Coca-Cola Consolidated (COKE) investor relations material

Executive summary

• Q3 net sales rose 5.4% to $1,989.5M on annual pricing and higher volume; reported net income increased 23.6% to $175.9M.

• Q3 volume grew 1.4%, with Sparkling up 1.5% and Still up 1.2%; the Fourth of July timing shift reduced total volume by an estimated ~1.0%.

Financial highlights

• Q3 gross profit rose 3.1% to $771.6M; reported gross margin fell 80 bps to 38.8% as commodity and supply-chain costs outpaced pricing and mix weighed on results.

• Q3 operating income increased 10.1% to $271.6M; reported net income was $175.9M versus $142.3M, while adjusted net income declined 2.2% to $175.3M.

• 9M net sales rose 10.6% to $5,888.6M and reported operating income increased 10.1% to $780.5M; adjusted operating income rose 5.0%. Six extra selling days contributed $132M to sales and ~$30M to operating-income growth.

• 9M reported net income increased 3.0% to $446.2M, while adjusted net income fell 5.5% to $482.5M, reflecting higher net interest expense partly offset by six extra days.

• Basic EPS was $2.64 in Q3 versus $1.64 a year earlier; 9M basic EPS was $6.70 versus $4.99.

Outlook and guidance

• FY2026 capital expenditures are expected to be ~$300M; management expects significant supply-chain optimization and growth investment through the rest of 2026 and during 2027.

• Q4 2026 has six fewer days than Q4 2025; FY2026 and FY2025 have the same total number of days.

• A new glass bottle production line in Indianapolis is part of long-term investment plans.