TLDR
- Coca-Cola raised its 2026 organic revenue growth outlook to ~5%, up from a prior range of 4%–5%
- Comparable EPS guidance lifted to 9%–10% growth, from 8%–9% previously
- Q2 comparable EPS came in at $0.97, beating consensus estimates of $0.93
- Net revenue grew 7% to $13.4 billion in the quarter ended July 3
- World Cup marketing drove 5% volume growth for Coca-Cola brand and 8% for Powerade
Coca-Cola stock edged higher in premarket trading on Tuesday after the company beat Q2 earnings expectations and raised its full-year outlook.
Comparable EPS came in at $0.97 for the quarter ended July 3, up 7% year-over-year and ahead of Bloomberg consensus estimates of $0.93. Net revenue grew 7% to $13.4 billion.
The company now expects approximately 5% organic revenue growth for fiscal 2026, up from a prior range of 4% to 5%. Comparable EPS growth guidance was also lifted to 9%–10%, from 8%–9%.
KO stock has climbed around 20% so far this year.
COCA-COLA $KO Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $13.4B (Est. $13.16B) 🟢; +7% YoY
🔹 Adj. EPS: $0.97 (Est. $0.93) 🟢; +11% YoY
🔹 Unit Case Volume: +5% YoY
🔹 Comp Oper. Margin: 35.6% (Est. 35%) 🟢; +90 bps YoYFY26 Guide Raised:
🔹 Organic Revenue: Approx. 5%
🔹 Comparable… pic.twitter.com/Cq3vJF8aWL— Wall St Engine (@wallstengine) July 28, 2026
The FIFA World Cup, which ran from June into earlier this month, gave Coca-Cola a clear sales lift. The company said its World Cup advertising push “contributed to a portion” of 5% volume growth for the Coca-Cola brand and 8% for Powerade.
Zero sugar beverages and the fairlife milk brand in the US also helped drive demand during the quarter.
Margins Hold Up Despite Cost Pressures
Comparable operating margin expanded to 35.6%, up from 34.7% a year ago, beating Bloomberg estimates of 35%. That improvement came despite elevated marketing spend and higher input costs.
Lower operating expenses and currency tailwinds helped offset those pressures.
Pricing and Pack Strategy
Coca-Cola has been raising prices on select products while offering smaller pack sizes to appeal to more budget-conscious US consumers. That strategy added to the top-line results.
Ready-to-drink teas and fairlife milk also contributed to revenue growth, reflecting the company’s broader push across its portfolio.
CEO Henrique Braun acknowledged the consumer environment remains “dynamic,” citing uncertainty around potential inflation tied to the ongoing Iran war and energy prices.
Q2 comparable revenue came in at around $13.37 billion against estimates of $13.16 billion, according to LSEG data.
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