UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 8, 2003

THE PEPSI BOTTLING GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware 1-14893 13-4038356
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

One Pepsi Way, Somers, NY 10589
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (914) 767-6000

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a) Not Applicable.

(b) Not Applicable.

Item 9. Information Furnished Pursuant to Item 12 of Form 8-K - Results of
Operations and Financial Condition.

On July 8, 2003, The Pepsi Bottling Group, Inc. announced its financial
results for its second quarter ended June 14, 2003. The press release is
furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

THE PEPSI BOTTLING GROUP, INC.
(Registrant)
Date July 8, 2003 /s/ Pamela C. McGuire
-----------------
(Signature)
Pamela C. McGuire, Senior Vice President,
General Counsel and Secretary

Exhibit 99.1

Contact: Kelly McAndrew Mary Winn Settino
Public Relations Investor Relations
(914) 767-7690 (914) 767-7216

FOR IMMEDIATE RELEASE
---------------------

THE PEPSI BOTTLING GROUP REPORTS SECOND QUARTER 2003 RESULTS

SOMERS, N.Y., July 8, 2003 - The Pepsi Bottling Group, Inc. (NYSE: PBG)
today reported second quarter 2003 net income of $131 million, or diluted
earnings per share (EPS) of $0.47. These results compare to reported second
quarter 2002 net income of $139 million, or EPS of $0.47.

o Worldwide physical case volume was flat for the quarter on a constant
territory basis. PBG's physical case volume was down two percent in
the U.S., while volumes grew three percent in its international
territories.

o Pricing in the U.S. marketplace grew two percent during the second
quarter. This growth was offset by negative mix and the Company's
adoption of FASB's Emerging Issues Task Force (EITF) Issue No. 02-16,
which resulted in a reported U.S. net revenue per case decline of two
percent.

o Reported operating income was flat in the second quarter, with soft
results in the U.S. offsetting growth in the Company's international
markets.

"During the second quarter, we faced a number of challenging conditions in
our U.S. markets," said John T. Cahill, Chairman and Chief Executive Officer of
PBG. "Volume performance in the U.S. was below our expectations, primarily
driven by softness in our cold drink business. The introduction of Mountain Dew
LiveWire during the latter part of the quarter, however, has produced
encouraging results. Our flavor and diet soft drink portfolios also generated
positive results with Sierra Mist leading the growth. Throughout the quarter, we
remained disciplined in the execution of our pricing principles, which in
combination with strict cost controls, helped us generate financial results in
line with our guidance for the quarter."

- more -

PBG REPORTS SECOND QUARTER 2003 RESULTS / 2 of 3

Cahill continued, "We were encouraged by the changing growth trends in our
international territories, which improved throughout the quarter. From new
product introductions in Russia, to improved on premise results in Spain, to
solid growth in our Canadian business, these markets turned in positive topline
and operating profit growth. In Mexico, we continued to make progress in spite
of a weak carbonated soft drink market. Mountain Dew was launched throughout our
markets in Mexico and has been well received by customers and consumers alike,
while the introduction of a 2.5 liter package late in the second quarter is
helping us to boost volume. Overall, we saw solid progress in our international
businesses this past quarter and are confident that this momentum will continue
throughout the summer season."
On a constant territory basis, physical case volume in the U.S. declined
two percent. (Constant territory calculations assume all significant
acquisitions made in 2002 were made at the beginning of 2002 and exclude all
significant acquisitions made in 2003.) PBG's territories in Europe turned in
solid volume performances, with mid single digit growth overall. Volume trends
in PBG's Canadian business were also favorable in both channels of the business.
In Mexico, sales of jug and bottled water were solid with high and mid single
digit growth respectively. Carbonated soft drink volume was soft during the
second quarter resulting in total volume growth in Mexico of one percent.
PBG achieved rate increases in its U.S. markets of two percent for the
quarter. PBG's cold drink volume was down in the mid single digits, which had a
negative impact on the Company's reported net revenue per case results. This mix
effect, as well as PBG's adoption of FASB's EITF Issue No. 02-16, lowered the
Company's reported U.S. net revenue per case results by four percentage points.
Worldwide reported net revenue per case declined 10 percent. These results
reflect the significant impact of mix from PBG's acquired territories, namely
from its markets in Mexico and Turkey, on PBG's overall results. In Mexico, rate
increases on soft drinks and bottled water were offset by the shift into jug
water, which has a significantly lower sales price.
During the second quarter of 2003, PBG completed its original share
repurchase program of 50 million shares of common stock, which was initiated in
October 1999. PBG's Board of Directors announced a new share repurchase program
at the Company's Annual

- more -

PBG REPORTS SECOND QUARTER 2003 RESULTS / 3 of 3

Meeting in May, under which 25 million additional shares of common stock may be
repurchased. Approximately 1.3 million shares have been repurchased to date
under the new program, bringing the total shares repurchased during the second
quarter of 2003 to 6.1 million shares.
The Company stated that in fiscal 2003 it expects to achieve EPS of $1.61
to $1.67, before the cumulative effect of the adoption of EITF Issue No. 02-16.
Given the volume trends of the first half of 2003, however, PBG expects EPS to
come in at the low end of that range. The Company also stated that it expects
worldwide constant territory volume for the full year to be flat to up one
percent and reported operating income to grow about 10 percent. The Company
reiterated its expectation for solid cash flow, with cash from operations less
capital expenditures to be $400 million.
The Pepsi Bottling Group, Inc. (www.pbg.com) is the world's largest
manufacturer, seller and distributor of Pepsi-Cola beverages with operations in
the U.S., Canada, Greece, Mexico, Russia, Spain and Turkey. To receive company
news releases by e-mail, please visit www.pbg.com.
Listen in live to PBG's second quarter 2003 earnings discussion with
financial analysts on July 8th at 11 a.m. (EDT) at http://www.pbg.com.

# # #

Statements made in this press release that relate to future performance or
financial results of the Company are forward-looking statements which involve
uncertainties that could cause actual performance or results to materially
differ. PBG undertakes no obligation to update any of these statements. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as to the date hereof. Accordingly, any forward-looking
statement should be read in conjunction with the additional information about
risks and uncertainties set forth in PBG's Securities and Exchange Commission
reports, including its annual report on Form 10-K for the year ended December
28, 2002.

Attachments (3 pages)

THE PEPSI BOTTLING GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
in millions except per share amounts, unaudited

12-Weeks Ended 24-Weeks Ended
-------------------------- --------------------------
June 14, June 15, June 14, June 15,
2003 2002 2003 2002
----------- ----------- ----------- -----------

Net revenues.................................................... $ 2,532 $ 2,209 $ 4,406 $ 3,981
Cost of sales................................................... 1,290 1,185 2,217 2,127
--------- --------- --------- ---------

Gross profit.................................................... 1,242 1,024 2,189 1,854
Selling, delivery and administrative expenses................... 971 753 1,798 1,448
--------- --------- --------- ---------

Operating income................................................ 271 271 391 406
Interest expense, net........................................... 57 46 110 91
Other non-operating expenses, net............................... - - 3 -
Minority interest............................................... 15 16 20 24
--------- --------- --------- ---------

Income before income taxes...................................... 199 209 258 291
Income tax expense.............................................. 68 70 88 98
--------- --------- --------- ---------

Income before cumulative effect of change in accounting
principle....................................................... 131 139 170 193
Cumulative effect of change in accounting principle, net of tax
and minority interest........................................... - - 6 -
--------- --------- --------- ---------

Net income...................................................... $ 131 $ 139 $ 164 $ 193
========= ========= ========= =========

Basic earnings per share before cumulative effect of change in
accounting principle............................................ $ 0.48 $ 0.49 $ 0.61 $ 0.68
Cumulative effect of change in accounting principle............. - - (0.02) -
--------- --------- --------- ---------

Basic earnings per share........................................ $ 0.48 $ 0.49 $ 0.59 $ 0.68
========= ========= ========= =========

Weighted-average shares outstanding............................. 273 283 276 282

Diluted earnings per share before cumulative effect of change in
accounting principle............................................ $ 0.47 $ 0.47 $ 0.60 $ 0.66
Cumulative effect of change in accounting principle............. - - (0.02) -
--------- --------- --------- ---------

Diluted earnings per share...................................... $ 0.47 $ 0.47 $ 0.58 $ 0.66
========= ========= ========= =========

Weighted-average shares outstanding............................. 279 296 283 294

THE PEPSI BOTTLING GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
in millions, unaudited

24-Weeks Ended
---------------------------
June 14, June 15,
2003 2002
----------- -----------
Cash Flows - Operations
Net income................................................................. $ 164 $ 193
Adjustments to reconcile net income to net cash provided
by operations:.............................................................
Depreciation........................................................... 244 189
Amortization........................................................... 4 3
Changes in working capital and other non-cash charges.................. (181) (89)
Other, net................................................................. (16) (18)
------ ------

Net Cash Provided by Operations................................................. 215 278
------ ------

Cash Flows - Investments
Capital expenditures....................................................... (282) (299)
Acquisitions of bottlers................................................... (83) (30)
Sale of property, plant and equipment...................................... 2 7
------ ------

Net Cash Used for Investments................................................... (363) (322)
------ ------

Cash Flows - Financing
Borrowing activities, net.................................................. 329 (44)
Dividends paid............................................................. (6) (6)
Treasury stock transactions................................................ (207) 17
------ ------

Net Cash Provided by (Used for) Financing....................................... 116 (33)
------ ------

Effect of Exchange Rate Changes on Cash and Cash
Equivalents..................................................................... 3 2
------ ------

Net Decrease in Cash and Cash Equivalents....................................... (29) (75)
Cash and Cash Equivalents - Beginning of Period................................. 222 277
------ ------

Cash and Cash Equivalents - End of Period...................................... $ 193 $ 202
====== ======

Certain reclassifications were made in our Condensed Consolidated Financial
Statements to 2002 amounts to conform to the 2003 presentation.

THE PEPSI BOTTLING GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
in millions, except per share amounts

(Unaudited)
June 14, December 28,
2003 2002
--------- ----------

Assets
Current Assets
Cash and cash equivalents................................................... $ 193 $ 222
Accounts receivable, net.................................................... 1,216 922
Inventories................................................................. 452 378
Prepaid expenses and other current assets................................... 261 203
Investment in debt defeasance trust......................................... 174 12
------- -------
Total Current Assets.................................................... 2,296 1,737

Property, plant and equipment, net............................................... 3,411 3,308
Other intangible assets, net..................................................... 3,647 3,495
Goodwill......................................................................... 1,241 1,192
Investment in debt defeasance trust.............................................. - 170
Other assets..................................................................... 155 141
------- -------
Total Assets............................................................ $10,750 $10,043
======= =======

Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable and other current liabilities.............................. $ 1,275 $ 1,179
Short-term borrowings....................................................... 145 51
Current maturities of long-term debt........................................ 1,189 18
------- -------
Total Current Liabilities............................................... 2,609 1,248

Long-term debt................................................................... 3,630 4,539
Other liabilities................................................................ 873 819
Deferred income taxes............................................................ 1,326 1,265
Minority interest................................................................ 379 348
------- -------
Total Liabilities....................................................... 8,817 8,219

Shareholders' Equity
Common stock, par value $0.01 per share:
Authorized 900 shares, issued 310 shares................................ 3 3
Additional paid-in capital.................................................. 1,745 1,750
Retained earnings........................................................... 1,224 1,066
Accumulated other comprehensive loss........................................ (318) (468)
Treasury stock: 39 shares and 30 shares at June 14, 2003
and December 28, 2002, respectively..................................... (721) (527)
------- -------
Total Shareholders' Equity.............................................. 1,933 1,824
------- -------
Total Liabilities and Shareholders' Equity............................ $10,750 $10,043
======= =======

Certain reclassifications were made in our Condensed Consolidated Financial
Statements to 2002 amounts to conform to the 2003 presentation.