FINANCIAL REVIEW Our discussion and analysis is intended to help the reader understand our results of operations and financial condition and is provided as an addition to, and should be read in connection with, our condensed consolidated financial statements and the accompanying notes. Unless otherwise noted, tabular dollars are presented in millions, except per share amounts. All per share amounts reflect common stock per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Percentage changes are based on unrounded amounts. Our Critical Accounting Policies and Estimates The critical accounting policies and estimates below should be read in conjunction with those outlined in our 2025 Form 10-K. Total Marketplace Spending We offer sales incentives and discounts through various programs to customers and consumers. Total marketplace spending includes sales incentives, discounts, advertising and other marketing activities. Sales incentives and discounts are primarily accounted for as a reduction of revenue. A number of our sales incentives, such as bottler funding to independent bottlers and customer volume rebates, are based on annual targets, and accruals are established during the year, as products are delivered, for the expected payout, which may occur after year end once reconciled and settled. These accruals are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels. Differences between estimated expense and actual incentive costs are normally insignificant and are recognized in earnings in the period such differences are determined. In addition, certain advertising and marketing costs are also based on annual targets and recognized during the year as incurred. For interim reporting, our policy is to allocate our forecasted full-year sales incentives for most of our programs to each of our interim reporting periods in the same year that benefits from the programs. The allocation methodology is based on our forecasted sales incentives for the full year and the proportion of each interim period’s actual gross revenue or volume, as applicable, to our forecasted annual gross revenue or volume, as applicable. Based on our review of the forecasts at each interim period, any changes in estimates and the related allocation of sales incentives are recognized beginning in the interim period that they are identified. In addition, we apply a similar allocation methodology for interim reporting purposes for certain advertising and other marketing activities. Income Taxes In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate which is based on our expected annual income, statutory tax rates and tax structure and transactions, including transfer pricing arrangements, available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax rate and in evaluating our tax positions. Subsequent recognition, derecognition and measurement of a tax position taken in a previous period are separately recognized in the quarter in which they occur. Our Business Risks This Form 10-Q contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act). Statements that constitute forward-looking statements within the meaning of the Reform Act 29 Table of Contents are generally identified through the inclusion of words such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “expressed confidence,” “forecast,” “future,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “position,” “potential,” “project,” “seek,” “should,” “strategy,” “target,” “will” or similar statements or variations of such words and other similar expressions. All statements addressing our future operating performance, and statements addressing events and developments that we expect or anticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking statements are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statement. Such risks and uncertainties include, but are not limited to: future demand for PepsiCo’s products; damage to PepsiCo’s reputation or brand image; product recalls or other issues or concerns with respect to product quality and safety; PepsiCo’s ability to compete effectively; PepsiCo’s ability to attract, develop and maintain a highly skilled workforce or effectively manage changes in our workforce; water scarcity; changes in the retail landscape or in sales to any key customer; disruption of PepsiCo’s manufacturing operations or supply chain, including increased commodity, packaging, transportation, labor and other input costs; political, social or geopolitical conditions in the markets where PepsiCo’s products are made, manufactured, distributed or sold; PepsiCo’s ability to grow its business in developing and emerging markets; changes in economic conditions in the countries in which PepsiCo operates; changes in tariffs and global trade relations; future cyber incidents and other disruptions to our information systems; failure to successfully complete or manage strategic transactions; PepsiCo’s reliance on third-party service providers and enterprise-wide systems; climate change or measures to address climate change and other sustainability matters; strikes or work stoppages; failure to realize benefits from PepsiCo’s productivity initiatives or organizational restructurings; deterioration in estimates and underlying assumptions regarding future performance of our business or investments that can result in impairment charges; fluctuations or other changes in exchange rates; any downgrade or potential downgrade of PepsiCo’s credit ratings; imposition or proposed imposition of new or increased taxes aimed at PepsiCo’s products; imposition of limitations on the marketing or sale of PepsiCo’s products; changes in laws and regulations related to the use or disposal of plastics or other packaging materials; failure to comply with personal data protection and privacy laws; increase in income tax rates, changes in income tax laws or disagreements with tax authorities; failure to adequately protect PepsiCo’s intellectual property rights or infringement on intellectual property rights of others; failure to comply with applicable laws and regulations; potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations; and other risks and uncertainties including those described in “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks,” included in our 2025 Form 10-K and in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” of this Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Risks Associated with Commodities and Our Supply Chain Many of the commodities used in the production and transportation of our products are purchased in the open market. The prices we pay for such items are subject to fluctuation, and we manage this risk through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, including swaps and futures. A number of external factors, including volatile geopolitical conditions, the inflationary cost environment, import/export restrictions and tariffs, adverse weather conditions and supply chain disruptions, have impacted and may continue to impact commodity, transportation and labor costs. Additionally, conflict in the Middle East continues to disrupt global supply chains and impact 30 Table of Contents commodity prices. When prices increase, we may or may not pass on such increases to our customers, which may result in reduced volume, revenue, margins and operating results. See Note 8 to our condensed consolidated financial statements in this Form 10-Q and Note 9 to our consolidated financial statements in our 2025 Form 10-K for further information on how we manage our exposure to commodity prices. Risks Associated with Climate Change Certain jurisdictions in which our products are made, manufactured, distributed or sold have either imposed, or are considering imposing, new or increased legal and regulatory requirements to reduce or mitigate the potential effects of climate change, including regulation of greenhouse gas emissions and potential carbon pricing programs. These new or increased legal or regulatory requirements, along with initiatives to meet our sustainability goals, could result in significant increased costs and additional investments in facilities and equipment. However, we are unable to predict the scope, nature and timing of any new or increased environmental laws and regulations and therefore cannot predict the ultimate impact of such laws and regulations on our business or financial results. We continue to monitor existing and proposed laws and regulations in the jurisdictions in which our products are made, manufactured, distributed and sold and to consider actions we may take to potentially mitigate the unfavorable impact, if any, of such laws or regulations. Risks Associated with International Operations In the 12 weeks ended June 13, 2026, our financial results outside of North America reflect the months of March, April and May. In the 24 weeks ended June 13, 2026, our financial results outside of North America reflect the months of January through May. In the 24 weeks ended June 13, 2026, our operations outside of the United States generated 43% of our consolidated net revenue, with Mexico, Russia, Canada, China, the United Kingdom, Brazil and South Africa, collectively, comprising 25% of our consolidated net revenue. As a result, we are exposed to foreign exchange risks in the international markets in which our products are made, manufactured, distributed or sold. In the 12 weeks ended June 13, 2026, favorable foreign exchange contributed to net revenue performance by 2 percentage points primarily due to an appreciation of the Mexican peso and Russian ruble, partially offset by a decline in the Turkish lira. In the 24 weeks ended June 13, 2026, favorable foreign exchange contributed to net revenue performance by 3 percentage points primarily due to an appreciation of the Mexican peso and Russian ruble. Currency declines against the U.S. dollar which are not offset could adversely impact our future financial results. In addition, volatile economic, political, social and geopolitical conditions, civil unrest and wars and other military conflicts, acts of terrorism and natural disasters and other catastrophic events in certain markets in which our products are made, manufactured, distributed or sold, including in Argentina, Brazil, China, Mexico, the Middle East (including Egypt), Russia, Turkey and Ukraine, continue to result in challenging operating environments and have resulted in and could continue to result in changes in how we operate in certain of these markets. Debt and credit issues, currency controls or fluctuations, sanctions and export controls in certain of these international markets (including restrictions on the transfer of funds to and from certain markets) have also continued to impact our operations in certain of these international markets. We continue to closely monitor the economic, operating and political environment in the markets in which we operate, including risks of additional impairments or write-offs and currency fluctuation, and to identify actions to potentially mitigate any unfavorable impacts on our future results. Our operations in Russia accounted for 6% and 5% of our consolidated net revenue for the 12 and 24 weeks ended June 13, 2026, respectively. Russia accounted for 6% of our consolidated assets, including 21% of our consolidated cash and cash equivalents, and 38% of our accumulated currency translation adjustment loss as of June 13, 2026. 31 Table of Contents See Note 8 to our condensed consolidated financial statements in this Form 10-Q for the fair values of our financial instruments as of June 13, 2026 and December 27, 2025 and Note 9 to our consolidated financial statements in our 2025 Form 10-K for a discussion of these items. Risks Associated with Tariffs The imposition of tariffs (including U.S. tariffs imposed or threatened to be imposed on China, the European Union, Canada and Mexico and other countries and any tariffs imposed by such countries) have impacted and could continue to impact our supply chain resulting in increased input costs, including the cost of certain raw materials and packaging. During the 24 weeks ended June 13, 2026, the U.S. Supreme Court ruled that many of the tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA) were invalid. Following this ruling, we have submitted, and expect to continue to submit, tariff recovery claims through the U.S. Customs and Border Protection (CBP) seeking a refund of certain eligible IEEPA tariffs. While we have begun to receive, and may continue to receive, refunds of such tariffs, the ultimate recoverability, timing and amount of any such refunds remain uncertain and subject to CBP review as well as further legal, regulatory and administrative developments. In addition, the U.S. Administration initiated new tariffs and may impose additional tariffs. As a result, there remains significant uncertainty regarding the duration and scope of existing and future tariffs and the impact of such tariffs will continue to vary, including based on where inputs are sourced from and shipped to. In addition, any supply chain constraints, inflationary impacts or reduced consumer demand for our products as a result of such tariffs or ongoing macroeconomic uncertainty have impacted and could continue to impact our results. We will continue to evaluate the nature and extent of the impact of these tariffs on our business, to identify actions to potentially mitigate, where possible, any unfavorable impacts on our business and to monitor the regulatory and administrative developments around the potential refund of tariffs previously paid and assess their impact on our future results. Imposition of Taxes and Regulations on our Products Certain jurisdictions in which our products are made, manufactured, distributed or sold have either imposed, or are considering imposing, new or increased taxes or regulations on the manufacture, distribution or sale of our products or their packaging, ingredients or substances contained in, or attributes of, our products or their packaging, commodities used in the production of our products or their packaging or the recyclability or recoverability of our packaging. These taxes and regulations vary in scope and form. For example, some taxes apply to all beverages, including non-caloric beverages, while others apply only to beverages with a caloric sweetener (e.g., sugar). Further, some regulations apply to all products using certain types of packaging (e.g., plastic), while others are designed to increase the sustainability of packaging, encourage waste reduction and increased recycling rates or facilitate the waste management process or restrict the sale of products in certain packaging. In addition, certain jurisdictions in which our snack products are sold have either imposed or are considering imposing, new or increased taxes on the manufacture, distribution or sale of certain of our snack products as a result of ingredients (such as sugar, sodium or saturated fat) contained in our products. We sell a wide variety of beverages and convenient foods in more than 200 countries and territories and the profile of the products we sell, the amount of revenue attributable to such products and the type of packaging used vary by jurisdiction. Because of this, we cannot predict the scope or form potential taxes, regulations or other limitations on our products or their packaging may take, and therefore cannot predict the impact of such taxes, regulations or limitations on our financial results. In addition, taxes, regulations and limitations may impact us and our competitors differently. We expect continued scrutiny of certain ingredients and substances present in certain of our products and packaging. We continue to monitor existing and proposed taxes and regulations in the jurisdictions in which our products are made, manufactured, distributed and sold and to consider actions we may take to potentially mitigate the 32 Table of Contents unfavorable impact, if any, of such taxes, regulations or limitations, including advocating alternative measures with respect to the imposition, form and scope of any such taxes, regulations or limitations. Organization for Economic Co-operation and Development (OECD) Model Global Minimum Tax In 2026, widespread implementation of the OECD model rules for a global minimum tax rate of 15% came into effect in various countries in which we do business, including European Union member states, resulting in an increase in our income tax provision. We will continue to monitor for additional changes to the legislation, which could further impact our income tax provision. Retail Landscape Our industry continues to be affected by disruption of the retail landscape, including the continued growth in sales through e-commerce websites and mobile commerce applications, including through subscription services, the integration of physical and digital operations among retailers and the international expansion of hard discounters. We have seen and expect to continue to see a further shift to e-commerce, online-to-offline and other online purchasing by consumers. We continue to monitor changes in the retail landscape and seek to identify actions we may take to build our global e-commerce and digital capabilities, such as expanding our direct-to-consumer business, and distribute our products effectively through all existing and emerging channels of trade and potentially mitigate any unfavorable impacts on our future results. Changing dynamics at the retail level have also impacted and may continue to impact our ability to grow in certain jurisdictions. In this changing retail landscape, retailers and buying groups are shifting traditional value propositions, removing our products or otherwise reducing shelf space allocated to our products and focusing on introducing and developing private-label brands. We have seen and expect to continue to see retailers and buying groups impact our ability to compete in these jurisdictions. We continue to monitor our relationships with retailers and buying groups and seek to identify actions we may take to maintain mutually beneficial relationships and resolve any significant disputes and potentially mitigate any unfavorable impacts on our future results. Cautionary statements included above and in “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” in our 2025 Form 10-K should be considered when evaluating our trends and future results. Results of Operations – Consolidated Review Consolidated Results Volume Physical or unit volume is one of the key metrics management uses internally to make operating and strategic decisions, including the preparation of our annual operating plan and the evaluation of our business performance. We believe volume provides additional information to facilitate the comparison of our historical operating performance and underlying trends and provides additional transparency on how we evaluate our business because it measures demand for our products at the consumer level. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Financial Results – Volume” included in our 2025 Form 10-K for further information on volume. Unit volume performance adjusts for the impacts of acquisitions and divestitures. Acquisitions and divestitures, when used in this report, reflect mergers and acquisitions activity, as well as divestitures and other structural changes. Further, unit volume performance excludes the impact of an additional week of results every five or six years (53rd reporting week), where applicable. We report all of our international operations on a monthly calendar basis. The 12 weeks ended June 13, 2026 and June 14, 2025 include volume outside of North America for the months of March, April and 33 Table of Contents May. The 24 weeks ended June 13, 2026 and June 14, 2025 include volume outside of North America for the months of January through May. Consolidated Net Revenue and Operating Profit 12 Weeks Ended 24 Weeks Ended 6/13/2026 6/14/2025 Change 6/13/2026 6/14/2025 Change Net revenue $ 24,181 $ 22,726 6 % $ 43,624 $ 40,645 7 % Operating profit $ 4,023 $ 1,789 125 % $ 7,236 $ 4,372 65 % Operating margin 16.6 % 7.9 % 8.7 16.6 % 10.8 % 5.8 See “Results of Operations – Segment Review” for a tabular presentation and discussion of key drivers of net revenue. 12 Weeks Operating profit increased 125%, primarily driven by prior-year impairment charges related to the Rockstar and Be & Cheery brands, productivity savings, effective net pricing, lower restructuring charges and a favorable net impact of acquisition and divestiture-related charges/credits, partially offset by certain operating cost increases. 24 Weeks Operating profit increased 65%, primarily driven by prior-year impairment charges related to the Rockstar and Be & Cheery brands, productivity savings, effective net pricing, a favorable net impact of acquisition and divestiture-related charges/credits and lower restructuring charges, partially offset by certain operating cost increases. Other Consolidated Results 12 Weeks Ended 24 Weeks Ended 6/13/2026 6/14/2025 Change 6/13/2026 6/14/2025 Change Other pension and retiree medical benefits income $ (59) $ (42) $ (17) $ (117) $ (65) $ (52) Net interest expense and other $ 230 $ 260 $ (30) $ 531 $ 524 $ 7 Tax rate 22.0 % 18.6 % 21.7 % 20.2 % Net income attributable to PepsiCo $ 2,981 $ 1,263 136 % $ 5,308 $ 3,097 71 % Net income attributable to PepsiCo per common share – diluted $ 2.18 $ 0.92 137 % $ 3.88 $ 2.25 72 % 12 Weeks Other pension and retiree medical benefits income increased $17 million, primarily reflecting the impact of changes in discount rates and higher expected return on plan assets. Net interest expense and other decreased $30 million, due to higher average cash balances, higher gains on the market value of investments used to economically hedge a portion of our deferred compensation liability and lower interest rates on average debt balances, partially offset by higher average debt balances and lower interest rates on average cash balances. The reported tax rate increased 3.4 percentage points, primarily reflecting the prior-year release of federal interest accruals and the impairment of the Rockstar brand, as well as the current-year impact of the OECD model global minimum tax, partially offset by higher tax benefits from foreign results. 34 Table of Contents 24 Weeks Other pension and retiree medical benefits income increased $52 million, primarily reflecting the impact of changes in discount rates, higher expected return on plan assets, and the prior-year recognition of special termination benefits due to restructuring actions as part of our 2019 Productivity Plan. Net interest expense and other increased $7 million, due to higher average debt balances and lower interest rates on average cash balances, partially offset by higher average cash balances, lower interest rates on average debt balances and higher gains on the market value of investments used to economically hedge a portion of our deferred compensation liability. The reported tax rate increased 1.5 percentage points, primarily reflecting the prior-year release of federal interest accruals and the impairment of the Rockstar brand, as well as the current-year impact of the OECD model global minimum tax, partially offset by higher tax benefits from foreign results. Results of Operations – Segment Review While our financial results in 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 March, April and May are reflected in our results for the 12 weeks ended June 13, 2026 and June 14, 2025 and the months January through May are reflected in our results for the 24 weeks ended June 13, 2026 and June 14, 2025. In the discussions of net revenue and operating profit below, “effective net pricing” reflects the year-over-year impact of discrete pricing actions, sales incentive activities and mix resulting from selling varying products in different package sizes and in different countries. See “Our Business Risks,” “Non-GAAP Measures” and “Items Affecting Comparability” for a discussion of items to consider when evaluating our results and related information regarding measures not in accordance with GAAP. 35 Table of Contents Net Revenue and Organic Revenue Performance Organic revenue performance is a non-GAAP financial measure. For a description of and further information regarding this measure, see “Non-GAAP Measures.” 12 Weeks Ended 6/13/2026 Impact of Impact of Reported % Change, GAAP measure Foreign exchange translation Acquisitions and divestitures Organic % Change, non-GAAP measure(a) Organic volume change(b) Effective net pricing PFNA (2) % — — (2) % — (2) PBNA 7 % — (6) 1 % (2) 3 IB Franchise 11 % (2) — 9 % 6 3 EMEA 10 % (3) — 6 % 3 3 LatAm Foods 15 % (11) — 4 % — 4 Asia Pacific Foods 12 % (3) — 9 % 10 (1) Total 6 % (2) (2) 2 % 1 2 24 Weeks Ended 6/13/2026 Impact of Impact of Reported % Change, GAAP measure Foreign exchange translation Acquisitions and divestitures Organic % Change, non-GAAP measure(a) Organic volume change(b) Effective net pricing PFNA — % — — (0.5) % 1 (1) PBNA 8 % — (6) 1 % (3) 4 IB Franchise 10 % (3) — 8 % 3 5 EMEA 13 % (6) — 6 % 4 2 LatAm Foods 16 % (12) — 4 % (1) 5 Asia Pacific Foods 12 % (3) — 8 % 10 (1.5) Total 7 % (3) (2) 2.5 % 1 2 (a)Amounts may not sum due to rounding. (b)Excludes the impact of acquisitions and divestitures. In certain instances, the impact of organic volume change on net revenue performance differs from the unit volume change disclosed in the following segment discussions due to the impacts of product mix, nonconsolidated joint venture volume, and, for our franchise beverage businesses, temporary timing differences between bottler case sales and concentrate shipments and equivalents (CSE). We report net revenue from our franchise beverage businesses based on CSE. The volume sold by our nonconsolidated joint ventures has no direct impact on our net revenue. 36 Table of Contents Operating Profit, Operating Profit Adjusted for Items Affecting Comparability and Operating Profit Performance Adjusted for Items Affecting Comparability on a Constant Currency Basis Operating profit adjusted for items affecting comparability and operating profit performance adjusted for items affecting comparability on a constant currency basis are both non-GAAP financial measures. For a description of and further information regarding these measures, see “Non-GAAP Measures” and “Items Affecting Comparability.” 12 Weeks Ended 6/13/2026 PFNA PBNA IB Franchise EMEA LatAm Foods Asia Pacific Foods Corporate unallocated expenses Total Reported, GAAP measure $ 1,342 $ 1,053 $ 637 $ 751 $ 616 $ 127 $ (503) $ 4,023 Items Affecting Comparability (a) Mark-to-market net impact — — — — — — 40 40 Restructuring and impairment charges (b) 26 (15) 1 16 4 7 10 49 Acquisition and divestiture-related charges/credits 1 (46) — — — — — (45) Core, non-GAAP measure 1,369 992 638 767 620 134 (453) 4,067 Impact of foreign exchange translation (1) — (11) (18) (70) (3) — (103) Core Constant Currency, non-GAAP measure $ 1,368 $ 992 $ 627 $ 749 $ 550 $ 131 $ (453) $ 3,964 Reported Operating Profit % Change, GAAP measure (3.5) % n/m 19 % 103 % 16 % n/m 23 % 125 % Core Operating Profit % Change, non-GAAP measure (8) % — % 19 % 17 % 14 % 44 % 12 % 4 % Core Constant Currency Operating Profit % Change, non-GAAP measure (8) % — % 17 % 14 % 1 % 41 % 12 % 1 % 12 Weeks Ended 6/14/2025 PFNA PBNA IB Franchise EMEA LatAm Foods Asia Pacific Foods Corporate unallocated expenses Total Reported, GAAP measure $ 1,391 $ (639) $ 535 $ 370 $ 533 $ 10 $ (411) $ 1,789 Items Affecting Comparability (a) Mark-to-market net impact — — — — — — (15) (15) Restructuring and impairment charges 91 48 3 36 12 3 22 215 Acquisition and divestiture-related charges/credits 6 56 — — — — — 62 Impairment and other charges — 1,529 — 251 — 80 — 1,860 Core, non-GAAP measure $ 1,488 $ 994 $ 538 $ 657 $ 545 $ 93 $ (404) $ 3,911 24 Weeks Ended 6/13/2026 PFNA PBNA IB Franchise EMEA LatAm Foods Asia Pacific Foods Corporate unallocated expenses Total Reported, GAAP measure $ 2,771 $ 1,789 $ 958 $ 1,029 $ 1,044 $ 344 $ (699) $ 7,236 Items Affecting Comparability (a) Mark-to-market net impact — — — — — — (142) (142) Restructuring and impairment charges 101 2 8 39 7 8 16 181 Acquisition and divestiture-related charges/credits 2 (160) — — — — — (158) Core, non-GAAP measure 2,874 1,631 966 1,068 1,051 352 (825) 7,117 Impact of foreign exchange translation (5) (3) (22) (47) (126) (12) — (215) Core Constant Currency, non-GAAP measure $ 2,869 $ 1,628 $ 944 $ 1,021 $ 925 $ 340 $ (825) $ 6,902 Reported Operating Profit % Change, GAAP measure (5) % n/m 18 % 74 % 19 % 103 % (15) % 65 % Core Operating Profit % Change, non-GAAP measure (6) % 3 % 18 % 20 % 17 % 38 % 2 % 6 % Core Constant Currency Operating Profit % Change, non-GAAP measure (6) % 2.5 % 16 % 15 % 3 % 34 % 2 % 3 % 37 Table of Contents 24 Weeks Ended 6/14/2025 PFNA PBNA IB Franchise EMEA LatAm Foods Asia Pacific Foods Corporate unallocated expenses Total Reported, GAAP measure $ 2,927 $ (179) $ 812 $ 590 $ 877 $ 170 $ (825) $ 4,372 Items Affecting Comparability (a) Mark-to-market net impact — — — — — — (31) (31) Restructuring and impairment charges 115 173 5 49 19 4 47 412 Acquisition and divestiture-related charges/credits 21 66 — — — — — 87 Impairment and other charges — 1,529 — 251 — 80 — 1,860 Core, non-GAAP measure $ 3,063 $ 1,589 $ 817 $ 890 $ 896 $ 254 $ (809) $ 6,700 (a)See “Items Affecting Comparability” for further information. (b)Income amount represents adjustments for changes in estimates of previously recorded amounts. n/m - Not meaningful due to the impact of prior-year impairment and other charges. PFNA 12 Weeks Net revenue decreased 2%, primarily driven by unfavorable net pricing. Unit volume was even with the prior year. Operating profit decreased 3.5%, primarily reflecting certain operating cost increases and the unfavorable net pricing. These impacts were partially offset by productivity savings and lower restructuring charges. 24 Weeks Net revenue increased slightly, primarily driven by an increase in organic volume and a favorable impact of an acquisition, partially offset by unfavorable net pricing. Unit volume grew 1%, driven primarily by a 1% increase in savory snacks volume. Operating profit decreased 5%, primarily reflecting certain operating cost increases, the unfavorable net pricing and a 3-percentage-point impact of gains associated with sales of certain assets in the prior year. These impacts were partially offset by productivity savings. PBNA 12 Weeks Net revenue increased 7%, primarily driven by a favorable net impact of acquisitions and divestitures and effective net pricing, partially offset by an organic volume decline. Unit volume declined 4%, primarily driven by a 4% decline in noncarbonated beverage (NCB) volume and a 3% decline in carbonated soft drink (CSD) volume. Operating profit improvement primarily reflects a prior-year impairment charge related to the Rockstar brand, productivity savings, a favorable net impact of acquisition and divestiture-related charges/credits related to our poppi acquisition, lower restructuring charges, the effective net pricing and a 3-percentage-point impact of a gain on an asset sale. These impacts were partially offset by certain operating cost increases, the decline in organic volume and a 6-percentage-point impact of higher commodity costs. 24 Weeks Net revenue increased 8%, primarily driven by a favorable net impact of acquisitions and divestitures and effective net pricing, partially offset by an organic volume decline. Unit volume declined 3%, primarily driven by a 3% decline in CSD volume and a 3.5% decline in NCB volume. 38 Table of Contents Operating profit improvement primarily reflects a prior-year impairment charge related to the Rockstar brand, productivity savings, a favorable net impact of acquisition and divestiture-related charges/credits related to our poppi acquisition, lower restructuring charges and the effective net pricing. These impacts were partially offset by certain operating cost increases, the decline in organic volume and a 5-percentage point impact of higher commodity costs. IB Franchise 12 Weeks Net revenue increased 11%, reflecting organic volume growth, effective net pricing and a 2-percentage-point impact of favorable foreign exchange translation. Unit volume grew 5%, primarily reflecting broad-based increases, led by India, partially offset by a decline in Mexico. Operating profit increased 19%, primarily reflecting the net revenue growth and productivity savings, partially offset by certain operating cost increases. 24 Weeks Net revenue increased 10%, reflecting effective net pricing, organic volume growth and a 3-percentage-point impact of favorable foreign exchange translation. Unit volume grew 3%, primarily reflecting broad-based increases, led by India, partially offset by a decline in Mexico. Operating profit increased 18%, primarily reflecting the net revenue growth and productivity savings, partially offset by certain operating cost increases. EMEA 12 Weeks Net revenue increased 10%, reflecting effective net pricing, largely from subsidiaries operating in highly inflationary economies, a 3-percentage-point impact of favorable foreign exchange translation and organic volume growth. Convenient foods unit volume grew 4%, primarily reflecting growth in the Middle East, Russia and South Africa. Beverage unit volume grew 1%, primarily reflecting growth in the Middle East, partially offset by a decline in Turkey. Operating profit increased 103%, primarily reflecting a prior-year impairment charge related to the Rockstar brand, the net revenue growth and productivity savings. These impacts were partially offset by certain operating cost increases. 24 Weeks Net revenue increased 13%, primarily reflecting a 6-percentage-point impact of favorable foreign exchange translation, organic volume growth and effective net pricing, largely from subsidiaries operating in highly inflationary economies. Convenient foods unit volume grew 6%, primarily reflecting growth in South Africa, the Middle East and Russia. Beverage unit volume grew 1%, primarily reflecting growth in the Middle East, partially offset by a decline in Turkey. 39 Table of Contents Operating profit increased 74%, primarily reflecting a prior-year impairment charge related to the Rockstar brand, the net revenue growth and productivity savings. These impacts were partially offset by certain operating cost increases. LatAm Foods 12 Weeks Net revenue increased 15%, primarily reflecting an 11-percentage-point impact of favorable foreign exchange translation, driven primarily by the strengthening of the Mexican peso, and effective net pricing. Unit volume declined slightly, primarily reflecting a decline in Mexico, partially offset by growth in Colombia. Operating profit increased 16%, primarily reflecting productivity savings, the effective net pricing and a 13-percentage-point impact of favorable foreign exchange translation, driven primarily by the strengthening of the Mexican peso. These impacts were partially offset by certain operating cost increases and a 9-percentage-point impact of certain indirect tax credits in Brazil in the prior year. 24 Weeks Net revenue increased 16%, reflecting a 12-percentage-point impact of favorable foreign exchange translation, driven primarily by the strengthening of the Mexican peso, and effective net pricing, partially offset by a decline in organic volume. Unit volume declined 1%, primarily reflecting a decline in Mexico. Operating profit increased 19%, primarily reflecting the effective net pricing, productivity savings and a 14-percentage-point impact of favorable foreign exchange translation, driven primarily by the strengthening of the Mexican peso. These impacts were partially offset by certain operating cost increases and a 6-percentage-point impact of certain indirect tax credits in Brazil in the prior year. Asia Pacific Foods 12 Weeks Net revenue increased 12%, reflecting organic volume growth and a 3-percentage-point impact of favorable foreign exchange translation, partially offset by unfavorable net pricing. Unit volume grew 10%, primarily reflecting growth in India. Operating profit improvement primarily reflects a prior-year impairment charge related to the Be & Cheery brand, productivity savings, the organic volume growth and a 9-percentage-point impact of lower commodity costs. These impacts were partially offset by certain operating cost increases. 24 Weeks Net revenue increased 12%, reflecting organic volume growth and a 3-percentage-point impact of favorable foreign exchange translation, partially offset by unfavorable net pricing. Unit volume grew 10%, primarily reflecting growth in India and China. Operating profit increased 103%, primarily reflecting a prior-year impairment charge related to the Be & Cheery brand, productivity savings, the organic volume growth and a 10-percentage-point impact of lower commodity costs, primarily potatoes and packaging materials. These impacts were partially offset by certain operating cost increases. 40 Table of Contents Non-GAAP Measures Certain financial measures contained in this Form 10-Q adjust for the impact of specified items and are not in accordance with GAAP. We use non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of our overall business performance and as a factor in determining compensation for certain employees. We believe presenting non-GAAP financial measures in this Form 10-Q provides additional information to facilitate comparison of our historical operating results and trends in our underlying operating results and provides additional transparency on how we evaluate our business. We also believe presenting these measures in this Form 10-Q allows investors to view our performance using the same measures that we use in evaluating our financial and business performance and trends. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Examples of items for which we may make adjustments include: amounts related to mark-to-market gains or losses (non-cash); charges related to restructuring plans; charges and credits associated with acquisitions and divestitures; gains associated with divestitures; asset impairment charges (non-cash); product recall-related impact; pension and retiree medical-related amounts, including all settlement and curtailment gains and losses; charges or adjustments related to the enactment of new laws, rules or regulations, such as tax law changes; amounts related to the resolution of tax positions; tax benefits related to reorganizations of our operations; and debt redemptions, cash tender or exchange offers. See below and “Items Affecting Comparability” for a description of adjustments to our GAAP financial measures in this Form 10-Q. Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies. The following non-GAAP financial measures contained in this Form 10-Q are discussed below: Organic revenue performance We define organic revenue performance as a measure that adjusts for the impacts of foreign exchange translation (on a constant currency basis, as defined below), acquisitions and divestitures, and every five or six years, the impact of the 53rd reporting week. We also apply the constant currency calculation for our subsidiaries operating in highly inflationary economies. Adjusting for acquisitions and divestitures reflects mergers and acquisitions activity, as well as divestitures and other structural changes, including changes in ownership or control in consolidated subsidiaries and nonconsolidated equity investees. We believe organic revenue performance provides useful information in evaluating the results of our business because it adjusts for items that we believe are not indicative of ongoing performance or that we believe impact comparability with the prior year. See “Net Revenue and Organic Revenue Performance” in “Results of Operations – Segment Review” for further information. Cost of sales, gross profit, selling, general and administrative expenses, impairment of intangible assets, other pension and retiree medical benefits income, provision for income taxes and net income attributable to PepsiCo, each adjusted for items affecting comparability, operating profit and net income attributable to PepsiCo per common share – diluted, each adjusted for items affecting comparability and the corresponding constant currency growth rates These measures exclude the net impact of mark-to-market gains and losses on centrally managed commodity derivatives that do not qualify for hedge accounting, restructuring and impairment charges 41 Table of Contents related to our 2019 Productivity Plan, charges and credits associated with our acquisitions and divestitures, impairment and other charges and the impact of settlement and curtailment gains and losses related to pension and retiree medical plans (see “Items Affecting Comparability” for a detailed description of each of these items). We also evaluate performance on operating profit and net income attributable to PepsiCo per common share – diluted, each adjusted for items affecting comparability on a constant currency basis, which measure our financial results assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In order to compute our constant currency results, we multiply or divide, as appropriate, our current-year U.S. dollar results by the current-year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We also apply the constant currency calculation for our subsidiaries operating in highly inflationary economies. We believe these measures provide useful information in evaluating the results of our business because they exclude items that we believe are not indicative of our ongoing performance or that we believe impact comparability with the prior year. Free cash flow We define free cash flow as net cash from operating activities less capital spending, plus sales of property, plant and equipment. Since net capital spending (capital spending less cash proceeds from sales of property, plant and equipment) is essential to our product innovation initiatives and maintaining our operational capabilities, we believe that it is a recurring and necessary use of cash. As such, we believe investors should also consider net capital spending when evaluating our cash from operating activities. Free cash flow is used by us primarily for acquisitions and financing activities, including debt repayments, dividends and share repurchases. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure. See “Free Cash Flow” in “Our Liquidity and Capital Resources” for further information. Items Affecting Comparability Our reported financial results in this Form 10-Q are impacted by the following items in each of the following periods: 12 Weeks Ended 6/13/2026 Cost of sales Gross profit Selling, general and administrative expenses Operating profit Provision for income taxes(a) Net income attributable to PepsiCo Reported, GAAP measure $ 11,070 $ 13,111 $ 9,088 $ 4,023 $ 848 $ 2,981 Items Affecting Comparability Mark-to-market net impact (8) 8 (32) 40 9 31 Restructuring and impairment charges 1 (1) (50) 49 10 39 Acquisition and divestiture-related charges/credits — — 45 (45) (10) (35) Core, non-GAAP measure $ 11,063 $ 13,118 $ 9,051 $ 4,067 $ 857 $ 3,016 12 Weeks Ended 6/14/2025 Cost of sales Gross profit Selling, general and administrative expenses Impairment of intangible assets Operating profit Other pension and retiree medical benefits income Provision for income taxes(a) Net income attributable to PepsiCo Reported, GAAP measure $ 10,304 $ 12,422 $ 8,773 $ 1,860 $ 1,789 $ 42 $ 292 $ 1,263 Items Affecting Comparability Mark-to-market net impact (2) 2 17 — (15) — (5) (10) Restructuring and impairment charges (102) 102 (113) — 215 (2) 53 160 Acquisition and divestiture-related charges/credits — — (62) — 62 — 14 48 Impairment and other charges — — — (1,860) 1,860 — 413 1,447 Pension and retiree medical-related impact — — — — — (1) — (1) Core, non-GAAP measure $ 10,200 $ 12,526 $ 8,615 $ — $ 3,911 $ 39 $ 767 $ 2,907 42 Table of Contents 24 Weeks Ended 6/13/2026 Cost of sales Gross profit Selling, general and administrative expenses Operating profit Other pension and retiree medical benefits income Provisionfor incometaxes(a) Net income attributable to PepsiCo Reported, GAAP measure $ 19,782 $ 23,842 $ 16,606 $ 7,236 $ 117 $ 1,480 $ 5,308 Items Affecting Comparability Mark-to-market net impact 27 (27) 115 (142) — (34) (108) Restructuring and impairment charges (18) 18 (163) 181 1 41 141 Acquisition and divestiture-related charges/credits — — 158 (158) — (37) (121) Core, non-GAAP measure $ 19,791 $ 23,833 $ 16,716 $ 7,117 $ 118 $ 1,450 $ 5,220 24 Weeks Ended 6/14/2025 Cost of sales Gross profit Selling, general and administrative expenses Impairment of intangible assets Operating profit Other pension and retiree medical benefits income Provision for income taxes(a) Net income attributable to PepsiCo Reported, GAAP measure $ 18,230 $ 22,415 $ 16,183 $ 1,860 $ 4,372 $ 65 $ 791 $ 3,097 Items Affecting Comparability Mark-to-market net impact 9 (9) 22 — (31) — (8) (23) Restructuring and impairment charges (103) 103 (309) — 412 14 75 351 Acquisition and divestiture-related charges/credits — — (87) — 87 — 20 67 Impairment and other charges — — — (1,860) 1,860 — 413 1,447 Pension and retiree medical-related impact — — — — — (1) — (1) Core, non-GAAP measure $ 18,136 $ 22,509 $ 15,809 $ — $ 6,700 $ 78 $ 1,291 $ 4,938 (a)Provision for income taxes is the expected tax charge/benefit on the underlying item based on the tax laws and income tax rates applicable to the underlying item in its corresponding tax jurisdiction. 12 Weeks Ended 24 Weeks Ended 6/13/2026 6/14/2025 Change 6/13/2026 6/14/2025 Change Net income attributable to PepsiCo per common share – diluted, GAAP measure $ 2.18 $ 0.92 137 % $ 3.88 $ 2.25 72 % Mark-to-market net impact 0.02 (0.01) (0.08) (0.02) Restructuring and impairment charges 0.03 0.12 0.10 0.26 Acquisition and divestiture-related charges/credits (0.03) 0.03 (0.09) 0.05 Impairment and other charges — 1.05 — 1.05 Pension and retiree medical-related impact — — — — Core net income attributable to PepsiCo per common share – diluted, non-GAAP measure $ 2.20 $ 2.12 (a) 4 % $ 3.81 $ 3.59 6 % Impact of foreign exchange translation (3) (3) Change in core net income attributable to PepsiCo per common share – diluted, on a constant currency basis, non-GAAP measure 1 % 3 % (a)Does not sum due to rounding. Mark-to-Market Net Impact We centrally manage commodity derivatives on behalf of our segments. These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. These gains and losses are subsequently reflected in segment results when the segments recognize the cost of the underlying commodity in operating profit. Therefore, the segments realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in corporate unallocated expenses. 43 Table of Contents Restructuring and Impairment Charges 2019 Multi-Year Productivity Plan The 2019 Productivity Plan leverages new technology and business models to further simplify, harmonize and automate processes; re-engineers our go-to-market and information systems, including deploying the right automation for each market; and simplifies our organization and optimizes our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in 2024, we further expanded and extended the plan through the end of 2030 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $6.15 billion, including cash expenditures of approximately $5.1 billion. Plan-to-date through June 13, 2026, we have incurred pre-tax charges of $3.8 billion, including cash expenditures of $3.0 billion. We expect to incur the majority of the remaining pre-tax charges and cash expenditures through 2027, with the balance to be incurred through 2030. Charges include severance and other employee costs, asset impairments and other costs. See Note 3 to our condensed consolidated financial statements in this Form 10-Q, as well as Note 3 to our consolidated financial statements in our 2025 Form 10-K, for further information related to our 2019 Productivity Plan. We regularly evaluate productivity initiatives beyond the productivity plan and other initiatives discussed above and in Note 3 to our condensed consolidated financial statements. Acquisition and Divestiture-Related Charges/Credits Acquisition and divestiture-related charges/credits include merger and integration charges, transaction expenses, such as consulting, advisory and other professional fees, as well as fair value adjustments to contingent consideration. Merger and integration charges include distribution agreement termination fees, employee-related costs, closing costs and other integration costs. See Note 11 to our condensed consolidated financial statements for further information. Impairment and Other Charges We recognized charges related to the impairments of the Rockstar and Be & Cheery brands. See Notes 1 and 4 to our condensed consolidated financial statements for further information. Pension and Retiree Medical-Related Impact Pension and retiree medical-related impact includes curtailment gains. See Note 6 to our condensed consolidated financial statements for further information. Our Liquidity and Capital Resources We believe that our cash generating capability and financial condition, together with our revolving credit facilities, working capital lines and other available methods of debt financing, such as commercial paper borrowings and long-term debt financing, will be adequate to meet our operating, investing and financing needs, including with respect to our net capital spending plans. Our primary sources of liquidity include cash from operations, proceeds obtained from issuances of commercial paper and long-term debt, and cash and cash equivalents. These sources of cash are available to fund cash outflows that have both a short- and long-term component, including debt repayments and related interest payments; payments for acquisitions; operating leases; purchase, marketing, and other contractual commitments, including capital expenditures. In addition, these sources of cash fund other cash outflows including anticipated dividend payments and share repurchases. We do not have guarantees or off-balance sheet financing arrangements, including variable interest entities, that we believe could have a material impact on our liquidity. See “Our Business 44 Table of Contents Risks” and Note 7 to our condensed consolidated financial statements included in this Form 10-Q, as well as “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” and Note 8 to our consolidated financial statements included in our 2025 Form 10-K for further information. As of June 13, 2026, cash, cash equivalents and short-term investments in our consolidated subsidiaries outside of Russia that are subject to currency controls or currency exchange restrictions were not material. As of June 13, 2026, Russia accounted for 21% of our consolidated cash and cash equivalents. Our sources and uses of cash were not materially adversely impacted by the cash and cash equivalents held in Russia and, to date, we have not identified any material impact on our liquidity or capital resources as a result of these amounts. See “Our Business Risks” for further information on our operations in Russia. The TCJ Act imposed a one-time mandatory transition tax on undistributed international earnings. As of June 13, 2026, our final mandatory transition tax liability of $965 million has been paid. See “Our Liquidity and Capital Resources” and Note 5 to our consolidated financial statements included in our 2025 Form 10-K for further discussion of the TCJ Act. Supply chain financing arrangements did not have a material impact on our liquidity or capital resources in the periods presented and we do not expect such arrangements to have a material impact on our liquidity or capital resources for the foreseeable future. See Note 12 to our condensed consolidated financial statements for further discussion of supply chain financing arrangements. Operating Activities During the 24 weeks ended June 13, 2026, net cash provided by operating activities was $2.4 billion, compared to net cash provided by operating activities of $1.0 billion in the prior-year period. The increase in operating cash flow primarily reflects favorable operating profit performance and favorable working capital comparisons. Investing Activities During the 24 weeks ended June 13, 2026, net cash used for investing activities was $1.4 billion, primarily reflecting net capital spending of $1.2 billion. We regularly review our plans with respect to net capital spending and believe that we have sufficient liquidity to meet our net capital spending needs. Financing Activities During the 24 weeks ended June 13, 2026, net cash used for financing activities was $0.1 billion, primarily reflecting the return of operating cash flow to our shareholders through dividend payments and share repurchases of $4.4 billion and payments of long-term debt borrowings of $2.2 billion, offset by net proceeds of short-term borrowings of $3.5 billion and proceeds from the issuances of long-term debt of $3.0 billion. We annually review our capital structure with our Board of Directors, including our dividend policy and share repurchase activity. On February 3, 2026, we announced a new share repurchase program providing for the repurchase of up to $10 billion of PepsiCo common stock which commenced on February 1, 2026 and will expire on February 28, 2030. In addition, on February 3, 2026, we announced a 4% increase in our annualized dividend to $5.92 per share from $5.69 per share, effective with the dividend paid in June 2026. We expect to return a total of approximately $8.9 billion to shareholders in 2026, comprising dividends of approximately $7.9 billion and share repurchases of approximately $1.0 billion. 45 Table of Contents Free Cash Flow The table below reconciles net cash provided by operating activities, as reflected on our cash flow statement, to our free cash flow. Free cash flow is a non-GAAP financial measure. For further information on free cash flow, see “Non-GAAP Measures.” 24 Weeks Ended 6/13/2026 6/14/2025 Net cash provided by operating activities, GAAP measure $ 2,365 $ 996 Capital spending (1,266) (1,507) Sales of property, plant and equipment 71 169 Free cash flow, non-GAAP measure $ 1,170 $ (342) We use free cash flow primarily for acquisitions and financing activities, including debt repayments, dividends and share repurchases. We expect to continue to return free cash flow to our shareholders primarily through dividends and share repurchases while maintaining Tier 1 commercial paper access, which we believe will facilitate appropriate financial flexibility and ready access to global capital and credit markets at favorable interest rates. See “Our Business Risks” included in this Form 10-Q, as well as “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks,” included in our 2025 Form 10-K, for certain factors that may impact our credit ratings or our operating cash flows. Any downgrade of our credit ratings by a credit rating agency, especially any downgrade to below investment grade, whether or not as a result of our actions or factors which are beyond our control, could increase our future borrowing costs and impair our ability to access capital and credit markets on terms commercially acceptable to us, or at all. In addition, any downgrade of our current short-term credit ratings could impair our ability to access the commercial paper market with the same flexibility that we have experienced historically, and therefore require us to rely more heavily on more expensive types of debt financing. See Note 7 to our condensed consolidated financial statements and “Our Business Risks” included in this Form 10-Q, as well as “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Business Risks” included in our 2025 Form 10-K for further information. 46 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors PepsiCo, Inc.: Results of Review of Interim Financial Information We have reviewed the Condensed Consolidated Balance Sheet of PepsiCo, Inc. and subsidiaries (the Company) as of June 13, 2026, the related Condensed Consolidated Statements of Income, Comprehensive Income, and Equity for the twelve and twenty-four weeks ended June 13, 2026 and June 14, 2025, the related Condensed Consolidated Statement of Cash Flows for the twenty-four weeks ended June 13, 2026 and June 14, 2025, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Balance Sheet of the Company as of December 27, 2025, and the related Consolidated Statements of Income, Comprehensive Income, Cash Flows and Equity for the fiscal year then ended (not presented herein); and in our report dated February 2, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying Condensed Consolidated Balance Sheet as of December 27, 2025 is fairly stated, in all material respects, in relation to the Consolidated Balance Sheet from which it has been derived. Basis for Review Results This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. /s/ KPMG LLP New York, New York July 8, 2026 47 Table of Contents