Just a few things of note

Let's start with the business of Pepsi and its view on the US consumer:

"the cumulative impacts of inflationary pressures and higher borrowing costs over the last few years have continued to impact consumer budgets and spending patterns. After outperforming packaged food categories in previous years, salty and savory snacks have underperformed year-to-date."

With their outlook and guidance, "We expect consumers to remain choiceful and value conscious as the cumulative effects of inflationary pressures continue to impact budgets and spending patterns. Pockets of elevated geopolitical tension and macroeconomic pressure are also expected to persist in certain international markets."

"We also continue to expect inflationary pressures to moderate versus the prior year, but certain commodity costs may remain elevated."

On why they reduced their expectations for sales growth, "it's a combination of the recovery of the consumer in the US, frankly, has been slower than we had anticipated, and then to a lesser degree, the geopolitics have impacted international."