Coca-Cola raises 2026 guidance as organic revenue grows 7%

Coca-Cola raised its full-year 2026 guidance after third-quarter organic revenue grew 7% and global unit case volume rose 5%.

Net revenue increased 7% to $13.4 billion, driven by a 7% rise in concentrate sales and 1% growth in price and mix, according to the earnings release attached to its 8-K on Tuesday. EPS rose 8% to $0.93, and comparable EPS, a non-GAAP measure, grew 11% to $0.91. Both figures included a 2-point currency tailwind.

"Our results this quarter demonstrate our system's sustained momentum, giving us confidence in our updated full year guidance," CEO Henrique Braun said.

Margins

Operating income grew 12%, and operating margin widened to 33.4% from 32.0%. Comparable operating margin rose to 32.9% from 31.9%, helped by organic revenue growth and currency tailwinds and partly offset by higher marketing investment and operating expenses.

Concentrate sales ran 2 points ahead of unit case volume because of shipment timing, the company said. Coca-Cola also gained value share in total nonalcoholic ready-to-drink beverages.

Year-to-date operating cash flow was $12.5 billion and free cash flow was $11.4 billion.

Guidance raised

Coca-Cola now expects 2026 organic revenue growth of at least 5%, up from about 5%. It raised its comparable EPS growth forecast to at least 11% from 9% to 10%, and comparable currency-neutral EPS growth excluding acquisitions and divestitures to at least 9% from 7% to 8%. It expects free cash flow of at least $13.0 billion.

By the numbers

• Q3 net revenue: $13.4 billion, up 7%
• Unit case volume: up 5%
• Comparable EPS: $0.91, up 11%
• Operating margin: 33.4%
• 2026 comparable EPS growth guidance: at least 11%

Sources

1. COCA COLA CO, Form 8-K with third quarter 2026 earnings release, filed Oct. 27, 2026 (accession 0001628280-26-067403)

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