可口可乐与百事可乐的竞争已经持续超过一个世纪，但两者的定位已分化：可口可乐品牌在美国软饮市场占17%，而百事可乐为11%，百事可乐现在从包括Lay's和Quaker Oats在内的包装食品品牌获得了超过一半收入。可口可乐约在十年前又回到美国装瓶特许经营模式，而百事可乐仍在本土自行装瓶，资本市场也在奖惩分化：自2023年初以来，可口可乐市值上涨23%，而百事可乐下跌15%。

百事可乐的近期疲软与其在通胀时期推行的涨价有关，这些涨幅高于竞争对手，并推动讲究价格的消费者转向新兴品牌和零售商自有品牌；与此同时，超加工食品的健康顾虑和减重药物的上升也在削弱需求。AlixPartners估计，正在服用这些药物的美国人购买的软饮量减少约7%，同时百事可乐还受制于可口可乐在无糖可乐上的巨大领先地位——美国消费者喝的Diet Coke约为Diet Pepsi的2.5倍——以及可口可乐更早切入蛋白奶昔市场。

在9月，持有40亿美元股份的激进投资者Elliott Management发来一封信，要求百事可乐削减成本、缩小产品范围、强化核心苏打水营销并在美国外包装瓶。百事可乐拒绝其要求进入董事会的部分，但同意降价、剔除五分之一零食品牌和关闭工厂；早期结果正在改善：其2026财年第一季度经营利润同比增长24%，高于可口可乐4月28日公布的19%，并计划进一步剔除如Quaker Oats等表现不佳的品牌、在部分州试点外包装瓶，且其去年5月以20亿美元收购Poppi的交易也在提振饮料销售，减少了其被Dr Pepper取代美国第二大碳酸饮料商的担忧。

The rivalry between Coca-Cola and Pepsi has lasted over a century, but their profiles have diverged: Coca-Cola brands account for 17% of the U.S. soft-drink market versus 11% for Pepsi, and Pepsi now gets more than half of its revenue from packaged food brands such as Lay’s and Quaker Oats. Coca-Cola moved back to franchising U.S. bottling about a decade ago while Pepsi still bottles drinks itself at home, and the market has differentiated rewards: Coca-Cola’s value rose 23% since early 2023, while Pepsi’s fell 15%.

Pepsi’s near-term weakness is linked to inflation-era price hikes that exceeded rival levels and pushed price-sensitive buyers toward upstarts and retailers’ private labels; at the same time, rising concerns about ultra-processed foods and weight-loss drugs are also dampening demand. AlixPartners estimates Americans taking such medicines buy about 7% fewer soft drinks, while Pepsi is also disadvantaged by Coca-Cola’s large sugar-free cola lead—U.S. consumers drink about 2.5 times more Diet Coke than Diet Pepsi—and by Coca-Cola’s earlier entry into protein shakes.

In September, activist investor Elliott Management, which held a $4bn stake, sent a letter demanding cost cuts, a narrower portfolio, stronger core-soda marketing, and outsourcing of U.S. bottling. Pepsi rebuffed Elliott’s push for a board seat but accepted measures including price cuts, removing one-fifth of snack brands, and closing plants; results are improving: Pepsi’s Q1 2026 operating profit rose 24% year-on-year versus Coca-Cola’s 19% reported April 28, with plans to trim weaker labels like Quaker Oats, pilot outsourced bottling in some states, and benefit from a $2bn Poppi acquisition in May that is lifting beverage sales and easing fears of being displaced by Dr Pepper as America’s second-largest fizzy-drink seller.

Source: Soda wars

Subtitle: Coca-Cola is trouncing Pepsi. Can the underdog turn things around?

Dateline: The Economist May 2nd 2026