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Coca-Cola tops Q2 estimates with $13.4 billion revenue, $0.97 EPS

Coca-Cola tops Q2 estimates with $13.4 billion revenue, $0.97 EPS

The beverage maker beat estimates, raised its full-year profit outlook and reported 5% unit case volume growth, helped by a broad World Cup campaign even as Fairlife disruption remains a risk.

Fact Check
The official Coca-Cola Q2 2026 press release confirms net revenues of $13.4B, comparable EPS of $0.97, 5% unit case volume growth, and 35.6% comparable operating margin. CNBC confirms these figures beat consensus ($0.97 vs $0.93 EPS; $13.38B vs $13.16B revenue). The Fairlife ransomware incident is corroborated by multiple sources. The primary factual inaccuracy is the claim that full-year guidance was 'intact' — Coca-Cola in fact RAISED its full-year comparable EPS growth guidance to 9-10% from 8-9%. Aside from this framing nuance, all specific financial claims are accurate.
Summary

Coca-Cola reported second-quarter results above Wall Street estimates and raised its full-year outlook, signaling confidence in demand despite a volatile consumer backdrop. Net revenue rose 7% to $13.38 billion for the quarter ended July 3, ahead of the $13.16 billion Bloomberg consensus, while adjusted earnings per share came in at $0.97 versus expectations of $0.93. Net income increased 17% to $4.44 billion, or $1.03 per share, and organic revenue grew 6%. Global unit case volume rose 5%, led by India, China, the United States and Brazil. Coca-Cola said a global marketing push tied to the 2026 FIFA World Cup helped lift performance, with Coca-Cola trademark volume up 5%, Coca-Cola Zero Sugar up 16% and Powerade up 8%. Asia Pacific posted 8% volume growth and North America grew 3%, while comparable operating margin widened to 35.6% from 34.7%. Management lifted its full-year comparable EPS growth target to 9% to 10% from 8% to 9%, raised its organic revenue outlook to about 5% from a prior 4% to 5% range, and increased its free cash flow forecast to roughly $12.4 billion from about $12.2 billion. Shares rose more than 2% in premarket trading. The update comes as Coca-Cola continues to monitor fallout from a ransomware attack at Fairlife, whose U.S. production operations were suspended after an unauthorized third party accessed part of its systems, including production-related systems.

Terms & Concepts
  • organic revenue: Revenue growth measured after excluding the effects of currency movements and acquisitions.
  • unit case volume: A beverage industry measure tracking the number of standardized cases sold.
  • free cash flow: Cash generated after operating needs and capital spending, often used to gauge financial flexibility.