Enough already! If you've been breathing during this earnings season, you've heard the big names like Coca-Cola (NYSE:KO), Johnson & Johnson (NYSE:JNJ), and Philip Morris International (NYSE:PM) drone on about how currency has affected their results.

For the record, PepsiCo (NYSE:PEP) is right there with the rest of the six-pack when it comes to fizzling dollar-based results. But global currency is just one factor in the popping of PepsiCo's carbonated bubble.

On a volume basis, the global snack business grew by 1%, while the beverage business dropped by 1%. Pepsi Americas' beverage business (which contributes almost 25% of total corporate revenue) declined by 6% in volume, with a 9.2% drop in operating profit.

But Pepsi Americas' food volume increased by 1%, with a corresponding growth in operating profit of 3.9%. Europe and Asia/Middle East/Africa beverage volume increased by 2% and 8%, respectively, while the snack businesses in each location had a respective 1% decline and 3% jump.

In the end, though, it's all about the Benjamins. Overall revenue dropped by 3.2%, and net income fell by 2.2%. To compare the big dogs of the cola industry, Coca-Cola's quarterly revenue dropped by 9%, and earnings also declined by 9% when adjusted for previous charges. So PepsiCo's results weren't completely cataclysmic. Pepsi stated that without negative currency impacts, EPS growth would have been 8%; looking ahead, Pepsi predicts a 6% currency impact on its full-year earnings.

Coca-Cola does have more global exposure than PepsiCo, with about 26% of its revenue attributed to American operations. In contrast, Pepsi Americas' food and beverage revenue -- which does include South/Latin America -- contributes 71%. And with a great deal of PepsiCo's business tied into food (as opposed to purely beverages), the companies aren't completely comparable anyway.

The continued decline in beverage products seems most worrisome for PepsiCo. Gatorade – or what the cool kids are calling "G" – is PepsiCo's second-largest beverage (by volume) after the flagship Pepsi brand, and it's in the middle of a major rebranding campaign. In the midst of these efforts, Beverage Digest is estimating that Gatorade volume has dropped 17.5%, and market share declined 4.5% in the first half of the year. Some folks are confused by the new "G" marketing program, while others are simply choosing not to buy these products on impulse.

The carbonated soft-drink segment as a whole is also hurting, with volume declining 3% last year. Coca-Cola's segment share dropped by 0.1%, and PepsiCo's share was off 0.3%. In contrast, Dr Pepper Snapple (NYSE:DPS) actually edged up by 0.3%.

At a price-to-earnings ratio of 17, versus Coca's Cola's P/E of 18, Pepsi's cheaper right now, but neither company is serving up the real thing when it comes to long-term investment prospects.

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PepsiCo, Johnson & Johnson, and Coca-Cola are Motley Fool Income Investor selections. Coca-Cola is also an Inside Value selection. Philip Morris International is a Global Gains recommendation. Try any of our Foolish newsletters today, free for 30 days.

Fool contributor Colleen Paulson does not hold positions in companies mentioned above. The Fool's disclosure policy will have a nice, cold glass of milk, thanks..