Coca-Cola beat Q3 estimates, with net revenue rising 7% year over year to $13.4 billion versus analyst estimates of $12.92 billion, while comparable EPS increased 11% to $0.91, topping the $0.88 estimate.
- Coca-Cola raised its full-year 2026 free cash flow outlook to at least $13 billion from approximately $12.4 billion.
- CEO Henrique Braun cited sustained momentum in Coca-Cola’s Q3 results, saying it gave the company confidence in its updated full-year guidance.
- For the first nine months of 2026, Coca-Cola generated $12.5 billion in cash from operations and $11.4 billion in free cash flow.
The Coca-Cola Company (KO) shares were in focus on Tuesday after the beverage giant beat third-quarter revenue and comparable EPS estimates and raised its full-year 2026 guidance.
CEO Henrique Braun said the quarter’s results demonstrated the company’s “sustained momentum,” giving management confidence in its updated full-year guidance. He added that Coca-Cola was delivering “quality growth” by staying close to consumers and executing with agility across its global system.
KO traded 1.6% lower in premarket trading at the time of writing.
Revenue, Earnings Beat Estimates
The company reported a 7% year-over-year rise in Q3 net revenue to $13.4 billion, topping analyst estimates of $12.92 billion, according to Fiscal AI.
Comparable earnings per share (EPS) rose 11% year over year to $0.91, beating Fiscal AI estimates of $0.88.
Global unit case volume, a measurement of product sales volume, grew 5%, led by India, China, Mexico and Brazil. Coca-Cola Zero Sugar volume increased 16%, while Trademark Coca-Cola grew 5%. In North America, unit case volume was flat as growth in Trademark Coca-Cola was offset by declines in water, sports, coffee and tea.
Operating Margins Expand
Operating margin increased to 33.4% from 32.0% in the year-ago quarter. The company’s operating income grew 12%, while comparable currency-neutral operating income increased 8%. Coca-Cola attributed the comparable operating income growth primarily to organic revenue growth, partly offset by higher marketing investments and operating expenses.
Coca-Cola Raises Full-Year Guidance
Coca-Cola now expects organic revenue growth of at least 5% in 2026, compared with its previous forecast of approximately 5%. The company also raised its comparable EPS growth target to at least 11%, up from its earlier range of 9%-10%.
The company raised its full-year free cash flow target to at least $13 billion, compared with approximately $12.4 billion previously. The updated forecast includes at least $15.2 billion in cash from operations and approximately $2.2 billion in capital expenditures.
For the first nine months of 2026, Coca-Cola generated $12.5 billion in cash flow from operations and $11.4 billion in free cash flow.
How Retail Views KO
On Stocktwits, sentiment for KO remained in ‘bullish’ territory amid ‘high’ message volumes in the past 24 hours. The ticker was also one of the trending tickers on the platform at the time of writing.
KO shares have gained over 32% year-to-date.
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