PepsiCo Continues To Expect Organic Revenue Growth +10%

Guidance and Outlook
The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are
included in reported GAAP results, including the impact of foreign exchange translation and commodity
mark-to-market net impacts.
For fiscal year 2023, the Company now expects to deliver 13 percent core constant currency EPS growth
(previously 12 percent).
Consistent with its previous guidance for 2023, the Company continues to expect:
• 10 percent organic revenue growth;
• A core annual effective tax rate of 20 percent; and
• Total cash returns to shareholders of approximately $7.7 billion, comprised of dividends of $6.7
billion and share repurchases of $1.0 billion.
In addition, the Company continues to expect an approximate 2-percentage-point foreign exchange
translation headwind to impact reported net revenue and core EPS growth based on current market
consensus rates.
This assumption and the guidance above imply 2023 core EPS of $7.54 (previously $7.47), an 11 percent
increase (previously 10 percent) compared to 2022 core EPS of $6.79.
For fiscal year 2024, we expect to deliver results towards the upper end of our long-term target ranges for
both organic revenue and core constant currency EPS growth. Our long-term target ranges for both
organic revenue growth (4 to 6 percent increase) and core constant currency EPS growth (high-single-
digit percentage increase) remain unchanged.