Global Unit Case Volume Grew 3%

Net Revenues Grew 12%;
Organic Revenues (Non-GAAP) Grew 10%

Operating Income Grew 19%;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 12%

Operating Margin was 35.0% versus 32.9% in the Prior Year;
Comparable Operating Margin (Non-GAAP) was 34.5% versus 33.8% in the Prior Year

EPS Grew 18% to $0.91; Comparable EPS (Non-GAAP) Grew 18% to $0.86

ATLANTA, April 28, 2026 – The Coca‑Cola Company today reported first quarter 2026 results. “We’ve had a strong start to the year,” said Henrique Braun, CEO of The Coca‑Cola Company. “Our performance this quarter reflects our unwavering focus on staying close to the consumer, executing locally and managing complexity. Yet there’s so much more we can do as we navigate a dynamic environment. Our team is motivated by the opportunity to build on the company’s great foundation.”

Highlights

Quarterly Performance

• Revenues: Net revenues grew 12% to $12.5 billion, and organic revenues (non-GAAP) grew 10%, driven by an 8% increase in concentrate sales and 2% growth in price/mix. Concentrate sales were 5 points ahead of unit case volume, primarily due to six additional days in the quarter, partially offset by the timing of concentrate shipments.
• Operating margin: Operating margin was 35.0% versus 32.9% in the prior year, and comparable operating margin (non-GAAP) was 34.5% versus 33.8% in the prior year. Operating margin performance included items impacting comparability, as well as currency tailwinds. Comparable operating margin (non-GAAP) expansion was driven by organic revenue (non-GAAP) growth and lower operating expenses, partially offset by higher input costs and an increase in marketing investments.
• Earnings per share: EPS grew 18% to $0.91, and comparable EPS (non-GAAP) grew 18% to $0.86. EPS performance included the impact of a 6-point currency tailwind, while comparable EPS (non-GAAP) performance included the impact of a 3-point currency tailwind.
• Market share: The company gained value share in total nonalcoholic ready-to-drink (“NARTD”) beverages.
• Cash flow: Cash flow from operations and free cash flow (non-GAAP) were $2.0 billion and $1.8 billion, respectively.

Company Updates

• Executing locally relevant marketing at scale to drive enduring brand value: The company is sharpening its focus on leveraging unique insights to deliver impactful marketing during culturally meaningful occasions. In China, reflecting the importance of family and togetherness during Chinese New Year, an AI‑enabled campaign inspired by traditional Chinese paper art invited consumers to create personalized digital friend and family portraits through connected Coca‑Cola packaging. Across markets observing Ramadan, activations reflected insights around generosity, community and shared meals. In Türkiye, a digitally led campaign invited consumers to share recipes that inspired chef‑led food donations; in Egypt, the company set a Guinness World Record for the most community meals served in one hour; and in Indonesia, pairing Fanta with Ramadan nights supported at‑home and away‑from‑home celebrations. In Brazil, Sprite delivered double-digit volume growth, supported by brand-led activations tied to the country’s deep cultural connection to Carnival and summer festivals. During March Madness in the United States, the company leveraged consumer passion for sports and live entertainment to activate its “Fan Work is Thirsty Work” platform with Coca‑Cola and BODYARMOR, supported by the March Madness Music Festival alongside the Men’s Final Four. By leveraging key consumption occasions and local insights to deepen consumer connection, the company increased weekly drinkers and gained value share globally during the quarter.
• Progressing toward more balanced growth by remaining consumer centric: Alongside strong brand building, innovation and integrated execution, the company and its bottling partners continue to harness all levers of revenue growth management to drive topline growth. During the quarter, by strengthening brand, price, pack and channel options, the company and its bottling partners provided compelling value and premium offerings to consumers. In the Philippines, single‑serve Coca‑Cola Zero Sugar packs grew double digits and delivered away‑from‑home volume growth, while packages bundled with collectible glassware in Thailand helped drive at‑home volume growth. In South Africa and India, the company continued to expand its use of ultra‑lightweight bottles, which supported volume growth in both markets. In North America, mini-can volume grew high single digits following the launch of single‑serve mini‑cans in convenience retail stores, and, in the United Kingdom, the launch of a new premium single‑serve 500ml “Superfan” can featuring Premier League‑themed packaging contributed to volume growth. Collectively, these actions reflect the company’s heightened focus on harnessing revenue growth management to increase consumer recruitment and deliver more balanced growth over time across both unit case volume and price/mix.

Operating Review – Three Months Ended April 3, 2026

In addition to the data in the preceding tables, operating results included the following:

Consolidated

• Unit case volume grew 3%, led by China, the United States and India. Performance included the following:
  • Sparkling soft drinks grew 2%. Trademark Coca‑Cola grew 2%, driven by growth in Asia Pacific and North America. Coca‑Cola Zero Sugar grew 13%, driven by growth across all geographic operating segments. Diet Coke/Coca‑Cola Light grew 6%, driven by growth in North America. Sparkling flavors grew 3%, driven by growth across all geographic operating segments.
  • Juice, value-added dairy and plant-based beverages declined 1%, as growth in Asia Pacific was more than offset by a decline in Europe, Middle East & Africa (“EMEA”). Growth in Santa Clara and fairlife was more than offset by the sale of the company’s finished product operations in Nigeria in the fourth quarter of 2025.
  • Water, sports, coffee and tea grew 5%. Water grew 5%, driven by growth across all geographic operating segments. Sports drinks grew 3%, driven by growth in North America and EMEA. Coffee was even. Tea grew 8%, driven by growth in EMEA, Latin America and Asia Pacific.
• Price/mix grew 2%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 5 points ahead of unit case volume, primarily due to six additional days in the quarter, partially offset by the timing of concentrate shipments.
• Operating income grew 19%, which included items impacting comparability and currency tailwinds. Comparable currency neutral operating income (non-GAAP) grew 12%, primarily driven by organic revenue (non-GAAP) growth and lower operating expenses, partially offset by higher input costs and an increase in marketing investments.

Europe, Middle East & Africa

• Unit case volume grew 2%, primarily driven by growth in sparkling flavors and water, sports, coffee and tea.
• Price/mix grew 5%, primarily driven by pricing actions in the marketplace and favorable mix. Concentrate sales were 3 points ahead of unit case volume, primarily due to six additional days in the quarter, partially offset by the timing of concentrate shipments.
• Operating income grew 18%, which included items impacting comparability and a currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 12%, primarily driven by organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments.
• The company gained value share in total NARTD beverages, led by share gains in Nigeria and Germany.

Latin America

• Unit case volume grew 1%, primarily driven by growth in water, sports, coffee and tea as well as sparkling flavors.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 6 points ahead of unit case volume, primarily due to six additional days in the quarter.
• Operating income grew 15%, which included items impacting comparability and a currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 9%, primarily driven by organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments.
• The company gained value share in total NARTD beverages, led by share gains in Brazil and Argentina.

North America

• Unit case volume grew 4%, primarily driven by growth in Trademark Coca‑Cola and water, sports, coffee and tea.
• Price/mix grew 1%, primarily driven by pricing actions in the marketplace, partially offset by unfavorable mix. Concentrate sales were 7 points ahead of unit case volume, primarily due to six additional days in the quarter.
• Operating income grew 20%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 17%, primarily driven by organic revenue (non-GAAP) growth and lower operating expenses, partially offset by higher input costs and an increase in marketing investments.
• The company gained value share in total NARTD beverages, led by share gains in Trademark Coca‑Cola, sparkling flavors and water, sports, coffee and tea.

Asia Pacific

• Unit case volume grew 5%, driven by growth across all global beverage categories.
• Price/mix declined 6%, primarily driven by unfavorable mix and affordability initiatives. Concentrate sales were 5 points ahead of unit case volume, primarily due to six additional days in the quarter, partially offset by the timing of concentrate shipments.
• Operating income declined 14%, which included items impacting comparability and a currency tailwind. Comparable currency neutral operating income (non-GAAP) declined 17%, primarily driven by higher input costs and marketing investments.
• Value share in total NARTD beverages for the company was even, as gains in Japan and South Korea were offset by declines in India and Vietnam.

Bottling Investments

• Unit case volume grew 1%, largely due to growth in Africa, partially offset by the impact of refranchising bottling operations.
• Price/mix declined 1%, primarily driven by unfavorable mix, partially offset by pricing actions in the marketplace.
• Operating income grew 62%, which included items impacting comparability, a currency tailwind and the impact of refranchising bottling operations. Comparable currency neutral operating income (non-GAAP) grew 53%, primarily driven by organic revenue (non-GAAP) growth and effective cost management, partially offset by higher input costs.

Outlook

The 2026 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2026 projected organic revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected comparable net revenues (non-GAAP) to full year 2026 projected reported net revenues, full year 2026 projected underlying effective tax rate (non-GAAP) to full year 2026 projected reported effective tax rate, full year 2026 projected comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) to full year 2026 projected reported EPS, or full year 2026 projected comparable EPS (non-GAAP) to full year 2026 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions and divestitures throughout 2026; the exact timing and exact amount of items impacting comparability throughout 2026; and the exact impact of fluctuations in foreign currency exchange rates throughout 2026. The unavailable information could have a significant impact on the company’s full year 2026 reported financial results.

Full Year 2026

The company expects to deliver organic revenue (non-GAAP) growth of 4% to 5%. — No Update

For comparable net revenues (non-GAAP), the company expects a 1% to 2% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 4% headwind from acquisitions and divestitures. This assumes the pending sale of Coca‑Cola Beverages Africa ("CCBA") closes during the second half of 2026, subject to regulatory approvals. — Updated

The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.9%.This does not include the impact of ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. — Updated

The company expects to deliver comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) growth of 6% to 7% and comparable EPS (non-GAAP) growth of 8% to 9% versus $3.00 in 2025. —  Updated

Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures. This assumes the pending sale of CCBA closes during the second half of 2026, subject to regulatory approvals. — No Update

The company expects to generate free cash flow (non-GAAP) of approximately $12.2 billion. This consists of cash flow from operations of approximately $14.4 billion, less capital expenditures of approximately $2.2 billion. — No Update

Second Quarter 2026 Considerations

Comparable net revenues (non-GAAP) are expected to include an approximate 1% currency tailwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions and divestitures.

Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 3% currency tailwind based on the current rates and including the impact of hedged positions. In addition, the company expects an approximate 1% headwind from acquisitions and divestitures.

Notes

• All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.
• All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products, which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.
• “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents), sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments after considering the impact of acquisitions and divestitures, if any. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
• “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.
• First quarter 2026 financial results were impacted by six additional days as compared to first quarter 2025, and fourth quarter 2026 financial results will be impacted by six fewer days as compared to fourth quarter 2025. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.

Conference Call

The company is hosting a conference call with investors and analysts to discuss first quarter 2026 operating results today, April 28, 2026, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.

Download Q1 2026 Earnings Results