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PepsiCo Adjusts Organic Revenue Growth Guidance

publication date: Jul 11, 2024
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Image: PepsiCo’s shares have been choppy since the beginning of 2022. 

We’re not reading too much into PepsiCo's modest downward organic revenue growth guidance revision for 2024 (approximated 4% versus at least 4%), as the firm's underlying profitability remains strong, with expectations for at least 8% core constant currency expansion in 2024. Total cash returns to shareholders is targeted at $8.2 billion for 2024, consisting of dividends of $7.2 billion and share repurchases of $1 billion. For the 24 weeks ended June 15, PepsiCo had negative free cash flow, while it retained a hefty net debt position on the balance sheet. Though PepsiCo is not a net-cash-rich, free cash flow generating powerhouse, we like the diversification benefits it provides in the Best Ideas Newsletter portfolio.


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