PEP → $138.00 by Jan 4, 2027.

**TL;DR:** The Feb 3, 2026 10-K puts Walmart, including Sam’s Club, at about 14% of 2025 consolidated net revenue (\~$13bn of $93.9bn, not disclosed). Sales are company-wide, but the filing says losing this customer would hit PFNA and PBNA. Thursday’s Q3 release will not update the share. **The filing** Item 1, repeated in the revenue note: in 2025, sales to Walmart and its affiliates, including Sam’s Club, were approximately 14% of consolidated net revenue. That includes concentrate sold to independent …