PepsiCo’s $22M Ratio Call Diagonal Spread Signals Big Bullish Bet Ahead of Q3 Earnings

An options trader has placed a significant bullish bet on PepsiCo (PEP) ahead of its Q3 2026 earnings report, utilizing a $22 million Ratio Call Diagonal Spread strategy. This complex options play involves buying and selling different strike prices and expiration dates, aiming to profit from a potential rebound in PEP's stock. The strategy suggests a strong conviction in PepsiCo's future performance despite recent struggles and underperformance compared to competitors like Coca-Cola.