NEW YORK, July 28, 2026, 09:05 a.m. EDT
- The stock climbed about 4% ahead of the U.S. market opening, changing hands near $87.20.
- Adjusted earnings came in at $0.97 per share, with revenue totaling approximately $13.4 billion.
- Coca-Cola increased its outlook for adjusted EPS growth in 2026 to a range of 9%-10%.
Shares of The Coca-Cola Company NYSE:KO rose nearly 4% in premarket trading on Tuesday, after the company surpassed quarterly expectations and increased its forecast for 2026. The stock was last seen trading around $87.20 ahead of the market open.
A healthier sales mix supported the improved result. Coca-Cola boosted case volume with reduced dependence on price hikes.
Coca-Cola reported a 5% increase in global unit case volume, its standard measure for beverage sales, after a 1% decrease a year ago. Price/mix, reflecting pricing actions and product mix, eased to 2% growth compared with 6% previously.
| Metric | Q2 2026 | Q2 2025 | Year-on-year shift |
|---|---|---|---|
| Organic revenue increase | 6% | 5% | up 1 percentage point |
| Unit case volume | 5% | -1% | rise of 6 percentage points |
| Price/mix | 2% | 6% | down 4 percentage points |
| Comparable operating margin | 35.6% | 34.7% | increase of 90 basis points |
| Comparable EPS growth | 11% | 4% | rise of 7 percentage points |
Data from The Coca-Cola Company. Non-GAAP metrics include organic revenue and comparable results.
The key indicator for investors is the six-point shift in volume. Pricing gains decelerated, yet demand expanded, and the adjusted operating margin continued to rise.
Net revenue increased by 7% to approximately $13.4 billion, compared with analysts’ estimates of around $13.16 billion. Adjusted earnings per share came in at $0.97, surpassing consensus by four cents.
Chief Executive Henrique Braun stated that Coca-Cola remained attentive to “the changing needs of our consumers and customers.” Braun added that the system increased its value share as it supported long-term investment. The Coca-Cola Company
Brand volume figures supported the statement. Coca-Cola Zero Sugar climbed 16%, Trademark Coca-Cola advanced 5%, and Diet Coke was up 7%.
World Cup engagement gave an additional lift. Coca-Cola credited its campaign for helping drive a 5% rise for Trademark Coke and an 8% increase for Powerade.
CFO John Murphy told Reuters the company was “not unhappy” with hydration breaks during the tournament. These pauses provided additional advertising slots and benefited Powerade demand. Reuters
North America posted stable performance. Volume climbed 3%, price/mix was up 4%, and comparable operating income at constant currency gained 12%.
Asia Pacific performance lagged, with volumes rising 8% but price/mix declining 9% due to affordability strategies and less favorable mix. Coca-Cola’s value share in the region decreased as a drop in India outweighed growth in other markets.
Comparable operating margin increased by 90 basis points to 35.6%. Free cash flow for the year to date totaled $6.9 billion.
The company is projecting roughly 5% organic revenue growth for the year. It has increased its comparable EPS growth outlook to 9%-10%, up from 8%-9%. The forecast for free cash flow has been raised to around $12.4 billion.
Some of the boost to earnings comes from outside factors. The outlook factors in a projected three-percentage-point benefit from currency and a one-point drag from acquisitions and divestitures. Earnings per share growth at constant currency, excluding the impact of transactions, is expected at 7%-8%.
Peer outlook is reduced. PepsiCo NASDAQ:PEP maintains its forecast for organic revenue growth at 2%-4% and core constant-currency EPS growth at 4%-6%. Although the metrics are not identical, the advantage remains with Coca-Cola for short-term momentum.
Risks persist. Aluminum and PET prices have increased beyond what management had anticipated. Fairlife has restored most of its U.S. production following a ransomware attack, and Coca-Cola does not currently foresee any significant financial impact.
This quarter marked an improvement in the quality of Coca-Cola’s growth. The upcoming challenge will be maintaining volumes as the impact of World Cup activity diminishes. Additionally, currency support increases the benchmark for comparing results in 2027.
