Coca-Cola Reports First Quarter 2026 Results and Updates Full Year Guidance
ATLANTA--( BUSINESS WIRE)--The Coca-Cola Company today reported first quarter 2026 results. “We’ve had a strong start to the year,” said Henrique Braun, CEO of The Coca-Cola Company. “Our performance this quarter reflects our unwavering focus on staying close to the consumer, executing locally and managing complexity. Yet there’s so much more we can do as we navigate a dynamic environment. Our team is motivated by the opportunity to build on the company’s great foundation.”
Highlights
Quarterly Performance
Company Updates
Operating Review – Three Months Ended April 3, 2026
Revenues and Volume
Percent Change
Concentrate Sales 1
Price/Mix
Currency Impact
Acquisitions and Divestitures
Reported Net Revenues
Organic Revenues 2
Unit Case Volume 3
Consolidated
8
2
3
(1)
12
10
3
Europe, Middle East & Africa
5
5
6
(3)
13
11
2
Latin America
7
1
5
0
14
9
1
North America
11
1
0
0
12
12
4
Asia Pacific
10
(6)
2
0
6
5
5
Bottling Investments
11
(1)
4
(2)
12
10
1
Operating Income and EPS
Percent Change
Reported
Operating
Income
Items Impacting Comparability
Currency Impact
Comparable
Currency Neutral
Operating
Income 2
Consolidated
19
6
1
12
Europe, Middle East & Africa
18
3
3
12
Latin America
15
4
1
9
North America
20
3
0
17
Asia Pacific
(14)
3
(1)
(17)
Bottling Investments
62
(3)
12
53
Percent Change
Reported EPS
Items Impacting Comparability
Currency Impact
Comparable Currency Neutral EPS 2
Consolidated
18
0
3
15
Note: Certain rows may not add due to rounding.
1For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3Unit case volume is computed based on average daily sales.
In addition to the data in the preceding tables, operating results included the following:
Consolidated
Europe, Middle East & Africa
Latin America
North America
Asia Pacific
Bottling Investments
Outlook
The 2026 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2026 projected organic revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected comparable net revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected underlying effective tax rate (non-GAAP) to full year 2026 projected reported effective tax rate, full year 2026 projected comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) to full year 2026 projected reported EPS, or full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions and divestitures throughout 2026; the exact timing and exact amount of items impacting comparability throughout 2026; and the exact impact of fluctuations in foreign currency exchange rates throughout 2026. The unavailable information could have a significant impact on the company’s full year 2026 reported financial results.
Full Year 2026
The company expects to deliver organic revenue (non-GAAP) growth of 4% to 5%. — No Update
For comparable net revenues (non-GAAP), the company expects a 1% to 2% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 4% headwind from acquisitions and divestitures. This assumes the pending sale of Coca-Cola Beverages Africa ("CCBA") closes during the second half of 2026, subject to regulatory approvals. — Updated
The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.9%. This does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. — Updated
The company expects to deliver comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) growth of 6% to 7% and comparable EPS (non-GAAP) growth of 8% to 9% versus $3.00 in 2025. — Updated
Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures. This assumes the pending sale of CCBA closes during the second half of 2026, subject to regulatory approvals. — No Update
The company expects to generate free cash flow (non-GAAP) of approximately $12.2 billion. This consists of cash flow from operations of approximately $14.4 billion, less capital expenditures of approximately $2.2 billion. — No Update
Second Quarter 2026 Considerations
Comparable net revenues (non-GAAP) are expected to include an approximate 1% currency tailwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions and divestitures.
Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures.
Notes
Conference Call
The company is hosting a conference call with investors and analysts to discuss first quarter 2026 operating results today, April 28, 2026, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.