Polstob
About Polstob
About Polstob
ENJAKODEFRESPTITNLPLSVNODAFI
Tue, 27 Oct 2026
BreakingEarnings

Coca-Cola raises 2026 guidance again, now sees comparable EPS growth of at least 11%

Q3 unit case volume grew 5% and net revenues rose 7% to $13.4bn. Coca-Cola says currency added about 2 points to EPS growth and shipment timing put concentrate sales 2 points ahead of volume.

By AI markets desk·Sources: 3 sources·Published ·AI-generated·2 min read
Key facts
  • Net revenues · Q3 202613.4 $bn +7% year on year
  • Organic revenue growth (non-GAAP) · Q3 20267 % Year on year
  • Unit case volume growth · Q3 20265 % Year on year
  • GAAP diluted EPS · Q3 20260.93 $ +8%; $0.86 in Q3 2025
  • Comparable diluted EPS (non-GAAP) · Q3 20260.91 $ +11%; $0.82 in Q3 2025
  • 2026 comparable EPS growth guidance (non-GAAP) · Guidance issued 27 October 2026at least 11 % Was 9% to 10% (28 July)

Coca-Cola lifted its full-year 2026 guidance in its third-quarter release on 27 October 2026; the company had also raised it with its second-quarter results on 28 July. It now expects comparable EPS (non-GAAP) to grow at least 11%, against 9% to 10% in July; the company says that figure includes a currency tailwind of about 3% and a drag of about 1% from acquisitions and divestitures. Excluding currency effects and acquisitions and divestitures, it now guides for comparable EPS (non-GAAP) growth of 9% or more, up from 7% to 8%. Organic revenue (non-GAAP) growth is now seen at a minimum of 5%, against about 5% in July, and free cash flow (non-GAAP) at $13.0bn or more, against about $12.4bn.

Outlook changeRaised

Comparable EPS growth (non-GAAP) FY 2026

New11%

New guidance is a floor (at least 11%). Both ranges include an expected currency tailwind of about 3%.

Source: Coca-Cola Q3 2026 release, Form 8-K Exhibit 99.1, 27 October 2026, Guidance issued 27 October 2026 (prior: 28 July 2026).

In the third quarter, unit case volume grew 5%, with India, China, Mexico and Brazil in the lead. Net revenues rose 7% to $13.4bn ($13,380m) from $12,455m a year earlier, and organic revenues (non-GAAP) also grew 7%. Concentrate sales rose 7%, while price/mix added 1%; Coca-Cola says pricing actions were partly offset by unfavourable mix. Concentrate sales outpaced unit case volume by 2 points, a gap the company attributes to when concentrate was shipped.

Operating income rose 12% to $4,465m from $3,982m, and the operating margin widened to 33.4% from 32.0% a year earlier. The comparable operating margin (non-GAAP) was 32.9%, against 31.9%; Coca-Cola credits organic revenue growth and currency for the improvement, partly offset by higher marketing investment and operating expenses. On a comparable currency-neutral basis (non-GAAP), operating income was up 8%. EPS rose 8% to $0.93 from $0.86, and comparable EPS (non-GAAP) rose 11% to $0.91 from $0.82. Each includes a 2-point currency tailwind, the company says; on a comparable currency-neutral basis (non-GAAP), EPS grew 9%.

Q3 2026 growth by operating segment (% change year on year)
SegmentUnit case volumeOrganic revenues (non-GAAP)Reported net revenues
Europe, Middle East & Africa+5+7+4
Latin America+6+16+25
North America0+3+3
Asia Pacific+6+6+4
Bottling Investments+8+12+13
Consolidated+5+7+7

Source: Coca-Cola Q3 2026 release, Form 8-K Exhibit 99.1, 27 October 2026, Three months ended 2 October 2026. For Bottling Investments, the volume column is unit case volume as reported by the company; it covers consolidated bottlers only.

By category, sparkling soft drinks grew 5%, led by a 16% rise for Coca-Cola Zero Sugar, and water grew 8%. Sports drinks fell 3%, as a decline in Asia Pacific outweighed growth in EMEA and Latin America. In the first nine months of 2026, cash flow from operations was $12.5bn and free cash flow (non-GAAP) $11.4bn. The new guidance assumes that the pending sale of Coca-Cola's bottling operations in Africa closes in the fourth quarter of 2026; the deal still needs regulatory approvals. The company plans to give 2027 guidance with its fourth-quarter results.