Coca-Cola Company (KO) Q3 2026 Earnings
GAAP EPS of $0.93 includes $192 million of non-U.S. pension settlement charges and special termination benefits, $8 million net equity investee charges, a $5 million reduction in previously recorded impairment charge for African bottling operations, and $83 million unfavorable impact from economic hedging adjustments. Comparable EPS excludes these items along with $172 million net income tax benefit from certain tax matters.
How Did KO Stock React to Q3 2026 Earnings?
Did KO Beat Earnings? Q3 2026 Results
Yes. Coca-Cola Company reported Q3 2026 earnings of $0.91 a share on Oct 27, 2026, beating the $0.88 consensus estimate by 3.3%. Revenue was $13.4B against a $12.9B estimate.
Coca-Cola posted a convincingly strong third quarter, beating Wall Street on both the top and bottom lines and extending its consensus EPS beat streak to six consecutive quarters. The beverage giant reported adjusted EPS of $0.91, ahead of the $0.88 consensus estimate by 3.30%, while revenue climbed 7.4% year over year to $13.38 billion, clearing the $12.93 billion estimate by 3.52%. The primary engine behind the outperformance was broad-based volume momentum, with global unit case volume growing 5%, led by India, China, Mexico, and Brazil, and Coca-Cola Zero Sugar surging 16% across all geographic segments. Comparable operating margin expanded to 32.9% from 31.9% a year ago, supported by organic revenue growth and a favorable currency environment. Encouraged by the results, management raised its full-year 2026 outlook, now targeting at least 11% comparable EPS growth and free cash flow of at least $13.00 billion, up from prior guidance of approximately $12.40 billion, signaling continued confidence in the company's underlying momentum heading into year-end.
- Global unit case volume grew 5%, led by India, China, Mexico and Brazil
- Sparkling soft drinks grew 5%, with Coca-Cola Zero Sugar growing 16%
- Pricing actions in the marketplace drove 1% price/mix growth
- Concentrate sales were 2 points ahead of unit case volume due to timing of shipments
- Currency tailwinds contributed 2 points to EPS growth
- Comparable operating margin expanded 106 basis points to 32.9%
- Latin America organic revenues grew 16% with 6% unit case volume growth
- Water category grew 8% globally
- Company gained value share in total NARTD beverages
“Our results this quarter demonstrate our system's sustained momentum, giving us confidence in our updated full year guidance.”
Coca-Cola Company CEO, on the earnings call
What Is Coca-Cola Company's Outlook?
The company raised its full-year 2026 guidance: organic revenue growth now expected at least 5% (prior: approximately 5%); comparable currency neutral EPS excluding acquisitions and divestitures now expected at least 9% growth (prior: 7-8%); comparable EPS now expected at least 11% growth (prior: 9-10%), including approximately 3% currency tailwind and approximately 1% headwind from acquisitions and divestitures; free cash flow now expected at least $13.0 billion (prior: approximately $12.4 billion), consisting of at least $15.2 billion of projected GAAP net cash provided by operating activities and approximately $2.2 billion of projected GAAP purchases of property, plant and equipment. Underlying effective tax rate expected at 19.7% (prior: 19.9%). Q4 2026 considerations include approximately 1% currency tailwind on comparable net revenues and approximately 4% currency tailwind on comparable EPS, with approximately 4% and 3% headwinds respectively from acquisitions and divestitures. Q4 2026 will have six fewer days than Q4 2025. For 2027, the company noted a slight currency headwind and approximately 8% revenue headwind and approximately 2% EPS headwind from acquisitions and divestitures; full 2027 guidance will be provided with Q4 earnings.
KO YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $13.4B | $12.5B | +7.4% |
| Gross Profit | $8.5B | $7.7B | +10.3% |
| Operating Income | $4.5B | $4.0B | +12.1% |
| Net Income | $4.0B | $3.7B | +8.5% |
KO Revenue by Segment
KO Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.