# Frito-Lay, a subsidiary of PepsiCo, started cutting prices of its portfolio of chips products like Lay’s, Doritos, Cheetos.

*business · news · 2026-04-07 · Fortune*

## Key points

- Frito-Lay is cutting chip prices by 15% after years of significant price hikes.
- Frito-Lay's revenue turned negative in 2024 for the first time in over a decade.
- PepsiCo lost $50 billion in market value since its 2023 peak, largely due to Frito-Lay.
- Activist investor Elliot Investment Management pushed PepsiCo to lower prices and reduce product variety by 20%.
- Despite announced price cuts, some Doritos bags remain at peak prices on Walmart's website.

**Companies:** PepsiCo
**Countries:** United States

[Read the full story on Fortune](https://fortune.com/2026/04/07/pepsico-frito-lay-chips-food-and-drink-inflation-consumer-products-doritos-cheetos-tostitos/)

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