The Coca-Cola Company (KO) Q3 2026 earnings summary

Executive summary

• Q3 unit case volume rose 5%; net and organic revenue each grew 7% to $13.38B, supported by 7% concentrate-sales growth and 1% price/mix growth.

• Value share gains extended to 22 consecutive quarters amid uneven conditions; performance reflected broad regional momentum, affordability, premium offerings and brand investment.

Financial highlights

• Q3 comparable EPS was $0.91, up 11%, including a 2-point currency benefit; diluted EPS was $0.93, up 8%.

• Q3 revenue rose 7% to $13.38B and operating income increased 12% to $4.465B; net income attributable to shareowners grew 8% to $4.009B.

• Q3 reported gross margin was 63.15%, up 166 bps, and reported operating margin was 33.37%, up 140 bps; comparable margins rose 166 bps and 106 bps, respectively.

• 9M revenue rose 9% to $39.232B, operating income increased 13% to $13.496B and net income grew 14% to $12.358B.

• 9M operating cash flow was $12.471B and free cash flow was $11.408B; Q3 SG&A rose 10% to $3.98B, primarily on higher marketing and incentive expense timing.

Outlook and guidance

• FY26 organic revenue growth is expected to be at least 5%; comparable currency-neutral EPS growth, excluding acquisitions and divestitures, is expected to be at least 9%.

• FY26 comparable EPS growth guidance increased to at least 11% from 9%–10%, including ~3% currency tailwind and ~1% acquisitions-and-divestitures headwind; comparable EPS is based on $3 in 2025.

• FY26 free cash flow guidance rose to at least $13.0B, including at least $15.2B operating cash flow and ~$2.2B capital expenditures; prior FCF outlook was ~$12.4B.

• FY26 underlying effective tax rate is expected to be 19.7%; divestitures are expected to weigh ~2% on comparable net revenue and ~1% on comparable EPS.

• Q4 has six fewer days YoY, with slight destocking expected; FY26 concentrate sales volume is expected to slightly trail unit case volume.