Good morning, CFOs. PepsiCo looks to Walmart for its new finance chief; five things we learned about the U.S. government’s finances; plus, Delta predicts premium seat sales to overtake economy seats soon.

It’s been a busy week for CFO turnover.

Campbell’s this week named a new CFO, which comes after Brown-Forman—the company behind brands including Jack Daniel's and Woodford Reserve—in August announced that its finance chief plans to retire next year.

And among the biggest recent changes among the CFO ranks, PepsiCo yesterday named Steve Schmitt as its new finance chief, effective Nov. 10, to succeed Jamie Caulfield, who plans to retire.

Schmitt has served as finance chief of Walmart’s U.S. arm since 2021. Prior to joining the retail giant in 2016, he held several roles of increasing leadership during a decade-long tenure at Yum Brands, operator of KFC, Taco Bell and Pizza Hut, according to my colleagues Jennifer Williams and Connor Hart.

In his new role, Schmitt will join a leadership team tasked with turning around a struggling business while up against activist investor Elliott Investment Management. In recent years, PepsiCo has struggled to win back soda drinkers after ceding market share to rivals, while its food business—once an engine for growth—has stalled as inflation-weary shoppers cut back on snacks.

• Lay’s Chips Are Getting a Makeover for the MAHA Era

📈 Economic Indicators

The University of Michigan releases its Consumer Sentiment survey for October.

Control of the White House changed in fiscal year 2025, but the U.S. budget picture didn’t. It remains grim. Despite a historic rise in tariff revenue, the deficit was the same in the year ended Sept. 30, 2025, as the previous year. That is largely because the main drivers of spending kept rising: social programs, including Social Security and Medicare, and interest on the public debt, which topped $1 trillion by one measure for the first time, Richard Rubin and Anthony DeBarros write.

Here are five things we learned about the U.S. government’s finances based on the year-end figures released Wednesday by the Congressional Budget Office.

1. Tariffs are bringing in real money.

2. Interest costs keep climbing.

3. Spending didn’t move much under DOGE.

4. Social-program spending continues to grow.

5. Deficits and debt remain historically high.

📰 Other headlines

• China’s Rare-Earth Escalation Threatens Trade Talks—and the Global Economy
• How Much Pay Will Workers Sacrifice for Remote Work?
• Americans Are Falling Behind on Their Car Payments
• Column: America’s Manufacturing Resurgence Will Be Powered by These Robots
• Can These Self-Flying Planes Transform the Skies?
• Orsted to Slash 2,000 Jobs in Coming Years
• Aluminum Could Become the Next Copper

📈 Earnings wrapup

• Levi Strauss Lifts Fiscal-Year Outlook After Third Quarter Sales Rise
• Delta Predicts Premium Seat Sales to Overtake Economy as Soon as 2026
• 7-Eleven Owner’s Net Profit More Than Doubles
• Ferrari Shares Plunge as Long-Term Targets Disappoint
• Uniqlo Owner Projects Stronger Earnings Despite U.S. Tariff Impact

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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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