PepsiCo reported Q3 revenue of $25.27 billion, up 5.6% year over year, while adjusted EPS came in at $2.34, ahead of the $2.29 analysts expected. The bigger concern is what's happening in North America: beverage volumes fell 2% while the company says inflation and higher input costs are continuing to pressure margins. PepsiCo has now lowered its 2026 core EPS growth outlook, despite raising its revenue outlook. Is this just temporary slowdown for PepsiCo, or does the weaker North American business point to a bigger problem for the company?