Earnings Results Today: PepsiCo (NASDAQ:PEP) Earnings Beat, Outlook Cut as Helen of Troy Raises, Tilray Misses

Key Highlights

• Four of six companies reporting before the open on October 8 beat earnings estimates, but only two beat revenue forecasts.
• Helen of Troy posted adjusted earnings of 79 cents a share against about 51 cents expected and raised its full-year outlook.
• PepsiCo beat on earnings and sales yet lowered its 2026 core earnings growth outlook to 2.5 to 3.5 percent on margin pressure.
• Tariff refunds flattered results at PepsiCo, Helen of Troy, AngioDynamics and Byrna.
• Tilray and NovaGold reported wider losses than forecast, while Byrna's revenue fell about 46 percent.

A familiar pattern played out in Thursday's pre-market earnings: profit lines flattered while sales lines disappointed. Of six companies reporting before the open on October 8, four beat consensus earnings per share, yet only two beat revenue forecasts, and much of the gap traced to one source, refunds of tariffs paid in earlier periods.

Helen of Troy Limited (NASDAQ:HELE) delivered the clearest beat, with adjusted earnings of 79 cents a share against about 51 cents expected and a higher full-year outlook. PepsiCo (NASDAQ:PEP) beat on earnings and sales but lowered its 2026 core earnings growth outlook on margin pressure. AngioDynamics, Inc. (NASDAQ:ANGO) beat and held its guidance, while Byrna Technologies Inc. (NASDAQ:BYRN) posted a smaller loss than forecast even as revenue fell by almost half. Tilray Brands, Inc. (NASDAQ:TLRY) and NovaGold Resources Inc. (NYSE American:NG) reported wider losses than expected.

Tariff refunds helped PepsiCo, Helen of Troy, AngioDynamics and Byrna, and such refunds are not a repeatable source of profit. The quality of each beat therefore matters as much as its size, and for the larger names the outlook counted for more than the quarter. The six reports are set out below, strongest first.

Helen of Troy (NASDAQ:HELE): The Clearest Beat

Adjusted earnings reached 79 cents a share against a consensus near 51 cents. Sales rose 2.1 percent to $440.9 million, a shade below the $442.3 million forecast. Gross margin widened to 52.2 percent from 44.2 percent a year earlier, helped by tariff refunds and lower promotional spending.

The refunds were large but mostly reinvested. Of $26.9 million received, about $23 million went back into the business, leaving a net benefit of roughly 12 cents a share. Management said earnings still came in ahead of its own expectations without that benefit.

Segment results diverged. Home & Outdoor sales rose 9.2 percent on strong demand for packs, while Beauty & Wellness fell 4.5 percent as hair appliances, prestige hair care and water filtration weakened.

The company raised its fiscal 2027 adjusted earnings range to $3.60 to $4.15 from $3.25 to $3.75, and the new range includes a net tariff benefit of 30 to 45 cents a share. It also narrowed its sales range and lifted its adjusted EBITDA outlook to $203 million to $210 million. Debt fell to $672.6 million from $893.2 million. Shares jumped about 17 percent in pre-market trading, to a level near their 52-week high.

PepsiCo (NASDAQ:PEP): A Beat With a Lower Outlook

Adjusted earnings of $2.34 a share topped the $2.29 forecast, and revenue of about $25.3 billion came in ahead of the roughly $25 billion expected. Organic revenue growth accelerated to 3.1 percent, the fastest pace since the fourth quarter of 2023. Global beverage volume rose 3 percent and snack volume 4 percent.

International was the engine. Organic revenue there grew 8 percent and operating margin widened by 105 basis points, and the division now supplies 45 percent of year-to-date profit. North America lagged. Snack volume returned to low single-digit growth after a decline a year earlier, helped by a price reset, but beverage growth slowed, with soft drinks the weak spot while hydration and energy held up.

The sting was in the outlook. Core earnings growth for 2026 is now expected at 2.5 to 3.5 percent, down from the low end of a previous 5 to 7 percent range, as rising input costs, an unfavorable mix and the loss of a tariff benefit in North American beverages weigh on margin. Management said it would keep investing behind its brands, cut overhead, look at faster refranchising in some regions, and give a full 2027 outlook in February. Shares, which closed the previous session near a 52-week low, edged higher in pre-market trading.

AngioDynamics (NASDAQ:ANGO): A Steady Beat, Guidance Intact

Sales of $80.9 million edged past the $80.5 million forecast, while the adjusted loss of 4 cents a share was far narrower than the 10 cents expected. MedTech, the faster growing segment, rose 13.2 percent to $39.9 million and now makes up 49 percent of sales. Within it, the Auryon atherectomy platform delivered its 21st straight quarter of double-digit growth and NanoKnife sales rose 29 percent.

Gross margin rose to 59.4 percent, or 57.8 percent without a small tariff refund, and adjusted EBITDA more than doubled to $5.0 million. The company used $15.3 million of cash in operations, which management called a normal pattern for the first quarter, and ended with $34.0 million in cash and no debt. It still expects positive operating cash flow for the full year.

Full-year guidance was unchanged, with sales of $336 million to $341 million and an adjusted loss of 24 to 29 cents a share. A new chief executive with a medical technology background takes over on November 2. Shares traded slightly lower in pre-market trading.

Byrna Technologies (NASDAQ:BYRN): A Smaller Loss on Shrinking Sales

Revenue fell about 46 percent to $15.3 million, below the $16.3 million forecast, as online sales dropped and dealers and chain stores slowed reorders after heavy restocking earlier in the year. The loss of 13 cents a share was narrower than the 15 cents expected, but a one-time tariff refund of $2.3 million, worth roughly 10 cents a share, flattered it. Excluding the refund, gross margin was about 65 percent, up from 60 percent a year ago.

Adjusted EBITDA swung to a loss of $1.4 million from a $4.1 million profit, and cash and securities fell to $9.4 million from $15.5 million in November. Management pointed to higher website traffic, a growing creator network, the HERO Defense Systems acquisition and outsourced ammunition production, and expects sequential improvement into the holiday season. Shares fell about 6 percent in pre-market trading, a day after rising nearly 10 percent.

Tilray Brands (NASDAQ:TLRY): Growth That Has Yet to Reach the Bottom Line

Revenue climbed 23 percent to a record $257.1 million but fell short of the roughly $266 million forecast. The reported loss of 32 cents a share was wider than the 19 cents expected, though the adjusted loss was only 2 cents and the company attributed most of its $40.0 million net loss to non-cash charges.

The mix is shifting. Beverage sales rose 82 percent to $101.5 million with BrewDog added, and that unit turned profitable in the quarter. Canadian adult-use cannabis sales slipped, taking total cannabis revenue down to $56.1 million from $64.5 million, although international cannabis sales rose about 21 percent. Gross margin improved to 30 percent from 27 percent, yet adjusted EBITDA slipped to $9.2 million from $10.2 million, and free cash flow was negative $27.4 million.

Tilray reaffirmed fiscal 2027 adjusted EBITDA of $68 million to $75 million, with results weighted to the second half. A partnership to produce and sell Carlsberg brands in the US begins on January 1, 2027. The balance sheet holds $221.4 million in cash and securities, and debt has fallen by $42 million this fiscal year. Shares slipped about 3 percent in pre-market trading.

NovaGold (NYSE American:NG): Spending Rises Ahead of a Vote

With no revenue, NovaGold's quarter is judged on spending. The loss was $36.0 million, or 8 cents a share, slightly wider than the 7 cents forecast. Cash and term deposits stood at $343.4 million, down from $370.2 million in May, after $28.1 million of net spending in the quarter.

The company lifted its 2026 operating expenditure guidance by $11.5 million to about $110 million, mostly legal and professional fees tied to a planned all-share deal to buy the 40 percent of the Donlin Gold project it does not own. Shareholders vote on November 3, with closing targeted by year-end. The feasibility study remains on schedule for 2027, management said current cash covers it, and further capital is expected later for detailed engineering. A supplemental environmental review is open for public comment until October 23. Shares dipped less than 1 percent in pre-market trading.

What the Morning Showed

Beats were the rule on earnings and the exception on sales, and several leaned on one-off tariff refunds that are unlikely to repeat. That makes margins and outlooks the more telling figures. Helen of Troy raised guidance, AngioDynamics and Tilray held theirs, PepsiCo cut its earnings outlook, and NovaGold raised its spending plan.

Risks run in both directions. Input costs, freight and cautious consumers cloud the outlook for PepsiCo and Helen of Troy, while Tilray and Byrna must show that growth and cost control can narrow losses. Pre-market reactions can reverse once management calls are digested, and company guidance can change as conditions shift.