TLDR
- Coca-Cola posted Q1 adjusted EPS of 86 cents, beating the 81-cent estimate
- Net revenue rose 12% to $12.5 billion, topping the $12.2 billion forecast
- Concentrate sales jumped 8%; worldwide unit case volume grew 3%
- Full-year 2026 organic revenue growth guidance reiterated at 4% to 5%
- Coca-Cola Zero Sugar continued its run, posting 13% volume growth
Coca-Cola had a strong start to 2026. The beverage giant reported first-quarter adjusted earnings of 86 cents per share, clearing Wall Street’s 81-cent estimate. Net revenue came in at $12.5 billion, a 12% year-over-year jump, ahead of the $12.2 billion analysts had penciled in.
$KO (Coca Cola) #earnings are out: pic.twitter.com/JnTgKZykDZ
— The Earnings Correspondent (@earnings_guy) April 28, 2026
The stock rose 2.7% in premarket trading Tuesday following the report.
The beat was a welcome sign after Coca-Cola posted a rare revenue miss in Q4 2025 — the first in at least four years. That stumble had rattled investors, so this quarter’s numbers came as a relief.
Concentrate sales — the syrups and flavor mixtures sold to bottling partners — were a standout, climbing 8% in the quarter. Worldwide unit case volume grew 3%, driven by sparkling flavors, coffee, and tea.
New CEO Henrique Braun, who stepped into the role in March, called it a “strong start to the year” while noting there is “so much more we can do as we navigate a dynamic environment.”
Zero Sugar Keeps Delivering
Coca-Cola Zero Sugar remained one of the company’s most reliable growth drivers. Volume for the product was up 13% in Q1, matching the pace seen in Q4 2025.
Trademark Coca-Cola itself grew more modestly, with unit volume up 2%, supported by demand in North America and the Asia Pacific region.
Management held its full-year outlook steady. The company expects organic revenue growth of 4% to 5% for 2026. Adjusted comparable earnings are expected to grow 8% to 9%, building on the $3 per share reported in 2025.
KO stock is up 7.9% year-to-date, outpacing the S&P 500’s 4.8% gain over the same period. That said, the stock is still down nearly 7% from its late-February level.
Headwinds Still in the Picture
Not everything is smooth sailing. Consumers are showing early signs of resistance to further price increases, which has been one of Coca-Cola’s key levers for revenue growth.
Investors are also waiting for more detail on how the company plans to handle tighter regulations around food stamp usage in the U.S. and a new sugar tax in Mexico.
Insiders sold roughly $72 million worth of stock over the past three months, with no reported purchases during that period.
Coca-Cola carries a market cap of approximately $324.71 billion and a P/E ratio of 24.82x.
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