Coca-Cola Beats on Q3, Raises 2026 EPS and Cash-Flow Outlook

KO reported third-quarter 2026 net revenue of $13.4 billion on Tuesday, up 7% and ahead of the $12.92 billion analysts expected, according to the company's results release and Reuters. Comparable EPS rose 11% to $0.91, three cents above the 88-cent consensus, while GAAP EPS was $0.93. Organic revenue, which strips out currency and deals, also grew 7%, on 5% unit case volume growth and 1% price/mix.

The company raised its 2026 outlook for the third straight quarter. It now expects comparable EPS growth of at least 11%, up from 9% to 10%, and comparable currency-neutral EPS growth (excluding acquisitions and divestitures) of at least 9%, up from 7% to 8%. Organic revenue growth guidance moved to at least 5% from about 5%. Free cash flow guidance rose to at least $13.0 billion from about $12.4 billion, the $600 million upgrade flagged in coverage, with cash from operations now seen at no less than $15.2 billion. The new outlook assumes the pending sale of its Africa bottling operations closes in the fourth quarter.

The growth came from outside the home market. North America revenue rose 3% to $5.4 billion, but unit case volume there was even. Latin America posted 16% organic revenue growth on 6% volume growth, Asia Pacific volume rose 6% and EMEA volume rose 5%. Coca-Cola Zero Sugar volume grew 16%, and Reuters pointed to pricier launches such as Coca-Cola Cherry Float as part of the premium push. In EMEA the company gained share in Nigeria and Morocco but lost value share in the region overall, as declines in France and the UK more than offset those gains. Operating margin widened to 33.4% from 32.0%, and comparable operating margin to 32.9% from 31.9%.

The stock did not follow the numbers: KO closed down 1.6% at $91.18 after trading roughly flat early in the session, with Reuters noting the shares were already up about 33% this year going into the report. What to watch: whether North America volume returns to growth, whether the Africa bottling sale closes on schedule, and how much of the raised free cash flow target is left to deliver after $11.4 billion year to date.