Jun 2026 (Q2 FY26) — Jul 28, 2026
The Coca-Cola Company Q2 FY26 — Strong Volume Growth and Raised Full-Year EPS Guidance
Read the full callCoca Cola (KO) earnings
- Apr 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Coca Cola earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 12,472 | +12.1% YoY | Quarterly, as filed | Quarter to Apr 2026 | Revenue from operations as filed. |
| Operating margin | 35.0 | +2.1 pts YoY | Operating profit / revenue | Quarter to Apr 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3,924 | +17.8% YoY | Quarterly, as filed | Quarter to Apr 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter concentrate shipments to lag unit case volume | lag unit cases by a couple of points | Mar 2026 | Concentrate sales were 1 point behind unit care sales due to the timing of concentrate shipments | Achieved |
| Bring fairlife New York (Webster) plant capacity online | major capacity uplift at the end of 2025 | Mar 2025 | we anticipate our Webster facility to continue ramping up capacity through the remainder of the year | Delayed |
| Balanced 50/50 split of volume and price/mix in top line growth | roughly 50-50 volume and price/mix | Dec 2025 | we said this would be a year that would be more balanced on volume and price mix coming more intended and that's exactly what we're seeing | On Track |
1 of COCA COLA CO's 28 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Unit case volume grew 5% in Q2 FY26, aided by cycling an easier prior year comparison.
- Organic revenue grew 6% in Q2 FY26, reaching the high end of the long-term growth algorithm.
- Comparable gross margin increased approximately 120 basis points in Q2 FY26.
- Comparable operating margin increased approximately 90 basis points in Q2 FY26.
- Comparable earnings per share (EPS) of $0.97 increased 11% in Q2 FY26, including a 2-point benefit from currency tailwinds.
- Net debt leverage stood at 1.4x EBITDA, below the target range of 2x to 2.5x.
- Trademark Coca-Cola volume growth was 5% for the quarter, its strongest in 17 years excluding COVID recovery.
Qualified
- Comparable operating income in Asia Pacific declined in Q2 FY26, primarily due to investment timing and focus on expanding the consumer base.
- Profit in EMEA declined in Q2 FY26 due to the phasing of investments.
- Geopolitical conflict continued to disrupt the Middle East region.
- Consumer sentiment in China remains cautious, with spending continuing to be selective.
- The company continues to navigate a difficult environment in Mexico.
Price
$93.42 −0.51% · −$0.48
Performance +36.5% 1Y
1Y: $68.44 on 17 Oct 2025 → $93.42. High $93.9 (16 Oct 2026), low $67.54 (7 Jan 2026).
- Previous close
- $93.9
- 52-week range
- $67.54 – $93.9
- One year
- +36.50%
Overview
- Symbol
- KO
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter concentrate shipments to lag unit case volume | lag unit cases by a couple of points | Mar 2026 | Concentrate sales were 1 point behind unit care sales due to the timing of concentrate shipments | Achieved |
| Bring fairlife New York (Webster) plant capacity online | major capacity uplift at the end of 2025 | Mar 2025 | we anticipate our Webster facility to continue ramping up capacity through the remainder of the year | Delayed |
| Balanced 50/50 split of volume and price/mix in top line growth | roughly 50-50 volume and price/mix | Dec 2025 | we said this would be a year that would be more balanced on volume and price mix coming more intended and that's exactly what we're seeing | On Track |
Claimed
- Unit case volume grew 5% in Q2 FY26, aided by cycling an easier prior year comparison.
- Organic revenue grew 6% in Q2 FY26, reaching the high end of the long-term growth algorithm.
- Comparable gross margin increased approximately 120 basis points in Q2 FY26.
- Comparable operating margin increased approximately 90 basis points in Q2 FY26.
- Comparable earnings per share (EPS) of $0.97 increased 11% in Q2 FY26, including a 2-point benefit from currency tailwinds.
- Net debt leverage stood at 1.4x EBITDA, below the target range of 2x to 2.5x.
- Trademark Coca-Cola volume growth was 5% for the quarter, its strongest in 17 years excluding COVID recovery.
Qualified
- Comparable operating income in Asia Pacific declined in Q2 FY26, primarily due to investment timing and focus on expanding the consumer base.
- Profit in EMEA declined in Q2 FY26 due to the phasing of investments.
- Geopolitical conflict continued to disrupt the Middle East region.
- Consumer sentiment in China remains cautious, with spending continuing to be selective.
- The company continues to navigate a difficult environment in Mexico.
The full ledger
Open COCA COLA CO’s full ledger
A free account opens 5 company ledgers a month. All 28 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
The Coca-Cola Company Q1 FY26 — Strong Volume Growth Across All Segments
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
The Coca-Cola Company Q4 FY25 — Strong Organic Revenue Growth and Leadership Transition
Read the full callEvery analysed call
Coca Cola earnings calls (KO)
Financials
What the filings say
Net profit, year on year: +18% (quarter to apr 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 12,363 | 11,854 | 11,544 | 11,129 | 12,535 | 12,455 | 11,822 | 12,472 |
| Operating profit | 2,632 | 2,510 | 2,709 | 3,659 | 4,280 | 3,982 | 1,841 | 4,359 |
| Operating margin | 21.3% | 21.2% | 23.5% | 32.9% | 34.1% | 32.0% | 15.6% | 35.0% |
| Interest | 418 | 425 | 431 | 387 | 445 | 391 | 431 | 375 |
| Profit before tax | 3,028 | 3,380 | 2,806 | 4,057 | 4,796 | 4,183 | 2,962 | 4,611 |
| Tax rate | 20.7% | 15.7% | 21.1% | 17.8% | 20.7% | 11.9% | 21.8% | 14.0% |
| Net profit | 2,411 | 2,848 | 2,195 | 3,330 | 3,810 | 3,696 | 2,271 | 3,924 |
| EPS ($ per share) | 0.56 | 0.66 | — | 0.77 | 0.89 | 0.86 | — | 0.91 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,760 | 1,760 | 1,760 | 1,760 | 1,760 | 1,760 | 1,760 | 1,760 |
| Reserves | 63,234 | 65,855 | 66,555 | 69,094 | 71,019 | 73,782 | 76,054 | 80,382 |
| Total liabilities | 64,158 | 65,283 | 66,012 | 69,494 | 66,937 | 70,223 | 74,177 | 70,541 |
| Fixed assets | 9,598 | 10,838 | 10,777 | 9,920 | 9,841 | 9,236 | 10,303 | 9,613 |
| Investments | 5,013 | 3,228 | 2,348 | — | — | — | — | — |
| Total assets | 83,216 | 86,381 | 87,296 | 94,354 | 92,763 | 97,703 | 100,549 | 104,816 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,627 | 10,471 | 9,844 | 12,625 | 11,018 | 11,599 | 6,805 | 7,408 |
| Cash from investing | 5,927 | -3,976 | -1,477 | -2,765 | -763 | -3,349 | 2,524 | -67 |
| Cash from financing | -10,347 | -9,004 | -8,070 | -6,786 | -10,250 | -8,310 | -6,910 | -8,140 |
| Net cash flow | 2,945 | -2,581 | 373 | 2,915 | -200 | -133 | 1,796 | -478 |
| Capital expenditure | -1,548 | -2,054 | -1,177 | -1,367 | -1,484 | -1,852 | -2,064 | -2,112 |
| Free cash flow | 6,079 | 8,417 | 8,667 | 11,258 | 9,534 | 9,747 | 4,741 | 5,296 |
KO revenue by segment
Europe Middle East Africa grew from 17% to 24% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America | 42% | 41% | 39% | 40% | 42% | 42% | 39% | 40% | +7.5% |
| Europe Middle East Africa | 17% | 16% | 24% | 25% | 24% | 23% | 24% | 24% | +2.0% |
| Latin America | 14% | 14% | 13% | 13% | 13% | 14% | 13% | 14% | +15.9% |
| A Pacific | — | — | — | — | — | — | 12% | 12% | — |
| Bottling Investments | 11% | 13% | 13% | 11% | 11% | 13% | 13% | 11% | +8.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- Non Us 61%
- US 39% ↓ 2 pt
As KO cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
101 filings between Oct 23, 2025 and Aug 20, 2026.
Open market
decisions to buy or sellPurchases
$998.7K
3 purchases by 1 insider
Sales
$255.75M
40 sales by 11 insiders
38% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 13
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Quincey James | — | $144.73M | Jul 29, 2026 |
| MURPHY JOHN | — | $27.14M | Jul 31, 2026 |
| MANN JENNIFER K | — | $25.97M | Jun 10, 2026 |
| Pietracci Bruno | — | $19.20M | Aug 20, 2026 |
| QUAN NANCY | — | $11.20M | Aug 19, 2026 |
| ARROYO MANUEL | — | $9.89M | Nov 14, 2025 |
| Ortega Luisa | — | $4.83M | Aug 6, 2026 |
| Perez Beatriz R | — | $4.66M | Feb 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 20, 2026 | Pietracci Bruno Insider | Option exercise | 29,246 | $1.76M |
| Aug 20, 2026 | Pietracci Bruno Insider | Sale | 40,754 | $3.71M |
| Aug 20, 2026 | Pietracci Bruno Insider | Option exercise | 40,754 | $2.45M |
| Aug 20, 2026 | Pietracci Bruno Insider | Option exercise | 41,365 | $2.54M |
| Aug 20, 2026 | Pietracci Bruno Insider | Sale | 41,365 | $3.76M |
| Aug 20, 2026 | Pietracci Bruno Insider | Sale | 29,246 | $2.66M |
| Aug 19, 2026 | QUAN NANCY Executive Vice President | Option exercise | 50,000 | $2.52M |
| Aug 19, 2026 | QUAN NANCY Executive Vice President | Sale | 50,000 | $4.52M |
| Aug 10, 2026 | Ray Sanket Insider | Sale | 9,958 | $861.4K |
| Aug 6, 2026 | Ortega Luisa Insider | Sale | 35,983 | $3.11M |
| Aug 6, 2026 | Ortega Luisa Insider | Sale | 19,772 | $1.71M |
| Aug 6, 2026 | Ortega Luisa Insider | Option exercise | 21,848 | $1.10M |
| Aug 6, 2026 | Ortega Luisa Insider | Option exercise | 7,628 | $366.7K |
| Aug 6, 2026 | Ortega Luisa Insider | Option exercise | 10,684 | $635.5K |
| Jul 31, 2026 | MURPHY JOHN President and CFO | Option exercise | 152,483 | $6.78M |
| Jul 31, 2026 | MURPHY JOHN President and CFO | Sale | 152,483 | $13.31M |
| Jul 29, 2026 | Quincey James Chairman | Sale 10b5-1 plan | 145,947 | $13.15M |
| Jul 29, 2026 | Quincey James Chairman | Option exercise 10b5-1 plan | 145,947 | $6.63M |
| Jul 28, 2026 | Quincey James Chairman | Option exercise 10b5-1 plan | 381,140 | $17.32M |
| Jul 28, 2026 | Quincey James Chairman | Sale 10b5-1 plan | 381,140 | $34.32M |
| Jul 28, 2026 | Pietracci Bruno Insider | Option exercise 10b5-1 plan | 35,393 | $2.11M |
| Jul 28, 2026 | Pietracci Bruno Insider | Sale 10b5-1 plan | 40,334 | $3.62M |
| Jul 28, 2026 | Pietracci Bruno Insider | Option exercise 10b5-1 plan | 40,334 | $2.03M |
| Jul 28, 2026 | Pietracci Bruno Insider | Sale 10b5-1 plan | 35,393 | $3.17M |
| Jun 10, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 23,984 | $2.00M |
| Jun 9, 2026 | MANN JENNIFER K Executive Vice President | Option exercise 10b5-1 plan | 55,154 | $3.38M |
| Jun 9, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 55,154 | $4.45M |
| Jun 9, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 18,830 | $1.52M |
| Jun 9, 2026 | MANN JENNIFER K Executive Vice President | Option exercise 10b5-1 plan | 18,830 | $949.8K |
| Jun 9, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 26,016 | $2.10M |
| Jun 8, 2026 | MANN JENNIFER K Executive Vice President | Option exercise 10b5-1 plan | 51,606 | $3.07M |
| Jun 8, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 51,606 | $4.10M |
| Jun 8, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 48,394 | $3.85M |
| Jun 8, 2026 | MANN JENNIFER K Executive Vice President | Option exercise 10b5-1 plan | 48,394 | $2.44M |
| Jun 5, 2026 | MANN JENNIFER K Executive Vice President | Option exercise 10b5-1 plan | 80,820 | $3.67M |
| Jun 5, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 19,180 | $1.52M |
| Jun 5, 2026 | MANN JENNIFER K Executive Vice President | Option exercise 10b5-1 plan | 19,180 | $1.14M |
| Jun 5, 2026 | MANN JENNIFER K Executive Vice President | Sale 10b5-1 plan | 80,820 | $6.42M |
| Jun 5, 2026 | Quincey James Chairman | Sale 10b5-1 plan | 436,296 | $34.96M |
| Jun 5, 2026 | Quincey James Chairman | Option exercise 10b5-1 plan | 436,296 | $19.40M |
| Jun 4, 2026 | Quincey James Chairman | Option exercise 10b5-1 plan | 8,000 | $355.8K |
| Jun 4, 2026 | Quincey James Chairman | Sale 10b5-1 plan | 8,000 | $640.0K |
| May 15, 2026 | QUAN NANCY Executive Vice President | Sale | 31,625 | $2.56M |
| May 15, 2026 | QUAN NANCY Executive Vice President | Option exercise | 31,625 | $1.44M |
| May 11, 2026 | Quincey James Chairman | Gift | 44,678 | $0 |
| May 11, 2026 | Quincey James Chairman | Gift | 44,678 | $0 |
| May 7, 2026 | Quincey James Chairman | Sale | 200,000 | $15.78M |
| Mar 9, 2026 | Douglas Monica Howard Executive Vice President | Sale | 23,880 | $1.85M |
| Mar 3, 2026 | Quincey James Chairman and CEO | Sale | 688 | $54.4K |
| Mar 3, 2026 | Pietracci Bruno Insider | Sale | 28,765 | $2.28M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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