Coca-Cola Lifts 2026 Organic Revenue and EPS Outlook

The Tip Desk · October 28, 2026 · 3 min read

Third-quarter net revenues were $13.4 billion as the company raised full-year organic revenue guidance to at least 5% growth.

The Coca-Cola Company (KO) raised its full-year 2026 organic revenue and earnings outlook after a third quarter in which net revenues grew 7% to $13.4 billion and global unit case volume rose 5%.

Organic revenues (non-GAAP) growth accelerated to 7% from 6% in the second quarter, even as reported net revenue growth held at 7%. Concentrate sales rose 7% and price/mix 1%, reversing the prior quarter’s 4% concentrate and 2% price/mix split. Concentrate sales ran 2 points ahead of unit case volume because of shipment timing.

Operating income grew 12% and comparable currency neutral operating income (non-GAAP) grew 8%, versus 9% and 6% in the prior quarter. Operating margin was 33.4% versus 32.0% a year earlier; comparable operating margin (non-GAAP) was 32.9% versus 31.9%. The company said comparable operating margin expansion came from organic revenue growth and currency tailwinds, partly offset by higher marketing investment and operating expenses.

EPS grew 8% to $0.93 and comparable EPS (non-GAAP) grew 11% to $0.91, versus 16% EPS growth to $1.03 and 11% comparable EPS growth to $0.97 in the second quarter. Both measures included a 2-point currency tailwind. Net income attributable to shareowners was $4.01 billion.

Latin America was the quarter’s profit engine. Net revenues there grew 25% and unit case volume 6%, with price/mix up 7%. Operating income rose 29% and comparable currency neutral operating income 14%. The company said it gained value share in total nonalcoholic ready-to-drink beverages in the region, led by Brazil and Mexico.

North America unit case volume was even, as growth in Trademark Coca-Cola was offset by a decline in water, sports, coffee and tea. Net revenues rose 3% and operating income 5%. EMEA net revenues grew 4% on 5% volume and 1% price/mix, with operating income up 7%. Asia Pacific net revenues grew 4% on 6% volume and a 2% price/mix decline; operating income rose 8% and comparable currency neutral operating income 14%. Bottling Investments net revenues grew 13% on 8% volume and 3% price/mix; operating income rose 261% and comparable currency neutral operating income 252%.

Sparkling soft drinks grew 5%, with Trademark Coca-Cola up 5% and Coca-Cola Zero Sugar up 16%. Water, sports, coffee and tea grew 5%, with water up 8% and sports drinks down 3%. Juice, value-added dairy and plant-based beverages was even.

The company gained value share in total NARTD beverages on a consolidated basis. Year-to-date cash flow from operations and free cash flow (non-GAAP) were $12.5 billion and $11.4 billion.

For the full year, the company now projects organic revenues (non-GAAP) of at least 5% growth, up from approximately 5%. Comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) is now at least 9% growth, from 7% to 8%. Comparable EPS (non-GAAP) is now at least 11% growth, from 9% to 10%. Free cash flow (non-GAAP) is now at least $13.0 billion, from approximately $12.4 billion. The current outlook assumes the pending sale of bottling operations in Africa closes in the fourth quarter of 2026.

Chief Executive Henrique Braun said the quarter demonstrated the system’s sustained momentum and gave the company confidence in the updated full-year guidance.