Coca-Cola raised its 2026 earnings growth outlook after global unit case volume grew 5% in the quarter ended Oct. 2, while North American volume held flat.
The company now projects at least 9% growth in 2026 comparable earnings per share on a currency-neutral basis, excluding acquisitions and divestitures. Its previous range was 7% to 8%. Coca-Cola also raised a separate forecast for comparable EPS growth to at least 11%, from 9% to 10%. That measure includes an estimated 3% benefit from currency movements and about a 1% drag from acquisitions and divestitures.
Net revenue came to $13.38 billion in the quarter, compared with $12.455 billion a year earlier; Coca-Cola reported a 7% increase. Reuters, citing LSEG data, reported that revenue topped analysts’ $12.92 billion estimate. Comparable EPS, a non-GAAP measure, climbed 11% to $0.91, while reported EPS rose 8% to $0.93. Coca-Cola put organic revenue growth at 7%; concentrate sales contributed a 7% gain, while pricing and product mix added 1%.
India, China, Mexico and Brazil led the geographic gains, the company said. Coca-Cola Zero Sugar volume increased 16%, a separate measure from overall volume. The company also reported a value share gain in total nonalcoholic ready-to-drink beverages.
PepsiCo cut its fiscal 2026 core constant-currency EPS growth outlook on Oct. 8 to a range of 1% to 2%, down from the low end of its previous 4% to 6% range. The companies’ reporting periods differ: PepsiCo’s quarter covered the 12 weeks ended Sept. 5, while Coca-Cola’s ended Oct. 2.
Reuters reported that high food and fuel prices were making consumers more selective, while Coca-Cola offered smaller, lower-priced packs alongside costlier products. Henrique Braun, CEO of The Coca-Cola Company, said the results gave the company confidence in its updated guidance.
Coca-Cola said it will issue its 2027 guidance with fourth-quarter results; it did not announce an earnings date.
