Same Quarter, Same Consumer, Opposite Directions
What Coca-Cola’s Q2 Says About PepsiCo’s Q2
Coca-Cola North America unit case volume: +3%. PepsiCo Beverages North America volume: -4%. Same three months. Same shelves. Same shopper.
Coca-Cola’s North American beverage volume grew 3 per cent in the second quarter of 2026. PepsiCo’s North American beverage volume fell 4 per cent in the same quarter. Same category. Same consumer. Same inflationary pressure on the same household budget.
That is not a coincidence of brand strength. It is a gap in commercial discipline, and it is visible in the numbers well beyond North America.
