The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We have subsidiaries operating in highly inflationary economies, such as Argentina, Egypt and Turkey, and accordingly apply highly inflationary accounting for these subsidiaries. The condensed consolidated balance sheet at December 27, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 27, 2025 (2025 Form 10-K). This report should be read in conjunction with our 2025 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 and 36 weeks ended September 5, 2026 are not necessarily indicative of the results expected for any future period or the full year.

Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product, including merchandising activities, are included in selling, general and administrative expenses.

While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of June, July and August are reflected in our results for the 12 weeks ended September 5, 2026 and September 6, 2025 and the months of January through August are reflected in our results for the 36 weeks ended September 5, 2026 and September 6, 2025.

The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. Additionally, the business and economic uncertainty resulting from volatile geopolitical conditions, an increasingly complex global tax environment, including changes in how existing laws are interpreted or enforced, expanded or retaliatory tariffs and changes in the interest rate and inflationary cost environment have made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates.

Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate.

Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation.


	12 Weeks Ended 9/5/2026
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	6,504	$	7,706	$	1,401	$	5,413	$	3,021	$	1,229	$	25,274
Segment cost of sales (a)	2,576		3,535		409		3,041		1,234		731
Segment selling, general and administrative expenses (a)	2,546		3,159		428		1,432		1,161		319
Restructuring and impairment charges (b)	48		53		2		43		2		5
Acquisition and divestiture-related charges/credits (c)	1		(97)		—		—		—		—


Segment operating profit	$	1,333	$	1,056	$	562	$	897	$	624	$	174	$	4,646
Corporate unallocated expenses													(386)
Operating profit													4,260
Other pension and retiree medical benefits expense													(114)
Net interest expense and other													(242)
Income before income taxes													$	3,904


	12 Weeks Ended 9/6/2025
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	6,526	$	7,327	$	1,291	$	5,022	$	2,656	$	1,115	$	23,937
Segment cost of sales (a)	2,557		3,407		405		2,864		1,134		666
Segment selling, general and administrative expenses (a)	2,399		2,945		375		1,350		999		293
Restructuring and impairment charges (b)	32		19		2		69		17		5
Acquisition and divestiture-related charges/credits (c)	2		219		—		—		—		—
Impairment and other charges (d)	—		8		73		19		—		—
Indirect and income tax impact (e)	—		—		—		—		82		—
Segment operating profit	$	1,536	$	729	$	436	$	720	$	424	$	151	$	3,996
Corporate unallocated expenses													(427)
Operating profit													3,569
Other pension and retiree medical benefits income													26
Net interest expense and other													(264)
Income before income taxes													$	3,331


	36 Weeks Ended 9/5/2026
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	19,204	$	21,340	$	3,748	$	13,219	$	7,895	$	3,492	$	68,898
Segment cost of sales (a)	7,466		9,947		1,080		7,553		3,193		2,078
Segment selling, general and administrative expenses (a)	7,482		8,750		1,138		3,658		3,025		883
Restructuring and impairment charges (b)	149		55		10		82		9		13
Acquisition and divestiture-related charges/credits (c)	3		(257)		—		—		—		—


Segment operating profit	$	4,104	$	2,845	$	1,520	$	1,926	$	1,668	$	518	$	12,581
Corporate unallocated expenses													(1,085)
Operating profit													11,496
Other pension and retiree medical benefits income													3
Net interest expense and other													(773)
Income before income taxes													$	10,726


	36 Weeks Ended 9/6/2025
	PFNA		PBNA		IB Franchise		EMEA		LatAm Foods		Asia Pacific Foods		Total
Net revenue	$	19,215	$	19,999	$	3,418	$	11,946	$	6,865	$	3,139	$	64,582
Segment cost of sales (a)	7,376		9,056		1,017		6,909		2,906		1,905
Segment selling, general and administrative expenses (a)	7,206		8,379		1,073		3,339		2,540		824
Restructuring and impairment charges (b)	147		192		7		118		36		9
Acquisition and divestiture-related charges/credits (c)	23		285		—		—		—		—
Impairment and other charges (d)	—		1,537		73		270		—		80

Indirect and income tax impact (e)	—		—		—		—		82		—
Segment operating profit	$	4,463	$	550	$	1,248	$	1,310	$	1,301	$	321	$	9,193
Corporate unallocated expenses													(1,252)
Operating profit													7,941
Other pension and retiree medical benefits income													91
Net interest expense and other													(788)
Income before income taxes													$	7,244

(a)Does not include items recorded in the cost of sales or selling, general and administrative expenses lines on our income statement that are presented in the restructuring and impairment charges, acquisition and divestiture-related charges/credits, impairment and other charges and indirect and income tax impact lines of these tables.

(d)In the 12 weeks ended September 6, 2025, we recorded pre-tax charges of $100 million ($92 million after tax or $0.07 per share), primarily related to the impairment of the Rockstar brand in our IB Franchise and PBNA segments, with $83 million recorded in impairment of intangible assets and $17 million recorded in selling, general and administrative expenses. In the 36 weeks ended September 6, 2025, we recorded pre-tax charges of $1,960 million ($1,539 million after-tax or $1.12 per share), primarily related to the impairment of the Rockstar brand in our PBNA, EMEA and IB Franchise segments and the Be & Cheery brand in our Asia Pacific Foods segment, with $1,943 million recorded in impairment of intangible assets and $17 million recorded in selling, general and administrative expenses. See Note 4 for further information.

(e)In the 12 and 36 weeks ended September 6, 2025, we recorded a pre-tax charge of $82 million in selling, general and administrative expenses and income tax expense of $47 million in provision for income taxes (collectively, $0.09 per share) related to an indirect and income tax audit settlement in our LatAm Foods segment.

(a)Beverage revenue from company-owned bottlers, which includes our consolidated bottling operations in our PBNA and EMEA segments, was 38% of our consolidated net revenue in each of the 12 weeks ended September 5, 2026 and September 6, 2025, and 37% of our consolidated net revenue in each of the 36 weeks ended September 5, 2026 and September 6, 2025. Generally, our finished goods beverage operations produce higher net revenue but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages.

(b)Beverage and convenient foods revenue generated from our EMEA segment was 41% and 59% of EMEA net revenue, respectively, in each of the 12 weeks ended September 5, 2026 and September 6, 2025, and 38% and 62% of EMEA net revenue, respectively, in each of the 36 weeks ended September 5, 2026 and September 6, 2025.


	12 Weeks Ended
	Capital Spending(a)				Depreciation and Amortization
	9/5/2026		9/6/2025		9/5/2026		9/6/2025
PFNA	$	214	$	220	$	224	$	237
PBNA	321		278		277		236
IB Franchise	22		31		25		29
EMEA	159		167		151		142
LatAm Foods	110		178		127		105
Asia Pacific Foods	43		60		44		38
Total segment	869		934		848		787
Corporate	47		58		44		37
Total	$	916	$	992	$	892	$	824


	36 Weeks Ended
	Capital Spending(a)				Depreciation and Amortization
	9/5/2026		9/6/2025		9/5/2026		9/6/2025
PFNA	$	535	$	645	$	680	$	677
PBNA	765		809		804		730
IB Franchise	51		77		71		75
EMEA	376		354		412		358
LatAm Foods	258		339		330		267
Asia Pacific Foods	94		152		114		99
Total segment	2,079		2,376		2,411		2,206
Corporate	103		123		120		109
Total	$	2,182	$	2,499	$	2,531	$	2,315