Coca-Cola Q2 2026 Results Raise Guidance

The Coca‑Cola Company (NYSE: KO) reported broad volume strength in its Q2 2026 results released July 28, prompting an upward revision to its full-year guidance. Management linked the stronger outlook to increased demand for Coca‑Cola Zero Sugar, fairlife milk, and World Cup marketing activation.

Strong Quarterly Performance and Raised Outlook

Coca‑Cola posted net revenue of about $13.37–$13.38 billion for the quarter, up roughly 7% year over year. GAAP net income reached $4.43 billion, or $1.03 per share, compared with $3.81 billion, or $0.89 per share, a year earlier. Adjusted comparable earnings per share (EPS) were $0.97.

Management said comparable revenue rose about 6%, with organic revenue growth in the mid single digits. The gains reflected higher concentrate sales, pricing actions, and an improved product mix. Demand was particularly strong for Coca‑Cola Zero Sugar and fairlife, supported by World Cup-related marketing that boosted volume and mix.

Following the quarter, the company raised its full-year guidance, increasing comparable EPS growth to 9%–10%, organic revenue growth to about 5%, and free cash flow to approximately $12.4 billion. CEO Henrique Braun said, “We delivered another strong quarter by staying close to the changing needs of our consumers and customers.” Management emphasized leveraging the Coca‑Cola system to gain value share while investing for long-term growth.

Coca-Cola FEMSA Reports Record Volumes and Margin Expansion

Coca‑Cola FEMSA, the largest Coca‑Cola bottler by sales volume, reported consolidated unit cases rose 3.5% year over year to a record 1,071.8 million, with particularly strong volumes in Brazil, Colombia, and Guatemala. Total revenues increased 4.7% to Ps. 76,318 million, or 6.6% on a currency-neutral basis.

Gross profit grew 8.8% to Ps. 35,938 million, expanding gross margin by 180 basis points to 47.1%. Operating income rose 9.1% to Ps. 10,654 million, lifting operating margin 60 basis points to 14.0%, with currency-neutral operating income growth of 11.1%. Net income attributable to majority shareholders increased 16.9% to Ps. 6,211 million, aided by a lower effective tax rate of 30.2% versus 36.2% a year earlier.

Margin gains reflected lower sweetener and plastic packaging costs, hedging gains, currency appreciation, and operating expense efficiencies. The company noted softer demand in Mexico following excise-tax increases. Earnings per share were Ps. 0.37, Ps. 2.96 per unit, and Ps. 29.57 per American Depositary Share.

The results confirm strong beverage demand across the Coca‑Cola system, supporting the company’s raised full-year outlook.