The two top sugary soda makers have benefited from resilient demand -- despite multiple price increases to account for surging costs.
Shares in Coca-Cola rose close to 1% in early trades on Tuesday after the soda giant also beat third-quarter revenue and profit estimates.
The maker of Sprite and Fanta said average selling prices rose 12% in the third quarter.
Lack of major competition in the global carbonated drinks market has encouraged Coke and PepsiCo to raise prices this year.
That's based on expectations that their products are among the last to feel the pinch during an economic slowdown.
PepsiCo raised its annual forecasts earlier this month after topping quarterly revenue estimates.
Coca-Cola forecast full-year adjusted earnings per share to rise as much as 7%, compared to prior expectation of no more than 6%.
The company, which gets about two-thirds of its total revenue from outside the United States, reiterated that it expects a 9% hit to full-year earnings from the stronger dollar.
