ATLANTA, April 28, 2026, 07:40 EDT
Coca-Cola lifted its 2026 profit growth outlook on Tuesday, following a first-quarter showing that topped Wall Street’s estimates. Stronger concentrate sales, some price hikes, and more drinks sold all played a part. The stock was set to open up roughly 2%.
This update lands at a time when investors are scrutinizing whether packaged-food and beverage makers can keep expanding, even without hefty price increases. Coca-Cola stuck with its organic revenue growth target—a non-GAAP metric that excludes things like currency and acquisition impacts—but bumped up its comparable earnings-per-share forecast.
Net revenue climbed 12% to $12.47 billion, topping the $12.24 billion analysts had been looking for. Comparable earnings landed at 86 cents per share, beating the 81-cent consensus from LSEG data cited by Reuters. Reported EPS rose 18%, hitting 91 cents.
Concentrate sales drove the gains—those syrups, beverage bases, and similar ingredients Coca-Cola moves to bottlers before drinks hit shelves. The segment climbed 8%. Another 2% came from price and product mix changes. The company also pointed out that this quarter included six extra days versus the same stretch last year, a detail that gave results a boost.
Bloomberg flagged that Coca-Cola’s sales got a lift not only from higher prices but also a jump in demand for smaller packs—an approach that’s working as buyers pick and choose, yet don’t shy from spending extra on some premium options. That’s in line with Coca-Cola’s current strategy: roll out more pack sizes, push zero-sugar choices, and dial up prices just enough to keep margins healthy without cutting into demand.
North America stood out this period, with unit case volume climbing 4%—that’s sales volume for Coca-Cola and its bottling partners—fueled by growth in Trademark Coca-Cola along with water, sports drinks, coffee, and tea. Operating income in the region surged 20%, according to the company.
Henrique Braun, in his first quarter as chief executive, called it a “strong start to the year,” pointing to “staying close to the consumer” as a key factor. His comments were measured, but the takeaway was plain: Coca-Cola wants investors to see that it can maintain demand even as it tweaks its pack sizes and prices. The Coca-Cola Company
Coke Zero Sugar once again powered the main soda lineup, logging a 13% volume jump across every geographic segment. Sparkling soft drinks managed a 2% gain. Water, sports drinks, coffee, and tea combined for a 5% increase, while tea alone advanced 8%. Juice, value-added dairy, and plant-based beverages slipped 1%.
Coca-Cola lifted its outlook for comparable EPS growth to 8%–9% for the year, tightening from a previous range of 7%–8%. Guidance for organic revenue remains unchanged at 4%–5%. Free cash flow is still pegged near $12.2 billion, with operating cash flow projected at about $14.4 billion and capital expenditures around $2.2 billion.
Competition looks uneven rather than soft. PepsiCo logged 8.5% revenue growth for the first quarter earlier this month, but its North America beverage volume slipped 2.5%. Reuters noted price cuts and brand updates buoyed the company’s overall performance.
Still, the quarter had its blemishes. Rising input and marketing costs ate into some of the margin gains, while operating income in Asia Pacific slid 14% as price/mix declined 6%—a result of affordability efforts and a tough mix. Any shopper pushback on future price hikes could hit here first.
Coca-Cola’s forecast bakes in the expected sale of Coca-Cola Beverages Africa, projecting the deal will wrap up sometime in the back half of 2026—pending regulatory signoff. Unresolved U.S. tax litigation? That sits outside the tax-rate outlook. The company has an 8:30 a.m. ET call with analysts to go over the quarter.
