Coca-Cola (KO) Q2 2026 Earnings
How Did KO Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +4.08%.
Did KO Beat Earnings? Q2 2026 Results
Yes. Coca-Cola reported Q2 2026 earnings of $0.97 a share on Jul 28, 2026, beating the $0.93 consensus estimate by 4.0%. Revenue was $13.4B against a $13.2B estimate.
Coca-Cola posted a convincing second-quarter 2026 beat, extending its streak of topping Wall Street expectations to five consecutive quarters as the world's largest beverage company demonstrated that its global scale continues to translate into durable financial results. The Atlanta-based drinks giant reported adjusted EPS of $0.97, beating the consensus estimate of $0.93 by 4.04%, while revenue of $13.38 billion cleared expectations by 1.56% and grew 6.7% year over year. The standout driver was a 5% rise in global unit case volume, led by India, China, the United States, and Brazil, with the FIFA World Cup 2026 serving as a powerful marketing catalyst that helped deliver 5% volume growth for Trademark Coca-Cola and contributed to operating margin expansion to 34.9% from 34.1% a year ago. Management responded to the strong quarter by raising full-year guidance, now targeting organic revenue growth of approximately 5% and comparable EPS growth of 9% to 10%, with free cash flow expected to reach approximately $12.40 billion, reinforcing the investment case for a stock that has been outperforming broader market indices heading into the print.
- 5% global unit case volume growth led by India, China, the United States and Brazil
- Trademark Coca-Cola grew 5% with growth across all geographic operating segments
- Coca-Cola Zero Sugar grew 16% across all geographic operating segments
- Pricing actions in the marketplace drove 2% price/mix growth
- Lower operating expenses contributed to operating income growth
- Currency tailwinds provided 2-point benefit to comparable EPS growth
- FIFA World Cup 2026 activation contributed to volume growth for Trademark Coca-Cola and Powerade
- Value share gains in total NARTD beverages
“We delivered another strong quarter by staying close to the changing needs of our consumers and customers.”
Coca-Cola CEO, on the earnings call
What Is Coca-Cola's Outlook?
The company raised its full-year 2026 guidance: organic revenue growth of approximately 5% (up from 4%-5%); comparable currency neutral EPS excluding acquisitions and divestitures growth of 7%-8% (up from 6%-7%); comparable EPS growth of 9%-10% (up from 8%-9%) including approximately 3% currency tailwind and approximately 1% headwind from acquisitions and divestitures; free cash flow of approximately $12.4 billion (up from $12.2 billion), consisting of approximately $14.6 billion cash from operations and approximately $2.2 billion capital expenditures; underlying effective tax rate of 19.9%. For Q3 2026, the company expects approximately 1% currency tailwind to comparable net revenues and approximately 3% currency tailwind to comparable EPS, with approximately 1% headwind from acquisitions and divestitures on revenues. The pending sale of African bottling operations is expected to close toward the end of Q3 or during Q4 2026.
KO YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $13.4B | $12.5B | +6.7% |
| Gross Profit | $8.4B | $7.8B | +7.6% |
| Operating Income | $4.7B | $4.3B | +9.2% |
| Net Income | $4.4B | $3.8B | +16.1% |
KO Revenue by Segment
KO Revenue by Geography
When Does Coca-Cola Report Next?
Figures from SEC filings and company reports. Not investment advice.