Late last month, Coca-Cola went all in on the fast-growing US hard seltzer category, signing up Molson Coors Beverage to manufacture, market, and distribute Coke’s new Topo Chico hard Seltzer. Meanwhile, PepsiCo’s executives indicated they may remain on the sidelines, at least for the foreseeable future.

With Coca-Cola’s move into the hard seltzer category, and the possibility of an entry from Monster Beverage, analysts on PepsiCo’s earnings conference call this morning were naturally inquisitive about...