The Coca-Cola Company (KO) Earnings
The Coca-Cola Company is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $0.93. KO has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +4.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.81 | $0.86 | +5.9% | $12.5B | +1.9% |
| Oct 21, 2025 | $0.78 | $0.82 | +5.3% | $12.5B | +0.4% |
| Jul 22, 2025 | $0.83 | $0.87 | +4.3% | $12.5B | -0.3% |
| Apr 29, 2025 | $0.71 | $0.73 | +2.2% | $11.1B | -0.3% |
| Oct 23, 2024 | $0.74 | $0.77 | +4.1% | $11.9B | +2.1% |
| Jul 23, 2024 | $0.81 | $0.84 | +4.2% | $12.4B | +5.0% |
| Apr 30, 2024 | $0.70 | $0.72 | +2.9% | $11.3B | +2.7% |
| Feb 13, 2024 | $0.49 | $0.49 | +0.0% | $10.8B | +1.6% |
| Jul 26, 2023 | $0.72 | $0.78 | +8.3% | $12.0B | +12.7% |
| Feb 14, 2023 | $0.45 | $0.45 | +0.0% | $10.1B | +1.2% |
| Jul 26, 2022 | $0.67 | $0.70 | +4.5% | $11.4B | +7.5% |
| Feb 10, 2022 | $0.41 | $0.45 | +9.8% | $9.5B | +5.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Henrique Braun noted strong first quarter results despite complex external environment, focusing on being consumer centric, remaining constructively discontent, and leveraging digital capabilities. • Discussed performance across regions: North America had solid performance with broad-based growth; Latin America balanced relevance and scale; EMEA gained value share; Asia Pacific grew volume but profit declined. • Highlighted application of four I's (insights, innovation, intimacy, integrated execution) with examples like relaunching Coca-Cola Zero-Zero in Europe, launching Sprite's global campaign, and scaling Fuse Tea. • Mentioned system added over 600,000 outlets, increased visible inventory share, and placed over 340,000 units of cold drink equipment to drive customer value creation.
Guidance
• Expect organic revenue growth of 4% to 5%. • Now expect growth in comparable currency neutral earnings per share, excluding acquisitions and divestitures, of 6 to 7%. • Divestitures expected to be a four-point headwind to comparable net revenues and a one-point headwind to comparable earnings per share. • Anticipate an approximate one to two point currency tailwind to comparable net revenues, up from one point previously; expect a three point currency tailwind to comparable earnings per share for full year 2026. • Underlying effective tax rate for 2026 now expected to be 19.9%, a one-point reduction. • Now expect comparable earnings per share growth of 8% to 9% versus $3 in 2025, up from prior estimate of 7% to 8% due to lower effective tax rate. • Considerations: Fourth quarter will have six fewer days; Easter shift benefits first quarter volume; concentrate shipments to lag unit cases in second quarter; potential margin expansion in latter half if Coca-Cola Beverages Africa sale closes in second half of 2026.
Segment performance
North America: Delivered solid performance, gained volume and value share, grew volume, revenue, and profits; softness in price mix due to Easter timing, category mix, and production capacity constraints; broad-based strength across beverage portfolio. Latin America: Gained value share, grew volume, revenue, and profit; volume growth in Brazil and Central America offset declines in Mexico and Argentina; activated Coca-Cola with FIFA World Cup Trophy Tour. EMEA: Gained value share, grew volume, revenue, and profit; in Europe, gained value share despite cautious consumer environment; in Eurasia and Middle East, gained value share but volume declined in March due to conflict; in Africa, highlighted localness and sharpened revenue management capabilities. Asia Pacific: Grew volume across all operating units, grew revenue but profit declined due to commodities, tea and coffee headwinds, and inventory costs; in ASEAN and South Pacific, leaned into marketing campaigns and focused on refillable packaging; in China, activated portfolio and stepped up execution; in India, drove affordability and linked brands to consumer points; in Japan, gained value share by doubling down on consumer needs and grew volume across tea brands.
Risks & headwinds
• Geopolitical tensions may cause outlook to change. • Commodity pressures in tea and coffee businesses, phasing of inventory costs, and timing of trade spend affected comparable gross margin. • Volatility in certain commodities may impact cost basket. • Uncertainty regarding the court decision related to ongoing dispute with the IRS.
Analyst Q&A
Q: Given the strength in Q1 unit cases and subdued price mix, view on balance between volume vs price mix in remainder of year, esp. North America and Asia, and sustainability of unit case growth.
A: Todd Beiger/Dara - Balanced algorithm expected, pricing embedded, affordability part of revenue growth management, confidence in delivering updated guidance.
Q: Pivot to costs, working with bottling partners on burgeoning headwinds.
A: John Murphy/Steve Powers - Environment fluid, bottling partners have more exposure to aluminum and PET, use playbook with RGM capabilities and cross enterprise procurement, agility key.
Q: Question about trademark Coke, relaunch of Zero Zero in Europe and portfolio balance.
A: Henrique Braun/Lauren Lieberman - Pleased with trademark Coke performance, connected to consumer centricity, insights, right packaging, communication led to success, years of innovation discipline.
Q: Question about gross margin, timing elements, progression, and CCBA impact.
A: John Murphy/Chris Carey - Q1 gross margin anomalous due to APAC inventory item, commodity pressures manageable, CCBA sale impact on margin profile, FX tailwind on margin.
Q: Question on underlying drivers of APAC performance, sustainability, and differences from past.
A: Henrique Braun/Robert Ottenstein - Pleased with APAC volume growth, still work to be done, focus on developing industry, invest for future, price package architecture, long-term play.
Q: Question on Asia top line growth and op margins contraction.
A: John Murphy/Bonnie Herzog - Margin profile impacted by inventory item, plans to address, priority on consumer franchise and volume growth.
Q: Question on EMEA conflict impact, inflation, and US Fairlife capacity.
A: Henrique Braun/Andrea Teixeira - EMEA managed complexity, focus on balanced growth, Fairlife Webster capacity to start aligning in Q2.
Q: Question on North America business, FIFA World Cup opportunities, Mexico performance post sugar tax.
A: Henrique Braun/Filippo Filorni - North America solid volume growth, FIFA World Cup activated in Q1, digital interactivity in campaigns, Mexico resilience with RGM capability.
Q: Question on away from home business, Peter Haslund effort, McDonald's relationship.
A: John Murphy/Peter Galbo - Away from home strategy connecting consumers, work with customers on consumer profiles, respect other relationships but focus on consumer centric innovation.
Q: Question on four I's, incentives, trust with bottlers.
A: Henrique Braun/Carlos Laboy - High trust with bottlers, nurture relationship, consumer centricity leads to bigger pie, trust brings agility.
Q: Question on mixed headwinds in first quarter, sustainability, LATAM.
A: Henrique Braun/Robert Moscow - Balanced algorithm expected, mix related headwinds not expected to repeat, confident in meeting guidance