Coca-Cola beats Q2 estimates as revenue, volume growth, margins, and earnings improve.
Stock Earnings Results
July 28, 2026
Table of Contents
July 28, 2026
The Coca-Cola Company (NYSE: KO) reported second-quarter 2026 results above expectations, supported by higher revenue, global volume growth, margin expansion, stronger earnings, market share gains, and raised full-year guidance.
Coca-Cola is a global beverage company with.
Coca-Cola is a global beverage company with brands across sparkling soft drinks, water, sports drinks, coffee, tea, juice, dairy, plant-based beverages, and other nonalcoholic ready-to-drink categories.
The company reported comparable EPS of $0.97, above estimates of $0.92, representing a 5.4% earnings surprise. Revenue came in at $13.38 billion, above estimates of $13.05 billion, with revenue growth of 6.7%.
Net revenues grew 7% year-over-year to $13.38 billion.
Organic revenue increased 6%.
Global unit case volume increased 5%.
Operating income increased 9%.
Operating margin expanded to 34.9%, compared with 34.1% in the prior-year quarter.
Comparable operating margin increased to 35.6%, compared with 34.7% a year earlier.
GAAP EPS increased 16% to $1.03.
Comparable EPS increased 11% to $0.97.
Unit case volume grew 5%, led by India, China, the United States, and Brazil.
Sparkling soft drinks volume increased 4%.
Trademark Coca-Cola volume increased 5%.
Coca-Cola Zero Sugar volume increased 16%.
Water, sports, coffee, and tea volume increased 6%.
Sports drinks grew 5%, helped by growth in North America, EMEA, and Asia Pacific.
Price and mix increased 2%.
The company said pricing actions helped revenue growth, partly offset by unfavorable mix.
Comparable operating margin expansion was driven by organic revenue growth, lower operating expenses, and currency tailwinds.
Those gains were partly offset by higher input costs and higher marketing investments.
North America unit case volume increased 3%.
North America price and mix increased 4%.
North America operating income increased 4%, while comparable currency neutral operating income increased 12%.
Latin America unit case volume increased 3%.
Latin America reported net revenue increased 16%.
Latin America operating income increased 23%.
The company said it gained value share in total nonalcoholic ready-to-drink beverages, including share gains in Brazil, Mexico, Trademark Coca-Cola, and juice, value-added dairy, and plant-based beverages.
Asia Pacific unit case volume increased 8%.
The growth was mainly driven by sparkling flavors and Trademark Coca-Cola.
Price and mix declined 9%, mainly due to unfavorable mix and affordability initiatives.
Asia Pacific operating income increased 1%.
Comparable currency neutral operating income was flat, as organic revenue growth and lower expenses were offset by higher input costs and marketing investments.
Coca-Cola said its FIFA World Cup campaign reached more than 180 markets.
The company said the campaign included more than 20 million retail outlets, over 60 billion digital and social impressions, and more than 9 billion views.
Management said the campaign contributed to part of the quarter’s 5% volume growth for Trademark Coca-Cola and 8% volume growth for Powerade.
Coca-Cola also said connected packaging helped engage more than 80 million consumers and collect more than 25 million first-party data records.
Coca-Cola raised its full-year 2026 outlook.
The company now expects organic revenue growth of about 5%, compared with the prior range of 4% to 5%.
Comparable currency neutral EPS excluding acquisitions and divestitures is now expected to grow 7% to 8%, compared with the prior range of 6% to 7%.
Comparable EPS is now expected to grow 9% to 10%, compared with the prior range of 8% to 9%.
Free cash flow is now expected to be about $12.4 billion, up from the prior outlook of about $12.2 billion.
That includes about $14.6 billion of cash from operations and about $2.2 billion of capital expenditures.
Coca-Cola delivered a strong consumer staples earnings report.
Revenue beat expectations, comparable EPS topped estimates, global volume increased 5%, margins expanded, and the company raised full-year guidance. The quarter showed that brand strength, pricing, innovation, and global marketing still supported growth despite mixed regional conditions and higher input costs.
The key question is whether Coca-Cola can keep balancing pricing, affordability, marketing investment, and volume growth across different consumer markets.
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