(https://www.cnbc.com/2026/07/09/pepsico-pep-q2-2026-earnings.html) because North American consumers are tightening—but the Street keeps reading this as "pricing power problems." The data supports the demand concern: PEP's net margin sits at 12.0% and revenue grew just 0.8% YoY, while net income surged 94.5% YoY (a one-time accounting or operational shift, not sustainable pricing). International demand held, which tells you it's not a product story—it's a US demand cliff.

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