He said there "could be" a proxy context and that he "most definitely" still wants to break up the company and put it in two at the Delivering Alpha conference presented by CNBC and Institutional Investor Wednesday.
"We have definitely not disappeared from the scene," he said. Peltz added that the stock has moved not because of the earnings, but because of Trian's suggestions for corporate improvement.
"There has been a cultural change at Pepsi," he said.
Peltz also weighed in on Family Dollar, one of Trian's holdings.
"If you asked me if we are satisfied, we are not," Peltz said. "There's a wide gap in performance between Family Dollar and Dollar General. We think they can close that gap."
He said he had "no objection" to Carl Icahn's involvement in the company (he is also a shareholder). Trian tried unsuccessfully to buy the company in 2011.
—By CNBC's Lawrence Delevingne