Coca-Cola Raises Revenue 7% to $13.4 Billion in Third Quarter
Key Facts
Coca-Cola reported on October 27, 2026, that net revenue rose 7% to $13.4 billion in the third quarter, and raised its full-year forecasts for organic revenue and comparable EPS growth. The announcement came before the New York Stock Exchange opened, with the company scheduled to hold an investor call at 8:30 a.m. Eastern Time. Organic revenue rose 7%, driven by a 7% increase in concentrate sales and 1% growth in price and mix. Chief Executive Henrik Brown said the results "reflect the continued momentum of our system and strengthen our confidence in our updated full-year guidance." The quarterly results show sales and volume growth alongside improved operating margins, as the company raised its outlook for the rest of the year.
Global unit case volume rose 5% during the quarter, with similar growth in sparkling soft drinks. The Coca-Cola Zero Sugar brand expanded 16%, outpacing growth in sparkling soft drinks overall. By organic revenue, Latin America led the regions with growth of 16%. Europe, the Middle East and Africa posted growth of 7%, followed by Asia Pacific at 6%, while North America grew 3%. The figures reflect differences across markets, with faster growth in Latin America than in North America.
Concentrate sales outpaced unit case volume by two percentage points, and the company said shipment timing contributed to the gap. Coca-Cola said concentrate sales rose 7%, while price and mix increased 1%; the two factors drove organic revenue growth. Operating margin was 33.4%, compared with 32.0% in the same period a year earlier. Comparable operating margin, which excludes certain items, rose to 32.9% from 31.9%. The company attributed the improvement in comparable margin to organic revenue growth and a favorable currency impact, partly offset by increased marketing investment and higher operating expenses.
EPS rose 8% to $0.93, while comparable EPS increased 11% to $0.91. The company said currency added two percentage points to the performance of each EPS measure. Cash flow from operations was $12.5 billion in the first nine months of 2026, while free cash flow reached $11.4 billion. The cash figures show results for the year to date, alongside quarterly results that included revenue and volume growth and improved margins. Brown said the quarter's performance strengthens management's confidence in its revised full-year outlook.
The company raised its 2026 organic revenue growth forecast to at least 5%, from approximately 5%. It also raised its comparable EPS growth forecast to at least 11%, from a previous range of 9% to 10%. For comparable EPS growth excluding currency effects, the company expects at least 9%, compared with a previous forecast range of 7% to 8%. The revised guidance reflects a stronger earnings outlook after adding the currency impact to the EPS growth recorded in the quarter. Coca-Cola said it will issue fiscal 2027 guidance when it reports fourth-quarter results.
Coca-Cola filed a Form 8-K on October 27 containing its third-quarter results announcement. U.S. Securities and Exchange Commission records show that the latest Form 10-Q available on that date had been filed on July 29, for the quarter ended July 3. The company's stock closed at $91.18 on October 27, compared with $92.70 at the previous session's close, according to EL7 data. The company had previously announced that third-quarter results would be released before the New York Stock Exchange opened on October 27, followed by an investor call at 8:30 a.m. Eastern Time. The company said it will issue its 2027 guidance with its fourth-quarter results.