PepsiCo Inc. reported its first-quarter earnings for 2025, with a core earnings per share (EPS) of $1.48, slightly missing the Bloomberg Consensus estimate of $1.49. The company's net revenue reached $17.92 billion, surpassing the expected $17.77 billion, despite a year-over-year decline of 1.8%. Organic revenue growth was up by 1.2%, which was above the anticipated 0.53%. Operating profit was $2.58 billion, and capital expenditures were $603 million. The company's performance was impacted by a challenging global trade environment and weakening consumer sentiment. PepsiCo's CEO, Ramon Laguarta, highlighted the increasing volatility and uncertainty related to global trade developments, which are expected to raise supply chain costs. This led PepsiCo to adjust its full-year earnings outlook, now expecting core EPS to be flat year-over-year in constant currency, down from a previous forecast of mid-single-digit growth. The company's tax rate is expected to be around 20%, and it plans to return $8.6 billion to shareholders. Regionally, PepsiCo's North American food business saw a 1% decrease in volume, while its North American beverage segment experienced a 3% decline, with revenue at $5.88 billion. Internationally, the company's performance was mixed, with convenient foods volume down 3%. PepsiCo is taking measures to mitigate the impact of higher costs and maintain its operations and relationships with customers and consumers.