$KO · COCA COLA CO
Coca-Cola filed an 8-K reporting Q3 2026 results and raising full-year guidance. Net revenues grew 7% to $13.4 billion, global unit case volume rose 5%, and comparable EPS (non-GAAP) grew 11% to $0.91. Operating margin expanded 140 basis points to 33.4%. The company raised its full-year outlook, citing sustained momentum across all geographic segments.
- Q3 net revenues grew 7% to $13.4 billion; organic revenues grew 7%
- Global unit case volume grew 5%, led by India, China, Mexico, and Brazil
- Comparable EPS (non-GAAP) grew 11% to $0.91; GAAP EPS grew 8% to $0.93
- Operating margin expanded to 33.4% from 32.0% a year ago
- Year-to-date free cash flow (non-GAAP) reached $11.4 billion
Extended-hours trading shows KO at $93.80, up +1.19% from the regular close of $92.70, reflecting a positive initial reaction to the beat-and-raise quarter. Markets are closed; the full regular-session reaction is pending.
A beat-and-raise quarter with 5% volume growth and 140 bps of operating margin expansion from a $399B consumer staple is rare and signals strong global execution.
Coca-Cola's 5% global unit case volume growth and broad-based geographic strength (Latin America +25% revenue, Bottling Investments +261% operating income) set a high bar in consumer staples, where peers are grappling with volume elasticity from cumulative pricing.
Currency tailwinds contributed 2 points to both EPS and comparable EPS; a reversal in FX rates could pressure future results. Price/mix grew only 1% globally, with Asia Pacific showing a 2% price/mix decline.