$PEP · PepsiCo, Inc.

PepsiCo, Inc. filed a preliminary prospectus supplement on October 9, 2026, for an offering of euro-denominated senior notes. The document is subject to completion, so the total principal amount, interest rate, maturity date, and pricing details are left blank in this preliminary filing. The notes will be unsecured and will rank equally with PepsiCo's other unsecured senior indebtedness. They will be issued in registered form in minimum denominations of €100,000 and integral multiples of €1,000 above that. Interest will be paid annually beginning in 2026, and PepsiCo may redeem the notes at its option under terms described in the prospectus supplement, including a redemption provision for certain U.S. tax changes.

PepsiCo intends to apply to list the notes on the Nasdaq Bond Exchange, with trading expected to begin within 30 days after the original issue date. Currently, no public market for the notes exists. The notes will be delivered in book-entry form through Clearstream Banking and Euroclear Bank. Deutsche Bank and HSBC are acting as joint book-running managers for the offering. The filing includes risk factors and incorporates by reference PepsiCo's recent annual and quarterly reports, including its Form 10-K and Form 10-Q filings.