Coca-Cola Third-Quarter Revenue Rises 7% to $13.4 Billion, EPS $0.93; Full-Year Comparable EPS Guidance Raised to at Least 11% Growth
The Coca-Cola Company (NYSE: KO) on October 27 reported third quarter 2026 results at its headquarters city of Atlanta. Net revenues grew 7% to $13.4 billion and organic revenues (non-GAAP) grew 7%, while global unit case volume grew 5% and operating income grew 12%. Operating margin was 33.4%, versus 32.0% a year earlier. EPS grew 8% to $0.93, and comparable EPS (non-GAAP) grew 11% to $0.91, both including a 2-point currency tailwind. The company gained value share in total nonalcoholic ready-to-drink beverages.
Unit case volume was led by India, China, Mexico and Brazil. Sparkling soft drinks grew 5%, with Trademark Coca-Cola up 5%, Coca-Cola Zero Sugar up 16% and Diet Coke up 6%; water, sports, coffee and tea grew 5%, led by water at 8%. Concentrate sales grew 7% and price/mix grew 1%. By region, unit case volume grew 6% in Latin America and Asia Pacific, 5% in Europe, Middle East and Africa and 8% in Bottling Investments, and was even in North America; Latin America net revenues grew 25% and North America net revenues grew 3%. Year-to-date cash flow from operations was $12.5 billion and free cash flow (non-GAAP) was $11.4 billion.
Chief Executive Henrique Braun said the results demonstrate the system's sustained momentum and give the company confidence in its updated full year guidance. Coca-Cola raised its full year 2026 guidance: organic revenue growth is now expected to be at least 5%, versus approximately 5% before; comparable EPS growth was raised to at least 11% from 9% to 10%, including an approximately 3-point currency tailwind and an approximately 1-point headwind from acquisitions and divestitures; comparable currency neutral EPS growth excluding acquisitions and divestitures was raised to at least 9% from 7% to 8%; and free cash flow is now expected to be at least $13.0 billion, consisting of at least $15.2 billion of cash from operations and approximately $2.2 billion of capital expenditures. The company discussed the results on an investor call on October 27.
Source: GSM · USA (original Chinese edition)
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