The beat-and-raise quarter confirms KO's pricing power and volume momentum, likely driving a positive reaction. The raised free cash flow guidance to ~$12.4B supports the dividend and buyback. Monitor the pending sale of African bottling operations (CCBA) expected to close late Q3/Q4 2026 for further capital return potential.
Price Chart
Executive Summary
Coca-Cola reported Q2 2026 results with net revenues of $13.4B (+7% YoY) and GAAP EPS of $1.03 (+16% YoY), beating consensus estimates of $0.93. The company raised full-year guidance, now expecting comparable EPS growth of 9-10% (up from 8-9%) and organic revenue growth of ~5% (up from 4-5%), driven by broad-based volume growth of 5% and market share gains. This is a clear beat-and-raise quarter for a mega-cap staple, reinforcing the company's pricing power and operational execution in a dynamic consumer environment.
Key Financial Metrics
Key Facts
- Q2 2026 net revenues grew 7% YoY to $13.4B, organic revenues (non-GAAP) grew 6%
- GAAP EPS grew 16% to $1.03, comparable EPS (non-GAAP) grew 11% to $0.97, beating consensus of $0.93
- Global unit case volume grew 5%, led by India, China, the US, and Brazil
- Full-year guidance raised: comparable EPS growth now 9-10% (from 8-9%), organic revenue growth ~5% (from 4-5%)
- Free cash flow guidance raised to ~$12.4B (from ~$12.2B), with cash from operations of ~$14.6B
- Comparable operating margin expanded 86 bps to 35.6%
- Coca-Cola Zero Sugar grew 16% and Trademark Coca-Cola grew 5% during the quarter
Financial Impact
Q2 revenue $13.38B vs $13.17B consensus; EPS $1.03 vs $0.93 consensus; full-year comparable EPS guidance raised to 9-10% growth vs 8-9% prior
Risk Factors
- Ongoing IRS tax litigation could result in material liability if the company does not prevail
- EMEA operating income declined 1% (comparable currency neutral -5%) due to higher marketing investments
- Asia Pacific lost value share in NARTD beverages, with pricemix declining 9% due to affordability initiatives
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-049922 |
| Document: ko-20260728.htm | 0001628280-26-049922 |
| Document: 0001628280-26-049922-index-headers.html | 0001628280-26-049922 |
| Document: 0001628280-26-049922-index.html | 0001628280-26-049922 |
| Document: 0001628280-26-049922.txt | 0001628280-26-049922 |
| 8-K Data (Synthetic) | 0001628280-26-049922 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | Insider Cluster | $91.99 $88.61 | ▼ −3.67% | ▼ −4.99% | $85.65 (−6.89%) |
Aug 11, 2026 7w ago | Insider Cluster | $86.48 $87.55 | ▲ +1.24% | ▲ +2.30% | $85.65 (−0.96%) |
Aug 7, 2026 8w ago | Insider Cluster | $87.05 $88.07 | ▲ +1.17% | ▲ +1.57% | $85.65 (−1.61%) |
Aug 3, 2026 8w ago | Insider Cluster | $86.86 $88.67 | ▲ +2.08% | ▲ +0.85% | $85.65 (−1.39%) |
Jul 30, 2026 9w ago | Insider Cluster | $88.49 $89.06 | ▲ +0.64% | ▼ −3.32% | $85.65 (−3.21%) |
Jul 28, 2026 9w ago | 8-K | $88.27 $91.64 | ▲ +3.82% | ▲ +0.44% | $85.65 (−2.97%) |
Jul 16, 2026 11w ago | 8-K | $81.56 $87.71 | ▼ −7.54% | ▼ −3.09% | $85.65 (−5.01%) |
Jun 25, 2026 14w ago | 8-K | $82.63 $81.17 | ▼ −1.77% | ▼ −3.03% | $85.65 (+3.65%) |
Jun 12, 2026 16w ago | Insider Cluster | $82.62 $83.49 | ▲ +1.05% | ▼ −0.73% | $85.65 (+3.67%) |
Jun 12, 2026 16w ago | ANALYST-UPGRADE | $82.62 $83.49 | ▲ +1.05% | ▼ −0.73% | $85.65 (+3.67%) |
US Market Status
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