EarningsQ2 2026 Earnings Report
CH:KO Q2 2026 EPS Results
Actual EPSCHF0.79
Consensus EPSCHF0.76
Beat/MissBeat by +CHF0.03
One Year Ago EPSCHF0.71
CH:KO Q2 2026 Revenue Results
Actual RevenueCHF10.98B
Expected RevenueCHF10.73B
Beat/MissBeat by +CHF242.91M
YoY Revenue Growth+5.93%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
CH:KO Upcoming Earnings
Coca-Cola's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CH:KO Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational and financial picture: strong organic revenue (6%) and unit case volume (5%) growth, margin expansion, double-digit EPS growth for the quarter, robust free cash flow and a healthy balance sheet that enabled an upgraded/confirmed full-year outlook. Significant commercial wins and global activations (notably the FIFA World Cup), brand momentum (including >20% growth for relaunches like Mr. Pibb and strong fairlife recovery) and sizable first-party data capture reinforce the company’s growth posture. Offsetting these positives are persistent macro and regional headwinds (cautious China, difficult Mexico), investment-related profit pressure in Asia Pacific and EMEA, divestiture-related revenue/EPS headwinds, concentrate shipment timing effects, and an unresolved tax litigation risk. Overall, the highlights outweigh the lowlights, but management acknowledged several execution and macro risks to monitor through the back half of the year.Company Guidance
Strong Top-Line and Volume Growth
Organic revenue grew 6% in the quarter and unit case volume increased 5% (2-year volume growth of 2%), with concentrate sales only 1 point behind unit case sales. Price/mix grew 2% (driven by ~3 points of pricing actions, partially offset by ~1 point of unfavorable mix).
Margin Expansion and EPS Growth
Comparable gross margin expanded ~120 basis points and comparable operating margin expanded ~90 basis points. Comparable diluted EPS was $0.97, an 11% increase versus prior year (including a ~2-point benefit from currency tailwinds).
Cash Generation and Strong Balance Sheet
Free cash flow was approximately $6.9 billion (an increase versus prior year). Net debt leverage was 1.4x EBITDA, well below the company's stated target range of 2.0x–2.5x, providing flexibility for reinvestment and capital returns.
Raised / Confirmed Full-Year Outlook
Company expects to deliver at the high end of prior revenue guidance with full-year organic revenue growth of ~5%. Now expects comparable EPS growth of 9%–10% versus $3 in 2025 (and currency-neutral, ex A&D EPS growth of ~7%–8%). Management also expects a ~1-point currency tailwind to comparable net revenues and ~3-point currency tailwind to comparable EPS for 2026.
FIFA World Cup Activation Drove Consumer Engagement and Volume
World Cup campaign delivered record venue incidence (average >80% across 16 host cities), contributed to Trademark Coca-Cola volume growth of 5% (noted as its strongest in 17 years excluding COVID recovery) and Powerade volume growth of 8% globally. Campaign produced >25 million first-party data points and >9 billion digital/social views.
Notable Brand and Portfolio Momentum
Relaunched Mr. Pibb grew volume more than 20% during the quarter. Other strong brand performers cited include fairlife, Powerade, FRESCA, Gold Peak, smartwater and Simply. fairlife production largely resumed and the brand showed prior growth (noted 18% growth on earlier period).
Broad-Based Share Gains and Global Performance
Management reported value and volume share gains across North America, Latin America, EMEA and parts of Asia, with volume growth across operating units and nearly all beverage categories in Asia Pacific.
Operational Resilience and Strategic Investments
Company expanded margins while continuing to invest behind brands and execute revenue growth management (RGM) initiatives, and highlighted ongoing investments in digital, AI and targeted market initiatives to improve return on marketing spend.
CH:KO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed