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Coca-Cola

Coca-Cola (KO) Q2 2026 Earnings

Reported Jul 28, 2026 at 6:58 AM ET · SEC Source

Q2 26 EPS

$0.97

BEAT +4.04%

Est. $0.93

Q2 26 Revenue

$13.38B

BEAT +1.56%

Est. $13.17B

vs S&P Since Q2 26

-0.7%

TRAILING MARKET

KO +3.6% vs S&P +4.4%

Market Reaction

Did KO Beat Earnings? Q2 2026 Results

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 durab… Read more 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.

Key Takeaways

  • • 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

KO Forward Guidance & 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.

24/7 Wall St

KO YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

KO Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

KO Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We delivered another strong quarter by staying close to the changing needs of our consumers and customers.”

— Henrique Braun, Q2 2026 Earnings Press Release

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