Why Is PepsiCo's Stock Down 10% While the S&P 500 Is Up 13% in 2026? Here's the Only Answer I Can Think of.

Key Points PepsiCo's stock has been hit hard as consumer tastes shift and families tighten their budgets. The stock has materially underperformed the S&P 500 so far in 2026, but it has also lagged far behind Coca-Cola. 10 stocks we like better than PepsiCo › Investors have punished PepsiCo (NASDAQ: PEP) stock. Not only is it down roughly 10% so far in 2026, but it has also fallen 33% from its 2023 high as of this writing. The S&P 500 index has gained 13% so far this year, while PepsiCo competitor Coca-Cola (NYSE: KO) has risen nearly 25%. That last comparison is probably more important than the comparison to the S&P 500. Here's why. PepsiCo is working through a rough patch The consumer staples sector is facing some material headwinds.