* 朋 (péng) has the second tone (rising tone).
* 友 (yǒu) has the third tone (falling-rising tone).
However, when these two characters are combined, the third tone of "友" changes to a second tone due to the tone sandhi rule, which alters tones when certain characters are combined.
Therefore, the pronunciation of "peng you" is péngyou, with both syllables having the second tone.