EarningsQ3 2026 Earnings Report
MX:KO Q3 2026 EPS Results
Actual EPS$16.98
Consensus EPS$16.44
Beat/MissBeat by +$0.54
One Year Ago EPS$15.30
MX:KO Q3 2026 Revenue Results
Actual Revenue$250.84B
Expected Revenue$241.12B
Beat/MissBeat by +$9.72B
YoY Revenue Growth+6.99%
Earnings Announcement Details
QuarterQ3 2026
Date10/27/2026
TimeBefore Open
Conference CallTuesday, October 27, 2026
MX:KO Upcoming Earnings
Coca-Cola's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:KO Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Highlights significantly outweighed the challenges, with 5% unit case growth, 7% organic revenue growth, consecutive global value share gains, margin expansion, double-digit comparable earnings-per-share growth, strong free cash flow, and raised 2026 guidance. Management nevertheless acknowledged uneven market conditions, cost pressures, unfavorable mix, regional share and volume challenges, destocking, calendar effects, and pending legal and divestiture-related items.Company Guidance
Strong Third-Quarter Volume and Organic Revenue Growth
Third-quarter unit case volume grew 5% and organic revenue grew 7%. The company said the results reflected continued momentum across more markets and categories.
Global Value Share Gains
The company gained value share globally for the 22nd consecutive quarter.
Margin Expansion While Continuing to Invest
Comparable gross margin increased approximately 170 basis points and comparable operating margin increased approximately 110 basis points. Management said the expansion reflected underlying improvement, currency tailwinds, and a favorable structural impact from last year's sale of finished product operations in Nigeria, while the company continued investing in its brands and operations.
Double-Digit Earnings Growth
Third-quarter comparable earnings per share was $0.91, an 11% increase that included a two-point benefit from currency tailwinds.
Strong Free Cash Flow and Balance Sheet
Year-to-date free cash flow was $11.4 billion, an increase versus the prior year. Net debt leverage was 1.3 times EBITDA, below the company's target range of two to 2.5 times EBITDA.
Raised 2026 Guidance
The company now expects 2026 organic revenue growth of at least 5%, comparable currency-neutral earnings per share growth excluding acquisitions and divestitures of at least 9%, comparable earnings per share growth of at least 11% versus $3 in 2025, and free cash flow of at least $13 billion.
Digital, Data, and AI Capability Progress
The company said disciplined investments in digital capabilities are creating momentum across markets and brands. Technology, data, and AI used during the FIFA World Cup are being applied to campaigns such as Fanta Halloween, including connected packaging and consumer engagement through transactions.
Affordability, Premiumization, and Zero Sugar Initiatives
Management said affordability is working, while zero sugar and original taste are recruiting consumers. The company is using affordability and premiumization together within its revenue growth management strategy, including affordable single-serve packages and premium brands such as Core Power and smartwater.
North America Revenue and Share Gains
North America grew revenue and gained value share in the quarter. Strong volume growth came from trademark Coca-Cola, fairlife, Powerade, Fresca, and smartwater, while Mr. Pibb delivered another quarter of double-digit volume growth.
North America Sequential Volume Improvement
Although quarterly volume was flat, performance improved sequentially each month. Management said that excluding the July 4th timing impact and the prior-year comparison for Topo Chico, North America would have delivered volume growth.
Latin America Acceleration
Latin America grew volume, delivered balanced top-line growth, and gained value share, with broad-based improvement across the region. Mexico showed encouraging progress through affordability, revenue growth management, locally relevant marketing, and disciplined execution, while Brazil maintained strong momentum across its total beverage portfolio.
Africa Volume and Share Growth
Africa delivered high single-digit volume growth despite cycling a tough volume comparison and gained value share. The company also adapted an affordable single-serve package from India for South Africa under the locally relevant Mashesha name.
Eurasia and Middle East Resilience
Despite ongoing geopolitical conflicts disrupting parts of the region, the system delivered another strong quarter with volume growth and value share gains, supported by affordability initiatives, locally relevant taste innovations, and market-specific activations.
India Brand and Sprite Momentum
India delivered strong volume growth, with each of the top 10 brands growing double digits. Sprite volume growth in the region was nearly 20%, supported by expanding the Sprite & Spicy platform into the QSR channel.
Asia Pacific Growth Despite Mix Pressure
Asia Pacific gained value share and grew volume, revenue, and profit. Growth was supported by affordability, zero sugar offerings, innovation, and stronger execution, including the launch of Coca-Cola Zero Sugar in Thailand.
China Volume Growth Despite Subdued Conditions
Although the consumer environment in China remained subdued, with cautious spending and soft domestic demand, the company delivered another strong quarter of volume growth, led by trademark Coca-Cola and Fanta.
Fairlife Double-Digit Growth and Pipeline Expansion
Fairlife delivered another quarter of strong double-digit growth across fairlife, Nutrition Plan, and Core Power. Capacity ramp-up at the Webster plant is helping the company keep products on shelves, and the company launched vanilla Nutrition Plan and plans to add banana flavor to the 2027 pipeline.
Strong Revenue Growth Management and Productivity
The company reported four points of pricing actions in the quarter and said it continues to use productivity, cost management, procurement, and revenue growth management tools to support growth plans and manage the operating environment.
Positive Long-Term Investment Position
Management said investments made to date and actions taken across the business position the company to enter 2027 ready to execute. The company plans to continue investing behind brands, maintain disciplined cost management, and focus on expanding margins over time.
MX: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