Pepsi Quarterly earnings and revenue reported Tuesday beat analysts’ expectations, helped by improved organic sales across the business.

Shares of the food and beverage giant fell more than 1% in premarket trading.

The company’s report compared with Wall Street expectations, according to a survey of analysts by London Stock Exchange Group (LSEG):

• Earnings per share: Adjusted $2.26, $2.24 expected
• Revenue: $29.34 billion, vs. $28.97 billion expected

PepsiCo reported fourth-quarter net income attributable to the company of $2.54 billion, or $1.85 per share, up from $1.52 billion, or $1.11 per share, in the same period last year.

Excluding restructuring and impairment charges and other items, the company earned $2.26 per share.

net sales grew 5.6% to $29.34 billion. Organic revenue, excluding foreign exchange, acquisitions and divestitures, grew 2.1% in the quarter.

“PepsiCo’s fourth-quarter results reflected a sequential acceleration in reported and organic revenue growth, with improvements in both North American and international operations,” CEO Ramon Laguarta said in a statement.

However, the company’s sales are declining, especially in its North American operations. This metric excludes pricing and foreign exchange fluctuations to more accurately reflect demand. Global sales of its food products fell 2% in the quarter, but global sales of beverages increased 1%.

PepsiCo also reiterated the 2026 outlook the company provided in December. The company expects organic revenue to grow 2% to 4% and core constant currency earnings per share to grow 4% to 6%.