The (https://www.cnbc.com/2026/07/09/pepsico-pep-q2-2026-earnings.html) is being read as "consumers are tightening." Wrong. The real signal is structural earnings collapse—not margin compression, but absolute earnings deterioration. PEP's net margin sits at 12.0%, which is healthy in absolute terms. The problem is far worse: net income fell 94.5% year-over-year, while revenue grew only 0.8%. That's not a cyclical slowdown.

Research these companies