PepsiCo cuts Poppi payout estimate to $12M amid U.S. soda sales slump

• PepsiCo Inc (PEP) indicated that its Poppi prebiotic soda brand is falling short of the growth targets required to qualify for a bonus payment. As of Sept. 5, PepsiCo estimates the value of performance-based payments related to the Poppi acquisition at around $12M, according to a securities filing.
• That represents a sharp drop from the $117M PepsiCo reported in June and the $278M it forecast in December.
• PepsiCo Inc. (PEP) acquired full ownership of prebiotic soda brand Poppi for $1.9B in cash, plus $200M in contingent consideration based on its fair value at the acquisition date.
• PepsiCo (PEP) reported strong overseas demand but a lackluster performance in North America for the third quarter.
• PepsiCo’s in its recent Q3 call emphasized accelerating organic growth to 3.1% driven by volume and sustained international momentum, while management acknowledged U.S. execution—especially in soft drinks—as the central performance gap.
• The beverage giant has underperformed its peers in 2026, with shares down 9.56% year to date, compared with gains of 28.39% for Coca-Cola (KO) and 17.00% for Keurig Dr Pepper (KDP), including dividends through October 9, 2026.

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