Coca-Cola closed at $63.61 and PepsiCo at $180.66 per share. These unadjusted closes set the same-date baseline for the price comparison; they exclude dividends.
PepsiCo announced initiatives focused on everyday value, productivity and operating changes, supported by shareholder Elliott Investment Management. The announcement documents a response to pressure on the business, not a completed turnaround.
PepsiCo reported 2025 core EPS of $8.14, down slightly from $8.16 in 2024, and annual organic revenue growth of 1.7%. The results help explain why earlier cumulative earnings growth did not sustain investor confidence.
Coca-Cola reported 2025 comparable EPS of $3.00 and a comparable operating margin of 31.2%, up from 30.0%, despite flat annual unit-case volume. The contrast points to profitable monetization rather than a consumption boom.
PepsiCo reported second-quarter core EPS growth of 4%. Its North American foods revenue bridge showed roughly flat organic-volume contribution alongside a 2% decline in effective pricing; management said company-wide core operating margin fell 40 basis points. Improved affordability had not yet produced stronger margin conversion.
Coca-Cola reports stronger volume and earnings growth
Coca-Cola reported second-quarter global unit-case growth of 5%, organic revenue growth of 6% and comparable EPS growth of 11%. The quarter adds evidence of demand behind its resilience, though it does not describe the entire multiyear period.
Coca-Cola closed at $87.81 and PepsiCo at $128.63. Relative to December 30, 2022, their share prices had risen about 38% and fallen about 29%, respectively—a gap driven predominantly by opposite changes in the multiples investors paid for adjusted earnings.
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By Intermission· 2,103 words
How has Coca-Cola's stock price risen so much while Pepsi's stock has fallen in the past few years?
The common starting point
[1]Coca-Cola closed at $63.61 and PepsiCo at $180.66 per share. These unadjusted closes set the same-date baseline for the price comparison; they exclude dividends.
PepsiCo announces a North American repair plan
[12]PepsiCo announced initiatives focused on everyday value, productivity and operating changes, supported by shareholder Elliott Investment Management. The announcement documents a response to pressure on the business, not a completed turnaround.
PepsiCo reports stalled adjusted earnings
[5]PepsiCo reported 2025 core EPS of $8.14, down slightly from $8.16 in 2024, and annual organic revenue growth of 1.7%. The results help explain why earlier cumulative earnings growth did not sustain investor confidence.
Coca-Cola reports continued margin growth
[3]Coca-Cola reported 2025 comparable EPS of $3.00 and a comparable operating margin of 31.2%, up from 30.0%, despite flat annual unit-case volume. The contrast points to profitable monetization rather than a consumption boom.
PepsiCo’s recovery remains uneven
[13][14]PepsiCo reported second-quarter core EPS growth of 4%. Its North American foods revenue bridge showed roughly flat organic-volume contribution alongside a 2% decline in effective pricing; management said company-wide core operating margin fell 40 basis points. Improved affordability had not yet produced stronger margin conversion.
Coca-Cola reports stronger volume and earnings growth
[17]Coca-Cola reported second-quarter global unit-case growth of 5%, organic revenue growth of 6% and comparable EPS growth of 11%. The quarter adds evidence of demand behind its resilience, though it does not describe the entire multiyear period.
Share prices show the full divergence
[1][3][5]Coca-Cola closed at $87.81 and PepsiCo at $128.63. Relative to December 30, 2022, their share prices had risen about 38% and fallen about 29%, respectively—a gap driven predominantly by opposite changes in the multiples investors paid for adjusted earnings.
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