PepsiCo's operating expenses did not spike in Q1 2023. In fact, the company has been making efforts to reduce its operating expenses and improve its operating margins. This is evident from the information gathered that PepsiCo's gross profit increased by 11.1% year-over-year to $14.5 billion, and the profit margin improved by 11 basis points year-over-year to 52.06% in Q4 20221. The company has also been implementing lean value streams across its beef, pork, and poultry platforms to drive margin recovery and operating expense reduction2. Therefore, it is unlikely that PepsiCo's operating expenses spiked in Q1 2023.