Coca-Cola Q2 2026 revenue rises 7% to US$13.4B

USA – The Coca-Cola Company reported a 7% increase in net revenue to US$13.4 billion in the second quarter of 2026, supported by higher global beverage volumes, pricing gains and strong demand across major markets, prompting the company to raise its full-year financial guidance. 

Organic revenue, which excludes the impact of currency movements and structural changes, increased 6% during the quarter. Global unit case volume rose 5%, driven by strong performances in India, China, the United States and Brazil.  

Concentrate sales increased 4%, while price and product mix contributed an additional 2% to organic revenue growth. Coca-Cola noted that concentrate sales trailed unit case volume by one percentage point because of the timing of shipments to bottling partners. 

Operating income increased 9%, with reported operating margin improving to 34.9% from 34.1% in the second quarter of 2025. Comparable operating margin also expanded to 35.6%, up from 34.7% a year earlier.  

The company attributed the improvement to organic revenue growth, lower operating expenses and favorable currency movements, although these gains were partly offset by higher input costs and increased marketing investments. 

Reported earnings per share rose 16% to US$1.03, while comparable earnings per share increased 11% to US$0.97, including a two-percentage-point benefit from foreign currency movements. 

Coca-Cola generated US$7.5 billion in operating cash flow during the first half of 2026, while year-to-date free cash flow reached US$6.9 billion. The company also reported gains in value share across the global non-alcoholic ready-to-drink beverage market. 

Sparkling soft drink volume increased 4%, led by a 5% rise in Trademark Coca-Cola volumes and a 16% increase for Coca-Cola Zero Sugar. Diet Coke and Coca-Cola Light recorded 7% growth, while sparkling flavor brands advanced 4%.  

The water, sports, coffee and tea portfolio expanded 6%, although coffee volumes declined 2%, primarily due to weaker demand in the Asia-Pacific region. 

Coca-Cola said product innovation contributed to its overall volume growth by accelerating the rollout of successful regional products into additional markets. The company’s FIFA World Cup 2026 campaign was activated across more than 180 markets and 20 million retail outlets, generating over 60 billion digital impressions and engaging more than 80 million consumers through connected packaging. 

In North America, revenue increased 7%, supported by 3% unit case volume growth and a 4% contribution from price and product mix.  

Europe, the Middle East and Africa recorded 4% volume growth and a 2% increase in revenue, although operating income declined because of higher marketing and operating expenses. 

Reflecting its strong first-half performance, Coca-Cola raised its 2026 outlook, forecasting approximately 5% organic revenue growth and comparable currency-neutral earnings per share growth of between 7% and 8%, compared with its previous guidance of 6% to 7%. 

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