Phil Kafarakis, President & CEO of IFMA The Food Away from Home Association, and CFRA's Garrett Nelson break down PepsiCo’s (PEP) earnings beat as the company pivots from price increases toward volume‑driven growth. They discuss rising food volumes, strength in international markets, and how PepsiCo is navigating activist pressure, higher costs, and competitive setbacks. The focus remains on whether expanded promotions and a shift toward healthier products can sustain margins heading into the key summer season.