The Coca-Cola Company today reported third quarter 2026 results. “Our results this quarter demonstrate our system’s sustained momentum, giving us confidence in our updated full year guidance,” said Henrique Braun, CEO of The Coca-Cola Company. “By staying close to consumers and executing with agility across our global system, we are delivering quality growth while continuing to invest in the capabilities, brands and people that will fuel our future.”
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Highlights |
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Quarterly Performance |
- Revenues: Net revenues grew 7% to $13.4 billion, and organic revenues (non-GAAP) grew 7%, driven by a 7% increase in concentrate sales and 1% growth in price/mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
- Operating margin: Operating margin was 33.4% versus 32.0% in the prior year, and comparable operating margin (non-GAAP) was 32.9% versus 31.9% in the prior year. Operating margin performance included items impacting comparability, as well as currency tailwinds. Comparable operating margin (non-GAAP) expansion was driven by organic revenue (non-GAAP) growth and currency tailwinds, partially offset by an increase in marketing investments and higher operating expenses.
- Earnings per share: EPS grew 8% to $0.93, and comparable EPS (non-GAAP) grew 11% to $0.91. Both EPS and comparable EPS (non-GAAP) performance included the impact of a 2-point currency tailwind.
- Market share: The company gained value share in total nonalcoholic ready-to-drink (“NARTD”) beverages.
- Cash flow: Year-to-date cash flow from operations and free cash flow (non-GAAP) were $12.5 billion and $11.4 billion, respectively.
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Company Updates |
- Celebrating local heritage and strengthening communities through its brands: Recently, the company reached milestone anniversaries in three important markets: the United States, Mexico and Nigeria. In the United States, the Coca-Cola system marked 140 years of serving consumers and strengthening communities. According to a recent study from Steward Redqueen, the system today supports nearly 1 million jobs throughout the value chain and contributes approximately $85 billion in annual economic activity in the United States. From Trademark Coca-Cola to fairlife, the company’s brands continue to provide consumers with beverages across many drinking occasions. The system celebrated 100 years of growing together with Mexico through a campaign rooted in consumers’ deep, multigenerational connections with Coca-Cola. The campaign came to life through limited-edition packaging, local cultural icons and integrated experiences, generating strong consumer engagement that contributed to volume growth during the quarter. In Nigeria, a 75-year anniversary celebration of Coca-Cola’s connection with generations of Nigerians brought together national pride, music, authentic connection and self-expression through distinctive packaging, creator content and experiential activations. The campaign reached more than 100 million consumers, contributing to volume growth and value and volume share gains for the quarter. Together, these milestones demonstrate how the company combines global scale with deep local roots to create meaningful consumer experiences and drive growth.
- Globally connecting brands to consumers through locally relevant music experiences: The company continues to connect its brands to passion points, with music serving as a powerful global platform to drive relevance and consumer engagement. As an example, across Europe, Coca-Cola and Sprite were highlighted at 60 festivals in more than 20 markets, reaching over 12 million attendees and over 500 million livestream viewers while building direct consumer connections through first-party data. Highlights include uplifting activations at Tomorrowland in Belgium, Rock in Rio Lisboa in Portugal and Coca-Cola Music Experience in Spain. The company drove strong local momentum in Greece by offering Trademark Coca-Cola products in the newly launched 500ml “Supercan” across nearly 20 live music events. In Great Britain, the company bridged music and soccer by partnering with British rapper Central Cee to create an original song for its English Premier League campaign. Together, these activations strengthened brand relevance and contributed to volume growth for the quarter in Europe.
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Operating Review – Three Months Ended October 2, 2026 |
Revenues and Volume
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Percent Change |
Concentrate Sales1 |
Price/Mix |
Currency Impact |
Acquisitions |
Reported Net Revenues |
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Organic Revenues2 |
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Unit Case Volume3 |
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Consolidated |
7 |
1 |
1 |
(1) |
7 |
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7 |
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5 |
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Europe, Middle East & Africa |
6 |
1 |
0 |
(3) |
4 |
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7 |
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5 |
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Latin America |
8 |
7 |
9 |
0 |
25 |
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16 |
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6 |
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North America |
2 |
1 |
0 |
0 |
3 |
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3 |
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0 |
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Asia Pacific |
8 |
(2) |
(3) |
0 |
4 |
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6 |
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6 |
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Bottling Investments |
10 |
3 |
1 |
0 |
13 |
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12 |
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8 |
Operating Income and EPS
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Percent Change |
Reported Income |
Items Impacting Comparability |
Currency Impact |
Comparable |
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Consolidated |
12 |
1 |
3 |
8 |
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Europe, Middle East & Africa |
7 |
0 |
0 |
7 |
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Latin America |
29 |
1 |
13 |
14 |
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North America |
5 |
0 |
0 |
5 |
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Asia Pacific |
8 |
(5) |
(1) |
14 |
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Bottling Investments |
261 |
11 |
(2) |
252 |
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Percent Change |
Reported EPS |
Items Impacting Comparability |
Currency Impact |
Comparable Currency Neutral EPS2 |
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Consolidated |
8 |
(3) |
2 |
9 |
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Note: Certain rows may not add due to rounding. |
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1For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. |
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2Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section. |
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3Unit case volume is computed based on average daily sales. |
In addition to the data in the preceding tables, operating results included the following:
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Consolidated |
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Unit case volume grew 5%, led by India, China, Mexico and Brazil. Performance included the following:
- Sparkling soft drinks grew 5%. Trademark Coca-Cola grew 5% and Coca-Cola Zero Sugar grew 16%, both driven by growth across all geographic operating segments. Diet Coke/Coca-Cola Light grew 6%, driven by growth in North America and Asia Pacific. Sparkling flavors grew 3%, driven by growth in Asia Pacific, Latin America and Europe, Middle East & Africa (“EMEA”).
- Juice, value-added dairy and plant-based beverages was even, as growth in Asia Pacific, Latin America and North America was offset by a decline in EMEA. Growth in fairlife, Maaza and Minute Maid was offset by the impact of the sale of the company’s finished product operations in Nigeria in the fourth quarter of 2025.
- Water, sports, coffee and tea grew 5%. Water grew 8%, driven by growth in Asia Pacific, Latin America and EMEA. Sports drinks declined 3%, as growth in EMEA and Latin America was more than offset by a decline in Asia Pacific. Coffee was even, as growth in EMEA was offset by a decline in Asia Pacific. Tea was even, as growth in Latin America was offset by a decline in North America.
- Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
- Operating income grew 12%, which included items impacting comparability and currency tailwinds. Comparable currency neutral operating income (non-GAAP) grew 8%, primarily driven by organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments and higher operating expenses.
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Europe, Middle East & Africa |
- Unit case volume grew 5%, primarily driven by growth in Trademark Coca-Cola, water, sports, coffee and tea, and sparkling flavors.
- Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 1 point ahead of unit case volume due to the timing of concentrate shipments.
- Operating income and comparable currency neutral operating income (non-GAAP) both grew 7%, primarily driven by organic revenue (non-GAAP) growth and lower input costs, partially offset by an increase in marketing investments and higher operating expenses.
- The company lost value share in total NARTD beverages, as gains in Nigeria and Morocco were more than offset by losses in France and the United Kingdom.
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Latin America |
- Unit case volume grew 6%, driven by growth across all global beverage categories.
- Price/mix grew 7%, primarily driven by pricing actions in the marketplace and favorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
- Operating income grew 29%, which included items impacting comparability and a currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 14%, primarily driven by organic revenue (non-GAAP) growth and lower operating expenses, partially offset by an increase in marketing investments.
- The company gained value share in total NARTD beverages, led by share gains in Brazil and Mexico.
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North America |
- Unit case volume was even, as growth in Trademark Coca-Cola was offset by a decline in water, sports, coffee and tea.
- Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
- Operating income and comparable currency neutral operating income (non-GAAP) both grew 5%, primarily driven by organic revenue (non-GAAP) growth and the timing of marketing investments, partially offset by higher input costs and operating expenses.
- The company gained value share in total NARTD beverages, led by share gains in juice, value-added dairy and plant-based beverages and Trademark Coca-Cola.
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Asia Pacific |
- Unit case volume grew 6%, driven by growth across all global beverage categories.
- Price/mix declined 2%, as pricing actions in the marketplace were more than offset by unfavorable mix. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.
- Operating income grew 8%, which included items impacting comparability and a currency headwind. Comparable currency neutral operating income (non-GAAP) grew 14%, primarily driven by organic revenue (non-GAAP) growth.
- The company gained value share in total NARTD beverages, led by share gains in Japan and Vietnam.
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Bottling Investments |
- Unit case volume grew 8%, primarily driven by growth in India and South Africa.
- Price/mix grew 3%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix.
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Operating income grew 261%, which included items impacting comparability and a currency headwind. Comparable currency neutral operating income (non-GAAP) grew 252%, primarily driven by organic revenue (non-GAAP) growth and lower operating expenses.
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Operating Review – Nine Months Ended October 2, 2026 |
Revenues and Volume
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Percent Change |
Concentrate Sales1 |
Price/Mix |
Currency Impact |
Acquisitions |
Reported Net Revenues |
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Organic Revenues2 |
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Unit Case Volume3 |
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Consolidated |
6 |
1 |
2 |
(1) |
9 |
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8 |
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4 |
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Europe, Middle East & Africa |
4 |
2 |
3 |
(3) |
6 |
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6 |
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3 |
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Latin America |
6 |
4 |
8 |
0 |
18 |
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10 |
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3 |
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North America |
5 |
2 |
0 |
0 |
7 |
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7 |
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2 |
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Asia Pacific |
10 |
(6) |
(1) |
0 |
3 |
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4 |
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7 |
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Bottling Investments |
10 |
1 |
2 |
(1) |
11 |
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11 |
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5 |
Operating Income and EPS
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Percent Change |
Reported |
Items Impacting Comparability |
Currency Impact |
Comparable |
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Consolidated |
13 |
2 |
2 |
9 |
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Europe, Middle East & Africa |
7 |
2 |
2 |
4 |
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Latin America |
22 |
5 |
8 |
9 |
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North America |
9 |
(2) |
0 |
11 |
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Asia Pacific |
(2) |
1 |
(1) |
(2) |
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Bottling Investments |
108 |
2 |
(1) |
107 |
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Percent Change |
Reported EPS |
Items Impacting Comparability |
Currency Impact |
Comparable Currency Neutral EPS2 |
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Consolidated |
14 |
1 |
2 |
11 |
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Note: Certain rows may not add due to rounding. |
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1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. |
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2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section. |
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3 Unit case volume is computed based on average daily sales. |
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Outlook |
The 2026 and 2027 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2026 projected organic revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected comparable net revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected underlying effective tax rate (non-GAAP) to full year 2026 projected reported effective tax rate, full year 2026 projected comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) to full year 2026 projected reported EPS, full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS, full year 2027 projected comparable net revenues (non-GAAP) to full year 2027 projected reported net revenues, or full year 2027 projected comparable EPS (non-GAAP) to full year 2027 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions and divestitures throughout 2026 and 2027; the exact timing and exact amount of items impacting comparability throughout 2026 and 2027; and the exact impact of fluctuations in foreign currency exchange rates throughout 2026 and 2027. The unavailable information could have a significant impact on the company’s full year 2026 and full year 2027 reported financial results.
Full Year 2026 Guidance
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Current |
Prior |
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Organic revenues (non-GAAP) |
At least 5% growth |
Approx. 5% growth |
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Comparable net revenues (non-GAAP) |
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Underlying effective tax rate (non-GAAP)3 |
19.7% |
19.9% |
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Comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) |
At least 9% growth |
7% to 8% growth |
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Comparable EPS (non-GAAP) |
At least 11% growth, which includes:
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9% to 10% growth, which includes:
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Free cash flow (non-GAAP) |
At least $13.0 billion, consisting of:
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Approx. $12.4 billion, consisting of:
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Fourth Quarter 2026 Considerations
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Comparable net revenues (non-GAAP) |
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Comparable EPS (non-GAAP) |
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Full Year 2027 Considerations
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Comparable net revenues (non-GAAP) |
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Comparable EPS (non-GAAP) |
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The company will provide full year 2027 guidance when it reports fourth quarter earnings.
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1 Current column based on current rates and including the impact of hedged positions. Prior column based on prior rates and including the impact of hedged positions. |
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2 Current column assumes the pending sale of our bottling operations in Africa closes during the fourth quarter of 2026, and prior column assumes the pending sale of our bottling operations in Africa closes towards the end of the third quarter or during the fourth quarter of 2026. Closing is subject to regulatory approvals. |
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3 This does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. |
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Notes |
- All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.
- All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products, which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.
- “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents), sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments after considering the impact of acquisitions and divestitures, if any. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
- “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.
- First quarter 2026 financial results were impacted by six additional days as compared to first quarter 2025, and fourth quarter 2026 financial results will be impacted by six fewer days as compared to fourth quarter 2025. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.
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Conference Call |
The company is hosting a conference call with investors and analysts to discuss third quarter 2026 operating results today, Oct. 27, 2026, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.
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