Coca-Cola raises its 2026 guidance after third-quarter revenue rises 7%
Oct 28, 2026
The Coca-Cola Company (NYSE: KO) reported its third-quarter 2026 results on Tuesday, October 27, 2026 and raised its guidance for the full year. The quarter ended on October 2, 2026.
Third-quarter results
According to the company's release, compared with the same quarter of 2025:
- net revenues rose 7% to $13.4 billion
- organic revenues, which exclude the effects of currencies, acquisitions and divestitures, also rose 7%
- unit case volume, a measure of how much the company's drinks sell, rose 5%
- price/mix rose 1%
- operating income rose 12% to $4.47 billion, and the operating margin was 33.4%, compared with 32.0% a year earlier
- earnings per share were $0.93, up 8%
- comparable earnings per share were $0.91, up 11%
The company said currencies added 2 percentage points to both earnings per share measures.
Drinks by category
Global volume of sparkling soft drinks rose 5%. Within this category:
- Trademark Coca-Cola rose 5%
- Coca-Cola Zero Sugar rose 16%
- Diet Coke and Coca-Cola Light rose 6%
- sparkling flavours rose 3%
Volume of water, sports drinks, coffee and tea rose 5% combined. Water rose 8%, sports drinks fell 3%, and coffee and tea were flat. Juice, value-added dairy and plant-based drinks were flat.
Cash flow
For the first nine months of 2026, Coca-Cola generated $12.5 billion of cash from operations and $11.4 billion of free cash flow.
Updated guidance for 2026
The company raised several parts of its full-year guidance:
- organic revenue growth: at least 5%, previously about 5%
- comparable earnings per share growth: at least 11%, previously 9% to 10%
- comparable currency-neutral earnings per share growth, excluding acquisitions and divestitures: at least 9%, previously 7% to 8%
- free cash flow: at least $13.0 billion, previously about $12.4 billion
CEO Henrique Braun said the results show the continued momentum of the Coca-Cola system and give the company confidence in its updated guidance.
What the measures mean
Unit case volume counts the drinks sold to consumers by Coca-Cola and its bottling partners. Price/mix shows the effect of changes in prices and in the mix of products, packages and countries. Comparable figures exclude items the company considers unusual, such as certain restructuring costs or gains on asset sales, so that results can be compared between periods.
How Coca-Cola's business works
Coca-Cola mainly sells concentrates and syrups to bottling partners around the world. The bottlers produce, package and distribute the finished drinks. In this quarter, concentrate sales rose 7%, two percentage points more than unit case volume, which the company said was linked to the timing of shipments.
Consumer staples
Coca-Cola is part of the consumer staples sector, which includes companies that make everyday products such as food, drinks and household goods. Demand for these products is often more stable than demand for other goods, although companies in the sector still face changes in costs, prices and consumer habits.
What organic revenue shows
Reported revenue can rise or fall because of exchange rates, or because a company has bought or sold businesses. Organic revenue removes these effects. It is often used to see how the existing business is growing from changes in volume, prices and product mix.
What to watch
Key items include volume trends in different regions, the performance of zero-sugar drinks, the effect of currencies and the company's full-year results early next year.
Risks and uncertainties
Consumer demand, input costs and currency movements can change. Results can also be affected by competition and regulation, such as taxes on sugary drinks. Shares can be volatile.
What this means for investors
For Investing.one users following KO, the updated guidance and category trends may be relevant. The information above is based on the company's results release.
Sources
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