PepsiCo (NASDAQ: PEP) shares climbed more than 2% intra-day on Thursday after the company reported third-quarter results that topped analyst expectations, with revenue growth accelerating even as its food division continued to face volume challenges.

The company posted adjusted earnings per share of $2.29, exceeding Wall Street's consensus estimate of $2.26. Revenue came in at $23.94 billion, slightly above expectations of $23.86 billion, representing a 2.6% year-over-year increase. Organic revenue, which excludes the impact of currency and acquisitions, rose 1.3% from the prior year.

Segment performance was mixed. PepsiCo Beverages North America recorded 2% revenue growth despite a 3% decline in volumes, while the Europe, Middle East and Africa division delivered the strongest results with 9% reported revenue growth. Global convenient food volumes declined 1%, including a 4% drop in North America.

PepsiCo reaffirmed its full-year 2025 outlook, continuing to expect low single-digit organic revenue growth and core constant-currency earnings per share roughly flat compared to the prior year. The company also improved its EPS guidance, now forecasting a 0.5% decline versus the previously expected 1.5% drop, reflecting a more favorable foreign exchange environment.