Coca-Cola Reports Third Quarter 2026 Results and Raises Full Year Guidance
ATLANTA--( BUSINESS WIRE)--The Coca-Cola Company today reported third quarter 2026 results. “Our results this quarter demonstrate our system’s sustained momentum, giving us confidence in our updated full year guidance,” said Henrique Braun, CEO of The Coca-Cola Company. “By staying close to consumers and executing with agility across our global system, we are delivering quality growth while continuing to invest in the capabilities, brands and people that will fuel our future.”
Highlights
Quarterly Performance
Company Updates
Operating Review – Three Months Ended October 2, 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
7
1
1
(1)
7
7
5
Europe, Middle East & Africa
6
1
0
(3)
4
7
5
Latin America
8
7
9
0
25
16
6
North America
2
1
0
0
3
3
0
Asia Pacific
8
(2)
(3)
0
4
6
6
Bottling Investments
10
3
1
0
13
12
8
Operating Income and EPS
Percent Change
Reported
Operating
Income
Items Impacting Comparability
Currency Impact
Comparable
Currency Neutral
Operating
Income 2
Consolidated
12
1
3
8
Europe, Middle East & Africa
7
0
0
7
Latin America
29
1
13
14
North America
5
0
0
5
Asia Pacific
8
(5)
(1)
14
Bottling Investments
261
11
(2)
252
Percent Change
Reported EPS
Items Impacting Comparability
Currency Impact
Comparable Currency Neutral EPS 2
Consolidated
8
(3)
2
9
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
Operating Review – Nine Months Ended October 2, 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
6
1
2
(1)
9
8
4
Europe, Middle East & Africa
4
2
3
(3)
6
6
3
Latin America
6
4
8
0
18
10
3
North America
5
2
0
0
7
7
2
Asia Pacific
10
(6)
(1)
0
3
4
7
Bottling Investments
10
1
2
(1)
11
11
5
Operating Income and EPS
Percent Change
Reported
Operating
Income
Items Impacting Comparability
Currency Impact
Comparable
Currency Neutral
Operating
Income 2
Consolidated
13
2
2
9
Europe, Middle East & Africa
7
2
2
4
Latin America
22
5
8
9
North America
9
(2)
0
11
Asia Pacific
(2)
1
(1)
(2)
Bottling Investments
108
2
(1)
107
Percent Change
Reported EPS
Items Impacting Comparability
Currency Impact
Comparable Currency Neutral EPS 2
Consolidated
14
1
2
11
Note: Certain rows may not add due to rounding.
1 For 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.
2 Organic 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.
3 Unit case volume is computed based on average daily sales.
Outlook
The 2026 and 2027 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, full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS, full year 2027 projected comparable net revenues (non-GAAP) to full year 2027 projected reported net revenues, or full year 2027 projected comparable EPS (non-GAAP) to full year 2027 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 and 2027; the exact timing and exact amount of items impacting comparability throughout 2026 and 2027; and the exact impact of fluctuations in foreign currency exchange rates throughout 2026 and 2027. The unavailable information could have a significant impact on the company’s full year 2026 and full year 2027 reported financial results.
Full Year 2026 Guidance
Current
Prior
Organic revenues (non-GAAP)
At least 5% growth
Approx. 5% growth
Comparable net revenues
(non-GAAP)
Underlying effective tax rate
(non-GAAP) 3
19.7%
19.9%
Comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP)
At least 9% growth
7% to 8% growth
Comparable EPS (non-GAAP)
At least 11% growth, which includes:
9% to 10% growth, which includes:
Free cash flow (non-GAAP)
At least $13.0 billion, consisting of:
Approx. $12.4 billion, consisting of:
Fourth Quarter 2026 Considerations
Comparable net revenues
(non-GAAP)
Comparable EPS (non-GAAP)
Full Year 2027 Considerations
Comparable net revenues
(non-GAAP)
Comparable EPS (non-GAAP)
The company will provide full year 2027 guidance when it reports fourth quarter earnings.
1 Current column based on current rates and including the impact of hedged positions. Prior column based on prior rates and including the impact of hedged positions.
2 Current column assumes the pending sale of our bottling operations in Africa closes during the fourth quarter of 2026, and prior column assumes the pending sale of our bottling operations in Africa closes towards the end of the third quarter or during the fourth quarter of 2026. Closing is subject to regulatory approvals.
3 This does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
Notes
Conference Call
The company is hosting a conference call with investors and analysts to discuss third quarter 2026 operating results today, Oct. 27, 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.