KO · The Coca-Cola Company

Coca-Cola delivered a strong first quarter in 2026, with net revenues rising 12% to $12.5 billion, driven by an 8% increase in concentrate sales and 2% price/mix growth. Organic revenues (non-GAAP) grew 10%. Operating income increased 19% (GAAP) and comparable currency-neutral operating income grew 12%, reflecting organic revenue growth and lower operating expenses, partially offset by higher input costs and increased marketing investments. Operating margin expanded to 35.0% (GAAP) from 32.9% a year ago, and comparable operating margin rose to 34.5% from 33.8%. EPS grew 18% to $0.91 (GAAP) and comparable EPS grew 18% to $0.86, with currency tailwinds contributing 6 points and 3 points, respectively. Global unit case volume grew 3%, led by China, the United States, and India. Sparkling soft drinks grew 2%, with Coca-Cola Zero Sugar up 13%. Water, sports, coffee and tea grew 5%. The company gained value share in total NARTD beverages. Management highlighted strong execution and consumer-centric marketing. For full-year 2026, Coca-Cola updated guidance: organic revenue growth of 4% to 5%, comparable currency neutral EPS (ex-acquisitions/divestitures) growth of 6% to 7%, and comparable EPS growth of 8% to 9% versus $3.00 in 2025. The company expects a 1-2% currency tailwind for comparable net revenues and an approximate 3% tailwind for comparable EPS. Free cash flow is expected to be approximately $12.2 billion.