay's/Tostitos early 2026, Gatorade/Quaker later |
| Q4'25 | Delivered | Service levels becoming much better, driving growth (Q3) Now at 97-98% fill rates and citing this as growth driver |
| Q4'25 | Exceeded | Expect to get back to flat organic sales performance in Q4 (Q3 guidance) Actually guided to volume and net revenue growth for PFNA in Q1-exceeded flat expectation |
| Q3'25 | Pending | Q2: Lay's and Tostitos relaunch Confirmed for Q4/Q1 timeline, removing artificials as key component |
| Q3'25 | Delivered | Q2: Productivity acceleration in second half 70% more productivity H2 vs H1, specific plant closures executed |
| Q3'25 | Pending | Q2: Protein launches in Q4 and Q1 Still committed but language getting vaguer on timing and specifics |
| Q3'25 | Delivered | Q2: Service levels improvement post systems transition Now at 97-98% both businesses, systems issues behind them |
| Q3'25 | Delivered | Q2: Away from home continued focus and investment High single digit growth in PBNA, called out as margin accretive |
| Q3'25 | Delivered | Q2: Sequential improvement in North America top line PBNA volume positive, PFNA showing growth in last four weeks of quarter |
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